Grow your business A series that delves into the insights and discoveries that will allow you to grow your business with the power of cloud-based technology The SME Growth Guide A guide for entrepreneurs to spot the ups and downs of running a SME — and how to unlock your potential with cloud-based technologies By Viola Gaskell The overwhelming majority of businesses are not corporations teeming with employees, but small businesses with fewer than 50 employees reliant on tight-knit teams and efficient systems. The Asia Global Institute, a Hong Kong-based think tank, estimates that 60 per cent of global GDP and 90 per cent of jobs flow from small- and medium-sized enterprises (SMEs). Source: scmp.com Source: www.imf.org With Hong Kong’s cultural and financial links around the world, and its ties to the manufacturing powerhouse of mainland China, the city is ripe with opportunities for small businesses to expand and prosper. There were about 340,000 SMEs in Hong Kong last year and these ventures by budding entrepreneurs represent more than 98 per cent of the city’s businesses. Source: www.success.tid.gov.hk Source: www.success.tid.gov.hk In economies where change is the only constant, embracing new technology often sets a successful SME apart from the pack. Internet penetration is nearing 90 per cent in the most advanced countries and Asia is catching up, with slightly less than half of the population online next year. There are tremendous business prospects for SMEs in Hong Kong, who can enjoy being based in an internationally connected business hub that is plugged into Asia’s potential for growth. We have prepared a holistic overview of running a business with the most commonly made mistakes that can be solved by cloud-based technologies. Scroll down for an immersive look at the technologies that could transform your business. Success is elusive. There is a certain glamour in start-up culture but the reality is stark; for every start-up that succeeds, nine fail. From misunderstood market demand, high labour costs leading to underemployment, or prohibitively high interest rates that curb funding for expansion, SMEs face many obstacles on the path to success. Source: fortune.com SMEs tend to lack the spending power required for effective research and development, putting pressure on the company’s leaders to understand the nuances of their market. For some SMEs, big, sudden investments might have unanticipated results, sending a tightly run ship into a maelstrom of unnecessary spending and discord as new employees are brought on board. Source: www.networksasia.net Technology can also have a mixed effect on business. It may simplify operations but it can also pose a threat if the right security framework is not in place. A 2017 survey by IT security company ESET found that more than 60 per cent of SMEs in Hong Kong have experienced a data breach in the last three years. In the daily operations of a business, issues around sales and marketing have a direct impact on performance and get more attention and resources, while back-end systems and processes tend to take a backseat, […]
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