Zanele M.’s Post

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Accountant | Chartered Manager | Certified Professional Coach | McKinsey Forward Alumni | Women in AI Netherlands | Executive MBA Candidate at Quantic

As we commemorate the 2024 International Micro-, Small, and Medium-sized Enterprises (MSMEs) Day, we are just six years from the 2030 deadline to achieve the Sustainable Development Goals (SDGs). This year’s MSMEs Day theme is centered on leveraging the Power and Resilience of MSMEs to accelerate sustainable development and eradicate poverty in times of multiple crises. The MSMEs sector represents over 90 percent of all businesses globally, it is imperative for it to adapt to the global macro environment challenges presented by changing economies, technological developments, and social and political paradigms. Many countries continue to face a range of unique and interconnected development challenges, including a cost-of-living crisis, constrained fiscal space, obstacles to accessing new sources of development and climate financing, and conflicts. These valuable strategies will help MSMEs adapt to the macro-economic challenges🌍: 🤝 Collaboration: pooling resources with other MSMEs can lead to cost savings. Joint ventures or shared clean energy projects can be beneficial. 🏛 Government Incentives: explore government subsidies, tax breaks, and grants related to clean energy adoption. These can offset initial investment costs. ⏺ Diversification: MSMEs should diversify their markets and supply chains. Overreliance on a single market or supplier can be risky. 📝 Scenario Planning: regularly assess geopolitical risks and create contingency plans. Understand how changes in trade policies, sanctions, or political instability could impact your business. 👩🏫 Collaborate with Experts: seek advice from geopolitical experts or consultants to stay informed about global developments. This could meaningfully contribute innovative solutions to the challenges of our time and drive forward inclusive growth and shared prosperity.

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