Entrepreneurs were beginning to pick up the pieces and had adapted to a new post-Covid reality, Kgalaletso Tlhoaele, enterprise development head at Absa, told delegates at the recent Absa Smart Supplier Conference.
He advised small businesses to reassess how they were doing business, what their business models were, how they were sourcing, and to examine their supply chains. He added that now more than ever there should be a focus on getting women entrepreneurs on their feet.
“The pandemic taught us the perils of depending on suppliers from outside the country, and global supply chains,” he said.
He also stressed the importance of adequate communication. “The best way to deal with a crisis, and when the business is in resetting mode, is to communicate and face donors, suppliers, bankers. Show your intent to bounce back as the economy is opening up,” he urged attendees.
The conference was organised by Smart Procurement World and is the largest professional development event for procurement and inbound supply chain.
Debbie Tagg, chief operating officer at Smart Procurement World said that Covid-19 and South Africa’s fragile economy had spotlighted the real gaps and needs for small businesses and made this year’s event more important than ever.