Due to the impact of COVID-19, and challenges many Small and Medium Enterprises (SMEs) are currently facing, the Association of Chartered Certified Accountants (ACCA), and the International Chamber of Commerce (ICC), United Kingdom, have signed a Memorandum of Understanding (MoU) targeted at ensuring SMEs remain afloat.
The MoU sees ACCA joining forces with ICC in its, “Save Our SMEs” (SOS) global campaign, as well as sharing professional insights research.
The SOS campaign highlights the challenges many SMEs are facing due to the impact of COVID-19, and has clear, six-point recommendations for governments around the world to offer tangible support to SMEs in these difficult times.
Chief Executive at ACCA, Helen Brand Obe, said: “ICC’s SOS campaign is an impressive global initiative, highlighting the vulnerability of SMEs at this time. Our own research into the impact of COVID-19 on business sectors clearly shows that small businesses have a more pessimistic view of what lies ahead compared to larger organisations.
“Revenue and profit are specific concerns. Among business leaders in smaller organisations – those with fewer than 200 employees – 85% expect year-on-year revenue to be lower than the previous year, and 86% expect year-on-year profit also to be lower.”
Secretary-General of ICC, United Kingdom, Chris Southworth, said: “We are delighted to have ACCA’s support in this venture. This is a critical moment for businesses across the world – in particular for SMEs that may operate with smaller margins.
These businesses form the backbone of the economy and governments globally must give them the support they need throughout the crisis, or they risk incurring long-term economic damage.”
During the period, both organisations noted that options would be explored to work together on co-branded research projects, policy development and co-hosted events around critical issues for businesses.
These, according to them, would leverage the diverse and complementary know-how of “our networks to support SMEs globally, and drive inclusive growth and prosperity.”
“ACCA and ICC will work together to share with their respective memberships’ insights and guidance to sustain SMEs and the SMPs that support them throughout the current crisis and beyond. They will also invite their stakeholders to take part in each other’s events and research initiatives,” ACCA said.