Global professional accounting body , Association of Chartered Certified Accountants (ACCA) has teamed up with the International Chamber of Commerce (ICC) United Kingdom in an effort aimed at ensuring that small and medium enterprises(SMEs) stay afloat in the face of the ravaging covid-19 pandemic.
A memorandum of understanding (MoU) that will see ACCA joining forces with ICC in its, “Save Our SMEs” (SOS) global campaign, as well as sharing professional insights research, has been signed by the two organisations.
In the words of Helen Brand OBE, Chief Executive at ACCA, “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.”
Chris Southworth, Secretary-General of ICC, United Kingdom, stated: “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.”
A statement from ACCA also noted : “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”.
Options will be explored by the two organisations to work together on co-branded research projects, policy development and co-hosted events around critical issues for businesses. “These will leverage the diverse and complementary know-how of our networks to support SMEs globally, and drive inclusive growth and prosperity,” Southworth said.
The campaign has clear six-point recommendations for governments around the world to offer tangible support to SMEs in these difficult times.
