Excerpt from Business Live
SA is one of the most unequal societies in the world characterised by high levels of unemployment. A slow growth economy is putting increased pressure on small businesses to create jobs. Despite growing spend on enterprise and supplier development, three out of four small businesses fail and only 10% will be around for more than a decade.
It is within this environment that supplier development has taken centre stage to create real opportunities for small, black-owned businesses to enter the market.
“More businesses need to understand that it’s in their best long-term strategic advantage to move beyond the legal imperative and realise they have a corporate and social responsibility to transform their supply chain,” says Catherine Wijnberg, co-founder of the Absa Business Supplier Development Awards and CEO of Fetola.