SMEs need to adapt to the turbulent environment
While the economic crisis has battered small and medium enterprises (SMEs), companies need to be agile and adapt to the new economic conditions. Within the turbulent environment there will also be new opportunities that emerge.
These remarks were made by SME Consultant and Associate Professor in Business Strategy, Dr. Nirmal De Silva during a virtual National SME Forum organised by the Ceylon Chamber of Commerce on Thursday. Dr. De Silva said, “SMEs need to look at their business model and see how agile and adaptable it is to adverse economic conditions. The effort of marketing should not be reduced. It is important to focus on the customer, engage with them and communicate the value proposition.”
Collaboration and a partnership approach is the key. SMEs need to think about this and work together at an industry level to overcome the crisis. Within this turbulent environment, there will also be new opportunities that emerge. SMEs need to be innovative and be vigilant to capitalise on the new opportunities, he added.
University of Colombo, Lecturer and Economist, Umesh Moramudali stressed on the policy levels the government should be focusing on. He said,
“There is no quick fix to the current economic crisis. It is critical to come up with reforms, increase the revenue base since the tax revenue to GDP has halved over the last two decades. The fuel crisis will be the biggest challenge and the government needs to come up with a plan quickly.”
The Central Bank (CB) is working hard on ensuring there is stability in the system, noted CB Deputy Governor Ms. Yvette Fernando. “Every effort is in place to ensure support for affected SMEs through concessions on loans and so on as per the recent CB announcements. SMEs also need to play their role in rebuilding the economy whilst the CB is doing everything possible.”
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!