Leveraging Innovation and Technology

 

15 May 2023

Leveraging Innovation and Technology: A Guide to Sustainable Growth for MSMEs in a Competitive Economic Environment.

Ever wondered why most global or Kenyan MSME’s are struggling? As the economic environment becomes increasingly competitive, micro small and medium enterprises (MSMEs) must seek out sustainable growth strategies that can help them stay ahead of the curve. One such strategy is to leverage innovation and technology to upscale their businesses, win new customers, and achieve long-term success.

In today's rapidly changing business landscape, technology is a crucial factor that can make or break a business. MSMEs that can adapt and embrace the latest technological innovations can not only survive but thrive in a competitive economic environment.

So, how can MSMEs leverage innovation and technology to upscale their businesses?

Invest in technology: The first step is to invest in the latest technology that can help your business operate more efficiently and effectively. This could include software for accounting, inventory management, customer relationship management, and more. By using technology, you can streamline your business operations, reduce costs, and improve productivity. Develop an online presence:

In today's digital age, having an online presence is critical for any business. MSMEs should invest in building a website and creating social media profiles to reach out to potential customers. You can also leverage online marketplaces to sell your products and services to a wider audience.

Embrace e-commerce: E-commerce is another important tool for MSMEs to leverage. By setting up an online store, you can sell your products to customers around the world and expand your reach. E-commerce platforms such as Jumia, Facebook and Instagram shops, Shopify, Magento, and BigCommerce offer easy-to-use tools that can help you create an online store quickly and easily.

Adopt mobile technology: With the rise of smartphones and mobile devices, it's important for MSMEs to have a mobile-friendly website and mobile app. This can help you reach out to customers who prefer to shop or browse on their mobile devices. You can also use mobile technology to manage your business operations, such as accepting payments and tracking inventory.

 Mobile apps can be a great way for MSMEs to engage with customers and provide value-added services. For example, a restaurant could offer a mobile app that allows customers to order food for delivery or pickup, while a retail store could offer a loyalty program that can be accessed via a mobile

Focus on customer experience: Technology can help MSMEs improve the customer experience. For example, you can use chatbots and automated messaging to provide quick and efficient customer support. You can also use data analytics to gain insights into customer behaviour and preferences, which can help you tailor your products and services to meet their needs.

By following these tips, MSMEs can leverage innovation and technology to upscale their businesses and win new customers. However, it's important to remember that technology is just one part of the equation. MSMEs must also focus on delivering high-quality products and services, building strong relationships with customers, and developing a strong brand identity.

In conclusion, sustainable growth for MSMEs in a competitive economic environment requires a combination of innovation, technology, and a customer-centric approach. By investing in the latest technology, building an online presence, adopting e-commerce and mobile technology, and focusing on customer experience, MSMEs can achieve long-term success and stay ahead of the competition.

Author,

Ekaale Ekuam

Entrepreneurship and Innovation Management Consultant

"Driving Growth and Success for Businesses."

Twitter @EkaaleEkuam

Facebook @EkaaleEkuam

Instagram @EkaaleEkuam