The World Economic Forum (WEF) often seems to be the domain of large public policymakers and multinational corporations (MNCs). However, small and medium-sized enterprises (SMEs) can learn from the conversations and insights shared at events like Davos—this year, particularly around geopolitics, the future of work, sustainability, social responsibility, and artificial intelligence (AI).
Below are four key takeaways, drawn from recent reports by McKinsey and the WEF, and from insights shared in a LinkedIn webinar, that SMEs can leverage to stay ahead and drive growth.
1. Geopolitical Shifts
What is happening?
MNCs may discontinue operations in certain markets.
They may also “optimize” by reviewing suppliers, talent, and technology.
What can SMEs do?
Fill the gaps: When MNCs exit an African market or a local factory shuts down in an American town, there may be opportunities to acquire assets, attract skilled talent, or become a new supplier.
Optimize thoughtfully: If you decide to streamline your own operations, avoid duplicating the MNC approach wholesale. SMEs depend heavily on strong community and employee relationships—don’t compromise these vital links.
2. The Future of Work
Proceedings emphasize skills needed to navigate constant change, including:
Leadership at all levels
A growth mindset
The courage to disrupt complacency
Empathy
Trust and empowerment of employees
Building networks and visibility
These are classic principles but remain highly relevant. By tuning in to discussions at the WEF (and similar platforms), SMEs can gain a sense of where work trends are heading—and how to position their teams for success.
3. Social Responsibility
The WEF's Crystal Award highlights cultural leaders recognized for significant social, environmental, and creative contributions worldwide. While this year’s winners—Diane von Fürstenberg, David Beckham, and Riken Yamamoto—are global icons, SMEs can also embrace purposeful work in their communities.
Authenticity is key: An SME’s focus on social causes often starts with a founder’s personal experiences. It builds through interactions with employees and the needs of local stakeholders. The authenticity that stems from this can deepen community ties and become a powerful differentiator.
Grow over time: Start small. Your social responsibility programs will evolve, initially naturally and then with more intentionality, as your business expands.
4. Artificial Intelligence
With the WEF in mind, the January 24 International Day Education Day, themed “AI and Education: Preserving Human Agency in a World of Automation” should resonate with SMEs as well. AI can help:
Automate repetitive tasks
Synthesize conference data
Provide actionable insights for business strategy
One critical question: How are you using your agency to ensure AI tools serve and enhance your operations, rather than replace essential human connections?
Final Thoughts
In times of uncertainty, SMEs should, like their larger counterparts, remain resilient and adaptable. Staying informed of global trends, continuing to develop relevant skills, embracing social responsibility, and leveraging AI are critical ways to prepare for both challenges and opportunities. Recognizing the symbiosis between MNCs and SMEs—where each fills the other’s gaps—is vital to strengthening local communities and advancing sustainable development goals.
Yes, the World Economic Forum matters to SMEs. Now is the time to glean insights from global conversations and translate them into tangible strategies for growth and impact at the local level.
Dr. Memuna Williams has a BA and MA in Translation, an MBA, and DBA. Her doctoral thesis illuminates how SMEs develop social responsibility programs across four phases and 13 categories. Dr. Williams and her husband Victor have three sons. Connect with her at: www.linkedin.com/in/dr-memuna-williams-dba-8193b01
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