The rise of small: How now is the time for small businesses

MANILA, Philippines — Small businesses are vital to the economy of any developing country. It provides the potential of employment, income, experience, and training. And of course, it contributes to the country’s GDP. 

Several years ago, it was more difficult to put up and maintain a small business due to several factors, including ineffective government policies, and lack of access to information, proper marketing skills, and credit.

But technology today is not what it was some 10 years ago. The Internet, for example, was still a budding information hub that the younger generations were still getting used to, and the older generations had not yet integrated into their daily routines. This meant that there weren’t as many useful gadgets, and information gathering as well as skills development was a much slower and more arduous process. Additionally, stringent government policies and high interest rates from banks made it difficult for SMEs to earn a profit. 

Luckily, citizens today enjoy all the perks of the 20th Century. It’s the age of discovery, where technology is complementing the evolution of the Internet as a comprehensive information hub and virtual learning center. Throw into the mix the prevalence of social media, and you have ideal conditions for developing a start-up business. This is the difference between now and then, and this is what makes now the prime time for starting up a venture. 

According to the ADB, 96% of all businesses in the region are from SMEs, and they contribute up to 53% of the region’s GDP. These numbers are so significant that President Aquino believes that the “ASEAN’s road to economic development and integration by 2015 must allocate a paramount role of Small and Medium Enterprises in the region.” (Read: Aquino to ASEAN: SMEs key to economic integration) There is now talk of implementing policies that will make starting up business easier.

Now that the government is paying more attention to SMEs, there is definitely more leeway to success. Utilize the Internet, technology, and savvy digital marketing, small enterprise owners, now is the right time for SMEs. — Rappler.com