SMEs across the world have identified new emerging markets with high growth rates as an important target for expansion.
Countries such as Brazil and China are rapidly growing, and hence have been identified as one of the key markets to enter by a survey carried out by Economist Intelligence Unit (EIU). The main findings are as follows:
- 60% of respondents said emerging markets were the most important platform for growth
- 79% said the biggest obstacle to growth is finding new customers.
- 88% of businesses felt bureaucracy is still a significant hindrance.
- 75% of Brazilian and 72% of Indian businesses believed that IT efficiency is the most important step for their company.
- 78% of SMEs felt seeking out suitable employees was a priority.
- 60% of small businesses and 47% of medium enterprises believe growth of sales and earnings is the most important step.