Small and medium-sized enterprises (SMEs) play a vital role in the world’s economies by contributing to national economic growth and employment. Nowadays, in a complex, competitive and volatile business environment, the adoption of sustainability principles is of utmost importance for the steady and sustainable growth of SMEs, as their survival depends on it.

In most countries, SMEs form the backbone of economies by providing employment opportunities, stimulating innovation and creativity, making significant contributions to GDP, and developing new industries. SMEs help to shape the success of Jamaica’s sustainability agenda, mainly because the growth of SMEs cannot be achieved without the integration of sustainability principles into their business strategies.

SMEs can potentially become the foundation of the domestic and global sustainability agenda. To maximise emerging opportunities, SMEs must successfully implement strategies integrating sustainability principles and practices within the business culture.

As the world becomes increasingly digital, smaller economies, like Jamaica, can benefit from unique opportunities to capitalise on this evolution.

Mark John Stewart, international strategist, entrepreneur, TEDx speaker, and managing director of Canadian management consulting firm Wentworth Strategy Group, offers pragmatic approaches for SMEs to develop sustainable strategies that increase their competitiveness in the global marketplace.

Although SMEs comprise a large part of national and global economies, their involvement in sustainability is barely satisfactory. Only a few have adopted and integrated sustainability principles into their business strategies and daily operations.

Stewart explains that strategy is the fundamental framework for businesses to grow and thrive.

“Effective strategy involves developing a vibrant and clear vision, gaining an insightful understanding of the external environment, establishing strategic activities to achieve meaningful goals, and calibrating the internal factors in an organisation to achieve them,” Stewart said.

SMEs are more easily adaptable and flexible to serve the needs of local communities and export markets. “Businesses are encouraged to develop competencies in strategic management, leadership, and other critical skill sets to empower themselves. They can also retain outside support, such as professional consultants, to get objective advice and drive results faster,” Stewart shared.

Strategic analysis and execution tools such as a SWOT analysis, Ansoff Matrix, Balanced Scorecard, or gap analysis can support businesses in assessing the relationships between the many elements that impact planning and help them manage strategy execution.

“Internal assessments can help businesses identify ways to make their organisations more efficient, improve culture, attract and retain talent, manage financial resources, and implement systems to improve productivity. External assessments can help to identify ways the world is changing and gaps in markets that they can seek to fill both responsively and proactively,” Stewart said.

“Tracking systems must be in place to ensure that processes are evaluated and improved. It also means constantly investing in brand development to ensure clients are aware of the organisation, trust it, and continue to buy from it,” Stewart said.

Stewart adds that new media offers SMEs a significant push.

“Digital marketing offers a tremendous opportunity to support this communication. For digital products and promotional activities, the entire world is now just as accessible as local markets. For example, suppose you sell services such as graphic design, copywriting, coding, translation, coaching, or a list of other offerings. In that case, you can reach and service a global client base relatively easily.”

It is also easier to geotarget audiences anywhere in terms of both advertising and logistics.

“For example, international companies may be able to generate demand for products in North America through digital advertising and then have them delivered by global shipping and fulfilment services, all without stepping foot on the continent,” Stewart said.

“While keeping an eye on the future, SMEs should ensure their business foundations are firmly rooted. This means well-organised accounting and financial management systems, clearly identified target markets, and efficient operations. Lastly, all business management activities require a solid team to succeed. Focusing on recruiting and developing an excellent workforce is a core investment that allows an organisation to create and deploy winning strategies effectively,” he added.

Stewart, who also serves as the president of marketing agency FlyPrint, will be one of the keynote speakers at BizCon: Jamaica’s SME Innovation and Financing Expo and Conference, which will be held on April 23, at The Jamaica Pegasus hotel. In his presentation, Stewart will share international insights on how SMEs can use corporate-strategy principles to identify opportunities to innovate, scale their business, and increase profitability.

BizCon fosters connections between business owners and cutting-edge products and services, empowering them to innovate and propel the growth of their businesses. BizCon’s Innovation and Financing for SMEs Expo and Conference is a power-packed event designed exclusively for SMEs.

You can expect a transformative experience where entrepreneurs, industry leaders, and financial experts converge to explore cutting-edge innovation, strategic networking, and avenues for securing vital financing.

Source: https://our.today/strategy-consultant-mark-john-stewart-shares-pragmatic-approaches-for-sme-success/