Santam Sanlam head North of Johannesburg. The independent survey, commissioned by Santam, was carried out by Arthur Goldstuck’s World Wide Worx. Photo: Simphiwe Mbokazi, Independent Newspapers.
South Africa’s largest short-term insurer, Santam, has released the fourth edition of its Most Loved Local (MLL) Report – an initiative that showcases some of the country’s most popular local businesses and emphasises the notable role they play in our daily lives.
The survey findings showed that support is exceptionally high, with 97% of consumers agreeing that it’s important to support local community establishments.
The independent survey, commissioned by Santam, was carried out by Arthur Goldstuck’s World Wide Worx among 2,400 South Africans nationwide to discover how small businesses are achieving success amid a challenging economic landscape.
Fanus Coetzee, CEO of Broker Solutions at Santam said: “This unwavering support for community businesses is extremely encouraging in the context of growth. The importance of fostering an environment in which small businesses can prosper goes beyond sustaining the entrepreneurs and their families, a vital SME sector promotes job creation and stimulates much-needed economic growth.”
However, Coetzee adds that just as businesses are dealing with a tough operating environment, it’s important to acknowledge that consumers are dealing with similar challenges.
“Our findings showed that although consumers may have the desire to support their favourite local stores, it’s not always possible. That’s why ensuring they have a good experience and get value out of the exchange is more important than ever,” asserts Coetzee.
Two-thirds of respondents were impacted by economic hardship, thus constraining their spending power and ability to support local businesses. Predictably, the two main reasons for this were the rising cost of living at 40% and increasing petrol costs at 22%.
Within this context, a good overall experience (24%) and value for money (19%) – shifting up the rankings from third to second place – were the top reasons for making a business a Most Loved Local.
“Whether it’s the baker that makes the world a better place with his mouthwatering pastries, the butcher that knows your favourite cut of meat, the restaurant you know you’ll always find good quality food for the whole family, the florist that brightens up your loved one's day, the vet that treats your beloved pet like their own child, the pharmacy that walks your health journey by your side, or the hardware store that always has the right advice for all your home upgrades – these are the businesses that add value to our lives,” says Coetzee.
Winners were selected across 12 categories; the 2023 nationwide Most Loved Local winners are:
According to the winners, the most important factors for building a successful and sustainable business are:
“At Santam, we feel it’s important to recognise and amplify awareness of the small businesses that are getting it right every year to show other entrepreneurs that success is possible, even amid the myriad challenges businesses are currently faced with.
“As an insurer, we are in the business of keeping businesses in business – it’s what we do. Either by helping them manage their risk exposures or by transferring and indemnifying their biggest risks, ensuring they are able to recover from a loss and continue to grow sustainably long into the future, thereby adding meaningful value to businesses and the economy,” concludes Coetzee.
BUSINESS REPORT