I had the privilege of attending the release of the SME Survey results for 2009. This Survey provides insight towards many of the perceptions amongst our small business leaders.
The SME Survey research is based on a randomly selected sample of decision-makers of South African Small, Medium and Micro enterprises (SMMEs), consisting of companies with 1 to 200 staff. This year’s survey consists of approximately 2 500 respondents.
What is a SME?
The definition of SMEs used for the Survey is based on the National Small Business Act 1996, as amended in 2004, which stipulates varying definitions for each industry sector, including number of employees, turnover, and value of assets. A small enterprise is defined as having up to 50 employees, and a medium enterprise from 51 to 200. Companies with up to 20 staff are defined as very small enterprises.
What does the Survey tell us about Car Insurance?
It is interesting to note that 86% of business leaders have confirmed that they insure their company vehicles. It might be a bit surprising that there is a higher rate of insurance for office furniture [88%].
Arthur Goldstuck, in his presentation pointed out that small business leaders appear to neglect the very important aspects of insurance against “data loss” and “keyman insurance”.
It is evident from these results that the risk on our roads is perceived as very REAL risk, and that car insurance is regarded as an important component for the survival of your business!!