How SMEs can take back their power

SMEs are a critically important part of the economy. However, they are particularly vulnerable to shocks such as load-shedding and higher interest rates.

Now, more than ever, it is crucial for SMEs to find opportunities to build the resilience needed to navigate uncertain economic times — and the recent Standard Bank SME Summit aimed to empower entrepreneurs and business owners to do just that.

Now in its seventh iteration, the annual Standard Bank SME Summit, hosted in partnership with Business Day, reflects the bank's purpose of helping to drive Africa's growth.

Delivering the welcome address, Tandiwe Njobe, head of Standard Bank's relationship banking proposition, highlighted the fundamental role that SMEs play in this regard. She reaffirmed Standard Bank's commitment to partnering with and supporting SMEs as they start, manage and grow their businesses.

The first keynote speaker, Zanele Njapha, is also known as “The UnLearning Lady” as she encourages companies to “unlearn” behaviours that can act as roadblocks to success.

Her talk focused on debunking the myths around co-creation — referring to the gig economy and corporate partnerships — that can stop businesses from scaling and growing.

Co-creation, Njapha said, results in shared risk, a multiplied impact, amplified reach and higher productivity, all of which will help to take businesses to the next level.

She encouraged SMEs to consider using the services of freelance talent when additional resources in the business are required and to not let fear keep them from fast-tracking their growth. 

Next the event's MC, radio personality Msizi James, was joined by a panel of experts for a discussion titled “Taking Back Your Power”. It focused on the challenges load-shedding presents and possible solutions, while highlighting how the energy crisis has also given rise to new business opportunities.

Berrie de Jager, head of the natural resources portfolio at Standard Bank, said companies that want to grow need reliable access to affordable power; frequent electricity tariff hikes pose a significant challenge to their sustainability.

He noted a rise in the number of businesses offering alternative energy products such as solar power solutions.

Matthew Cruise, head of business intelligence and public relations at Hohm Energy, cautioned businesses to use only accredited solar installers that are able to provide a certificate of compliance. Businesses also need to get a small-scale embedded generation application from their local municipality.

He also advised that those doing solar installations invest only in lithium batteries, which have a longer lifespan. Banks, including Standard Bank, offer various financing options to help pay for these installations.

Across the country, businesses are stepping up to provide solutions to the energy crisis. Panellists Sarah Collins, Brian Gadisi and Alan Gie are good examples in this regard.

Collins is the founder and CEO of Wonderbag, a powerless, heat-retention cooker that uses insulation to continue cooking food for up to 12 hours without using additional energy during a period of extended load-shedding.

Gadisi and Gie are the co-founders of Arion Power, an ICT and green energy company, which has designed and manufactured products that make internet and green energy technologies accessible to the masses. 

Arye Kellman, a creative entrepreneur and co-founder of TILT, gave the closing keynote address on leading from the front. 

This discussion was shaped to provide practical tips and strategies for being an effective leader and setting the example for employees with engaging communication, while cultivating a motivational culture.

Watch the full Standard Bank SME Summit below:

This article was sponsored by Standard Bank.