One of the lifelines of South Africa’s economy is made up of small businesses.
Stats SA has published its Quarterly Labour Force Survey (QLFS) for the second quarter of the year, showing that the country’s unemployment rate decreased for the second consecutive quarter.
The country’s unemployment rate improved, albeit marginally, by 0.6 of a percentage point from 34.5% in the first quarter to 33.9% in the second quarter.
The unemployment rate according to the expanded definition of unemployment also decreased by 1.4 percentage points to 44.1 % in Q2:2022 compared to Q1:2022.
As these stats are pleasing to the eye, it is important to note that a whopping 8.1 million people in South Africa are actively looking for employment.
This is quite a good time to support small businesses especially those owned by the youth and women.
TechnoServe helps people lift themselves out of poverty by harnessing the power of the private sector.
A leading non-profit organization operating in almost 30 countries, they work with hardworking women and men in the developing world to build competitive farms, businesses, and industries.
By linking people to information, capital, and markets, the non-profit has helped millions to create lasting prosperity for their families and communities.
TechnoServe's vision is to help generate sustainable growth across the country and to make the benefits and opportunities of economic growth accessible to everyone.
TechnoServe is working with smallholder farmers to build competitive farms and gain access to formal markets and financial services.
The company says it is also working with entrepreneurs from a wide range of sectors to help grow successful businesses that generate jobs and income in their communities.
The youth and women business in tech programme:
One of the initiatives from the non-profit is a recovery programme that is aimed at supporting tech businesses with tools and knowledge in order for them to sustain operations during the lockdown period and beyond.
This project was spearheaded by Zuko Mashigo from Technoserve.
Mashigo was born in Johannesburg with his deep cultural roots stretching to Mqanduli in the Eastern Cape and Mmakaunyana in the North West.
Mashigo is an entrepreneur and business analyst with TechnoServe.
He is also the founder of the Ndimile Group which has interests in financial services and agriculture.
Mashigo is currently a Business Analyst with Technoserve where he has facilitated and designed finance training to entrepreneurs for the project.
The highlights from all the work, Mashigo says, has always been the entrepreneurs and witnessing their growth as they access markets beyond their immediate following.
BUSINESS REPORT