Happy World SME Day! Celebrating Small Business
Are you a small business owner? A sole trader? In partnership? What about a medium business?
Well, today i.e., 27 June 2019 is your day. HAPPY WORLD SME DAY!
What is SME?
A small to a medium-sized enterprise is SME. To be precise, it’s micro, small, and medium-sized enterprises (MSMEs) Day, which includes sole traders and 1 person businesses as well.
Why are we celebrating SME Day?
Micro, small, and medium-sized enterprises – which account for more than 90 per cent of all businesses and around 70 per cent of jobs worldwide – play a pivotal role in stimulating economic growth and providing employment for vulnerable groups such as women, young entrepreneurs, and poor communities.
27 June 2019 marks the third annual World SME Day — a day designed to celebrate and highlight the significant contribution SMEs make to the global economy and in particular, developing nations.
Micro, small and medium-sized enterprises in Australia
Your neighbourhood coffee shop, the local hairdresser, or barber is likely a small business. If you get your tax returns done by a local accountant, they’re likely a small business. Your electrician, locksmith, or GP – all likely own or work for small-medium business.
In Australia, 89 per cent of business are SMEs, and they generate 57 per cent of the total GDP – around $615 billion. They also employ 7 million Australians – that’s 67 per cent of all employment.
Roadblocks and challenges facing SMEs
MSME Day 2019 is dedicated to raising awareness of the need for greater investment into small and mid-sized businesses in developing countries, but it is also a celebration of the gigantic contribution smaller companies make to the global economy, often away from the spotlight.
This year’s World MSME Day focuses and promotes ‘Big Money for Small Business’. The United Nations recognises the difficulties small businesses face in acquiring finance and encourages change in this area.
Recently in Australia, there has been a decline in financial grants by banks to small business. A few banks announced earlier this year that they would no longer accept the residential property as security collateral for business loans. Doing so has previously granted many small businesses access to loans.
Celebrate World SME Day
If you are an owner of an SME, we thank you for your contribution to our lives, our country, and the world. We recognise your hard work, passion, and dedication towards your dreams.
At Pinpoint, we are dedicated to empowering local businesses and entrepreneurs to establish successful, sustainable, and fulfilling businesses by educating them about their digital marketing needs.
Curious about how digital marketing could help your business gain more visibility and customers?
Contact Pinpoint Digital today for a free consultation.