SMEs Challenges & BPF Solutions, Part 1: Introduction
According to Statistics Canada, "as of December 2017, the Canadian economy totaled 1.18 million employer businesses. Of these, 1.15 million (97.9 percent) were small businesses, 21,926 (1.9 percent) were medium-sized businesses" means 3% of people are actively taking risks and engaged and they do need to be funded to either survive or keep growing.
According to the SMEs' growth cycle, SMEs begin to stagnate within about five years of start. Whilst lack of capital is considered as one of the reasons for SMEs’ failure, almost 67% of them fail due to the lack of support from the government, banks, industry, etc. (only 13% of all SMEs are funded by banks). In addition to this, there are three other key reasons why SMEs fail: Poor management, Inadequate business planning and finally, overblowing marketing budget (either under spending or overspending the marketing budget).
In order to show how BPF Solutions can help SMEs out, let’s identify the five major challenges that SMEs are faced as follows:
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Exit at Right Time and Right Price
We will get into each challenge in the series of blogs and describe how BPF Solutions can play its key role.
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