As an SME owner, his expressed insight was that the SME community will be under incredible pressure to survive over the coming 12 months (some say 24 months).
Doom and gloom!!!!
As we traversed all the realities, myths, biases and stereotypes of the current economic climate, including the survival prospects for the SME community over the coming year, all the problems of the world were solved!
So, what did we conclude?
Well, we concluded that for the SME community, the first challenge is to not only survive the economic downturn, but also to buttress the SME owner’s sagging self-confidence!
An SME owner knows full-well that they get hammered from all points of the compass!
In difficult times, the big corporates cut rates, target the vulnerable SMEs, (e.g., particularly those in a position to steal market share by doing things more efficiently) and play the political ‘game’ with aplomb – like the SME finds difficult to replicate!
In addition, the Tax Office/IRS thinks the SME community are screwing them blind! Enough to want to make one less than optimistic!
So, the old adage was restated: When the going gets tough, the tough get going!
What does ‘get going’ mean and how does the SME compete with the corporates?
Simple, do it better, more efficiently, more personally and with passion! Don’t forget, ego kills SMEs.
Which competitor has the most complementary product/service to yours?
Well, put the ego in the hip pocket; assess which competitor you can work with best; partner with them – operate a strategic alliance – and share administrative and operational overheads!
Don’t forget, 2 + 2 sometimes equals 5!
Check the recent acquisitions of late by corporates of vibrant and efficient SMEs.
Remember, no corporate can ever match your agility and your cost base! They are not your enemies; they may even be your retirement fund!