In a recent global survey conducted by financial administrations firm Sage, almost half of South African startup entrepreneurs said they didn’t have enough time to dedicate to developing their business and this was making them lose customers and money.
The survey involved 2621 small business owners with under 100 employees in 11 countries, including South Africa.
According to nearly a third of local entrepreneurs (35%), there just isn’t enough time to develop their new business ideas, despite working long hours.
Two of the main causes of this are competing business priorities and a lack of appropriately skilled employees, respondents said. Most local entrepreneurs (57%) said improved skills amongst the workforce and technology (29%), would help release the extra necessary time.
These issues have resulted in a loss of customers, a client or a new business opportunity at least once for 49% of the entrepreneurs.
“Small businesses around the world are the true heroes of the global economy and we need to support them in helping them find the time to develop and grow. When so many businesses create a dream business from a great idea, it’s heart-breaking to see business owners forced to let that innovation fall by the wayside. We know how hard they work, and we want to help entrepreneurs carve out some time to keep their innovative spark alive,” Sage CEO Stephen Kelly said in a statement.
To help address some of the challenges found in the research, Sage is offering free digital advice sessions every week starting this week to be hosted on Twitter. If you’re interested in these sessions, visit the Sage website.
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