SME Challenges and Solutions: A Study on Market Expansion among ASEAN Nations
Journal Title: International Journal of Humanities and Social Science Invention - Year 2018, Vol 7, Issue 4
Abstract
This study aims at assessing the challenges and solutions been faced by SMEs with a critical examination on market expansion among the Association of South East Asian nations (ASEAN). The small and medium scale enterprises (SMEs) are often referred to as the backbone of a country’s economy and this fact cannot be disputed. They are indeed very important because they provide jobs and contribute significantly to the wealth of a nation. The study will carry out an extensive literature review where concepts will be discussed. Findings in the study revealed that most SMEs focus on the domestic market where they are expected to look at the external market too. And for them to bring their businesses to new markets abroad they need to grow their sales, diversify revenue streams, reshape business risks and enhance tax planning. The study will access the dynamics of ASEAN nations where the population, GDP, per-capita, import and export trends will be examined. SMEs must be well prepared in order to take their businesses overseas and overcome their challenges taking into consideration key competencies such as their products, services, market, financial backing, people, management, tax policies etc.
Authors and Affiliations
Mohammed Shettima, Dr. Priyanka Banerji
Keywords
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