Looking for the New Normal 2.0

This week, Business at OECD (BIAC)’s SME Committee unveiled its “Looking for the New Normal 2.0” survey synthesis report, the latest addition to our series following “Looking for the New Normal” and “Energy Crisis Impact for SMEs” surveys. Our global network of SME owners and entrepreneurs contributed meaningful insights on key priorities, challenges, and opportunities. Amidst global crises like COVID-19 and the energy crisis, SMEs and entrepreneurs have faced significant hurdles, including high input costs, inflation, and market uncertainty, as our survey revealed.

However, as the impacts of such crises subside somewhat, it is evident that SMEs and entrepreneurs must pursue resilience for future shocks. To this end, they are adopting digital technologies, diversifying products, and implementing innovative strategies. The green and digital twin transition is also in the spotlight, with 95% of surveyed SMEs and entrepreneurs believing that the twin transition and adopting related practices are elements for the success of their businesses.

Nevertheless, our survey results also reveal that SMEs and entrepreneurs face several setbacks when pursuing resilience or partaking in the green and digital twin transition. Support measures toward improved financing, increased connectivity to networks and partnerships, and reduction of administrative burdens would be crucial in their flourishing.

Our survey report provides valuable recommendations for government stakeholders, aimed at supporting SMEs in achieving their goals. It will inform OECD Ministers at the upcoming OECD SME and Entrepreneurship Ministerial in June 2023.

In summary, our survey highlights the perseverance and growth of SMEs and entrepreneurs, despite external setbacks in recent years, and the need for governments to maintain their momentum in assisting them in future-proofing their businesses.