‘SMEs need governance for growth’

LAHORE: The Small and Medium Enterprises (SMEs) need governance, where simple but effective practice over vision, strategy and human capital can provide them with greater flexibility, adaptability and resilience, as it grows.

These are huge factors in the long-term sustainability of any business, while Pakistani start-ups and SMEs need to scale-up to improve the economic activities and growth of the country.

These views were expressed by SME experts at a multi-stakeholder conference, organised by the ACCA on the report “How vision and strategy helps small businesses succeed: Governance needs of SMEs”.

The experts said key success drivers such as vision, people and strategy underpinned by excellent leadership help businesses seeking to scale-up and prosper. Business leaders and regulators discussed the role of governance measures to address Pakistan’s financing gap, alongside the need to formulate policy to help SMEs grow. The business leaders who spoke on the occasion included Nadia Seth, general manager policy and planning, SMEDA, Ghalib Nishtar, president of Khushhali Bank and Fast Cables Director Kamal Mian.