Risks to businesses in South Africa in 2023 - SSC Legacy
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Business Risks in South Africa 2023

Risks to businesses in South Africa in 2023

Businesses in South Africa face a unique set of challenges that go beyond just economic disruption. From rising labour costs to dwindling skills availability and a declining consumer base, this article looks at the risks that business owners face in South Africa in 2023 and how these risks can be managed.

  • Slow economic growth due to economic disruption caused by COVID-19, leading to depressed demand for products and services.
  • Rising labour costs and dwindling productivity as labour unions demand higher wages and more benefits.
  • Increased difficulty in obtaining access to foreign markets due to deteriorating international trade relations.
  • Heightened risk of political unrest, which could lead to disruption of business operations.
  • Loss of tax revenue due to changes in tax policies and weakening of tax compliance.
  • Limited access to financing for small businesses due to the increased cost of borrowing.
  • Drought and other extreme weather events caused by climate change, leading to higher costs for procuring resources or disruption of business operations.
  • Cyber-attacks, which could cause significant financial losses and data loss.

It is important for business owners to be aware of these risks and take steps to mitigate them. This includes implementing risk management processes and strategies to ensure the safety of staff.