Meaning ● Existential Precarity, within the sphere of SMB growth strategies, refers to the pervasive anxiety and uncertainty felt by business owners and stakeholders regarding the long-term viability and stability of their enterprise, especially amidst rapid technological shifts and automation implementation. ● A core element is the constant evaluation of the SMB’s market position and competitive advantages. This involves a continuous reevaluation of business models and adaptation to the changing economic climate. ● The anxiety stems from factors like disruptive technologies making current skill sets obsolete or larger corporations squeezing out smaller competitors. ● Automation, while potentially increasing efficiency, also triggers concerns about workforce displacement and the need for significant investments in retraining and infrastructure. ● Implementation costs associated with new technologies and uncertainties around Return on Investment (ROI) further compound the feeling of vulnerability. ● This state necessitates proactive strategic planning, continuous innovation, and risk mitigation strategies to ensure enduring SMB relevance.
