Big business can ensure economic transformation through real supplier development
The Absa Business Day Supplier Development Awards recognise and celebrate companies that build diverse and thriving supply chains
In a perfect world, there would be no poverty, unemployment or wealth gap. Our reality is far different. SA has one of the most unequal societies in the world. More than 50% of the population lives on less than R1,000 a month and 27% are unemployed. It has been touted that by 2030, small businesses will be responsible for creating 90% of jobs in SA. But even with annual spending of R32bn on enterprise development, three out of four businesses fail within the first few years and just 10% will be around for more than a decade. Unless we stimulate the economy and create real opportunities for small, black-owned businesses to enter the market, we are in real trouble. Couple that with the country’s shrinking customer base and it is clear we need to do more to have a lasting impact.
More businesses need to move beyond the legal imperative and realise they have a corporate and social responsibility to transform their supply chain. More businesses need to diversify procurement and ini...