Small business turnover at 71% - Yoco
DURBAN - THE Yoco Small Business Recovery Monitor released on Monday showed that the turnover of South African small businesses was 71 percent at the end of past month.
Yoco, a payments provider to more than 80 000 small businesses, said the Covid-19 pandemic has been devastating for small businesses of every kind.
The Yoco Small Business Recovery Monitor tracks the total amount of money small businesses are making on sales through card machines or online payments.
Small businesses in KwaZulu-Natal, the Eastern Cape and Northern Cape were faring better, with turnover of 103 percent, 83 percent and 76 percent, respectively. The Western Cape’s businesses were in fourth place, at 75 percent.
The small businesses with the least turnover during this period were in the North West, Gauteng and Limpopo, at 57 percent, 62 percent and 66 percent, respectively.
According to Yoco data, the three biggest categories of small businesses were food, drink and hospitality, which generated turnover of 63 percent during the lockdown, followed by health care, beauty and fitness at 104 percent, and retail at 93 percent.
Yoco said the state of these three categories painted an accurate picture of how Covid-19 had affected the sales of small business in general.