The meaning of ‘Small’ in Small and Medium Enterprises (SME)

Small & Medium Enterprise (SME) owners are smart. Yes, contrary to popular notions, they are smart at making money, smart at negotiations, smart at managing day-to-day business operations in a highly unorganized business set up.  They know their business like at the back of their minds.

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Digital Media

 

Digital media is the most powerful tool available today for businesses willing to reach out to their target audience.  Small businesses located in the remotest hinterlands of the country have the wherewithal to internet access. Affordable mobile data and last mile connectivity has democratized the use of digital tools to promote a business.

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recruitment

The Small and Medium Enterprise sector in India is strongest in the Asia Pacific region and the estimated 6.33 crore SME sector form the biggest employer in the country after agriculture. Almost 60 percent of the Indian population working in the private sector is in the SME space. In spite of it, recruitment has always been a challenge in this sector because it is rather difficult to compete with larger organizations when it comes to salaries and employee benefits. In a recent survey on the biggest challenges that the Small and Medium Enterprises across industries are facing, recruitment was among the top three.

Let us understand the best ways to attract, recruit and retain good talents in the SME sector.

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small-business-technology

 

The MSME is poised to play a crucial role in furthering growth, innovation and commerce in India. India is emerging as one of the leading economies of the world and it is projected to be the second largest by 2050.  The MSME sector is considered the backbone of Indian economy with a contribution of 38% to India’s GDP, 40% share of exports and 37% share of the manufacturing output, apart from it employing almost 120 million across the country.

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Promote your brand

 

In this blog post, we will explore ways in which you can spread the word and give your business that extra advantage. Some of these ways are common practice but need to be done well, while others are new-age and quite easy and cheap to carry out. Let’s begin.

 

Create a Logo

As we write this, we hope that you already have a logo that nicely represents your company and its culture. But we know how likely it is for Indian businesses to have great representative logos. So take our advice, and get this basic requirement right ASAP. If there is a need, we would advise you to go as far as making a new logo or adopting a new name. Approach marketing and branding experts regarding this. Create a logo that speaks about your business and its philosophy, its attitude. How and where you use the logo is also very important. Place it in your emails, office stationery, products, letters, etc.

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It is a fact that the ‘sales head’ plays a major role in a sales team’s performance. A recent research has revealed that 69% of sales teams that exceed their annual sales targets have had one thing in common- they were led by an excellent sales head. Winning sales teams that beat targets year after year are the ones with a leader who drives them to outperform previous year’s achievements. Let us look at the 5 top qualities these sales heads / leaders have.

They are excel-sheet driven: This might sound boring to start with. Sales, as a function, requires dynamism, charm and influence. Right? Wrong. Of all the thing sales is, sales is first and foremost a process. A good sales head drives performance through carefully drafted, detailed excel spreadsheet. He will ensure his team members fill up the daily MIS, furnish minutes of every client/prospect meetings; his targets are neatly calculated and monitored through a spreadsheet he wields like a weapon. Great sales heads believe in small incremental closures. Bit by bit, one day at a time. Process driven – every call, every F2F meeting, every hour spent on the field counts.

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A great organization first exists in the dream of a great visionary. This transference from dream to reality does not happen if this vision is not shared. How to share it—how to unerringly make several people see what you see and work towards it? Through effective communication. What will take your company to the highest level? Money? No. Skill, Employees, Assets? No, no, no. COMMUNICATION will get your organization to dazzling heights! Your employees are not Gods, and neither are you. So your ideas and thoughts will not be known to your employees and vice versa if there is no communication between you all, or it is not clear enough.

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