PwC MSME Survey 2020

Key Insights and Considerations for SMEs Potential obstacles to growth for SMEs and solutions Lack of access to finance and credit sources Technology disruption Seek cheaper low-cost funds such as grants, low-interest loans, micro-credit, etc. ✓ Partner or collaborate with larger firms for support and growth Stay up to date with recent technology developments Always incorporate new technology into business systems Seek solutions from business advisory experts Be quick-thinking and innovative Multiple taxes and levies Seek advice from tax experts Disintegrate units of business to reduce taxation Accurate financial records of operating losses to claim tax credit Inadequate record keeping Use technology tools for data entry and storage Follow standard financial reporting procedures Seek help from audit and financial professionals ✓ Train staff on proper financial reporting skills Instability of raw material prices Buy materials in larger quantities to cut costs ✔ Maintain relationship with suppliers for discounted prices Make adequate research on cheaper sources of quality materials Small customer base Expand business scope to increase customer base Strengthen digital presence and enhance social media footprint Engage the help of business advisers to increase market share. Give incentives to customers PwC MSME Survey 2020 PwC PwC analysis June 2020 49

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