Cashless economy embodies the ultimate end product of cohesive social structuring. The idea itself represents the zenith of technological and economic amalgamation. When citizens deal in electronically chronicled cash networks as their sole means for monetary transactions, it is a sign of social upliftment. It means that as a species, humanity has travelled a fair…
The prominent narratives about today’s startup culture are about those companies that are moving forward at an astronomical pace. The limelight concentrates on industry leaders who are constantly innovating and producing new cultural products that are implicitly intertwined with technological brilliance. This article is not about them. Slow growing businesses are people-centric. They concentrate on…
The Ministry of Micro Small and Medium Enterprises (MSME) was set up in the late 1940s as a vocational training center. The primary function then was to provide a means of employment for people who were displaced because of the partition. Later, the Micro Small and Medium Development (MSMED) Act came into being in 2006…
The manufacturing sector contributes 17% to the country’s overall GDP of which 45% of the manufacturing sector’s output is contributed by the SME sector alone. The SME sector forms an integral part of the Indian manufacturing sector and enjoyed a sheltered existence with a high tariff on imports, fiscal incentives and a monopoly on the manufacture of certain goods. However, the reform era beginning 1991 opened India to trade agreements with other countries that proved advantageous to organizations that held a monopoly in their respective trades. To help with this and augment the global competitiveness of the Indian micro, small and medium enterprises (MSME), the Government of India in partnership with the MSME ministry launched a set of schemes under the National Manufacturing Competitiveness Programme (NMCP). These schemes which began to be implemented in 2006 aim to give these enterprises a competitive edge to survive in a liberalised economy.
Invoice discounting is a form of short-term borrowing often used to improve a company’s working capital and cash flow position. Invoice discounting allows a business to draw money against its sales invoices before the customer has actually paid, helping in growth & expansion without impacting the books of accounts.
We wanted to give our readers something informative yet different and thought what better way for that than with a quick recap of the major events from 2016 to early 2017 from across the globe, India and us at KredX. 2016 has been quite a rollercoaster ride for the world and us in India. From terrifying events to groundbreaking changes and new opportunities, it certainly was a mixed bag of emotions. Let’s take a look back at some of the most impactful stories from the last year and early 2017.
Is customer experience management important for a business to business (B2B) organisation? Yes! B2B companies recognise customer experience as a crucial component for growth and differentiation. However, fewer than 25% of them excel at it but certain companies are leaders with this and achieve higher than average revenue growth. How do these companies do it? With solid strategies and strong execution abilities, let us see how other B2B organisations help drive revenue growth through customer experience excellence.
With India shifting towards a cashless economy, digital payments are the need of the hour. The government has introduced several schemes and projects to further provide an impetus to the fast-growing digital payment sector of the country. To think that RTGS, NEFT, NECS, Mobile Payments, ATMs were introduced only in the 2000’s, India certainly has come a long way since then in mobile and digital payments! Recently, KredX had an opportunity to chat with the mastermind responsible for the introduction of these payment services in India, Dr. R. B. Barman, who is also an advisor to KredX.
Most business owners have a notion that a business plan is solely for fundraising events. But they couldn’t be farther from reality. Bootstrappers in particular rarely think of a business plan as being important to their business’s survival. A business plan is like the underdog sibling of a great business idea. The truth of the matter is that the importance of a business plan is undermined and this shouldn’t be the case. Every business, big or small, needs to have a plan in place because it is so much more than just a fundraising tool.
With GST right around the corner, it’s probably time you get your small business registered under it. The government of India recently extended the last date of GST registration for businesses to 30th April 2017. Here is a step-by-step guide on how to go about this enrollment process.