A key driver to this anticipated growth is the Atmanirbhar Bharat Abhiyan which aims at creating a self-sufficient India.听听The program is built on five major pillars:听

1. ‘Economy,’ which drives quantum change rather than incremental change听
2. ‘Infrastructure’听补苍诲
3. ‘System’听which is based on 21st-century technology-driven arrangements;
4. ‘Democracy,’ which is the source of energy for a self-sufficient India; and听
5. ‘Demand,’ in which the strength of our supply chain is fully utilized.听

MSMEs in India play an important role in reducing regional imbalances. They ensure a more equitable distribution of national income and wealth by offering substantial job opportunities at a lower capital cost than major businesses. MSMEs are known to contribute to the industrialization of rural and backward areas.听

The Missing Middle and Challenges in Scaling Up

Unlike other economies though, the Indian MSME segment finds it harder to scale up. What economists call 鈥榯he missing middle鈥� has become a perpetual puzzle difficult to solve. Whether in the manufacturing sector or other verticals, the 鈥榤issing middle鈥� is ever-present. A natural progression is for enterprises to be micro-sized, grow to small entities and scale up to become mid-sized and later large companies. In India, a peculiar situation arises. Companies start small, stay small and fail to scale up. This is the 鈥�鈥�.听 听 听 听听

Anemic growth and lack of employment opportunities are just some of the challenges this segment confronts as it fails to scale.听Lack of access to finance and technical know-how, inadequate skills (both operational and technical), poor infrastructure facilities, high production costs and socio-economic constraints are just some of the challenges that MSMEs face in taking their businesses to the next level.

To compete globally, MSMEs need a听听in digitally skilled workers by 2025. Such competencies include data analysis, cross-network collaboration, on-demand learning, and real-time response to operational change.听

While the answer partly lies in providing MSMEs with easy, equitable access to credit to boost their manufacturing facilities, the right policies, a supportive ecosystem and pivoting on technology will be key to helping this sector grow.

Enabling Policies for the MSMEs Sector

The Atmanirbhar Bharat Abhiyaan was a response of the Indian government to counter the pandemic鈥檚 negative impact on the MSME sector. The MSME sector has been given a significant allocation and priority in implementing the measures that will revitalize the economy. Various announcements have been made under the package to aid the MSME sector immediately.听

The Government of India,听for example, has lately embraced a clustering and networking approach to assist MSMEs in improving their competitiveness during difficult times. The government is also working to address the needs of the various industries by offering various level courses through its training institutes distributed across the country.

The reason for the government to stress on the importance of MSMEs can be understood by the contribution the MSMEs can provide to achieve the dream of Atmanirbhar Bharat. Here are the听five main ways听in which MSMEs are playing a crucial role in Atmanirbhar Bharat:

• MSMEs share in GDP-听As per the report by听, the number of MSMEs in India has increased as a CAGR of 18.5% from 2019 to 2020. MSMEs鈥� contribution to Indian GDP is expected to increase in the future with the startup boom and formalization of the economy. The facilities like Government e-commerce Marketplace (GeM) are helping the small and mid-sized companies to grow further. As of June 25, 2021, the GeM portal has fulfilled 6.87 million orders worth $15.67 billion. One of the biggest hindrances for MSMEs has been their slow adoption of technology. But, with the government impetus, the technological adoption might increase, and the MSMEs might become more competitive.
• MSMEs鈥� share of exports-听Exports are essential for any economy. The Indian economy has had a constant balance of trade deficit for many years. This balance of trade has been funded by remittances and foreign investments over the years. If India really wants to become self-reliant, the exports need to increase.听The share of MSMEs in exports is 45%. The companies involved in exports are more profitable than the companies involved in serving the domestic market in India. Thus, exports are an essential part of the government鈥檚 mission of an Atmanirbhar Bharat.听The government has introduced the Merchandise Exports from India Scheme (MEIS). It is an incentive program to help the Indian companies become more competitive and to increase the export of goods manufactured or produced in India, in the Foreign Trade Policy (FTP) for 2015-2020. MSMEs participating in exports are rewarded in duty credit scrips. Policy measures like these are expected to further increase the share of MSMEs in exports in the coming years.
• MSMEs鈥� growth is more inclusive-听MSMEs in India employ around 11 crore people. The types of jobs created by MSMEs include unskilled workers as well. The MSMEs are known to create many jobs at a low capital cost. Thus, even a low capital can get inclusive growth. Inclusive growth is an important parameter of Atmanirbhar Bharat. As per the government data, 13% of registered MSMEs are providing 42% of the total jobs. Thus, there is a need to provide the required funds to MSMEs to help them grow as the growth will quickly trickle down into various jobs.听

The United Nations commemorates 27^th听June as World MSME day. The United Nations understands the inclusive growth promoted by MSMEs and is taking various steps to help the MSMEs get back to business after the pandemic. They have recognized that the services sector is more impacted because of the pandemic, and they are putting their efforts into the services sector. The services sector is known to provide employment to temporary workers and to promote inclusivity. MSMEs are being helped by the Indian government and United Nations as well.听

If India is to become a $5 Trillion economy by 2025, the听听is expected to reach 50%. Thus, MSMEs will contribute to growth in the future. Also, informal employment in India is very high. With the formalization of the Indian economy and high growth in the MSME sector, inclusive growth can become a reality, with jobs being created even in the remote areas of India. If jobs are provided to remote areas, India can truly achieve the dream of an Atmanirbhar Bharat.听

• MSMEs in the manufacturing sector-听A key aspiration of being Self-Reliant is to make India a manufacturing powerhouse. This is envisioned by the Make in India policy of the government. As per听, the share of MSMEs in manufacturing is around 37%.The contribution of MSMEs is expected to be huge if India is to increase its manufacturing output. Manufacturing requires a fast time to the market and changing the requirements as per emerging trends. Also, it requires a marketplace to sell the goods. With the growth of e-commerce and the Government e-commerce Marketplace (GeM), the selling opportunities are immense. Also, the emerging trends are easy to identify because of the easy availability of information.听Indian manufacturing is showing signs of cyclical growth, and the contribution of MSMEs is immense. India has increased its ranking in Ease of Doing Business and is currently ranked 63^rd. Schemes such as PLI schemes are expected to increase the manufacturing output of the country.
• MSMEs in the Services sector-听India鈥檚 share of the services sector in the economy is 55%. Just as the manufacturing sector is essential, the services segment plays an important role as well in India鈥檚 economic growth. Most of the informal jobs exist in the services sector, and the services sector was the most affected because of the pandemic. As far as SMEs are concerned, around 33% of Indian SMEs are into services as compared to 67% in manufacturing.Most of the startups are also in the services sector. MSMEs have an important role to play in the services sector to provide employment to the gig workers, temporary workers, unskilled workers etc. If India is to be self-reliant, the importance of the services sector must be highlighted and the sector should be prioritized.听

Technology can unlock the next phase of growth

Indian SMEs face significant obstacles in the globalization and liberalization period despite all significant efforts made by the government. The country can become Atmanirbhar if MSMEs can scale up to compete with global peers and participate in international market opportunities. It鈥檚 possible to make this a reality if MSMEs are more vigorous in adopting technology to get a competitive advantage.听

Indian MSMEs are starting to integrate new and innovative information and communication technologies on a big scale, such as Software as a Service (SaaS) and Infrastructure as a Service (IaaS). MSMEs in India may hire external consultants or take other actions regularly.听

Technology transfer, such as vertical technology transfer or horizontal technology transfer, is another option to be considered by the Indian MSMEs.听

Despite the obvious benefits that technology can provide micro, small, and medium-sized enterprises, this segment has not been as aggressive in undertaking digital transformation. Digital proficiency is the need of the hour if this sector is to survive disruptions and build business resiliency. Digitally connected MSMEs can get better access to the market and take advantage of a borderless marketplace.听

For MSMEs to compete globally, programs such as SAP鈥檚听听initiative can be of great help. Besides enabling digital skilling for the workforce, this program also provides access to B2B marketplace. Growing businesses need to have an enterprise resource planning (ERP) system in place since it helps bring in efficiency and enhance productivity. From automating routine business processes to reducing human intervention to integrating key business processes, ERP is extremely beneficial to MSMEs.听

Some of the benefits of having an ERP system include the ability to minimize errors due to automation, see real-time inventory and gain insight from well-structured data.听听A cloud-based ERP provides flexibility and real-time analytics. Having real-time analytics can help faster decision-making based on up-to-date, real-time information. As an MSME, having access to real-time information will help the decision-making process while optimizing resources and costs.听

MSMEs are beginning to realize the advantages provided by ERP systems. India is adopting ERP solutions at a faster clip than the rest of the Asia Pacific region. According to a听听study, SMEs can contribute up to 30% of the cloud market. The study showed that 60% of the SMEs are already using cloud, although half are at the early stage of adoption. Of course, adopting cloud has helped SMBs reduce operational costs while increasing productivity.

Change is inevitable, but if MSMEs are geared to deal with change, then it becomes easier to cope with challenges that arise. RISE with 51风流brings together offerings that can help transform business strategically. From being able to stay agile to bringing in efficiency that lets MSMEs stay in control of their business, this initiative is specially designed for MSMEs.听

Staying connected to business owners going through the same challenges offers unparalleled opportunities to learn from industry peers. Stay in touch with over 15000 business owners to learn how they rise above challenges and stay innovative. From engaging with the MSME community to learning about the latest technologies, the听,听a vibrant online community, provides insights and helps keep track of the upcoming trends and growth opportunities in the MSME business.听

The post Role of MSMEs in Making India Atmanirbhar appeared first on 51风流India News Center.

The third season of the Dare2Dream Awards 2021 presented by TV9 Network and sponsored by 51风流India, aimed to recognize SMEs in India, which have innovatively defied the challenges of the pandemic. The award ceremony had a total of 1147 nominations and it was attended by approximately 2100 attendees. The event was live-streamed on Facebook and more than 256000 viewers tuned in to watch the live telecast. The awards recognized more than 150 MSMEs and were held in several Indian cities. The award categories were as follows:

• Company of the Year
• Business Transformation through Technology
• Emerging Company of the Year
• Business Person of the Year
• Women Entrepreneur of the Year
• Young Business Leader
• Inspirational Leader

Top policymakers joined as keynote speakers and congratulated the winners. There was also a special Guiding Light segment that celebrated India鈥檚 inspirational icons鈥攑ioneers who have left their mark through outstanding achievements in sports, medicine, social work, and education.

The D2D award ceremony commenced on November 30 in the city of New Delhi. Shri BB Swain, Secretary, Ministry of Micro Small and Medium Enterprises, Govt of India, was the chief guest and the keynote speaker. Shri BB Swain stated that the driving force behind the success of the MSMEs through the pandemic was their positive attitude, willingness to take risks, prudent strategies, successful identification of products and markets, and the ability to turn adverse situations into opportunities. He concluded by applauding and congratulating the winners.

Suhas Lalinakere Yathiraj was Guiding Light guest speaker and shared his wisdom and insights with our audience. Suhas spoke of how he hoped to inspire the youth and entrepreneurs alike to Dare to Dream and follow up their dreams with discipline, hard work, and determination. He said that it was important to try and fail rather than not try at all, because life would always be full of ups and downs and that one must be focused on the goal and overcome one鈥檚 fear of losing. The winners for November 30 can be found .

The December 1 edition of the awards took place in Mumbai. Subhash Desai, the Minister for Industries and Mining, Govt. of Maharashtra was the keynote speaker. He spoke of how some of the largest corporates today were small entrepreneurs when they got started, and that MSMEs today should pursue the same goal through their hard work, determination, and taking advantage of relevant government schemes.

Dr. Prakash and Dr. Mandakini Amte graced us with their presence on the occasion of the Dare2Dream Awards held in Mumbai as our Guiding Lights. While relating his experiences, Dr. Prakash Amte spoke of being inspired by his father Baba Amte, who often stated that 鈥榃ork is Worship鈥�, and that this tenet had guided many of his endeavors. Dr. Prakash and Dr. Mandakini Amte stressed the importance of selfless service and emphasized that the satisfaction and happiness gained from serving others were much more enduring than that derived from material possessions. The winners for December 1 can be found.

The next award ceremony was held in Ahmedabad on December 2. Our chief guest on this occasion was Shri J. Ranjeeth Kumar Commissioner, MSMEs, Govt of Gujarat. He spoke of several government measures to help MSMEs including the MSEFC Delayed Payment Monitoring System. He praised TV9 for recognizing outstanding MSMEs and congratulated the winners.

Our Guiding light speaker on this instance was a world-renowned cardiologist and is well-known for his pioneering work in the interventional cardiology domain, Dr. Tejas M. Patel. He spoke about his aspirations as a youth and the factors that drove his ambitions. He also spoke of his goal to bring India to the forefront when it came to cardiology and most of his efforts have been driven by this goal. Dr. Patel also gave the audience some valuable tips for maintaining a healthy heart including yoga, cardio, and meditation. The winners for December 2 can be found .

The December 3 edition of the Dare2Dream awards were held in Hyderabad. Karikal Valaven, IAS

Special Chief Secretary To Industries & Commerce, Govt of Andhra Pradesh, and E. Venkat Narasimha Reddy, Vice Chairman & MD, Telangana State Industrial Infrastructure Corporation were the keynote speakers. Mr. Reddy spoke of the importance of the ecosystem of MSMEs and noted that both the cost and ease of doing business should be conducive for the development of MSMEs. The Special Chief Secretary mentioned how the government has established MSME supporting cells for every district in Andhra Pradesh and loan restructuring schemes for the benefit of MSMEs.

Harika Dronavalli is a chess grandmaster, was the Guiding Light speaker for the Hyderabad edition of the awards. She spoke of the importance of learning from failures and advised that rather than dwelling on them, to focus on doing one鈥檚 best irrespective of the circumstances, and the importance of setting ambitious goals rather than taking a risk-free approach. The winners for December 3 can be found .

The December 7 Dare2Dream awards were held in Bengaluru. Mr. Murugesh R Nirani, Minister for Large and Medium-Scale Industries, Government of Karnataka, was the chief guest and keynote speaker. He spoke of how the government was working to increase land allocations for MSMEs through new amendments and industrial policies for several districts.

Nalini Shekar, an entrepreneur and tireless social activist was the Guiding Light speaker for the award ceremony held in Bangalore. She has not only impacted the lives of waste pickers in a positive way but has also created an entirely new business model for waste management in the country. At the ceremony, she spoke about how she saw waste pickers as entrepreneurs and that she was very proud of how far they had progressed, with many of them even filing tax returns and employing more people in turn. The winners for December 7 can be found .

The next edition of the Dare2Dream awards was held in Chennai on 8th December. The Industry Secretary, Govt of Tamil Nadu, Thiru S Krishnan, was our chief guest. He spoke of various measures that the government had taken to help MSMEs including quick processing of loans, innovation voucher schemes, seed grants, and cluster facilitation centers. He congratulated the winners for their tremendous efforts.

Ms. Vinisha Umashankar, a young pioneer, who has set a new precedent for what it means to be proactive was the Guiding Light speaker on this occasion. Vinisha has been widely applauded for her innovation of the Iron-Max which is solar-powered and has allowed vendors to forgo the use of coal which damages the environment. She spoke of her experiences and congratulated all the entrepreneurs who won awards and were working towards making the world a better place. The winners for December 8 can be found .

The December 9 edition of the Dare2Dream awards was focused on MSMEs in North India and hosted two chief guests: Shahnawaz Hussain, Industry Minister, Govt of Bihar, and Gurkeerat Kotli, Industry minister, Govt of Punjab. Mr. Kohli noted that the MSME sector was the backbone of the MSME sector and stated that the government of Punjab has been focusing on encouraging MSMEs through several initiatives.

On the occasion of the Dare2Dream Awards – North India edition, it was our pleasure to host Anand Kumar, a mathematician and one of the most renowned tutors in the country, as our Guiding Light speaker. He spoke of how his inability to enroll at Cambridge University because of financial constraints motivated him to help other such students succeed. Specifically, he intended to help children from economically weak backgrounds gain admission to the prestigious IITs. He emphasized the importance of being grounded and setting challenging goals. The winners for December 9 can be found .

The final chapter of the Dare2Dream Awards was held on 10th December in Kolkata. The keynote speaker for this occasion was Dr. Partha Chatterjee, Minister, Industry, Commerce & Enterprises, Govt of West Bengal. Dr. Chatterjee discussed the West Bengal government鈥檚 emphasis on industrial development and congratulated the winners.

Dola Banerjee, one of the top-ranked archers in the country and was the Guiding Light speaker for the Kolkata edition of the Dare2Dream Awards. She talked about her initial struggles while preparing for competitions and how her family鈥檚 unflinching support and disciplined training helped her tackle many challenges. Dola concluded by saying that Indian players who compete on an international level have come a long way, however, there was a need to gear up mentally to get ahead of international players. The winners for December 10 can be found

The post Dare2Dream Awards Season 3 appeared first on 51风流India News Center.

The MSME sector in India has been a role model for others in navigating uncertainties and disruptions. As the MSME sector continues to fuel the recovery and growth of the Indian economy, 51风流is all set to recognize pioneering business leaders who leveraged technology and innovation to turn adversity into advantage.

TV9 in association with 51风流is taking a big step towards enabling an Atmanirbhar Bharat. To empower homegrown businesses under the , we鈥檙e proud to launch the

Presented by TV9 Network in association with SAP, the 3rd season of Dare2Dream Awards brings to the forefront industry champions who displayed single-minded focus to outpace not only the competition but trigger industry-wide disruption!

Armed with a comprising of seasoned leaders and industry experts who have worked with leading media houses:

BV Rao, Group Editor, TV9 Network听– A journalist with experience spanning over three decades, he is currently heading TV9, India鈥檚 leading news network and the jury chairperson

Rakesh Khar, Editor & Business Head, Money9听– Serving the newsroom in various leadership roles for over two decades across leading media outlets, he also serves on the Executive Council of Indian Institute of Mass Communication.

Vishnu Shankar, Editor, Convergence 鈥� TV9听Network听鈥� With over 30 years of experience in journalism he has the rare distinction of having worked in all formats of mass media 鈥� print, radio, television, and digital.

R Sridharan, Managing Editor, TV9 Kannada听鈥� A seasoned journalist with experience of writing extensively on pharmaceuticals, auto, retail, and private equity.

Sarbajeet K Sen, Financial Journalist听– A financial journalist with over 30 years of experience, he has worked in several leading news organisations in India and Dubai

Vivek Law, Founder, CEO & Editor-in-Chief, The Money听Mile听– A business journalist with over 25 years of experience across print and electronic media, he is a leading voice on many financial issues.

Our respected panel of veterans with their significant expertise and thought leadership on multiple topics and industries bring to the awards a truly global perspective and uniquely innovative outlook. Recognizing businesspersons who had the vision, determination, and grit to not only tide over the crisis but also reset their business models.

The awards aim to identify industry gems across 10 , giving out 150 coveted awards to celebrate business leaders on the cusp of greatness. To be telecasted on TV9 Bharatvarsh channels, in 8 regional languages and the final awards will also be webcast across various TV9 Network Digital platforms.

It鈥檚 time to share your inspiring journey with the world and be seen as an innovative leader who sets benchmarks for the industry to follow. Visit the website to learn more about the simplified nomination process and submit your nominations before 20th November to be a part of this celebration of innovation.

The post Dare2Dream: Celebrating SME industry champions who turned adversity into advantage appeared first on 51风流India News Center.

While the larger credit issues are being addressed by the Governments and regulators, MSME Owners and Senior Management need to define their strategy and create activities to come out of the prevalent challenges. With a clear understanding of their Operational and Financial Strengths, MSMEs would be able to survive, sustain and grow by adopting a 2-pronged approach 鈥� Internal Optimization and Building Global Outlook.

Download the Checklist

Internal Optimization

Depending on their challenges, an MSME may use the following strategies:

• Survival
• Sustenance
• Growth

Let me share actions that will support these strategies:

• Realize Revenue
  • It is important to collect the 鈥淐omplete鈥� payment against each order in agreed timelines
  • Assign a dedicated resource to monitor the Payment Collection
  • Incentivize early payments
• Streamline Cash flow
  • Monitor monthly inflow and outflow
  • Identify Shortfalls
  • Explore ways to fulfill the shortfall from receivables
• Optimize Working Capital
  • Monitor Monthly Working Capital Deployment
  • Identify the reasons for excess deployment
  • Prepare an Action Plan to reduce the amount of working capital deployed
  • Check Cost of Working Capital for each month
  • Use new options like Receivables Exchange of India, Bill Discounting through Banks and Purchase Credit Platforms
• Measure Profitability
  • Measure Profitability for each Product / Service / Client
  • In case of lesser profitability/loss check with the Sales / Production team
  • Initiate Corrective Actions
• Improve Resource Utilization
  • Develop Resource Utilization Reports
  • Initiate daily short duration review meetings
  • Conduct weekly review meeting

Download the Checklist

Building Global Outlook

Adopting Digital First Approach that would enable MSMEs to target the World Market while letting Systems drive Internal Processes / Controls. MSMEs need to start the internal Operational Efficiency drive by Implementing an that would give them a comprehensive integrated view of Financial and Operational parameters. Having multiple systems creates data silos and impacts the efficiency adversely. MSMEs may use Cloud as IT Infrastructure and Software as a Service to reduce Capital Investments. This approach will enable MSMEs to drive Digitalization / System Adoption faster. This would improve Business Efficiency and create a strong platform for these MSMEs to capture Growth Opportunities. MSMEs may follow the following steps to help them get a better perspective:

• Understanding the Opportunity
• Preparing to capture the Opportunity
• Initiating the Global Outlook

With these simple steps, MSMEs will be able to get a better perspective of the opportunities available across the world. Once MSMEs start searching more, reaching out to few clients and have initial conversations, their understanding will evolve. They will be able to appreciate various opportunities and explore ways to capitalize on those opportunities.

Revenue is a key measure of a company鈥檚 growth. It attracts additional investment, fuels the capital needed to scale operations, and elevates your brand reputation.

Discover the latest insights and recommendations from IDC Info Snapshot, 鈥�,鈥� sponsored by 51风流that can help you drive continued growth, even during times of volatility.

The post How MSMEs Can Address Their Growth Challenges appeared first on 51风流India News Center.

Governments and Markets have been monitoring the evolving situation and responding dynamically. The large corporates have the requisite skill and technology to assess the emerging situation and plan their strategy. What should be the way forward for MSMEs? With limited resources and skills to assess and monitor the situations, MSMEs need a different and simpler approach. MSMEs can benchmark themselves against their previous performances and the industry standards. They can define targets and work towards achieving those targets.

A MSME may use the following steps to create benchmarks across processes/functions. The current performance may be compared with the previous best performance or Industry standards.

• Working Capital
• Cash flow
• Profitability
• Resource Utilization

While the industry standards vary across sectors and geographies, some common parameters can be benchmarked against the best practices.

• Inventory Levels
  • for companies with non-seasonal inputs, Inventory Levels should be close to the average monthly purchase.
  • This will indicate faster inventory turnover and lesser chances for inventory scrapping
• Inventory Ageing
  • Under the current circumstances, a company may hold any material which can be converted into finished goods in the next 3 months.
  • If there is any older inventory, it is advisable to liquidate the same.
  • The material nearing expiry in the next 6 months needs to be used for production or sold out at the earliest.
• Receivables
  • Receivable should be close to monthly sales.
  • This will indicate the continuous flow of orders.
  • In the case of project companies, the receivables may be compared to the projected cash flow.
• Payment Collection
  • Payment should be collected on agreed terms.
  • The delay will lead to additional working capital requirements.
• Payables
  • Payables need to be equal to monthly purchases.
  • Compare the agreed payment terms with actual payment.
  • Plot payment receipt from a client with the payment made to corresponding vendor payment.
  • Any advance payments will increase the Working Capital Requirement and Cost of the Product.
• Cash flow requirements
  • The monthly Cash flow gap should be within the Banking Limits available for the SME
  • In case the gap exceeds the Bank Limits, the company will need to delay payment for borrow funds to meet this gap.
• Profitability
  • Define Profitability Target
    • Calculate the Cost of the Product by estimating the cost of your investment to be at the interest rate twice the Bank Rate of Interest
    • Set a target of a minimum of 10% profit on top of this cost.
    • The profit margins for companies with patented solutions/niche products may be higher.
  • Compare Monthly Product / Service / Client-wise Profitability with the target.
  • If the business is profitable with the above cost, your capital will grow over a period of time. Otherwise, you will need to reworks Sales Prices or Costs.

Availability of historical data helps companies identify the best performances over the years and correlate various parameters facilitating the best performance. Company management needs to critically analyze these parameters and establish the benchmarks. Once these numbers and indicators are agreed, company may develop reports in the to review the present performance against these benchmarks. Use of ERP system for benchmarking will ensure that Owner / Management focuses on analysis rather than the data collection.

This will help MSMEs create a baseline for their business. This baseline would help MSME Owners and Senior Management plan across the phases. At the survival stage, they will be able to estimate Breakeven Point and work towards achieving the same. During the sustenance phase, benchmarks will help them conserve cash for Growth. In the Growth phase, these benchmarks would help the company pursue newer opportunities without compromising the fundamentals.

In the second of the MSME thought leadership series, we bring you guides with checklists to prepare your business to become more agile, efficient and resilient. If you missed the previous article about assessing and improving business efficiencies, do check it out. In the next article, we will discuss how an your enterprise can address specific strategies for growth.

Companies large and small are now contemplating how to reopen, recover, and return to profitability after a long pandemic-induced pause. And for 61.6% of midsize companies, this line of thinking includes the possibility of competing in new markets to grow steadily and organically, according to IDC.

Find out how you can and recommendations from the IDC Info Snapshot, 鈥淏usiness Reimagined: Competing More Effectively,鈥� sponsored by SAP, such as听why data is a critical part of enhancing competitiveness
which emerging market realities must be addressed strategically and how an interconnected digital system supports agile decision-making

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