SMEs in the country have struggled with a decline in business revenues despite the gradual reopening of the economy and lifting of some of the restrictions on movement.
WYLDE International, on July 22nd, 2021 will be launching the WYLDE SME Strategy Pulse Report with a focus on insights on the impact strategy has on businesses.
The report is aimed at giving an in-depth outlook on what businesses owners think the strategy is and behaviors around strategy design and implementation across SMEs.
The report bases its findings on the recently released 2021 SME Performance Report, which analyzed a cross-section of parameters including Business finance scenarios and overall performance for the affected months as well as staffing priorities and impact of Government Initiatives on SMEs.
It comes at a time when SMEs in the country have struggled with a decline in business revenues despite the gradual reopening of the economy and lifting of some of the restrictions on movement.
Although some of these small enterprises have utilized digital channels and technology to sell their products and promote their businesses during the pandemic, a lack of awareness of the benefits limits the willingness and ability of SMEs to engage with digital channels and technologies.
Meanwhile, those with existing loans continue to struggle to meet recurrent expenses of the business including loan repayments due to a significant drop in revenues.
Only a few have reported a slight improvement in household income. However, it is worth noting that they have experienced an overall negative impact because of an increase in their expenses.
By exhausting whatever little financial reserves they had to meet expenses during emergencies, many SMEs in Kenya have become more vulnerable to risks due to the shocks caused by the pandemic. Only a few SMEs have the resilience to recover, post the pandemic.
In light of these observations, WYLDE International Strategy Pulse Report will hopefully provide the necessary business advisory and help entrepreneurs mobilize the investment capital required to support the growth of these enterprises, source capital, and plan for the future to scale their growth potential.