SMALL BUSINESSES: KEEPING UP WITH TODAY’S ECONOMY
To be strong, resilient and fit for the future, MSMEs are encouraged to uphold the highest standards. Standards are not only for the minority of businesses with thousands of employees. According to the World Bank, micro-, small- and medium-sized enterprises (MSMEs) make up over 90 % of all companies and account for up to 70 % of total employment. In developing countries, small businesses are keys to economic growth and job creation. Inclusive GDP growth is particularly influenced by female-led companies. MSMEs stand to benefit hugely from aligning with International Standards, which help cut costs, bolster credibility and confidence, and compete with larger businesses in the international market.