Top 5 Challenges faced by SME’s

SME’s are playing an important role in economic development and also for the country’s economy. SME contribution in the Philippine economy is accounted for around 63.3% of employment and 35% of GDP in 2019. They also account for 25% of export revenue, and an estimated 60% of exporters are SMEs according to the Department of Trade and Industry (DTI). Although it gives a good number, business owners are still facing problems with regards to their business:

  1. Strategy and plan execution

  • Executing strategies and plans would help businesses especially small to medium enterprises (SME’s) to succeed. Meeting the objectives each month would help the business owners to start to gain benefits not just in operation but also in the accounting system as well as their marginal gains. Dave Brailsford, a British cycling coach, believed of marginal gains as “the 1 percent margin for improvement in everything you do.” His belief was that if you improved every area related to cycling by just 1 percent, then those small gains would add up to remarkable improvement.
  1. Make business remarkable

  • The challenge of finding a competitive edge in today’s congested market places is really difficult. The means of time, money, and resources of the company would be very important to ensure the business has done everything to stand out and be remarkable. The good use of quality and uniqueness are some of the ways to make the business stand out in today’s market place. Then having an exceptional customer service would really help the business be remarkable because this way serves the customer’s solution for the issues, over the phone, email, or physically.
  1. Systems and Processes

  • A lot of small to medium enterprises (SME’s) seem to think having systems and processes make them less competitive. But the case actually is in reverse. With the help of SAP Business One, your business would be managed every aspect of your company by providing you with access to real-time business information through a single system. It is a single application that is easy to use. No installation needed and can undergo the extreme process of combining various modules, an activity that can be complex at times as well.
  1. Measuring performance

  • With the digital transformation, the efficiency in processes of business data security will become better whereas authorized assessors are the only allowed viewing confidential aspects of the business transactions. This is to make the right business decision at the right time with real-time access to information. This automation of your business process is to increase productivity.
  1. Time management

  • A lot of ways can be used to improve time management, like scheduling and prioritizing important matters in your business. When in the business, every second is worth money. So with proper and effective time management, your revenue can meet and even exceed your expectation.

1028 Business Consultancy is offering the best business solution for small to medium enterprises (SME) located at 301A 3F NDI Commercial Complex, A.S. Fortuna St., Bakilid Mandaue City 6014 Cebu. They provide online services that your business needs and has a good reputation and reliability in the business world. They are committed to giving genuine service and have strong business strategies.

For more information about 1028 Business Consultancy, contact today at 0917-717-7103 or 0922-431-0691.



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