Small businesses typically have fewer employees. However, as data from the International Labour Organization show, micro and small enterprises together account for a staggering 70 percent of employment worldwide. These organisations may be smaller in size and scale, but they have the potential to fuel economic growth and drive higher productivity for the entire nation. However, for exponential growth to foster, MSMEs need to scale faster and more sustainably.
The journey from becoming an idea to a small business or startup, and ultimately growing into a high-performing organisation is not easy. Leaders have to invest in innovation and human capability. But a strict regulatory environment, lack of access to funds, and skills shortages create roadblocks in the growth journey of small businesses. Additionally, MSMEs compete with large enterprises that can invest more in training, pay higher wages and offer better working conditions.
How can SMEs outpace the competition when it comes to productivity and quality of employment? What are the possibilities for them?
To help SMEs and their leaders, People Matters and Keka present an exclusive masterclass series.