The key factor every SME should note to increase its operational deficiency

The ever-changing technological trends, global competition and the immense opportunities have brought on board even the smallest businesses. This phase of the reinvention of the SMEs has now enabled them to operate in the same environment as the large-scale industries. However, the larger corporations have an edge on this as they have the luxury of tapping into abundant resources and get things done.

 

Typically, the challenges faced by an SME in a globalized ecosystem include limited resources, lack of financial benefits, poor administration and management access. When you run a small or a medium enterprise, managing higher expenses becomes difficult. Because of the limited skillset, you need to hire resources; And while doing so, the cost versus the productivity ratio needs to be taken care of specifically. This calls for SMEs to improve and elevate the levels of their operational efficiency.

 

Enhanced operational efficiency helps in reducing wastage of resources, increases profit and also gives a competitive edge to small businesses.

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Is sharing economy becoming the scaling economy for startups?

In recent years, the sharing economy or the Gigonomy has become a fascinating business trend. Companies adopting the sharing model have become adept at tapping excess capacity of both product and services and using to their benefit. With an emphasis on trust, communalism and most importantly, peer to peer transactions, Uber and Airbnb have rewritten the rules on how consumers commuted or stayed in hotels. Consumers benefit from wider and cheaper choices, ease of use and access to user reviews. Besides Uber and Airbnb, there are many other industries offering services, forming a part of the Gigonomy. Example, DogVcay – an online community that connects pet parents with pet sitters across North America or Getaround – a peer-to-peer car sharing company that allows people to borrow cars from others.

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