4 Lessons for Thai SMEs: From the ‘Unlocking SME Potential’ Seminar

Thai SMEKenan Foundation Asia partnered with the Office of Small and Medium Enterprise Promotion (OSMEP) conducting the Unlocking SME Potential seminar with generous support from well-known Thai companies such as Banpu PCL, Facebook Thailand, SCG Cement-Building Materials, Ngern Tid Lor PCL, LINEMAN Wongnai, LINE Thailand, JD Central, The McKinsey Global Institute, Organon, and PwC Thailand. Through this collaboration, Kenan has harnessed its pursuit to empower people with knowledge, technology, and skills to create resilience among Thai SMEs for the Next Normal.

Digital transformation

The COVID-19 pandemic has accelerated digital transformation as customer behavior has evolved significantly, and several companies are starting to challenge the traditional way of work. To overcome the pandemic and implement digital transformation, entrepreneurs need to understand the digital platforms comprehensively. Therefore, they can maximize the power of digital tools. Moreover, one vital factor in achieving business success is your employees; people are the engine of an organization. The organization should upskill its workforce first, which will allow them to expand its capacity. The entrepreneurs should be aware of strengths and weaknesses and harness the digital tools to deliver the right message that resonates with the consumer shifts.

Sustainability

COVID-19 has emphasized the need for global resources and the environment. Most well-known companies started to implement the Sustainable Development Goal: SDG, an urgent call for action by all countries. This international goal integrates the relevance of environmental, social, and governance (ESG) to ensure that all people can enjoy peace and sustainable prosperity. This goal can be a good investment for future growth, and it can also boost the organization’s image in the long term. Therefore, stepping back and carefully conducting a sustainable plan is worth the effort.

Future of work

Our work life has changed overnight since the onset of the COVID pandemic, from moving to work from home to the future of work trends and the dramatic growth of gig workers. This rapid change accelerated an HR department to adapt its existing employee strategies and attract the best talent. Reskilling and upskilling can be a suitable solution as organizations can elevate their people, and employees can build up their employability for the future. Reskilling and upskilling can enable your organization to attract Gen Z and millennials who value flexible workplaces and lifelong learning. If the organization can embrace this future culture, it can maintain the existing employee and expand the new talent.

Next Normal consumers

Online behavior has increased significantly with consumers spending more time at home. Nowadays, the differences in customer behavior on online and offline platforms have become blurred. For example, previously, people tended to go shopping online for a specific purpose, but now they spend more time choosing and comparing products online. People can switch to shops that can provide them with greater speed, convenience, or service instead of binding themselves with brand loyalty. People are now really seeking more meaningful connections with brands and with businesses that they love. We call this trend ‘Conversational Commerce.’ Essentially, many of us love to interact through chat, through messaging with businesses, and they are looking for that smooth and timely feedback that they can get from a chat-based experience. To sum up, as long as you can catch up with the world trends, you can catch the customers’ hearts.

Learn more about Kenan’s work to support Thai SMEs: www.kenan-asia.org/small-business-competitiveness

OSMEP next normal

Kenan Asia

Leave a Reply

Your email address will not be published. Required fields are marked *