Everyday challenges of small and medium enterprise

[kalat]

Small and medium enterprises (SMEs) are the backbone of the economy, driving innovation and growth. But starting and running a successful SME is not without its challenges.

From finding the right funding to dealing with red tape, SMEs face a range of challenges on a daily basis. And with the recent outbreak of COVID-19, many SMEs are now facing an uphill battle to stay afloat.

But despite the challenges, SMEs continue to be a vital part of the economy. With the right support and advice, SMEs can overcome the challenges and continue to thrive.

 

[Etini]

There is no economy that can stay strong without the efforts of the small and medium enterprises. That is why they need to be supported by the government at all levels. I am operating as a small and medium-scale business, so I am fully aware of the challenges that they face. One of such challenge is the inability to enjoy economies of large-scale production.

A large-scale business would always have a lower cost of production compared to a small-scale business. With that, the large-scale business can afford to bring down the price of the final product slightly making customers to rush and patronize them thereby out-competing you.

Another thing is that large-scale firms can afford to employ professional hands and pay them for their services. For a small business, he cants employ many of the pros which would ultimately affect his efficiency. Nevertheless, small businesses would continue to exist and thrive.

 

[Augusta]

When it comes to small and medium enterprises it comes with different challenges everyday this is whybusiness owners need to do their research before starting out.

it is always advisable to take out a feasibility study before starting a business so that you'll be able to know the challenges that comes with the kind of business you want to do and how you be able to tackle them. One of the very obvious challenge of a small and medium Enterprise is that of adequate capital. With the economy now starting a business needs good money but if you can manage it and Later have the money to fund it then it is well and good.

Another issue is that of the right skills to manage the business. it is always good to get the right skills knowledge and abilities to be able to run a business properly it will also need one to employ good hands to be able to run the business successfully.

 

[jeet100]

Small and Medium Businesses need investment and Cash flow . Till such time as this is not regular people can look at consistent income by leveraging their skills and hard work in DAOs like Joystream in the Web3 space