Across the world, SMEs are integral to building and supporting economies, particularly in developing countries. According to the World Bank, formal SMEs contribute up to 60% of total employment and around 40% of GDP in emerging economies, and are responsible for 4 out of 5 new positions created in these economies. Here are four things worth considering about SMEs and the important role they play in the world of business.
Beside the fact that many SME owners embark on their entrepreneurial journeys without a formal academic or professional background in the area of business management, getting a market or target audience to not only listen to but understand what all the passion is about is no easy task.
This is why it’s critical to strive for the best and be prepared for the worst, and more importantly, to remember that growing a business is not a sprint but a marathon.
The natural environment, and the world’s relationship with it, are factors that businesses can no longer continue to brush under the global rug.
Once upon a time climate change and global warming were seen as potential threats we might have been able to avoid if we addressed our impact on the natural world and its finite resources.
For Michael Porter and Mark Kramer, co-authors of the article Shared Value, there has been a looming need to reconnect the success of companies with social progress. They believe that, “Companies could bring business and society back together if they redefined their purpose as creating shared value – generating economic value in a way that also produces value for society by addressing its challenges.” The pair asserts that a shared value approach to business can drive innovation and productivity while creating competitive advantages and addressing human needs. What they are ultimately alluding to is what many social enterprises are doing through their business models.
The travel industry has been completely revolutionized since going digital, and stands out as one of the clearest examples of just how connected we have become across the world. Plus, with over 148.3 million people making online accommodation, tour and activity reservations each year, it’s safe to say that the internet and tourism now go hand-in-hand.
One of the biggest challenges any startup or SME can face is getting tangled up in the bureaucracy and organizational inertia that characterizes many big organizations. As companies scale and add more product lines or services and employees, decisions take longer to be make, implement and adjust, according to the market reception.
A business plan is much like a dinner recipe; it gives you an idea of what you’re going for and clear step-by-step directions on how to get there. Specifically, a business plan is a written description of your business goals and an outline of how you intend to achieve them. Like the meal a recipe helps you cook, a strong business plan is about achieving intended results. The trick is getting it right, like a meal that is cooked properly and seasoned to perfection.
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