We have been asked a few times: Why do you concentrate on the “small fish”?, referring to our focus to accelerate the growth of SME businesses and support their leaders.
For this reason, we wanted to share the statistics of all “small fish” combined, resulting in a…pretty big fish. Proven by the HBR article by Bright B. Simons, SMEs are vital contributors to the overall economy of every country. In Europe alone, 99% of all businesses fall into this category. They not only create a significant number of jobs (approximately two-thirds of all jobs in Europe), but they are key supply chain participants.
The second question we often get asked is: But, doesn’t bigger equal better?
Again, in our view and experience that is not always the case. Well, it is rarely the case.
The reasons why SME are more and more seen as preferred vendors, suppliers or sellers are summarized below:
- Adaptability and flexibility in adjusting in the continuously disrupted market
- Competitiveness regarding price and better customer experience provided
- Being seen as a specialist rather than generalists providing niche solutions
- Better company culture based on trust, cooperation and transparency
- Ability to attract and retain talent for reasons going beyond a fat paycheck
- Faster in achieving agility, innovation and creativity
- Stronger family-like relationships with variety of stakeholders
- Speedy decision making and ability to get things done faster
- Less bureaucracy and politics creating bottlenecks and conflicts
- Active and successful in spotting market opportunities and reading new signals
- Easier in adjusting in-house processes or incorporating new technologies
- Faster in uncovering issues and finding solutions to challenges faced
…but most importantly…the public has a more positive view of SME businesses, trusting them more than the giant corporates.
What are your thought? Does you work for a SME or a Corporate? Do you partner with SMEs or bigger enterprises? What is your experience?
