Study shows 90% SMEs buckling in a weak economy. Snupit shows its powerful support to local businesses.
A recent study done by Retail Capital, a financial services company, revealed that South Africa’s small businesses are struggling under current economic conditions. The combination of a low-growth economy, increasing operating costs and unreliable utilities is dealing a heavy blow to the SMEs. Snupit, South Africa’s leading online platform for finding local professionals, is proud to play an important role to helps SMEs in such trying times.
Avinash Samlall, Snupit’s Founder and CEO, commented, “One thing I can say from experience as an engineer and an entrepreneur is that while economic conditions may change over time, the role and importance of technology will continue to increase. In fact, SMEs use the right technologies and platforms to outsmart and outperform bigger competitors all the time. It’s about recognizing your strengths, among which are agility and personable service for smaller players. And Snupit helps them make the most of these two qualities unique to SMEs.”
Since most SMEs aren’t bigger than a three-person crew, updating the business technology-wise isn’t a priority for them. These understaffed units are too bogged down with the operational grind work. And this compounds the adverse effects of a tough economy on the business.
According to the study, 13% of affected SME employees start a side hustle to supplement their income. This is often done by identifying a gap in the market, usually in niche industries. Snupit is an excellent platform to do this as well. So the platform helps an intimate SME family in multiple ways; Not only giving the business a chance to do better, but helping its individual members a build a supplementary income while things at their company get back on track.
Mr. Samlall added, “Moving forward, professionals and businesses, especially SMEs will need to prioritize the use of technology. And we’re proud to play a positive role to that end. We understand the intimate nature of the relationship between the two, three people working in a struggling small business. And the personable and efficient nature of Snupit makes it the perfect utility for SMEs in an otherwise challenging environment. Snupit is certainly one of the few elements going in their favor right now.”
The study referenced was titled “Roll With The Punches” and can be downloaded from Retail Capital’s website. The study’s claim that 90% of SMEs are floundering due to the weak economy seems to be accurate considering the impressive growth of Snupit as the platform continues to help a rapidly increasing number of professionals and businesses.
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