In the midafternoon, my daughter’s friend called up and said “Aunty, I have called to invite Ruchika for my birthday party. Please send her in the evening by 7.” I nodded and told Sure Dear but I started my planning in mind to hunt for good places where I can go to buy her a gift.
Within a short span of time, my colleague called me and said “We missed coming home in Diwali, so I will be coming home for dinner with family.” I had to plan even more now to buy groceries for the party and gifts for birthday.
I was in a hurry burry then. My little one very innocently said” Mummy, Order from Amazon Uncle. He will bring gifts and groceries too with a new pair of dress for me that too in a short span of time.
My problem was solved.
Amazon, Flipkart, Google started small but now are renowned Companies.
E Commerce is a boon in today’s world… Anything that we want today is just 1 fingertip away. But its existence is not very old.
Amazon India was launched in 2013, Flipkart in 2007, Reliance Communication in 2004 and many more large companies which started a decade ago but now are multi baggers.
But the concept worked. The idea of Delivering in 2 hours with lucrative discounts and offers boosted the whole business. Innovation is the world. Our own discoveries have to be destroyed to innovate something new.
SME’s have to continuously think of strategies and ideas to innovate and bring something new in their existing products and services.
Reliable and Trust Worthy
The Small and Medium Enterprise (SME) comprises of Manufacturing and Service industry and competition is a buzzword everywhere. The manufacturing unit’s main component for producing goods is Raw Material. The Raw material rates fluctuation makes it difficult for the SME to sustain in the market. Here, the role of Trust worthy, comes into picture.
When the Raw material rates shoot up, the cost of the component increases and the SME asks for a higher price from the customer but When the R.M costs goes down if the component cost is reduced by the SME it creates a sense of Reliability and Trust for future dealings.
Quality And On time delivery
To produce an item, A lot goes in the process till the final product is produced. From the material- to the weight -to the dimensions – to the design value- to the final product.
The chain is continuous. When the SME procures the R.M in right time, the process of manufacturing starts functioning. Once, the item is manufactured it then goes for labelling, the item is filled with required item inside and finally when all the quality is met, it is purchased by the customer in the shops. Even if one of the process fails, the final item gets delayed.
Hence, the role of small and medium enterprise becomes really crucial for quality and on time delivery.
Smart way of handling things
Inordinate to run a successful manufacturing or a Service industry, the main hurdle is the Capital to run the unit. Initially, credit will not be given to the SME’S for working capital and expenses always shoot up. So, the SME’S need to update themselves by the schemes and government benefits given to MSME’S to ease the pressure of running the industry made under the Atmanirbahar Bharat Package. Some of them are:
a) Rs 3 lakh crore collateral-free automatic loans for MSMEs to buy raw material, meet operational liabilities and restart business.
b) Clearing of MSME dues by the Government and Public Sector Units (PSUs) within 45 days.
In MSME sector, Relationships and Branding is of utmost importance. Many a time, the item is sold not just for compititive price but because of the establishment of the brand, of successful running and sustaining in the market. Applications and services are used by us every single minute of the day from booking a holiday to ordering food, In such a case Branding plays an important role.
Networking and Collaboration
MSME have an integral and crucial role in the economy. They produce over 6000 unique products and have 45%share in manufacturing sector. Make in India is an initiative by the Government of India to make and encourage companies to develop, manufacture and assemble products made in India and incentivize dedicated investments into manufacturing. Networking has immense power to grow and emerge high.
The MNC’s today had a journey of starting small but they are a by-product of well thought, planned and implemented ideas with one motto “Hold onto your dreams, you always start small and one who starts small has the potential to rise high”
Today’s MSME is tomorrow’s MNC with the leap of faith and hard work.
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