How to succeed in SA's business climate
Businesses are being encouraged to do the basics better and find new opportunities to grow in order to thrive in the current economic climate.
This is the advice of business motivational speaker Vusi Thembekwayo's been speaking at the East Coast Radio GIBS Business Breakfast at Durban's International Convention Centre.
While Treasury projects a 0.9% economic growth rate this year, Thembekwayo predicts growth of no more than 0.4%.
"For the next three years, we'll be in the kind of environment that we're in. It's going to be a lethargic growth, inflation is going to continue to be a pressure and interest rates will continue to pull up because of our import inflation.
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"Most of our inflation is imported - there's nothing you can do about it. What the state will do is in trying to curb inflation, they're going to try and make sure that we don't buy luxury items. The only way that they do that is they push up the interest rates.
"So they'll try to pull liquidity out of the market. Businesses are going to have to think about becoming more creative ways around the products that you offer and how do you offer them to customers.
"Secondly, just think about how to do the basics and how to do them much better than your competitors," he said.
(Photo via Instagram/EastCoastRadio)