In the ever-changing world of business, South African small and medium enterprises (SMEs) are making waves on the global stage. These dynamic companies, born and bred in the heart of South Africa, are not just surviving but thriving abroad, showcasing the resilience and innovation that define our nation and are a true testament to South Africa’s entrepreneurial spirit.
From the vibrant streets of Johannesburg to the scenic landscapes of Cape Town, SMEs form the backbone of our economy. But what happens when these local heroes’ step onto the global stage? The answer is nothing short of inspiring.
One such example is CFO360, a full-service modern accounting firm that has successfully expanded into the US market while maintaining robust operations in South Africa.
“As a South African business that has successfully expanded internationally, we at CFO360 are proud to be part of a wave of local businesses proving their worth on the global stage. Our journey has shown that with the right mix of technology, adaptability, and local expertise, South African companies can thrive in even the most competitive markets. It’s incredibly rewarding to see South African talent and innovation make a real impact internally by supporting businesses elsewhere in the world. We hope that our journey encourages other local businesses to seize the sizable opportunities in other markets and learn that it can be done” says Montaque Swanepoel, MD at CFO360.
The opportunity is huge for South African chartered accountants to offer their services in new markets. With the South African Institute of Chartered Accountants (SAICA) named the most trusted accountancy body in the world, there’s no doubt SA accountants have the credibility to compete overseas.
“We’re extremely proud of SA-born Xero partners showing their quality on the global stage and the resulting increase in demand for their services,” says Colin Timmis, Country Manager of Xero South Africa.
“When we look at the drivers of success for these businesses and others who have expanded internationally, it is evident that technology plays a pivotal role in their growth abroad. There is no denying that South African SMEs face numerous challenges, from having to wear multiple hats, to navigating different tax and regulatory environments.. The resilience and adaptability of these businesses is remarkable and their skills often out-league those abroad,” adds Timmis.
Offshoring and Business Process Outsourcing (BPO) services such as bookkeeping and advisory services present significant opportunities for South African businesses to serve international clients. Many Xero partners are thriving by offering these services globally. The City of Cape Town has also been proactive in supporting companies that offshore from Cape Town. Initiatives by CapeBPO and Wesgro have positioned Cape Town as a premier destination for BPO services2. This support has been instrumental in helping local businesses expand their reach and capabilities.
For businesses to successfully navigate the complexities of offshore operations, they must leverage technology to streamline processes, understand and adapt to local regulations, and maintain strong communication channels with international clients.
“The importance of continuous learning and innovation cannot be understated. If we look at businesses such as CFO360, they have thrived by staying ahead of technological trends and fostering a culture of agility and adaptability. These elements are invaluable for any SME looking to expand globally,” says Timmis.
Reflecting on the ingenuity shown by various SMEs in South Africa, it is clear that the success of South African SMEs on the global stage has a ripple effect on the local economy. These businesses create jobs, foster innovation, and contribute to economic growth. They also serve as ambassadors for South African excellence, showcasing our country’s potential to the world. Their achievements inspire other entrepreneurs to dream big and pursue international opportunities.
“As we look to the future, let’s continue to champion our local SMEs, providing them with the tools and support they need to conquer new horizons. Together, we can ensure South Africa’s entrepreneurial spirit shines brightly on the global stage,” concludes Timmis.
