How SMEs Can Thrive in the Digital Revolution ???
BrighterMonday Uganda
BrighterMonday Uganda is Uganda’s leading career development and recruitment solutions company.
Smaller companies represent 90% of all companies and are responsible for nearly 70% of both jobs and gross domestic product (GDP) worldwide.?
In Uganda, they equally account for 80% of the manufactured output, 20% of the country’s GDP and employ more than 2 million people.
According to a World Economic Forum report, 67% of SMEs struggle to maintain & grow their businesses while also being squeezed by low margins and scaling issues.
Another 48% struggle with acquiring & retaining the right talent while they also don’t have the resources to upskill and train their human resources.?
The other major challenges SMEs face include lack of access to capital and funds (24%) & technology and innovation (25%).
A global EY case study highlighted that agile digital financial service providers, unburdened by legacy systems, have swiftly penetrated the market to address the evolving needs of SMEs with at least 33% of SMEs using more than one financial provider.
Critical services beyond just financial services according to McKinsey such as, talent acquisition need to be digitally accessible while the push for continuous adoption of new & simple technologies is the bridge to supporting SMEs to thrive and fire up the global economy.
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