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Growth of SMEs Slows Down

by: Sarah Joson

Friday, March 22, 2013 | Outsourcing News |

SMEs in the Philippines Losing Traction

During the 27th Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) in Radisson Blu Hotel in Cebu City, George Abraham, Chairman of the CACCI Small Medium Enterprise (SME) Development Council, identified competition, rising costs of operating a business, unpredictable cash flows, lack of skilled workforce, as well as lack of access to business opportunities and funding are preventing SMEs to grow and maximize their potential.      

He noted that SMEs should be able to keep up with the rapid changes in the industry and present fresh ideas to consumers to stay relevant. Furthermore, he said they should be able to build relationships with other organizations to reinforce resources, services, and competence.

However, he reiterated that technology and financial management are key parts that SMEs should keep an eye on since most SMEs rely on traditional techniques and have less funds.


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