Renewal Strategies for SMEs

What does renewal mean in the context of SMEs?

• Merging with another company

• The process of revitalizing a business for sustained growth

• Shutting down operations permanently

• Reducing operational costs by half

Which of the following is NOT a key concept related to renewal?

• Take-off phase

• Resource maturity

• Business liquidation

• Market repositioning

What is the pre-renewal assessment phase?

• The stage where businesses evaluate if renewal is needed

• The phase after renewal implementation

• The final stage of a business's lifecycle

• A process of selling business assets

Which is a common indicator of the Take-off Phase in SMEs?

• Declining revenue

• Rapid sales growth

• Reduction in workforce

• Increased bureaucracy

What is a major challenge SMEs face during the take-off phase?

• Excessive capital

• Leadership transition and delegation issues

• Lack of competitors

• Reduced customer base

Resource Maturity in SMEs is characterized by:

• Declining market share

• Stable revenues and profitability

• Continuous financial losses

• Inability to expand

Why is innovation important for renewal in SMEs?

• It ensures that businesses stay relevant in a dynamic market

• It eliminates the need for financial planning

• It reduces customer engagement

• It focuses only on cost-cutting measures

What is a key factor in market repositioning?

• Ignoring customer feedback

• Expanding into new market segments

• Reducing marketing efforts

• Eliminating product development

What is corporate entrepreneurship?

• Establishing a new venture outside a business

• Ignoring internal innovation

• Fostering innovation within an existing organization

• Only focusing on cost reduction

A major benefit of renewal strategies for SMEs is:

• Improved market adaptability

• Reduced employee morale

• Increased operational inefficiencies

• Avoidance of technological advancements