SMEs – small and medium-sized enterprises - play an important role in the economic development of a country.
Their role in terms of production, employment generation, contribution to exports and facilitating equitable distribution of income is very critical.
These enterprises can and have, in fact, become the engines that sustain growth for long-term development globally, setting up right in the middle of the economic trajectory where the middle aged woman, the young millennial or the retired corporate makes up close to 50 per cent of today’s national economy.
They need the tools to make this engine run.
Previously ignored as small contributors to the national or global economic cake, and also punching below their weight, they now stand clear as a robust contributor that cannot be overlooked.
Financial institutions have looked through this rapid growth and contributions of this business bracket, and have created services and products tailor-made to suit the nature of their business has been paramount.
Putting on the right attire for the financial climate as a business, protected under the shelter of an institution that has studied the environment and knows what is needed, is vital to making sure this sector keeps churning out the right results to continue driving this engine of the economy.
An efficient bank account does for business what measuring cups and pans do for you when baking a cake, or putting together a culinary masterpiece.
It is essential to have these tools in place to measure inputs in order to achieve maximum results over and over again; which in essence is what you want to do when running a business.
The repetitiveness in successful results no matter how small the margins eventually add up to one big cake.
Scoping the business and financial climate in its entirety, Barclays is in the practice of helping small and medium-sized enterprises drive business with trendsetting banking solutions.
The banking giant now presents access to various account options tailored to need.
Knowing that the institution is in business because you are, they offer a range that includes membership to the Business Club, extended banking hours so that the clock doesn’t limit your business and all round listening ear to what your business needs to thrive.
Now with an answer for everyone, no matter the state at which a business is in, you can benefit from the offers on the table with Barclays.
From startups with lower turnover to businesses that have registered growth and have a higher turnover; importers and exporters who make payments across borders; non-profit organizations and businesses that prefer Islamic banking products all have great service benefits in the different kinds of accounts that they can operate.
Succinct research has been done and strategic placement for each of these levels of business to ensure that no holes are left or stones unturned when it comes to business needs.
Recognising the importance of micro-, small- and medium-sized enterprises in achieving the new global development goals, the United Nations General Assembly designated June 27 as international day for these actors.
In a resolution adopted without a vote, the 193-member body also invited all stakeholders, including member States, UN entities and civil society organisations, to observe the day and raise public awareness of their contribution to the 2030 Agenda for Sustainable Development, which the assembly adopted in September 2015.
Collaborated efforts from the public and private sectors are needed to overcome challenges faced by SMEs globally, and the eagle-eyed financier is making sure it is doing just that.