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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.
Whether it be business or life in general, it’s all about “survival of the fittest” and getting ahead at the end of the day. Nobody wants to fall behind, especially in a business where you’ve put in blood and sweat to build it from scratch. But how do you make your mark in your business? How do you beat your competitors at their own game and emerge a winner? We’re here with a simple infographic to help you do just that.
Most businesses base themselves on the age-old business mantra, Customer is king, or they try to. All of us know how important customer service and subsequent customer satisfaction is. While this is easier to achieve for customer-facing businesses, it may not be so for businesses that operate online. You can try to bring in technology to automate customer service but let’s face it, you can never fully automate customer service. A personal touch in emails or messages is something that can never be replaced. As an early-stage startup or a small business, your initial set of customers is the most important to grow your brand. Let’s take a look at how customer service can be valuable for your business.
It’s important to move with the times and evolve; as an individual, an entity or any kind of organisation. If you’re a business, it is imperative that you stay on top of the latest trends in your industry and use it to better your business. As technology continues to evolve rapidly, businesses need to embrace emerging, cutting-edge technologies before it is too late else you will run the risk of becoming an industry laggard.
We scouted the internet for reports from leading sources like the SMB Group, Cerasis, Deloitte, KPMG and many more for the 2017 technology trends for small businesses to bring you a consolidated list of tech trends your business should not miss out on! Are you and your business on top of these technology trends listed here?
It is important for every small business to protect their Intellectual Property. Most SME’s in India are not aware of the importance of how to go about procuring an IPR or Intellectual Property Rights and often fall prey to malpractices. Of the ≅40,000 IP applications, India receives annually, over 85% of them are dominated by large corporates. This is indicative of the abysmal gap in IP applications from the SME sector. They lose out on valuable advantages and lose millions in revenue due to this lack of awareness.
Small businesses may soon be able to communicate with their customers through a new version of Whatsapp called Whatsapp for Business. Whatsapp Co-founder Brian Acton recently announced that the Facebook-owned company is in the process of designing and testing a new platform specifically for the SME industry.