Meaning ● Social capital in business, within the SMB (Small and Medium-sized Business) context, represents the collective value derived from an SMB’s network of relationships. This includes connections with customers, suppliers, employees, investors, and community stakeholders. Driving SMB growth often hinges on leveraging these connections for access to resources, knowledge, and opportunities not readily available through conventional market transactions; these connections facilitate automation implementation through shared best practices. Accessing informal knowledge networks reduces implementation risk, especially when deploying new technology. Ultimately, strong social capital acts as a buffer against market volatility and provides competitive advantages for SMBs. ● Successful implementation of automation relies on strong stakeholder buy-in and support, frequently garnered through pre-existing trust-based relationships. ● This network can provide critical support during the initial stages of implementation. This access to broader insights accelerates scaling strategies.
