The advantages of entering NIC econmies for SMEs
Countries all over the world continue to develop at different rates, with several taking gigantic leaps towards new industries and technologies every day.
While technology is firmly established in the developed countries of the world, a growing focus is being placed on those countries which are starting to catch up.
Newly Industrialised Countries represent a great opportunity for many SMEs who are looking to expand their businesses.
Following in the footsteps of MNCs
Many can follow in the footsteps of large multi-national companies who have recently begun major restructuring programmes which often involve expanding their projects in NICs.
While the main aspects of business in these areas are dealt with by the major businesses, SMEs can plug the gaps and fill the spaces in the markets.
This represents a fantastic opportunity to join a rapidly expanding market which is constantly developing new links and generating new ideas.
Key to the rapid development of these locations is usually a switch from traditional agricultural and industry towards more innovative and technological standpoints.
Brazil, China and India are just three examples where the economy is currently booming as a result of rapid development.
Technological firms have also been very quick to tap in to the vast amounts of resources on offer in other NICs such as Indonesia, Malaysia and the Philippines.
These areas often feature rapid urban growth, ideal for developing new centres of technology that can boost the global economy.
For SMEs therefore, they represent locations with skilled workers and are all well placed on the global supply chain.
This in turn can help to boost profits and expand the reputation of a business on a global scale.
A pre pack administration is another option that an SME can take if they feel as though they are struggling, which can often result in the business continuing as a going concern under the right conditions.
By Phil Smith