Happy Micro, Small, and Medium-Sized Enterprises Day

June 27 is Micro, Small, and Medium-Sized Enterprise (MSME) Day, as designated by the United Nations (UN) General Assembly. Every year, MSMEs come together on the day to celebrate their role in the economy and work toward Sustainable Development Goals (SDGs).

Currently, small and medium enterprises (SMEs) account for around 90% of global businesses and over 50% of employment. As a result, they have a significant impact on global GDP, yet their smaller, local nature means they are also more closely tied to communities. 

World MSME day is a fantastic opportunity to support the amazing work MSMEs do, and there are multiple ways to celebrate the day. Here is how businesses can get involved.

The history of MSME day

In June 2016, the International Council for Small Business hosted a small panel at the 61st World Congress at the United Nations, held in New York City. The Council called upon the UN to formulate a Name Day celebrating MSMEs.

Then, in April 2017, the UN declared that June 27 would be the first global MSME day. Sure enough, small businesses convened to celebrate the first MSME day in June of that year.

The resolution to celebrate MSME day was co-sponsored by all 54 UN member states, with a mission to work toward sustainable development.

In 2020, small businesses endeavoured to ensure that COVID would not disrupt the celebrations, hosting virtual online events that aimed to help businesses avoid supply chain disruptions. It’s proof of people’s commitment to the cause, and it goes to show the mighty power of MSMEs.

In 2022, the summit sought to address the recovery of MSMEs post-COVID, highlighting strategies for building a self-reliant economy. 

As the years tick by, World MSME Day aims to help small business owners address topical issues and the unique challenges faced by small enterprises. It’s an important day for all MSME owners, which is why QuickBooks wants to help them celebrate it.

How to celebrate MSME Day

There are many ways business owners can participate in MSME Day. From making a conscious effort to support other small businesses to attending (or even speaking at) conferences and events. 

Here are three ways to celebrate MSME Day this year.

1. Support other SMEs

Any business means a lot to small businesses, so why not take a minute to support other SMEs? Buy from small businesses either locally or online, spread the word about them on social media, and find a way to network with others near you.

2. Take time to learn

Education is vital to the health of MSMEs because many people do not understand the importance of their role in the economy. The UN usually posts online videos to celebrate MSME Day talking about the vital nature of small businesses, so set some time aside to watch and learn. Conferences can also help business owners tackle upcoming challenges and address their concerns.

3. Participate in events

Finally, there are plenty of events on MSME Day. Some are in-person conferences and summits, but there are also plenty of online sessions to connect business owners globally. The UN, International Labour Organization, and World Bank all host MSME Day events, so sign up for one and get involved.

Why is MSME day important?

Small enterprises are incredibly important to the global economy, especially in OECD (Organisation for Economic Co-operation and Development) countries. According to the UN, a growing global workforce means that 600 million jobs will be needed by 2030. With current MSMEs constituting over 50% of employment worldwide, they will likely be crucial for the emergent workforce.

The same UN report also suggests that MSMEs in developing countries are the most willing to combat climate change, which could be essential for the future of the planet. Not only are SMEs good for business, but they are also integral to our future.

As small businesses, many MSMEs also don’t receive the same recognition as large multinationals. MSME Day gives business owners a chance to spread awareness about the importance of SMEs. As a result, these organizations also receive an opportunity to grow and make an even greater difference.

How can you manage your small business?

Undoubtedly, managing a small business has a unique set of challenges. Depending on how many people the business employs, there is a chance that the owner can spend a significant amount of time managing accounts and balancing books. This hinders the time available for boosting the business and encouraging growth.

QuickBooks accounting software helps SME owners in a variety of ways, including:

• Automated cash flow overviews
• Tracking invoices
• Organizing receipts according to tax categories
• Preparing your VAT
• Helping accountants see the big picture of the business’s finances

Utilizing accounting software can facilitate the process and allow business owners to focus on other things, like celebrating MSME day and forging a better future for small business owners everywhere.

Final Thoughts

MSME Day is a brilliant opportunity to celebrate small businesses, and with so many ways to get involved, small business owners have ample reason to rejoice. You can support other SMEs, learn more about the future of small enterprises in the global economy, and pat yourself on the back for enduring the challenges of owning an SME.

While you celebrate this year, let QuickBooks continue to run your accounts with ease, so everything remains organized while you are away from your desk. 

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