For South African small and medium-sized businesses, operational pressures may lead to 60% of SMEs closing before the COVID-19 crisis is over, according to analysts at McKinsey & Company. According to the Bureau for Economic Research, SMEs contribute to more than 20% of GDP and employ about 47% of the workforce in South Africa, underscoring the need for financial assistance in the industry.
13 May 2021:Old Mutual Insure is giving SMEs the chance to get back on their feet in uncertain times by standing a chance of winning a share of R1 million to kickstart their business’s growth.
“The lockdowns during the pandemic have devastated SA’s small businesses, but we know that small businesses and entrepreneurs are the lifeline to our economy’s recovery. As a business we’d like to do our part to re-energise and support the sector as they start putting the pieces back together following a very challenging period, which is why we are running this competition,” says Soul Abraham, Old Mutual Insure’s Chief Executive for Retail.
He adds that the company has been involved in trying to rebuild the sector to ensure business growth by lending support to small and medium-sized enterprises (SMEs) in various industries.
In line with this, the company recently launched an entire campaign spanning three months targeted at entrepreneurs, small and medium sized businesses. The campaign, amongst others, consists of a host of free marketing tools for small and medium sized businesses in the form of an online toolkit called the Business Growth Box – designed to effortlessly guide and empower small businesses to operate effectively and prosper in a digital age post-COVID-19.
“To protect a business and ensure it withstands the challenging times we are in, using easily accessible and practical tools, resources, and support, can mean the difference between surviving or thriving during this economic downturn and digital age,” says Abraham.
R1milion up for grabs for small businesses
The competition, in which 10 businesses can win R100 000 each towards their ventures, is open to any small to medium business operational in any sector. All business owners need to do is request and receive a quotation for insurance for their business to protect themselves against the unexpected which can be devastating to struggling SMEs.
Businesses include medical, beauty and hair, florists, bakeries, tradesmen and others. Each business that enters will also stand the chance to win a free webstore, invaluable in the digital age, as well as a Yoco point-of-sale device to easily and effortlessly transact.
“We recognise that the last 18 months have been very challenging for businesses, and we hope that this competition will be seen as a positive step on the ladder to back business,” says Abraham, adding that once businesses are back on their feet, they need to focus on protecting their businesses to last.
To enter, businesses need only visit www.ominsure.co.za, request and receive a quotation for business insurance from Old Mutual Insure. All entries will go into a pool, following which 10 winners will be drawn during the month of June after the competition closes on 31 May 2021. To access the Business Growth box, visit https://businessgrowthbox.co.za.