Happy World MSME Day 2021! Today, we recognise, applaud, and create awareness of the essential contribution of micro, small and medium sized enterprises (MSMEs) to the economy. MSMEs are a significant contributor to African economic growth, yet they are also the group of businesses most threatened by the pandemic.
An article published in the fourth quarter of 2020 stated that 80% of Africa’s workforce, in both the formal and informal sectors, are employed by SMEs. This intensifies our concerns about predictions made by the continent’s economic analysts that an estimated 60% of SMEs will have no option but to close down before the pandemic ends. Moreover, the International Monetary Fund stipulated that SMEs dominate the marketplace in the Middle East and North Africa regions, which means SMEs account for more than 90% of the region’s businesses, employ 50% of the populations in these countries, and contribute to 70% of the region’s GDP.
There is no doubt on the importance of SMEs as an engine of economic growth, as necessary for a competitive and efficient market, and in playing a role in reducing poverty levels in these developing countries. Thus, the fact that the global financial crisis and economic impact of COVID-19 has caused strong declines in revenue and profitability for SMEs is extremely concerning.
However, digital technology presents opportunities for these businesses to achieve faster growth. As leading software and applications facilitate greater productivity, innovation, ability to access new markets and enable firms to operate remotely.
This is why Zoho’s mission is to provide affordable and effective software to automate work and assist businesses in achieving consistent growth and profit. In pursuit of making business easy and simple—especially for small firms—we created Bigin, a CRM platform designed to help thousands of small businesses effortlessly sell, grow, and run online 24/7. For more information on how Bigin brings power to SMEs, click here.
Lastly, we would like to bring your attention to the Zoho SME Day Campaign where we are gifting Zoho e-wallet vouchers and free Zoho training to a few SMEs. If you know of anyone that needs digital assistance, please refer them to this campaign. Or if you are a business owner in need of digital transformation, we invite you to enter our competition.
Nominate Your Business Here: https://www.zoho.com/en-mea/r/smeday2021.html
Today and every day, we encourage you to buy local produce and support small businesses in your region. #worldmsmeday2021