Market gap analysis
Based on the facts and findings, obviously amost all of SMEs outsourced their accounting, tax and auditing functions to the external parties or accounting firms. However, all the practices were just to fulfil the regulatory requirements.
Where they need to log and produce audited income statement every year. In nutshell, SMEs were not really benefited from the financial statement being produced since it was being processed after accounting year and they were not involved at all in preparing the statement.
In other words, SMEs did not use the financial statement as a tool in planning their strategic directions as well as in decisions makings. In regards to other consulting services besides accounting and auditing services, some SMEs had familiar with financial services offered by various government agencies. Again, most of the SMEs are exposed to that because they really need the funding to expand their businesses.
After loan being approved, nobody bothers about the business plan. As a result SMEs always loss directions in expanding the businesses though SMEs have huge potentials to grow. Besides that, SMEs also quite sceptical about consulting services offered by external parties.
First, they see SMEs information, financial information in particular is purely internal matters and company’s secret and should not being disclose to somebody outside their stakeholders.
Secondly, they perceived consulting services are expensive and out of their budget. On the other hand, findings showed that they knew they need the consulting services in helping them in strategic direction, business planning, marketing strategies, human resource management as well as technical advisories. However, all the perception above somehow renounces them to make strategic move to engage consultants.
As SMEs faced various weaknesses; business management in particular, the business coaching approaches would be the key success factors in developing SMEs. Thus, it would be the high time to develop new breed of SMEs Consultants (knowledgeable, energetic with passion) that can bring the SMEs to the next level with the tagline of
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