The year 2022 has been a tough year and the perfect storm for businesses . The difficult recovery from the Covid-19 pandemic , the fallout from the Ukraine war , disruption of global supply chains , skyrocketing energy costs , the local Eskom energy crisis , political instability and climbing inflation are just some of the things that have impacted negatively on local businesses and their clients .

“ These are likely to continue ,” says Denzil Steyn , president of the Durban Chapter of global peer to peer network , Entrepreneur ’ s Organisation ( EO ). “ However , business leaders need to avoid the much quoted mistake of continuing to do the same thing but expecting a different outcome .”

According to Statistics South Africa , the total number of liquidations in South Africa increased by 44.8 % in August 2022 compared with the same period a year ago . The total number of liquidations increased by 18.8 % in the three months ended August 2022 compared with the three months ended August 2021 .

“ Entrepreneurs need to think and act differently in 2023 , not only through growing their business skills but by learning from successful peers who have ridden out and even grown during one of the most turbulent economic times .”

Apart from formally underscoring the much quoted fact that this country has one of the highest SMME failure rates in the world , the University of the Western

52 DECEMBER 2022 / JANUARY 2023 SA Real Estate Investor Magazine

Real Estate Investor December 2022/January 2023 | Page 52

“ Entrepreneurs need to think and act differently in 2023 , not only through growing their business skills but by learning from successful peers who have ridden out and even grown during one of the most turbulent economic times .”

“ Entrepreneurs need to think and act differently in 2023 , not only through growing their business skills but by learning from successful peers who have ridden out and even grown during one of the most turbulent economic times .”