Metro Manila (CNN Philippines) — You wake up, open up shop, handle customers, close shop and go home.
That’s the cycle of your working day, living the prestigious life of an entrepreneur.
Perhaps, you were attracted by the romance of the idea, envisioning yourself as the jolly pastry chef of a French bakery or the eccentric pizza dough tosser in an Italian pizzeria.
But the truth is, owning a business isn’t always a walk in the park. However, if it’s something you are truly passionate about, all your sacrifices and hard work will be worth it.
And with small and medium enterprises (SME) poised to play a big role in the global economy, it’s a great time for SMEs to thrive.
In the 2017-2022 Philippine Development Plan, the government aims to implement a development plan for SMEs, as well as provide them with stronger supply chains, easier finance and better access to technology.
And it’s not just the Philippines that’s seeing the potential of SMEs.
On Nov. 11, APEC foreign ministers pledged to implement the Boracay Action Agenda to Globalize SMEs.
Read: APEC ministers pledge to implement Boracay Action Agenda
The initiative pushes for measures on financing SMEs and to facilitate lending to them, to ease documentation and business procedures and to streamline customs-related rules and regulations, among others.
In addition, the Association of Southeast Asian Nations (ASEAN) said in July 2017 that it wants to make SMEs the “backbone” of economies, adding that innovation and the move to the digital environment will help make SMEs globally competitive.
The ASEAN also found that although SMEs comprise up to 99 percent of all business establishments, these still have a very small share in a country’s production output and exports.
Put simply, this push behind SMEs aims to bring business owners like you into the big leagues by providing you more opportunities and, thus, more revenue for you and for the economy as a whole.
Lots of small water drops make a vast ocean, right?
If you want to cater to the market from other parts of the world, you need to be ready to take risks you’ve never known.
Read: Should I take risks with my business?
In most cases, you will need to think long and hard about whether or not you’re ready to take on the challenge.
Read: Is it time to expand your business?
And should you want to move up, you’ll need a partner to have your back and help you get to where you want to go.
For instance, BDO SME Loan offers financing options with your business needs in mind.
Whether you want to acquire or construct a new warehouse or office space, purchase additional inventory or equipment, BDO SME Loan can help finance your expansion plans.
Choose a loan package that will match your business requirements—with competitive rates and flexible payment terms. Apply for a BDO SME Loan now!
To find out more about BDO SME Loan, click here.
