Due to the turbulent change in the global and local environment, as well as the increasing application of digitalisation in business, the market conditions in Hong Kong has changed rapidly. It brings out both challenges and opportunities for SMEs. The management of SMEs not only have to capture the business opportunities, meet the challenges, but also have to manage people with the required competence to cope with the dynamic business environment.
In view of the China-US friction, social unrest and outbreak of the novel coronavirus during 2019 to 2020, the economic situation in Hong Kong will remain weak in the near term. However, SMEs are agile, and can adapt the market change more effectively with less budget challenge than large corporations. Other than capturing the business opportunities from the Belt and Road Initiative, as well as the Development of Greater Bay Area for different cross-border collaboration, flow of talents among cities and knowledge exchange can also enhance business transformation.
Different social-cultural changes are currently affecting the workplace, e.g. aging workforce, cross generation in the workplace, emerging new work pattern, etc. SMEs should be aware of these changes which may help manage the dynamic pool of talents, embrace their differences, and make the good use of their competences in driving the business. The application of internet and social media, big data, and emerging technologies (e.g. VR and AR) could also facilitate the communication with stakeholders, enhance customers’ experience and business operation.