SMEs are engines for growth
Recent research reveals that SMEs are major contributors to business and economic growth and therefore to job creation.
It is argued that successful SMEs often contribute to the success of other SMEs by partnering with, or outsourcing, some parts of their business, such as marketing, design and accountancy.
The effect has been most noticeable in retail, where two years of Covid lockdowns have forced more retailers online leading to an increase in online marketplaces from which to sell their goods.
But this has not meant the total death of physical retail outlets so much as to a change in their purposes and adapting to the changing needs of their consumers.
Partnerships, agility and collaboration are all part of helping SMEs to grow and to take others with them, ultimately for the benefit of all their stakeholders whether they are customers, staff or shareholders and investors.
