Small and medium enterprises (SMEs) are at par with the big enterprises to drive an economy – this fact has been re-confirmed in the year 2010. The year 2010 was an acid test for the world’s economies, as it was the year for the world to move out of the period of global recession. Needless to say, the SMEs were fast to show recovery and stand back on their feet.
The countries like India, China and Saudi Arabia witnessed the progress further in the sector of small and medium enterprises. This has ensured that these countries are making their way to the top positions in the global economic environment. The sector has continuously tried to face different challenges and find solutions to overpower them on the path of progress.
Finance and credit, for example, have been the biggest challenges for the SME sector in the developing countries. However, the governments in these countries came up with strong plans to aid these enterprises financially. Financial planning for these enterprises has improved and so has the budgeting capabilities of the owners of these firms.
Technology has taken few steps ahead to support the growth of small and medium enterprises in the year 2010. Improved machinery and growing importance of information technology has helped these enterprises to improve their working efficiency as well as production output. Moreover, the boost in technology has enabled the SMEs to try innovative ideas to improve their growth rate.
The small and medium enterprises have also improved on the ways to advertise themselves, not only at the national but at the international level as well. Online business to business directories have emerged as the powerful mediums for SMEs in one country to find potential buyers and importers from other countries. Social media websites too have become the proficient ways for these enterprises to promote their products and services. Most importantly, these mediums of advertising are cost-effective solutions for these enterprises with limited budgets to spend in this direction.
There are many industries in which the small and medium enterprises have progressed in 2010. For example, the textile and apparel industry, pharmaceutical industry and automobile component industry in India have witnessed the growth of SMEs in past few months. The year 2010 can be called a stepping stone for these enterprises to grow and attain the targets they aim at.
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