wWhat challenges are SMEs facing right now due to the ongoing uncertainty ?
When the pandemic and its consequent disruptions started to take hold , it ’ s fair to say most businesses simply weren ’ t prepared for the types of challenges that they would have to face , especially SMEs . The sad truth , as we are seeing now , is that some businesses have not and will not survive this period . In June alone , an estimated 76,300 small and mediumsized London businesses were forced to shut their doors for good . As time goes on and the future remains unclear , it will be difficult for any organisation to commit to a long-term business plan . The unpredictability of the opportunities and threats on the horizon will leave many reluctant to invest , and growth may seem an impossibility . A lifeline for SMEs going forward will be flexibility and the ability to scale .
On top of this , the ongoing uncertainty has created an economic crisis , to which SMEs are most vulnerable . Many business owners will have been grappling with the various ways they can streamline outgoings . The suggestion of investing in cloud might seem counter intuitive as businesses look to cut unnecessary operational costs . However , the truth is that the benefits and cost-savings cloud infrastructure can bring far outweigh the initial investment in the long-term .
Why do SMEs need to be more reactive than defensive in order to thrive and expand ?
Even before the pandemic , the ability of larger companies to invest in digitisation and meet consumer demand for online services had left many SMEs unable to keep up . This has only been further cemented with increased remote working and mass exodus from major cities . It ’ s clear the future is digital and for SMEs to effectively compete in today ’ s volatile market , they need to be proactive and invest in the value of data and Digital Transformation .
One area SMEs must be proactive in is their IT infrastructure , specifically in cloud adoption . Moving to the cloud gives everyone access to enterprise-class technology , allowing smaller businesses to act faster than big , established competitors .
THE BENEFITS AND COST- SAVINGS CLOUD INFRASTRUCTURE CAN BRING FAR OUTWEIGH THE INITIAL INVESTMENT IN THE LONG-TERM .