What is Micro, Small, and Medium Enterprises Day?
The United Nations General Assembly has designated June 27 as MSME Day (A/RES/71/279) to recognize the vital contributions of Micro-, Small, and Medium-sized Enterprises (MSMEs) to the United Nations Sustainable Development Goals (SDGs).
Worldwide, MSMEs makeup 90% of businesses, account for 60 to 70% of employment, and contribute 50% of GDP. They play a crucial role in local and national economies and in sustaining livelihoods, particularly among the working poor, women, youth, and vulnerable groups.
As small and mid-size business owners face ongoing challenges, they need support more than ever. This year, the International Trade Centre (ITC) is marking the 5th anniversary of MSME Day, emphasizing the need to help these enterprises build back stronger and become more resilient to future shocks.
Efforts and stimulus packages must target the most affected MSMEs, especially those experiencing disruptions to global supply chains and rising inflation. Policymakers must work to eliminate barriers and improve access to finance, markets, and technology, creating a more favorable business environment.
Countries and their development partners must continue supporting and empowering MSMEs to realize their full potential through innovation, creativity, and decent work for all. According to the World Bank, 600 million jobs will be needed by 2030 to support the growing global workforce. This makes SME development a high priority for many governments around the world.
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10 Ways Business Owners Can Support MSME Day
Micro, small, and medium-sized enterprises (MSMEs) play a critical role in local and global economies, contributing to employment, innovation, and sustainable development. To celebrate MSME Day and support these vital businesses, here are ten ways that business owners can get involved:
1. Collaborate with Other Small Businesses
Join forces with other small businesses in your area to raise awareness of MSME Day and the importance of supporting small and medium-sized enterprises. One example of collaborating with other small businesses to support MSME Day could be to organize a joint event or promotion.
For instance, a group of small businesses in a particular neighborhood could come together to host a block party or street fair, showcasing their products or services and promoting the importance of supporting local businesses.
In New York City, the Hester Street Fair was launched by three people from the Lower East Side neighborhood of Manhattan. They brought together the city’s best vendors. Now this organization has launched 500+ businesses. They support new entrepreneurs and provide them with a tent, table, and the attention they need at the street fair to spark interest in their business.
Another way to collaborate with other small businesses is to create a joint marketing campaign, such as a social media hashtag or advertising campaign, that highlights the unique qualities of each business while emphasizing the importance of supporting MSMEs as a whole. By working together, small businesses can amplify their message and create a bigger impact in their community.
2. Partner with Local Organizations
Connect with business associations, community development organizations, and economic development agencies in your area to learn about opportunities to support MSMEs and collaborate on initiatives. For instance, a small business owner could join a local chamber of commerce and participate in their MSME Day activities, such as attending networking events or hosting a booth at a local expo.
The Chamber of Commerce could also help promote MSME Day and its importance to the broader community. Another example is to partner with a community development organization or economic development agency to learn about available resources and support for small businesses, such as access to financing or training programs.
By partnering with these types of organizations, small business owners can tap into their knowledge and expertise and leverage their networks to support MSMEs and create a more favorable environment for small businesses.
3. Offer Discounts and Incentives
Encourage customers to support MSMEs by offering discounts or other incentives for purchasing locally made products or services. To support MSME Day, you could create a special promotion or sale. These types of incentives can help encourage customers to support small businesses and show their appreciation for their contributions to the local community.
Additionally, small business owners can also partner with other businesses to create joint promotions, offering discounts or other incentives to customers who shop at both businesses. This can help foster collaboration between small businesses and create a more supportive environment for MSMEs.
4. Mentor Other Small Businesses
Share your knowledge and resources with other small business owners to help them succeed and grow. Offer your expertise and advice to other entrepreneurs in your community. Consider topics such as marketing, finance, or operations. They could return the favor by providing guidance and sharing best practices based on their own experiences.
You can also participate in a mentorship program organized by a local business association. By mentoring other small businesses, experienced entrepreneurs can help to build a stronger and more supportive small business community and help to promote the long-term success of MSMEs.
5. Host Networking Events
Organize networking events that bring together small business owners, investors, and other stakeholders to exchange ideas and build relationships. You could host a lunch event or cocktail party at your location, inviting other local business owners to attend and network with each other.
Another example could be to organize a larger-scale event, such as a trade show or expo, that brings together small businesses from across the region to showcase their products and services and build relationships with potential customers or partners.
By hosting networking events, small business owners can create opportunities for collaboration and support and help promote the importance of MSMEs to the broader community.
6. Use Social Media
Use social media to promote MSME Day and the importance of supporting small businesses. Share success stories and other content that highlights the contributions of MSMEs to local and global economies.
Leverage platforms such as Twitter, Facebook, LinkedIn, TikTok, or Instagram to promote your business and its products or services. As a business owner, you could create social media posts highlighting your company’s contributions to the local economy. And encourage customers to shop locally and support MSMEs.
Share news about MSME Day events or promotions and engage with other small business owners to share tips or resources. By using social media, small business owners can increase their visibility, build relationships with customers and other businesses, and amplify their message about the importance of MSMEs.
7. Attend Events and Workshops
Attending events and workshops focused on MSMEs to learn about new opportunities and best practices for supporting small businesses. Participate in local events and workshops that provide opportunities to learn new skills, network with other business owners, and gain insights into the challenges and opportunities facing MSMEs.
As a small business owner, you might consider attending a conference or workshop focused on marketing, finance, or leadership development.
Another example could be to participate in a business incubator or accelerator program, which provides resources and mentorship to help small businesses grow and succeed. By attending events and workshops, small business owners can gain valuable knowledge and connections that can help improve operations, reach new customers, and build a stronger and more sustainable business.
8. Lobby Policymakers
Advocate for policies that create a more favorable environment for small businesses, such as providing access to finance, reducing regulatory barriers, and promoting innovation. Meet with local or national lawmakers to discuss issues such as access to financing, regulatory barriers, or tax incentives for MSMEs.
Remember, there’s strength in numbers. Participate in a business advocacy group or industry association that represents the interests of small businesses and works to influence policy decisions. For instance, in my town, local business leaders organized together to advocate for more free street parking. Restaurants, cafes, and stores were experiencing fewer customers during the daytime hours due to the city’s overuse of expensive metered parking.
By lobbying policymakers, small business owners can help to shape the regulatory environment in ways that support the needs of MSMEs and promote the long-term health and prosperity of the small business sector.
9. Donate to Organizations
Consider donating to organizations that support MSMEs, such as microfinance institutions or small business development centers. Support a non-profit business development organization that provides training and mentorship to entrepreneurs, such as SCORE.
By donating to organizations that support MSMEs, small business owners can help to strengthen the small business ecosystem and contribute to the success of other entrepreneurs. Additionally, charitable donations can provide tax benefits and enhance the reputation of the business as a socially responsible enterprise.
10. Share Success Stories
Share success stories of small businesses that have overcome challenges and achieved success, inspiring others to support MSMEs and their contributions to local and global economies.
Showcase the stories of successful small businesses in the community through social media, your website, and pitching their stories to local news outlets.
MSMEs play a vital role in driving economic growth and creating jobs in communities around the world. Small business owners can support MSME Day. The next steps are to:
Collaborate with other small businesses
Partner with local organizations
Offer discounts and incentives
Mentor other entrepreneurs
Host networking events
Leverage social media
Attend events and workshops
Donate to organizations
Share success stories
By taking these actions, small business owners can help to build a stronger and more supportive ecosystem for MSMEs, promote the success of other entrepreneurs, and position themselves as leaders and advocates for the small business community.
Ultimately, supporting MSME Day is an investment in the long-term health and prosperity of the small business sector and in the well-being of communities around the world.
If you’re interested in getting help with your small business, connect with an Asure HR expert.