AT the risk of stating the obvious, small and medium-size enterprises (SMEs) are vital to the Caribbean economy. Figures from Organisation for Economic Co-operation and Development (OECD) show that 99.5 per cent of the enterprises were SMEs employing fewer than 249 people. And the vast majority of those — 9 out of 10 — are classed as micro enterprises, meaning they employ up to nine people. So if the Caribbean economy is to prosper, it’s worth thinking about nurturing our SME sector.
ACCA has kicked off 2024 by publishing global research, SMEs: Business challenges and strategic innovation opportunities. Three key themes emerged from round tables of 620 people working with SMEs from across the globe. First, the cost challenges facing SMEs has been unprecedented. SMEs are not much different from you and me when it comes to facing price increases — and we all understand the impact of inflation every time we fill up the car or do the weekly shopping.
Secondly, SMEs continue to acquire and retain key talent that is essential for maintaining favourable relationships with customers. Upskilling becomes a critical focus, particularly as new technologies dominate our working lives.
