The basics: why SMEs are vital to our economy
There are approximately 400 million businesses, including SMEs, in existence. SMEs can be viewed as the backbone of world economies. They are the main source of job creation globally, accounting for over 95% of firms and 60%-70% of employment. But in a new, digitised world, they lack the right tools to migrate to the internet economy.
The digital transformation of SMEs
Around 90% of the world’s businesses and SMEs do not even have a website or a digital profile.
Data from the World Bank and OECD shows that online platforms are central to the digital transition of society and provide important channels for growth. With digital transformation platforms, SMEs can improve their productivity, lower operational costs, access business intelligence services, and generate economies of scale and of scope. SMEs often face challenges when operating on online platforms. Lack of digital skills and non-adaptive business models are frequent barriers.
openbusinesscouncil allows you to grow your own business, find trusted clients and partners, digitally transform your company and finance international trade. These are questions that SMEs ask themselves every day.
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We also offer discounted access to business coaching and education solutions, and skills training with global executive edtech platforms. Additionally, we provide our users with a network of universities and academics from leading academic organisations such as the Universities of Oxford, Edinburgh, Surrey, Durham, Lisbon international B2B networks.