Benefits of ED for Entrepreneurs
SMEs face a number of challenges unique to companies of their size and nature, which prevent them from achieving growth. Carefully structured Enterprise Development should assist these businesses in overcoming all of these constraints. Assistance that only addresses one constraint will fail to deliver the desired overall outcomes.
Read more about these constraints Below we elaborate on a few of these challenges that face SMEs
How does ED assist SMEs?
Enterprise Development, if done correctly, should assist SMEs in overcoming all of these constraints to growth. Addressing one or two of them would leave a company no better off than they were prior to these interventions; for example, improving operations has no effect on the business if there is still no management capacity to ensure the systems, processes and tools are running and being used efficiently and effectively. If the financial constraint is addressed, but the management team does not have the skills and experience to use that money to invest in income generating opportunities, very soon the SME will be requiring additional finance all over again.
Enterprise Development Interventions therefore need to address all of a company’s constraints to growth; providing access to market, resources, strategic planning, operations and management capacity. The exact formula of these services will differ depending on the size of the business, the stage of life cycle they are in, the industry in which they operate and the specific needs of that company at the particular time.
Read more on how Edge Growth can assist your business by providing access to finance, best of breed support services or access to market.