If There Is A Mountain To Move
Often, the SME would feel like the market that they are trying to penetrate is daunting, as there may already be well established big players and some SMEs who have already been in the business. But this should not come as a deterrent as there are ways that the SME can make itself known and appreciated in whatever sector they want to operate in. As (Siwela, 2019) stated, the SME remains the backbone of our economy.
The challenges faced are numerous, challenges such as poor economic infrastructure, constant power generation, transmission and distribution interruptions, inadequate support from the current structures in retail and wholesale sector, the single overarching public procurement legislation of South Africa, expensive data structures from mobile services providers, as mentioned the SME committee (Siwela, 2019).
In order to be autonomous and self-sufficient, the above challenges should be curbed and managed. This is an added challenge on what maybe an already struggling SME to access the market and have an impactful presence.
In cases where the SME is ready to move these proverbial mountains, there are some remedial actions that can be taken in order to navigate themselves in the market of choice. Some of these actions include, but are not limited to;
· Adapting services for appeal purposes in order to justify the prices
· Adapting services to suit the target market’s need
· Assess cost to see where best to cut in order to carry the burden of putting yourself out there (Roy, 2019)
· Use partnering with either government or the private sector in order to overcome some of the challenges
· Leverage the digital space to introduce your services and products into the market, this is by using data analytics to gauge interest in your product and using targeted advertising to have a wider reach to your potential customers.
· Go into partnerships with other global labels in order to integrate their services and products to the rest of the world
· Stand out by introducing sustainable products that would attract the Gen Z crowd that care about the environment and where the world would be in a few years.
(Mohlomi, 2019) wrote an extensive piece that indicated what a big role the SME played in assisting the government to curb unemployment. Therefore, it is imperative to give these businesses enough supporting through training, funding and marketing in order for them to also make their mark in the markets. The will help in growing the economy and alleviating poverty.
Mohlomi, T. (2019, December 04). Breaking barriers to market access will help SMMEs in SA. Retrieved from City Press: https://www.news24.com/citypress/voices/breaking-barriers-to-market-access-will-help-smmes-in-sa-20191204
Roy, E. (2019, February 22). Overcome 9 of the most common market entry barriers with these strategies. Retrieved from TradeReady: https://www.tradeready.ca/2019/topics/market-entry-strategies/overcome-9-common-barriers-market-entry-strategies/
Siwela, V. (2019, October 30). Access to Markets — Major Issues for consideration. Retrieved from PMG: https://pmg.org.za/committee-meeting/29202/