Small Businesses See Funding Options Shrink as Credit Tightens
PYMNTS asked business leaders for their take on how to plan for the rest of 2023, and what they are telling their teams to focus on. Hicham Oudghiri, co-founder and CEO at Enigma, says economic uncertainty makes this a time when clients especially need accurate data and support to navigate market changes. Lingering uncertainty […]
The post Small Businesses See Funding Options Shrink as Credit Tightens first appeared on PYMNTS.com.
PYMNTS asked business leaders for their take on how to plan for the rest of 2023, and what they are telling their teams to focus on. Hicham Oudghiri, co-founder and CEO at Enigma, says economic uncertainty makes this a time when clients especially need accurate data and support to navigate market changes.
Lingering uncertainty has morphed into a heightened fear about the economy. The recent collapse of Silicon Valley Bank and regional bank failures spell tighter financial conditions for all, with repercussions cascading through the small and medium-sized business (SMB) ecosystem.
At Enigma, our team is focusing on how we can help stem the risk in the ecosystem and offer our customers the intelligence they need. In these uncertain times, accurate data is indispensable for informed decision-making. It is our duty to equip our clients with timely information, enabling them to navigate risks and make confident choices.
We’re urging our team to remain hyper-attuned to client needs and put in extra time on support. Right now, our customers need empathetic partners who can help them come up with innovative ways to navigate the market changes. Our team is dedicated to ensuring every customer receives the help they need to adjust their data strategy amid the economic flux.
This is a moment when many companies are losing resources. Teams must adapt and learn how to accomplish more with less. Data is the key to boosting efficiency and maximizing the impact of limited resources. As the gravy train of recent years derails, companies must adjust or be left behind.
As we noted in a recent PYMNTS interview, the SMB realm offers a unique opportunity but is also extremely diverse, requiring a fresh approach.
Despite the challenges that lie ahead, I see a silver lining: a chance to sharpen our focus on value and prioritize what truly matters. Access to the right data — and the know-how to use it — will be the game-changer that propels some companies to emerge from 2023 with a larger market share.
The post Small Businesses See Funding Options Shrink as Credit Tightens first appeared on PYMNTS.com.