In uncertain or tough economic times, business leaders are always the first to voice their concerns about how to move forward. In the last decade, South Africa has experienced economic peaks and troughs, giving business leaders and decision makers more than their fair share of losses and triumphs. Now, with the newly-elected President of South Africa, local businesses expect to see a new dawn for trade and industry that will hopefully breathe new life into stagnant profit streams and growth.

However, with the prospect of a new dawn on the horizon, business leaders and decision makers are tasked with mitigating any risks that may arise due to the prospective changes that the country might face. According to the President’s inauguration speech, weeding out corruption and encouraging a more productive society are two of the main focus points for the next term in office. If you’re curious how the inauguration could affect your business, take a look below:

1. There is hope for South Africans

According to the inauguration speech, and subsequent interviews with the public, South Africans are hopeful of the change that has been promised. Employment and, more specifically, youth employment was highlighted as a key focus area which means that businesses may have to shed the old narratives of only hiring experienced, more senior staff, and start taking on younger, less professional employees with the aim of improving their skills, refining their professionalism, and encouraging growth.

2. International prospects

Not only was the presidential inauguration attended by foreign dignitaries from all over the world, but the new dawn promises to regain the international audience’s respect for South Africa as a hub for trade and investment. During the new Presidential term, South Africa hopes to become a hotspot for foreign interest, which means that businesses may have to relook their strategies to accommodate this brisk uptake of new opportunity.

3. Equality

While weeding out corruption is high on the priority list, the Presidential inauguration speech also highlighted the importance of finding equality between men and women in both personal and professional capacities. This may effect businesses in terms of salary gaps, corporate leadership positons, and dealing with office misdemeanours in more effective and resolute ways.

If you’re looking for ways in which to improve your business practices, be sure to contact us. In order to grow your business and to keep up with the competition, you need good systems to help you manage your business processes and finances so you can focus on your customers and innovative new ways to move forward. For more information on our services, click HERE