Partner Article

SMEs across the world target rapidly growing markets

New emerging markets with high growth rates have been highlighted by SMEs across the world as an important target for expansion.

Countries such as Brazil and China are growing at a rapid pace, and they have been identified as one of the key markets to enter by a global survey carried out by the SAP-sponsored Economist Intelligence Unit (EIU).

60% of respondents from both developing and established economic powers said new emerging markets were the most important platform for expansion, while 79% said finding new customers was the biggest obstacle to growth.

Technology was a priority for SMEs in emerging markets, as businesses hope to become more efficient over the next year, while growth of sales and earnings is the most important step for 60% of small businesses, and 47% of medium enterprises.

The majority of Brazilian businesses (75%) said I.T efficiency was the most important step for their company, while 72% of Indian SMEs and only 33% of Russian firms agreed.

More tasks are being carried out automatically using technological advances, as 60% of respondents across the world said this has increased in the last three years.

Optimism is high among business communities in developed countries, and the survey said that despite a challenging economic climate, the majority of companies expect an upswing in the near future.

Bureaucracy, however, is still viewed as a significant hindrance to growth, as 88% of businesses cited this obstacle.

Seeking out suitable employees was a priority for 78% of SMEs, while 79% said retaining new customers was an issue, and business efficiency was a major obstacle for 76% of respondents.

SAP AG, which is an enterprise software firm, commented on the results of the worldwide survey.Eric Duffaut, president of Global Ecosystem & Channels, SAP said: “[SMEs] have the ability to drive innovation, job creation and economic stability.”

“We believe that especially in today’s economic climate, entrepreneurs and small to midsize businesses make up the backbone of the economy.”

This was posted in Bdaily's Members' News section by Miranda Dobson .