SMEs: Business challenges and strategic innovation opportunities

At a glance

Spot key SME challenges and tailor solutions confidently
Understand the importance of innovation and strategic planning in overcoming challenges facing SMEs
Strengthen your advisory value with actionable insights for SMEs

Report by:

ACCA

ACCA's latest report, SMEs: Business challenges and strategic innovation opportunities, highlights three main challenges facing small and medium-sized enterprises (SMEs): escalating costs (the top concern for 58% of SMEs), workforce and talent management, and the evolving ESG (environmental, social and governance) reporting agenda.

The report emphasises the importance of innovation and strategic planning in overcoming these challenges. It highlights the role of small and medium-sized accountancy practices (SMPs) as vital supporters in this transformative journey, helping SMEs to navigate financial resilience, technological advancements and sustainable practices.

This comprehensive study provides a detailed analysis of the current landscape, offering insights and strategies for SMEs and SMPs to thrive in a rapidly evolving business environment.

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In these testing times, SMEs must pivot towards innovative strategies to navigate the complexities of cost pressures, talent retention, and sustainable practices. Our research not only identifies the critical hurdles, but also offers a roadmap for SMEs to emerge stronger and more agile.

Aleksandra Zaronina-Kirillova

Head of SME Professional Insights, ACCA