SMEs underrepresented around the globe: Report

Only 67 percent of small businesses feel represented by politicians in their respective country’s decision-making process. (Reuters)

JEDDAH: Only 67 percent of small businesses feel represented by politicians in their respective country’s decision-making process, said a research report issued by Sage.
The data was published last week when politicians and business leaders were gathered in Davos, Switzerland to attend the annual meeting of the World Economic Forum (WEF) to debate the global economic scenario.
In Dubai where 95 percent of the market is made up of small and medium enterprises (SMEs), the report said, small business owners shared these concerns. Additionally, access to funding, pending introduction of certain taxes, fluctuating oil prices and a highly competitive domestic market add to the challenges faced by the sector.
Stephen Kelly, Sage CEO said: “Only too often when the world’s policymakers discuss the global economic picture, small businesses are excluded from the discussion.”
He said that it was most evident from the annual meeting of the economic forum held in Davos where small businesses were not an item on the agenda. Worse still, he added, 60 percent did not even know the event took place.
“It is crazy when you consider that small businesses create two-thirds of all the jobs in most economies, and represent over 98 percent of all businesses.”
To give business builders a platform to connect with policymakers, Sage is launching its “Forum for Business Builders.” The forum offers entrepreneurs from around the world insights, events and policy-forming partnerships that give them a powerful collective voice that can be heard on the world stage.
Reggie Fernandes, regional director — Sage Middle East, said: “Across the Middle East, small and medium businesses are the focus of government development and economic policy plans. The value that the sector brings to any country’s economy is tremendous in terms of innovation, service and employment.
“However, for the sector to flourish support systems from government and the wider ecosystem are essential. As a responsible partner in the socioeconomic landscape, Sage Middle East is proud to play its part with its products, services and outreach program such as the new Forum for Business Builders.”
The forum is open to all small businesses and will be refreshed regularly with diverse content and insights from guest contributors and advisers.