The first 1000 days for any business are known to be the most challenging and make for a mixture of bad and good days. Most fail within the first three years – globally, this figure accounts for 80% of businesses, with even higher failure rates in South Africa.
Santam, South Africa’s leading short-term insurer, has recognised this challenge and embarked on a ‘1001 Days’ initiative to guide and support local entrepreneurs in reaching this symbolic milestone of success.
The 1001 Days Initiative
South Africans have great entrepreneurial spirit but must contend with a uniquely tough environment in which to run a business. The first three years are like being in a relationship – this is the time in which you really get to know what works for your business.
To make it through the bad days – the days when delivery vans crash or stock gets stolen – business owners need an insurer that understands the importance of getting the business back in business, as quickly as possible.
Santam’s 1001 Days initiative seeks to empower business owners by offering them guidance. Santam hopes that, by enabling start-ups to learn through the experiences of others, South Africa’s business survival stats can be improved
Insurance has broad implications for entrepreneurs, as it assists them to overcome unforeseen hurdles, but also frees them from other constraints that would otherwise stop them in their tracks when they are at their most vulnerable.
Quality cover should be a top priority for any business as there are risks that can cause significant interruptions to operations. You need to ensure that your business doesn’t lose its capacity to operate if something goes wrong.
Business insurance can provide protection that will ensure your business will survive the everyday ups and downs. Be it theft, damage or lawsuits, insurance is there to make sure that these are only temporary setbacks.
Because if a business is going to make it to day 1001, it can’t afford to get caught up on day 283, 416 or 898, or any other day for that matter.
Consult with a broker to structure insurance that is suitable for your needs. For more information, visit www.Santam.co.za or call 0860 444 444.