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FUTURE

BUILD OF SMEs/SSIs?

FUTURE READINESS INVOLVES THOROUGH PLANNING, PREP, KNOWLEDGE BUILD, CREATIVITY, COMMITMENT & NETWORKING

ARE SMEs HEADING TOWARDS A TECHNOLOGICAL OPPORTUNITY?

SMEs remain the foundation of future industries, MNCs, production houses, retail giants and/or tech. Each entity has to work on its weaknesses and leverage on strengths to project start of an era that further translates to driving multi-layered business complexities involving innovation, collaborations, value creations, sustainability and economic development

How will future most-likely fan out for these and where do we stand today?..

E-commerce impact and what's in it for SMEs?

According to a report by KPMG, the Indian e-commerce sector is expected to cross USD80 billion by 2020, and by the next decade it will change the way small and medium businesses operate, not to mention the higher margins. There are numerous companies operating in this domain viz. e-commerce portals such as Snapdeal and Flipkart let manufacturers reach consumers directly and engage with them for products ranging from shoes to diamonds.

SMAC: A near-future business reality..

Social, Mobile, Analytics and Cloud (SMAC) seems to be moving the Indian SME sector to turn it into a business reality.

SMEs play a kay role in adopting SMAC as it would open up great opportunities of revenue growth and operational efficiency. With relevant technology at their disposal, small businesses will find it easier to define business strategies and get a level playing field to compete with larger players. Three factors have been preparing this sector to adopt the trend of SMAC. These include:

  • Emergence of young middle class in India

  • Rise of social networking sites in the country. The base of social networks in India is expected to increase to 550 million by 2020.

  • Penetration of technology into urban and rural areas.

SMAC technologies can help SMEs in supporting their multiple needs including financial independence, marketing, sales, access to knowledge and decision making. The advanced, pervasive and affordable SMAC technologies open up huge opportunities for the SME sector and lead a new wave of growth. Check out the digital toolbox every small business should have.

Accessing government schemes

There are a number of government policies providing financial and technical support to small and medium enterprises. Here are the policies introduced for Indian MSMEs. Government initiatives such as ‘Make in India’, ‘Startup India’ and ‘Skill India’ are aimed at enabling the growth of manufacturing sector by 15%, Startup India are aimed at encouraging at least 50k startups each year, and 'Skill India' is aimed at imparting the right skill-sets and Technological depth for SMEs operating in future while promoting entrepreneurial culture.

‘Make in India’ is likely to increase its share of GDP to 25% by 2025. Learn more about business opportunities for MSMEs in #MakeinIndia. Some state governments such as the Maharashtra government also offer power tariff and tax refunds.

The government has started various schemes to increase competitiveness, productivity and capacity of SMEs. ‘Cluster Development Programme for Enhancing Productivity’ is one such scheme.

FINTECH: Paving the road to SME growth

Small businesses have created a huge impact on SMEs by making financial accessibility and affordability for SMEs. Advancement in data collection technology is making it possible for such institutes to open new avenues to access finances.

With their enhanced speed, transparency and agility, fintechs are making it possible for SMEs to focus on their business rather than worrying about gaps in their cash-flows.

(Adopted from Biz2Credit - Platform for borrowers and lenders to provide easy access to finances to small businesses)

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