HSBC released their semi-annual HSBC Small Business Confidence Monitor showing that small business optimism – around the world – was climbing.
The article’s four main factors are: local economic growth, capital expenditure, recruitment and international business.
As your economy finds its new level of stability, what sectors are most productive right in your own backyard? Since profitability is directly tied to the industry, what can you do to broaden the number of industries you serve? How can your value be transferred to other customers in other sectors in order to diversify your revenues, reduce your risk, and increase your growth potential?
What capital expenditures on technology or equipment have you been holding back on recently? If your customers are becoming more cost sensitive or quality sensitive, can new equipment lower your production cost and increase your quality? Technology continually becomes faster and cheaper and can be used to create and distribute useful information that will enhance your management team’s decision making and business results.
Recruitment opportunities abound as large companies ‘rationalize’ and use other fancy words to lay people off. Small and medium enterprises (SMEs) who are in growth mode and need to bring on a new level of structure and systems could benefit from hiring an experienced manager who has developed, implemented and managed such processes in larger companies.
International opportunities are becoming more achievable for SMEs as their customer base expands to global operations, the internet increases everyone’s reach and technology enables serving foreign markets with speed and efficiency.
In North America, SMEs contribute almost half the economy. Focusing on their local economies, strengthening their competitive advantages with people and technology, and pursuing international business will help SMEs continue to drive the economic recovery.
See the full article here link.
Copyright 2010 Phil Symchych. All Rights Reserved.