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This is essential to create a level playing field for SMEs throughout the EU and improve the administrative and legal environment so as to allow these enterprises to unleash their full potential to create jobs and growth; - SBA is an ambitious package of concrete and far reaching new measures including four legislative proposals which translate these principles into action both at EU and Member State level; - SBA was endorsed politically by the EU Council of Ministers in December to ensure the full commitment of both the Commission and the Member States together with regular monitoring of its implementation.
The 10 principles of SBA are: 1.
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Create an environment in which entrepreneurs and family businesses can thrive and entrepreneurship is rewarded 2. Ensure that honest entrepreneurs who have faced bankruptcy quickly get a second chance 3.
Design rules according to the "Think Small First" principle 4. Promote the upgrading of skills in SMEs and all forms of innovation 9. Enable SMEs to turn environmental challenges into opportunities Back to the listing. Helping small business to thrive.
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How we make it happen. The "Think Small First" principle puts SMEs on the focus of attention by investigating their needs before introducing new laws and legislations that may have a major impact on their operations. By moving SMEs to centre stage, the "Think Smart First" principle enables national governments to introduce effective legislation and customized rules that benefit the SMEs. In addition, since July , the principle launched simplified VAT invoicing rules by capitalizing on e-invoicing technology, thus reducing cash flow drawbacks faced by certain small and medium-sized enterprises.
Even before the EU economic crisis, it wasn't easy for the SMEs to get financial assistance for growth or innovation. Innovation is a great way for small and medium-sized enterprises to expand within the EU or enter the emerging markets through cutting-edge branding strategies. In October , the EU launched the "Innovation Union" plan with a focus on innovation strategies to anticipate major challenges of our era, including climate change and energy efficiency, and alter the way enterprises develop and assimilate solutions for these challenges into our lives. In addition, the "Innovation Union" plan seeks to eliminate any barriers related to limited venture capital and market fragmentation.
The European market is actually big with over half a billion consumers.
Yet, the SMEs seem to lack the motivation to expand their marketing focus beyond their national borders. The set of featured measures under the Single Market Act allow member states to resolve any national differences in the way of doing business and to bridge the gap on market opportunities by capitalizing on new business models and a less bureaucratic environment that leaves more room for potential growth.