{"id":70832,"date":"2023-05-18T12:52:30","date_gmt":"2023-05-18T10:52:30","guid":{"rendered":"https:\/\/www.sage.com\/en-za\/blog\/?p=70832"},"modified":"2026-01-29T14:15:21","modified_gmt":"2026-01-29T12:15:21","slug":"small-business-big-opportunity-round-up-2023","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-za\/blog\/small-business-big-opportunity-round-up-2023\/","title":{"rendered":"\u201cSmall business, big opportunity\u201d round up 2023"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-za\/blog\/category\/trends-insights\/\" class=\"entry-header__link\">Trends &amp; Insights<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\t\u201cSmall business, big opportunity\u201d round up 2023\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2023-05-18T12:52:30+02:00\">May 18, 2023<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"\u201cSmall business, big opportunity\u201d round up 2023\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-za\/blog\/small-business-big-opportunity-round-up-2023\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n<\/header>\n\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-za\/blog\/author\/ryangrundy\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-za\/blog\/wp-content\/uploads\/sites\/9\/2023\/05\/Ryan-Grundy.jpg\" class=\"entry-author__image\" alt=\"\" \/>\t\t\t\t<span class=\"entry-author__name\">Ryan Grundy<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p>Each year, Sage asks thousands of small-business leaders from around the world to share their challenges, winning attitudes, and aspirational insights. We then publish what we find in the annual \u201cSmall business, big opportunity\u201d report, to help business owners like you prepare for the future.&nbsp;<\/p>\n\n\n\n<p>In this article, we explore learnings from the latest report, and offer advice on keeping your business thriving over the next year covering:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"#report\">Report results 2023&nbsp;<\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"#how\">How to beat today\u2019s challenges&nbsp;&nbsp;<\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"#final\">Final thoughts&nbsp;<\/a><\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"report\"><strong>Report results 2023<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Our survey of almost 12,000 leaders revealed that South African small and mid-sized businesses (SMBs) are more optimistic and resilient than this time last year. &nbsp;<\/p>\n\n\n\n<p>This is great news, as a challenging 2022 affected profitability through rising costs and pressures on revenue and cash flow.&nbsp;&nbsp;<\/p>\n\n\n\n<div class=\"single-cta gated-content\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Small Business, Big Opportunity 2023<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p><!-- wp:paragraph --><\/p>\n<p class=\"\">In this annual report, discover the views from 12,000 small and medium business leaders as they highlight the challenges their companies face and the opportunities they&#8217;re looking to embrace.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Find out more<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"928\" height=\"522\" src=\"https:\/\/www.sage.com\/en-za\/blog\/wp-content\/uploads\/sites\/9\/2023\/05\/iStock-1280576803-928x522-1.jpg\" class=\"single-cta__image\" alt=\"people in office\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-za\/blog\/wp-content\/uploads\/sites\/9\/2023\/05\/iStock-1280576803-928x522-1.jpg 928w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>84% of business decision-makers feel confident about their company\u2019s future success, compared to 69% in 2022 year.<\/strong>&nbsp;<\/h4>\n\n\n\n<p>Most believe the challenges of the current economic climate will pass, and feel they\u2019ll be in a positive financial position later this year.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>68% of SMBs think that the cost-of-business crisis is going to significantly improve in 2023.<\/strong>&nbsp;<\/h4>\n\n\n\n<p>Over a fifth (22%) of respondents expect a decrease in their costs, while 38% of South African SMBs reported that rising costs significantly impacted the profitability of their business.&nbsp;<\/p>\n\n\n\n<p>Despite this, 41% of South African SMBs say that working more efficiently is increasing business confidence, the highest figure of any surveyed country.&nbsp;<\/p>\n\n\n\n<p>The main driver of this confidence is technology, and its potential to improve businesses beyond survival.&nbsp;<\/p>\n\n\n\n<p>The results show that 92% plan to maintain or increase their tech investment, and SMBs are more likely to adopt emerging technologies, such as 5G, artificial intelligence (AI), and the metaverse over the next 3 years. &nbsp;<\/p>\n\n\n\n<p>The solutions they adopt will mainly be focused on saving time, improving productivity, and adaptability\u2014all of which help them be more resilient for any future disruption.&nbsp;<\/p>\n\n\n\n<p>Most businesses have already learned the value of technology, with many stating that past investments are paying off and playing a central role in improving productivity.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>The percentage of SMBs satisfied with their productivity increased from 68% in 2022 to 78% in 2023, and SMBs named increased efficiency or productivity as the foremost driver of business confidence.&nbsp;<\/strong>&nbsp;<\/h4>\n\n\n\n<p>So, the more productive a business can be, the more confident its leaders feel. And tech investments appear to be the best way to operate more efficiently, which has been crucial during the cost of business crisis.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how\"><strong>How to beat today\u2019s challenges<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Though South African small businesses are optimistic about the future, they still face some tough challenges. After all, tech may be able to help them be more productive, but bringing in effective solutions has barriers of its own.&nbsp;<\/p>\n\n\n\n<p>Respondents said a lack of budget and not knowing which solutions are right for their business are the top blockers.&nbsp;<\/p>\n\n\n\n<p>They also recognise that tech alone is not the answer. They need great people too, and getting access to them is proving difficult.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Here are a few ways your business can overcome these 3 big challenges.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>How to choose the right tech<\/strong>&nbsp;<\/h3>\n\n\n\n<p>There are so many software providers and solutions that knowing where to start can be paralysing.&nbsp;&nbsp;<\/p>\n\n\n\n<p>But back-office areas such as accounting, payroll, HR, and customer relationship management (CRM) all have the potential to transform your business when made more efficient. &nbsp;<\/p>\n\n\n\n<p>So, where do you start?&nbsp;<\/p>\n\n\n\n<p>Here\u2019s what to consider when looking for solutions in these areas:&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Embrace the cloud<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Choose a cloud-based solution, as this will help you automate many tasks. It\u2019ll also keep your data in a single location, so your whole team is always working from the same information.&nbsp;<\/p>\n\n\n\n<p>In many cases, cloud software is more affordable, easy to set up and integrate, and can even be paid for on a subscription basis, which helps with cash flow. It\u2019s automatically kept up <s>&#8211;<\/s>to<s>&#8211;<\/s> date, can be accessed from any device, and includes built-in security.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Eliminate admin<\/strong>&nbsp;<\/h3>\n\n\n\n<p>When considering tech capabilities, prioritise those that help you reduce or remove admin, which is a drain on your team\u2019s time, energy, and attention. Those that automate processes will make your organisation more productive, as they reduce time demand, human error, and duplicate effort.&nbsp;<\/p>\n\n\n\n<p>Automating admin also has a positive impact on your people, allowing them to focus more on work they enjoy, which adds value to the business.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Whether it\u2019s financial reporting, generating invoices, or reconciling transactions, leave as much work to the tech as possible.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Think about customer support<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Go beyond solution capabilities and look at the support you\u2019ll receive from the provider. Will they be difficult to reach when you need them? Do they offer anything beyond access to the solution? Will you need training to be able to use it?&nbsp;<\/p>\n\n\n\n<p>To get an idea of how well the provider will look after you, read reviews from other users and ask those in your network about their experiences. Remember, you\u2019re focusing more on the provider here than the specific solution.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Choose tech that can scale<\/strong>&nbsp;<\/h3>\n\n\n\n<p>If the tech you implement achieves what you\u2019re hoping, your business can get bigger. But as it grows and evolves, so will your needs. Consider if the new solution can be appropriately scaled, or if you\u2019d need to switch to a different one later down the line. Each has different implications, including cost, disruption to operations, and potential down time.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>How to find budget for your tech investment<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Getting budget holders to set aside money for the tech you want can be tricky. Even more so during a tough economic climate.&nbsp;<\/p>\n\n\n\n<p>Once you know the specific solution, you\u2019ll need to build a business case that proves its return on investment and shows how it can achieve your business-priority goals.&nbsp;<\/p>\n\n\n\n<p>To do this, you need to be clear on what those goals are, and make sure your tech solution aligns with them. Then you should show what business value will be achieved within a specific timeframe.&nbsp;<\/p>\n\n\n\n<p>A few other things you need to prove are:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How the tech will integrate with your IT infrastructure.&nbsp;<\/li>\n\n\n\n<li>How the solution will share data and meet security requirements.&nbsp;<\/li>\n\n\n\n<li>What the long-term cost will be, not just the upfront investment.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>You also want to back up your business case with unbiased feedback and reviews, case studies, empirical data, and any trusted independent research. This will help to prove the tech can achieve what you\u2019re aiming for.&nbsp;<\/p>\n\n\n\n<p>If you\u2019re the business owner and don\u2019t need a budget holder\u2019s approval, you should still build this business case before making any investment decision.&nbsp;<\/p>\n\n\n\n<p>This will help you when setting a budget across the business more widely, and give you an idea of how much is available to invest in tech. If the business case is strong enough, you might decide to allocate more than you originally planned.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>How to hire the right employees<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Though using technology is the main driver for improving productivity, getting the most out of your solution relies on people. With the top talent armed with the right tools, there\u2019s no limit to what your business can achieve.&nbsp;<\/p>\n\n\n\n<p>The pandemic transformed many people\u2019s priorities and expectations around work, making recruitment tough. You can no longer rely on a good salary to attract and retain the best employees.&nbsp;<\/p>\n\n\n\n<p>An increase in job vacancies and the possibility of hybrid and remote work is offering candidates more opportunities, so they\u2019re able to be choosy.&nbsp;<\/p>\n\n\n\n<p>Here are a few ways to approach recruitment to get the best possible people on your team:&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Use digital advertising<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Most potential candidates spend their time and attention online. This is where they are looking, so this is where you need to advertise.&nbsp;<\/p>\n\n\n\n<p>LinkedIn is the obvious choice for social media, so start there. But don\u2019t neglect other channels too, such as industry-specific job boards.&nbsp;<\/p>\n\n\n\n<p>Much like your marketing efforts, you need to grab attention. So, experiment with your messaging and imagery, and test to find what works and what doesn\u2019t.&nbsp;<\/p>\n\n\n\n<p>For any candidates you speak to, ask where they look for job opportunities to further inform where to focus your advertising.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Offer career development<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Today\u2019s top talent are looking for opportunities to learn and grow. In both your advertising and interview process, make it clear what career development you offer.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Structured reviews, goal setting, training, and clear career paths are all attractive for those with big ambitions.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Speed up your recruitment process<\/strong>&nbsp;<\/h3>\n\n\n\n<p>If your recruitment process takes too long, there\u2019s more chance that the top candidates will find another opportunity elsewhere. More than 2 interview stages would be considered slow, not to mention the time it takes you to communicate and give feedback.&nbsp;<\/p>\n\n\n\n<p>HR tech can help you speed up the process, which puts you ahead of the competition in terms of landing the right people quickly.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Look beyond experience<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Limiting your ideal candidate profile to experience will cause you to miss out on some great hires. Some other things to consider are transferrable skills, attitude, values, sector knowledge, and future ambitions.&nbsp;<\/p>\n\n\n\n<p>This is where a great employee value proposition comes in. Get this right, and you\u2019ll start to attract the right people, rather those that simply have experience.&nbsp;<\/p>\n\n\n\n<div class=\"single-cta gated-content\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Small Business, Big Opportunity 2023<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p><!-- wp:paragraph --><\/p>\n<p class=\"\">In this annual report, discover the views from 12,000 small and medium business leaders as they highlight the challenges their companies face and the opportunities they&#8217;re looking to embrace.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Find out more<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"928\" height=\"522\" src=\"https:\/\/www.sage.com\/en-za\/blog\/wp-content\/uploads\/sites\/9\/2023\/05\/iStock-1280576803-928x522-1.jpg\" class=\"single-cta__image\" alt=\"people in office\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-za\/blog\/wp-content\/uploads\/sites\/9\/2023\/05\/iStock-1280576803-928x522-1.jpg 928w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"final\"><strong>Final thoughts<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Despite the challenges of 2022, South African businesses are back and optimistic for a successful future. They believe the current economic climate will pass, and that they\u2019ll be in a stronger financial position by the end of the year.&nbsp;<\/p>\n\n\n\n<p>This confidence is underpinned by technology, which has proven in recent years to improve a business\u2019 productivity and adaptability.&nbsp;&nbsp;<\/p>\n\n\n\n<p>As businesses continue investing in tech, they are looking for ways to overcome the 3 biggest barriers faced right now:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Choosing the right solutions&nbsp;<\/li>\n\n\n\n<li>Finding ways to fund them&nbsp;<\/li>\n\n\n\n<li>Recruiting the best people to use them.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>By following the tips above, you too can take advantage of technology, improve the productivity of your business, and make the most of today\u2019s opportunities.&nbsp;<\/p>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to the Sage Advice enewsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Get a roundup of our best business advice in your inbox every month.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-84fe79b5-668d-41f8-a0cc-6229018c4ac9\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-za\/blog\/wp-content\/uploads\/sites\/9\/2022\/04\/GettyImages-1181404518-1440x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-za\/blog\/wp-content\/uploads\/sites\/9\/2022\/04\/GettyImages-1181404518-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In this article, we explore learnings from the latest Small Business, Big Opportunity report, and offer advice on keeping your business thriving over the next year.<\/p>\n","protected":false},"author":1398,"featured_media":70833,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"footnotes":""},"categories":[49,29],"tags":[315,316],"business_type":[2],"lilypad":[],"context":[],"industry":[],"persona":[],"imagine_tag":[],"coauthors":[404],"class_list":["post-70832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-trends-insights","tag-business-intelligence","tag-business-strategy","business_type-small-business"],"sage_meta":{"region":"en-za","author_name":"Ryan 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