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  • Monday, September, 2020| Today's Market | Current Time: 12:20:47
  • Future Trends for SME and MSME’s

    Published on August 14, 2020

    By: Prateek Agarwal(Founder Success World) Author l Business Coach l Entrepreneur

    Change is the only constant and adapting the changes leads you to success. Well, this might sound philosophical, but to a large extent happens to be the truth of life. The new normal has not only changed the style of working but seems to have changed the face of functioning of MSME especially for MSME and SME’s. There has been a major shift from office culture to work from home culture; where companies are using more and more of technology to make it a smooth ride at affordable cost. MSME is one of the largest employment generating sectors in India with over 6.3 enterprises that provide opportunities to over approximately 110 million people across the country. The latest trend in the business world has broken many myths of the corporate world and surprisingly these trends seem to be way more profitable than the traditional means and methods. Have a look at the latest trends that are redefining the game of businesses.

    1) Adaption of Social Media

    This is the most attractive trend rapidly developing for every small, medium and large business. Facebook and instagram are doing wonders currently as they are the platforms with maximum reach and large number of users. They are also one of the important sources of entertainment. SME and MSME’s are using these platforms to enhance their reach by showcasing the products, creating brand image and through advertisements. It even helps them to keep a track of the audience which is getting on their platforms and easily categorize them. None of us can exactly predict that as to how long will the current situation prevail, thus the MSME’s should work more over digital platforms rather than using physical means of selling and marketing as people are more and more inclined towards adopting new technologies as it not only saves their money but also help them save their resources and energy. With the help of new and advanced technologies it is easy to reach out to the potential and loyal customers.

    2) Team Building

    Work from home is the new trend, for which a great team, a good coordination’s and good team work in mandatory in order to achieve the set goals. Having a good coordinated team is a must for all kinds of businesses. Building a strong team is not that easy as it may sound. The organizational culture built on basis of trust, learning and empowerment is the best possible way out to build a strong and successful team is capable of bringing innovations to the team and for the business as well. A good team has a good leader under whose guidance the team grows and develops. There are also plenty of opportunities for new avenue learning and rewards for brushing up your skills with new modern ways and means. Working with fun activities in a peaceful environment can actually ease the stress level while mostly people are facing double stress of work and home both even if one is working eventually. It helps employees to understand each other in a better way which would further enhance the performance and boost their work.

    3) Diversification

    One of the most important focus areas for MSME and SME is diversification in terms of products and services which will further help them to increase the customer reach as they have more and more customer’s demands for products or services. Diversification is the need of the hour as people now prefer one stop solution for their requirements as a product or a service. Diversification helps to increase net worth of the business as it attracts more and more customers under one aegis. Diversifying with similar products or services and selling them to a familiar customer base is less risky than creating a product for a completely new market. One needs to constantly keep an eye on our Bottom line and make decisions based on it.

    4) Use of Technology (Digital Tools and Software’s)

    Before the corona pandemic the office culture work culture was entirely different as compared to the present situation. Earlier the things were running in the offline markets and there was work culture with a daily routine of meetings & conferences. Currently most MSME and SME’s have adopted the work from home model and have to immediately work on  short term priorities without losing track of sustainable long term solutions. With the changing trends they have to modernize the structure of their business which has led the companies to collaborate and adopt varied technologies like chat-bots, artificial technologies, VR, digital walkthrough and many other technologies to revolutionize the style of work in accordance to the current situation. Adopting a new technology is not a hard task to perform, the real challenge is to adopt the right technology and implement it in the right way and at the right place and at right time in business. Once the entrepreneur knows what the best technology is for him and the best way to implement it, it would be a boon for the business taking it to the next level. MSME and SME’s scale come from reaching a wider range of customer base, with a large range of products and services. Digital technologies can act as a great catalyst for the growth of the businesses. Increasingly, companies need to think about both the physical products/services and their digital presence. In fact we should think that we’re living in two divided world first where the value is created and secondly the digital world which enhances and enables the value creation.