How Your Business Can Benefit From Slow Growth

Is The Secret To Business Success Hidden In Slow Growth?

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…

How Data Analytics Can Improve Your Business's Decision-Making

How Data Analytics Can Improve Your Business’s Decision-Making

Business Data Analytics lays emphasis on intelligent decision making that stems from an in-depth analysis of a company’s past performance. The process itself involves using the hard data that specifically pertains to a company’s past practices and then analysing these to garner informative business insights that can boost future sales. Business Data Analytics has a broadly…

An Overview Of GoI's National Manufacturing Competitiveness Programme (NMCP) For MSMEs

An Overview Of GoI’s National Manufacturing Competitiveness Programme (NMCP) For MSMEs

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.

Why Customer Service Is Vital To Every Small Business And Startup

The One Aspect Every Small Business And Startup Should Focus On

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.

Q1 Performance Of Indian Service Industry

Q1 Performance Of The Indian Service Industry At A Glance

India has one of the most rapidly expanding service sectors in the world with the least portion of services employment, contributing to around 66% of the Indian GDP. According to data analysis, India has had a 9.2% growth in the service sector in the year 2015-16 but in the year 2014, it had the smallest share of services employment in the world. Following this, the Government made several amendments to develop India’s commercial services exports share in the global services market and this has facilitated multi-fold growth in the GDP.  If you look at the manufacturing industry too, about 34% of the manufacturing jobs are service oriented functions. The dollar’s value of final demand for manufacturers comes up to $1.48 in other services and production, thereby boosting the importance of services in the economy and in employment generation.

India’s distinctive competencies and competitive advantage formed by the knowledge-based services makes it a truly unique emerging market. Backed by several government initiatives, the services sector in India has the potential to unlock a multi-trillion dollar opportunity which can create a symbiotic growth for all nations. Here’s a look at how the Indian service industry performed in Q1, 2017.

Impact of GST on India

GST And Its Impact On SMEs And Various Sectors Of The Indian Economy

Amidst the entire economic crisis across the globe, India is demonstrating hope with determined growth targets, supported by a slew of important projects like “Make in India”, “Digital India”, etc. The biggest tax reform since Independence, the Goods and Service Tax (GST), is all set to transform the Indian tax system.

The Goods and Services Tax (GST) is expected to act as the much-needed catalyst for economic growth in India and is expected to alter the indirect taxes levied on goods and services within the economy and also eliminate the cascading effect of the tax system. GST has created high anticipation not only in India but also among all the neighboring and developed economies of the world. India will be playing a vital role in the global economy in the coming years because of GST implementation. Among all the rumours about the negative impact of this bill on the SME sector, would the pros outweigh all the cons?

3 Simple Tips To Convert Your Small Business Website's Traffic Into Customers

3 Simple Tips To Convert Your Small Business Website’s Traffic Into Customers

Having a website for your business, no matter how small or big is crucial for every business’s credibility, but often gets ignored. So you’ve finally had one built! But how can you use this to grow your business? Your website’s success depends on the traffic it gets and increasing your website traffic is a time-consuming and expensive task. Can you ensure that the traffic to your website converts into customers? Here are three tactics to do just that!