Money, finance, funding, investments these are some of the most frequently used words when running a business and more often than not people face issues with them. So how do we deal with it as SMEs, how do we tackle these issues and keep the ball rolling , Internal and external factors affect our businesses and could be the difference between our businesses sinking or thriving.
As SMEs one thing unifies us, regardless of what sector we operate in or what stage our business is in whether your company is in stage A of development or stage, B of market expansion, or even stage C of product expansion, we have all struggled or are struggling with finance. Adding insult to injury 2020 blew in with Covid 19 that has crippled the world's economy in its wake. which pegs a question how do we survive?
Have we knocked on every door? or left any stone unturned in our search for capital?
There is a multitude of ways to try and obtain capital, angel investors, venture capitals/ bank loans, or crowdfunding and the list goes on, they all come at a price though not to mention not everyone gets that much-needed funding. SMEs hear a hundred ‘no’s’ before finally getting that one precious marvelous ‘yes’. Covid has made that painstaking process even more difficult, banks and investors don’t want to part ways with their liquidity. On the other hand, giving credit where credit is due, the UAE’s government supports the local SME community in the country in a variety of ways, but what can we as SMEs do to further help one another?
This virus may have many negative repercussions but it might be the push we all need to finally come together.