Upskilling for SMEs' Sustained Growth and Success
2024 Theme
Small and medium enterprises (SMEs) are the backbone of economies worldwide, accounting for over two-thirds of global employment and playing a critical role in job creation and economic resilience. However, persistent financing gaps limit their potential to drive inclusive growth and recovery from economic shocks.
The G20 Global Partnership for Financial Inclusion (GPFI) MSME Action Plan provides a timely framework to address these challenges, fostering resilience and innovation among SMEs while aligning with sustainable development goals (SDGs). The Global SME Finance Forum, an official side event of the G20 South African Presidency, will present GPFI’s comprehensive roadmap to address the systemic barriers hindering SMEs’ access to finance.
G20 MSME Action Plan: Financing and Policy Enablers
Resilient Value Chains: Strengthen sustainable sourcing, fair labour practices, and circular economy models to future-proof SMEs against disruptions.
Tailored Financial Solutions: Provide customised financial tools to promote the financial health and stability of micro and small enterprises.
Scaling Success Stories: Highlight examples of SMEs achieving growth through innovative financing models and sustainable business frameworks.
Digital Innovation: Powering SME Growth and Global Competitiveness
Value Chain Integration: Highlight success stories of SMEs scaling through digital integration, such as streamlined supply chains or cross-border e-commerce platforms.
Global Reach: Equip SMEs with technology to compete internationally, from cloud based accounting systems to AI-driven market analytics.
Empowering SMEs in Sustainability, Resilience and Growth
Policy Reforms: Promoting policies that facilitate working capital, trade finance, and digital payments while supporting financial technologies that simplify SME operations.
Public-Private Partnerships: Encouraging collaboration between governments, financial institutions, and private sector stakeholders to mobilize resources, mitigate risks, and scale impactful solutions
Synopsis:
SMEs face a critical skills shortage that threatens their growth potential, with seven in ten SME business owners struggling to source and retain adequately skilled staff. The challenge is compounded by rapid technological advancement and evolving market demands that require entrepreneurs to master diverse competencies from financial management and digital marketing to operational efficiency and strategic planning. Traditional education systems often fail to address the practical, real-world skills that SME founders need to navigate complex business environments.
The skills gap has become a major barrier to SME competitiveness and scaling, particularly as businesses must adapt to digital transformation, changing consumer behaviors, and economic volatility. These programs are proving effective in enhancing entrepreneurial competence, improving business performance, and building the resilience needed for long-term sustainability in an increasingly competitive marketplace.
The panel explored practical training approaches that addressed specific SME skill gaps, from basic business fundamentals to advanced digital capabilities and leadership development. Discussions covered designing flexible learning programs that accommodated busy entrepreneurs, leveraging technology for scalable training delivery, and measuring the impact of upskilling on business outcomes.
Speakers:
John Gachora, Group Managing Director, NCBA Group
Nankhonde Kasonde-van den Broek, Founder and Chief Executive Officer, Zanga African Metrics
Nkosikhona Mbatha, Acting Chief Executive Officer, Small Enterprise Development and Finance Agency
Veronica Nyhan Jones, Global Head, Climate Capacity and Inclusion Accelerator, International Finance Corporation (IFC)
Moderator:
Carissa Reiniger, Chief Executive Officer, Silver Lining Ltd, USA