Against a backdrop of an ever-evolving landscape, SMEs face a set of challenges and opportunities to which they must respond in order to ensure their long-term success. As an SME owner, it is essential to be able to prepare your business for the challenges it will face in the future, with a series of moves and practical steps that can drive its growth.

Turning vision into action

Having a vision alone is not enough if you don’t have the ways to turn it into action. Create one comprehensive strategic plan which reaches up to them long-term goals you, setting actionable milestones and identifying, of course, possible obstacles that you may find on your way. It is important that your design can it adapts to the current market conditions and to change according to the course of your business. When you start its implementation, make sure that the club you have an understanding of your vision and goals, and you frequently check in on the progress of your plan. Don’t forget that we live in a time when innovation it is the means to realize your vision.

Your people as a competitive advantage

The success of an SME often depends on its people. The staff of your business are not just employees of it, but, in fact, the most your valuable asset. Investso to them, provide them with opportunities to develop them skills them and encourage them to innovate and make decisions that can drive the business forward. Either way, make sure your team feels valued, but also aligned with your business vision.

Technology as an accelerator

In today’s digital age, technology is no longer an option, but necessity. SMEs can take advantage of technological developments, transforming every part of the business so that they can remain competitive. With his help digital transformation, a business can significantly improve in areas such as repeat business, customer experiences and, overall, decision making. Invest in the right technology that aligns with your business goals and see the difference immediately. As you embrace technology, don’t forget to give, of course prioritizing cyber security to protect your sensitive data and customer information.

The importance of collaboration

In an interconnected world, collaboration is a key driver of success. Through partnerships and synergies, a business can acquire access to expertise which she may not have had on her own. Additionally, working with other businesses can help spread the risks that may arise in a project and make it more manageable. Of course, it can open you up doors to new markets and in mutual development.

The role of finance

Funding is the lifeblood of SMEs. Having sufficient financial resources is what will be the “gasoline” to move towards development and innovation. It is important that there are initiatives that can provide the necessary funds, as well as support mechanisms for businesses that want to make moves, in order to implement the their investment plans but also to meet their needs in capital. Aiming to drive growth and investment in small businesses, Eurobank delivered – and is the only Bank that offers in Greece – the new warranty program InvestEU-SME Competitiveness of the European Investment Fund (EIF) to strengthen the competitiveness of small and medium enterprises. In particular, the bank signed an agreement with the European Investment Fund for the channeling of resources totaling 250 million euros and began to make available the new financing tool to small and medium-sized enterprises in January 2023. The InvestEU SME Competitiveness guarantee program to strengthen the competitiveness of small and medium-sized enterprises businesses offers significant advantages for their access to financing with a preferential interest rate and reduced collateral:

– Access of SMEs to financing: Eurobank listens to the needs of small and medium enterprises and offers substantial and comprehensive support for their development. With the aim of facilitating the access of small and medium-sized enterprises to financing on favorable terms, it enables SMEs to cover their working capital needs and implement their investment plans with the specialized guidance of the Bank’s Professional Advisors.

–Financing interest rate: Eurobank offers a preferential interest rate on the financing of the InvestEU- SME Competitiveness program and related programs, enabling businesses to access borrowing at a lower cost

–Guarantees: The funding program is provided by EIB/EIF guarantee. Thus, SMEs ensure the possibility of financing with reduced collateral requirements.

The program is aimed at small and medium enterprises from all sectors that employ less than 250 employees, have an annual turnover of up to €50 million. and/or their total annual balance sheet does not exceed €43 million. It has a total budget of €250 million and ensures preferential pricing to cover the needs of the business for working capital as well as investments, as the amount of the loan starts from €10,000 and it can reach up to 1 million or more. The maximum amount of financing is determined according to the needs of the business.

As you begin to envision and plan for the future of your business, remember that change is the only constant in the business world. Embrace change without fear, adapt to them and use them as a catalyst for growth. Some of the challenges you may face may be difficult, but with the right vision, the right preparation, and an eye for innovation, you can not only survive, but have chances which are there for those who are ready to take advantage of them. The future belongs to those who dare prepare themselves that’s why from today, therefore take over action and lead your SME with positive thinking to the challenges of tomorrow.

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