There’s no doubt that the South African economy could use a helping hand right now. If the economy improves, the entire country will do better: poverty will be reduced, jobs will be created, inequality will lessen, our international status will become stronger, and more income will circulate through communities. But the economy can’t fix itself — creating meaningful improvement will need widescale co-operation, and private and public stakeholders alike need to shoulder the burden of creating positive change. But even the largest-scale change will need to start on a local level, with individual businesses adopting smart strategies.
Upskill your staff
Staff development isn’t just a nice-to-have — it’s an integral part of beefing up company performance and strengthening the South African workforce as a whole. Staff that receive relevant, comprehensive training from SETA-approved bodies are more productive and efficient in their current jobs, and also have better prospects for future employment and even study. This reduces the country’s skills deficit, which is a very necessary step in fortifying South Africa’s position as a global market that is attractive to investors.
Invest in smart marketing strategies
Marketing is the single best way to boost your business’s income, but to be truly effective it has to have a good return on investment. This means all the marketing strategies that your business chooses should be tailored to fit and fine-tuned to make sure that you’re reaching who you need to reach, when you need to reach them. Smart marketing isn’t guesswork or plug-and-play — it’s an individualised process that takes your unique business and your surrounding environment into account.
strong stance against corruption
President Cyril Ramaphosa has identified corruption as one of the biggest challenges facing South African society and the country’s economy alike. Corruption is directly or indirectly responsible for many of our current economic woes, and for a new era of economic and societal prosperity to come, it must be eliminated. Corruption creates a culture of suspicion, distorts the markets, and discourages current and future investment. On the level of individual businesses, it leads to low staff morale, reduced productivity, reduced profitability, and a lack of trust from potential partners and customers.
Therefore, it is extremely important that all businesses take strong steps to stamp out corrupt practices internally, in the surrounding business sphere, and among stakeholders.
Join your local chamber of commerce
There is no need to do it alone. Chambers of commerce, also known as boards of trade, exist to support businesses and advocate for them. Joining a local chamber of commerce allows your business to plug directly into your area’s lively business world. Membership of a chamber of commerce allows you to find out about matters that affect your business and the community it is in, and also for your voice to be heard on issues that affect your business.
These are not the only strategies you can adopt to boost your business and do your bit to beef up the South African economy, but they’re definitely a good start.
For assistance on how to join The East Rand Chamber of Commerce do not hesitate to get in contact with us. marketing@chamberlink.co.za 010 040 8328