SMEs must develop strategies to build strength and expand into new domestic and export markets. Some of the top areas critical for future success are:
- Applying technology
- Accelerated innovation
- Attracting and retaining talent
These are distinct areas of advantage for SMEs due to their size and can be exploit to strengthen market position.
Technology is becoming rapidly affordable, with cloud technologies for example allowing incremental investments in IT. In an age where customers are increasingly demanding new, bespoke products and services delivered nearly instantly, companies must adjust course and scale operations quickly, this is something that SMEs can do while large incumbents naturally find difficult. If you don’t innovate, you are dead. It is very difficult for big companies to innovate and this is another big opportunity for SMEs. Entrepreneurship is becoming cool. It is a generational shift and SMEs tap into graduates of top business and universities by designing attractive alternatives to life in a big corporation.
What local support is available to set SME manufacturers up for success? What factors will drive enhanced manufacturing?
|Joyce Njogu, Head of KAM Consulting||Kenya Industrial Estates (KIE) Representative||Kenya National Trading Corporation Representative|