MSMEs are the backbone of economies globally, for their contribution to innovation as well as for the impact they have on societies by being the number one job creators. Despite that they have to face a myriad of challenges in an ever-changing marketplace.
The International Council for Small Business (INSME Member from the US) identified top 10 trends for SMEs for 2019.
Ranked at the top three positions, ICSB identified:
- N° 3 MSME and navigating trade wars: the conflict between the two largest economies as well as the imposition of tariffs by each country will have a major impact on MSMEs. To face this challenge ICSB recommends MSMEs to: a) increase communication with stakeholders especially employees, suppliers and customers; b) predict trade issues in an effort to anticipate the impact on stakeholders;
- N° 2 The impact of the 1.8 billion who will transform the future: according to the United Nations Population Fund (UNFPA), there have never been so many young people (ages 10 to 24) in the world. ICSB recommends the education sector to be more forward-looking and start preparing the next generation of the workforce for this ever-changing workplace.
- N°1 The power of belief: entrepreneurship is something that is accessible to everybody. Everywhere you go, the belief that a person can create something of economic and social value is real. Women, youth, families, and the disabled, particularly, are transforming their societies and using the power of belief in themselves to energize their economies. ICSB recommends to encourage this creativity for the creation and maintenance of a vibrant ecosystem.
Read all the trends here.
Source: The International Council for Small Business - ICSB
