How collaboration can drive small business in SA: The right structures and technology can remove red tape and other barriers, to enable sustainable growth, a new Xero study reveals.

A new study by Xero reveals that small businesses in South Africa face challenges due to socio-economic factors, political uncertainty, volatile global markets, rising operating costs, and the solitary nature of being a solopreneur. However, despite these obstacles, small businesses remain optimistic about their outlook for 2024. The study emphasizes the importance of digital adoption in driving small business growth and productivity, with technology being named the most significant factor in helping businesses stay afloat. Accountants and bookkeepers are seen as crucial in supporting small businesses through digitalization, as they can act as trusted advisors and help streamline financial operations. The study also highlights the need for collaboration between stakeholders, including financial institutions, accountants, fintech solutions, and the government, to create a more connected ecosystem that supports small businesses. [Extracted from the article]