After two years in the shadow of a global pandemic, the rising cost of living is now applying fresh pressure to businesses across South Africa. From load shedding woes to energy costs and inflation (now at a 13-year high), small business owners have had little in the way of good news or relief.
It’s a worldwide problem. In fact, PayPal's Business of Change: Wellness & Empowerment Report 2022 found that more than three quarters (78%) of small businesses cite the rising cost of living to be the biggest threat to their business over the next year.
For some, the rising cost of food, fuel and energy could even overshadow the disruption caused by both the COVID-19 pandemic and Brexit: while 67% of respondents said the past two years had been the most challenging since they started their ventures, nearly a quarter (24%) fear the next 12 months could prove even more difficult.
And the timing couldn’t be worse. Just as business travel is recovering, travel costs are skyrocketing.
It’s a frustrating situation to be in, especially when you consider how the opportunities afforded by travel can help fuel growth and job creation in a country where SMEs employ between 50 and 60 per cent of South Africa’s work force, and contribute around 34 per cent of GDP.
Download the "Travel Matters: Don’t Let The Cost Of Living Derail Your Plans" whitepaper to read more on the following topics:
- A snapshot of the challenges facing SMEs in South Africa today
- Is it time to cut down on business travel?
Keeping travel on the agenda