Construction Education and Training Authority presents their inaugural SMME Summit
The Construction Education and Training Authority (CETA) will present its five-year strategy for progressing Small Medium Micro Enterprises (SMME) in the built environment sector from basic training to sustainability at the CETA SMME Summit 2019 this month. The Summit puts the spotlight on the current SMME landscape in the construction industry and will serve as a platform to discuss and understand the existing concerns and barriers to growth and sustainability for small businesses in the sector.
Delegates will be encouraged to participate in the discussions covering various topics such as technical competence; entrepreneurial acumen; business regulations; seed capital and financial management; driving market access opportunities; leveraging professional bodies to support growth and enhance synergies. Careful consideration has been given to the development of the program and the identification of key spokespeople, which will ultimately equip these SMME’s with the knowledge to build successful businesses.
650 representatives from established and emerging companies have already confirmed attendance to the CETA SMME Summit at Gallagher Estate on 28 March 2019. The summit comprises of a full days’ activities which includes various commissions from industry leaders and support services within the sector and will be a great networking opportunity for participants to help facilitate the much-needed conversations of inclusivity and working together of players in this sector.
“CETA SMME Summit 2019 will delve into challenges facing small companies in the construction industry in South Africa and introduce supportive interventions by CETA, and other key role players, to be implemented over the course of the next five years. These inventions, which include the new CETA Academy in collaboration with WITS Enterprise, are aimed at equipping the CETA to improve their efficiencies and better serve the needs of players in the built environment sector,” says Mr Robert Semenya, CETA Acting Chief Executive Officer.
On average, SMME’s employ between two and five people, making them important contributors to job creation, poverty reduction and economic growth.
However, the survival rate of SMME’s is very low. In 2016, most small businesses in South Africa did not survive beyond five years, with a larger portion failing before 3.5 years which is the period of time that the Global Entrepreneurship Monitor identifies as the length of time required for businesses to become established.
The construction sector in particular attracts high SMME interest but there are several factors inhibiting their potential to grow, and their long-term sustainability. These include amongst others access to funding; access to markets; a poor understanding of laws and regulations; lack of business growth strategies; business acumen; managerial skills and lack of employee skills development, amongst others.
The CETA believes that SMME’s should be supported to take advantage of the boost to the built environment space that is expected to come from the economic stimulus package which was recently announced by President Cyril Ramaphosa. The economic stimulus package is focused on reprioritizing R50-billion from the budget to establish and infrastructure fund into which Government will contribute over R400-billion in the medium term. The infrastructure fund will aim at transforming the approach to the roll-out, building and implementation of infrastructure projects, with an overall objective of large scale job creation, an investment boost and future economic growth.
For more information on the CETA SMME Summit 2019, go to www.cetasummit.co.za
072 555 1620