Category: Risk management & internal controls

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Managing Risk in Small and Medium Enterprises (SMEs) in South Africa

Managing risk in SME’s creates long-term value

Risk management is vital to the success of SMEs in South Africa which has one of the highest failure rates of SME’s globally, with 75% of SMEs failing within their first two years. Therefore, adopting a robust risk management approach can improve operational resilience, mitigate potential threats, and enhance business growth. For businesses in South Africa, understanding and managing risks effectively is a key determinant of survival and long-term success.

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Managing risk in small-and medium-sized enterprises (SME’s) has many benefits

Managing risk in SME’s creates long-term value

Managing risk in SME’s enables them to improve performance, accelerate growth and create sustainable long-term value. In addition, SME’s can also minimise losses and avoid catastrophic disruptions if they manage risk effectively and efficiently.

All businesses and organisations implement strategies to achieve its goals and objectives. The achievement of such goals and objectives produces many benefits such as inter alia:

Continue reading “Managing risk in small-and medium-sized enterprises (SME’s) has many benefits”