COVID-19 has forced us to adopt to New Normal in our Personal Lives, however, time has come to adopt to the New Business Normal as well to achieve sustainable business growth in post CVOID-19.
Micro, Small and Medium Enterprises have been a backbone of the Indian economy for decades. Global recession of 2008 could not impacted the Indian business houses due to strong MSME base in the country.
COVID-19 has again forced the entire world towards a global economic recession. The time has again come for the Indian business houses to stay strong and revitalize themselves through control and adoptive measures to stay in the race.
MSME sector has always seen some or the other kind of challenges, some of the major ones are being noted below. However, now the time has come to look beyond traditional measures and adopt the new techno-oriented measures as New Normal Post COVID-19.
Through Atmnirbhar Bharat Abhiyan, GOI has given a slogan of 'Go Local Be Vocal'.
GOI has announced number of measures to help MSME sector to bring back to normal life.
The major shift of mindset that "Local Products can also be at PAR or even Better than Imported Products" is required.
It is the universal fact that anything to achieve must have Vision and Implementation.
Atmnirbhar Bharat Abhiyan gives us that Vision to be Local and Competitive with Global, however, at the same time each Business House should also adopt certain Implementation Methodologies which should be as per International Standards.
In this article we are going to discuss, 6 strategical points which MSME sector should consider as New Normal to have Organized and Sustainable Development:
Technology: Just like those who did not adopted to Computers in 90's were forcefully out from the race, similarly, those who will not adopt to Efficient use of Computer Software & Automation will be out from the race in future . Today, cut through technologies are available at very cheaper price which makes the business processes efficient like never before. Technologies like Blockchain, Robotic Process Automation, Business Intelligence, Enterprise Resource Planning Software, Cloud Computing etc. are the needs of the hour. MSME sector has always been the late adopter of technological changes. However, now when Indian MSMEs have to compete with International Companies, it is time to adopt the latest technologies to make the business processes most efficient.
Risk Assessment: Risk is something which can go wrong. Every business has some or the other inherent Risks. Some of the risks are controllable whereas some are uncontrollable. To compete with International Companies, Indian MSMEs should identify and assess their Business Risks (Macro and Micro). Risk Assessment strategies make them aware about their business threats and help them to be prepared with required checks and balances.
Process Orientation: All sustainable businesses are always Process Dependent instead of Person Dependent. Time has come when Indian MSMEs should also adopt process oriented approach while handled day-today operations. Developing Business Policies and SOP help Promoters in Delegating and Standardizing the Tasks.
Compliance Consciousness: Various Statutory Compliance are applicable on MSME sector varying from Financial, Taxation, Environment, Labor Laws etc. To remain statutory compliant along with process compliant is the ultimate responsibility of every business house. Compliance can be managed through various compliance management tools & techniques which make the life of the business house easier. Being Compliance Conscious, not only saves the business from Penal Provisions, it also creates a Positive Brand Image of the business which helps in getting better Financial & Human Resources and International Customers.
Proactive: Being Proactive is a Winning Habit. Instead of adopting to the situations and taking corrective measures, being proactive by identifying Business Risks and Implementing Control Measures help the Business House to be the Winner in the longer race. Businesses should have a futuristic vision and should work to achieve the same.
Cyber Security: Data has been the new Gold in the world. We all are surrounded by Information Devices from morning till night, and businesses are also not untouched. Now all the crucial business information are being saved in computers and being shared with various stakeholders through various modes. One of the major question, which each business house should ask themselves - Are we Cyber Security Compliant? Cyber crime has been one of the biggest threat in the world which includes data privacy, information security etc. MSME sector should immediately focus on Cyber Security to ensure their information security.
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