There are challenges everywhere in the market: tariffs, artificial intelligence anchored distortions, removal of subsidies, currency mess, etc. And these are affecting companies. Specifically, during economic headwinds like we are experiencing across markets, small and medium-sized enterprises (SMEs) must pivot from mere survival to strategic sustainability. This necessitates a forensic audit of operational efficiencies, ruthlessly eliminating waste while fortifying core value propositions. Innovation, often perceived as a luxury, becomes a necessity and catalytic.
As that happens, exploring lean digital transformation and re-evaluating product-market fit to ensure offerings remain indispensable to a constrained customer base become vital. Agility in resource allocation and a deep understanding of cash flow are also paramount.
Beyond internal recalibration, SMEs must proactively engage their ecosystem. Nurturing customer relationships through enhanced service and flexible terms and negotiating favourable supplier agreements are critical. These small firms must also leverage digital channels for market reach and feedback, positioning them to unlock new revenue streams.
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When you look at the whole thing, the emphasis shifts from aggressive expansion to resilient consolidation, building a robust foundation that can weather storms and emerge stronger, ready to seize opportunities when economic conditions stabilize. Indeed, you must survive to be able to grow in the future.
Join us at Tekedia Mini-MBA as Dr Abel Osuji, DBA, FCA of Afreximbank teachers on Sustainability Strategies for SMEs During Economic Challenges.
Tue, Aug 5 | 7pm-8pm WAT | Sustainability Strategies for SMEs During Economic Challenges –Dr Abel Osuji, Afreximbank | Zoom link
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