Meaning ● Local Economic Resilience, within the context of Small and Medium-sized Businesses (SMBs), signifies the capacity of a local economy to withstand, recover from, and adapt to economic shocks, specifically when considering SMB growth strategies. Key to resilience is a diverse SMB sector, less susceptible to industry-specific downturns, further strengthened by automation initiatives. ● Implementation strategies for technology such as cloud computing or AI must be resilient to system failure, data breaches and other incidents, for continued successful operation. A resilient local economy benefits from SMBs that actively embrace technological advancements like AI and automation to enhance productivity and reduce operational vulnerabilities. ● Moreover, resilience requires proactive SMB participation in local initiatives, strengthening community ties and reducing dependency on external market forces; this includes diversifying supply chains to mitigate risks from global disruptions. Understanding and bolstering this resilience is critical for sustained SMB prosperity. Finally, government policy focused on SMBs is essential to reduce regulatory constraints and encourage business growth.
