In Malaysia, for example, SMEs constitute 99.3 per cent of all businesses in the country, are a vital component and contribute significantly to the nation’s economy. Yet many of them cannot sustain themselves over the long haul, particularly with making it successfully to a five-year mark. What are some of the problems they face? Here are five:
- Leadership failure.
- Lack of strategic planning.
- Failing to effectively market online.
- Failing to listen to the core customers.
- Poor financial management.
Many countries have accepted the fact that small and medium enterprises (SMEs) are the building blocks of their economies.The bottom line: Success for Malaysian SMEs or any global small business owner depends on strong leadership.
Learn more: Five deadly sins of small business failure