12th January 2023
SMEs and mid-sized companies are the backbone of economies
SMEs and mid-sized companies can help economies grow, be innovative, and become sustainable. SMEs and mid-sized companies are the backbone of economies. They represent 90% of all companies and are responsible for close to 70% of jobs and GDP globally. Despite their tremendous collective impact, they are often challenged by economic shocks and turbulences in an environment that is not favourable for their survival and expansion. Indeed, many owners and executives of these smaller businesses must often choose to prioritize their immediate survival instead of being able to invest in business services and capabilities that can pay off in the longer term. SMEs and mid-sized companies possess unique strengths that can contribute to solving global problems.
Resilience and agility are two things that companies need to have in order to do well in a difficult environment. SMEs (small and medium enterprises) and mid-sized companies are not as resilient as larger companies, but they are more agile. This means that they can adapt to changes more easily. In order to be ready for the future, companies need to make sure that their leaders and employees are all working together towards the same goal. SMEs and mid-sized companies can make themselves more resilient by doing this, but they need help from investors, policy-makers, and other people in order to really succeed.
Achieving future readiness is essential for SMEs and mid-sized businesses to remain competitive
Achieving future readiness is essential for SMEs and mid-sized businesses to remain competitive in today’s ever-evolving market. This involves carefully considering the three pillars of long-term growth, societal impact, and adaptive capacity that directly influence success. Long term growth requires creative business models & products/services while maintaining financial stability; societal impact ensures positive effects on ESG goals; finally, resilient agility helps overcome challenging times ahead with ease.
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