Geneva: The International Trade Centre (ITC) has released its flagship report, SME Competitiveness Outlook 2021, on empowering the green recovery, ahead of Micro, Small and Medium-sized Enterprises Day
The latest SME Competitiveness Outlook 2021 focuses on empowering small businesses to rebuild from the pandemic in a way that prepares them to face the looming climate crisis.
"Going green is both a survival imperative and a business opportunity," said ITC Executive Director Pamela Coke-Hamilton in a press release on Wednesday.
"Small businesses must rebuild in a way that prepares them for future shocks and strengthens their competitive position," she added.
Small businesses make up more than 50% of all jobs and emissions worldwide, so their level of resilience and sustainability matters.
Resilient companies were five times less likely to lay off employees during the pandemic, and more likely to have stable sales, according to new data in the report.
A resilient company can withstand disruption because of its strong business processes, internal and external connections, and ability to respond to changes.
Best-performing companies had key business fundamentals in place, such as good inventory management; full recordkeeping; a business bank account; a diverse network of suppliers; and employees with the right set of skills.
In general, micro, small and medium-sized businesses (MSMEs) are less resilient to shocks – whether the pandemic or climate change – because they do not have the key fundamentals in place.
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