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Business strategies for SMEs - can't do without one
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Bikky Khosla | 20 Jan, 2009
During this situation of slowdown and slump in demand for products, renewed business strategies for SMEs become relevant like never before. SMEs will now have to find ways and means to address the global market challenges and without doubt innovation, aligning products to new business standards, skill development, finding sufficient credit and promoting products and services are the tools to do so.
I strongly feel that SMEs will not only have to update skills of employees but also have to develop new skills to suit the requirements of the emerging sectors in SMEs. It is a fact that products of SMEs are subjected to widespread discrimination on the export front on account of a number of non-tariff related trade barriers in the name of quality, patent rights, technical standards, and licensing, amongst others. So SMEs need to be well-informed on policy changes and should take extra care to confirm to the global standards meticulously.
SMEs also have to undertake substantial efforts to optimise its operations in areas like consumption of raw materials, energy, workplace safety and so on. They also have to change their outlook and closely adhere to responsible business practices.
Above these SMEs must undertake the task of planning for the future in a war-footing. Usually it is seen that SMEs plan things in the short term which ultimately do not help due to the changing dynamics of the market.
In many cases I have seen that SMEs do not readily understand their markets. Although they are ready to do business with a particular market, they are unaware of the realities of that market. After spending huge sums they realise that they were knocking at the wrong door. So SMEs need to carry out extensive research to identify the right market for their products.
Thus, it's imperative of each and every SME to have a feasible entrepreneurial business plan and to have one they need to brainstorm and create marketing vision for their respective business.
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Business Strategies
Mr. Sylvester Nyamekye: CEO Sylkon Gp Enterprise(Ghana) | Thu Jan 29 17:27:57 2009
It is important that SMEs recognises the trend of globalisation with respect to unpredictable markets for all products.SMEs must endeavor to be innovative with impecable drive to create new products to actract buyers from every corner in the global market arena but must also be mindful of the inability of the Banks to give credits to SMEs: credits which is key to the development and sustainace of small business the world over so responsible business practices is
imperative.
Business Strategies.
M.M. Kasture | Wed Jan 28 18:05:43 2009
As for major Indian business community,Patriotism, National interests, Technology development, Public security,and... these words do not exist in the dictionary at all. Just the short sighted monatory benifits are all and all.I have seen few importers who prefered Chinees commodities for the sake of saving few rupees. Shortly the observation was the product can not work in Indian envoirnment and the entire purchase is junk as on today.
If at all this drain of indian currency/wealth is to be stopped or minimised, our Government will have to impose certain conditions and rules for
import that every importer should explain
his plans to prove "National interest" in favour of his propositions and in case his plan fails, he should be penalised. In a way every importer is responsible for spending national currency as per his desire and should be replyable to the public if national interests are hampered. What I emphasize is to restrict
low quality(so called cheap)imports which cause losses and disturb the market. This is how sense for quality will be introduced and national interests will be taken care of automatically.
BUSINESS STRATEGIES
Vijayan Nair | Wed Jan 21 07:19:44 2009
Dear Mr.Khosla,
Whatever strategies we make, it will not work in India unless the mindset of Indian businessmen is changed. They are not patriotic. Even at this difficult time, if the industries in India patronise Indian products, we can overcome that slow down and slump in the market. Instead, all are running behind the cheap Chinese products thereby helping China to grow at our cost!!!
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Re: BUSINESS STRATEGIES
Sandeep Sharma | Wed Jan 28 04:38:25 2009
Everyone runs after money. The point is to look for innovative ways to beat chinese. How can compete with them while we make a minimal use of Internet. We do not understand the power of internet. I am a sourcing manager in India for an American company, I posted my buying needs at all the major B2B sites, I recieved 10 times more responses from Chinese supplier than Indian. How can we think of competing chinese if we do not utilize the simple and cheapest tool like internet? Its not that indian enterprenuers are not patriotic, fact is most of them are not aware, so it is the responsibilty of every Indian busines community member to spread awareness about Internet and then reap the benefits of it.
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Re: Re: BUSINESS STRATEGIES
Lakshman Rangarajan | Sun Feb 1 12:09:37 2009
If we have to compete with China, we need e-media support. Support in the form of cut down in tariff rates. I browse all B2B websites daily and 60 to 70 percent 'Selling' tradeleads are from China. The internet tariff rates are low and one can launch his product or company website for peanuts in China. Here the tariffs are astronomical for launching a website leave alone the paid ads on websites. If we have to beat the present downturn, e-commerce is the only way which helps us to communicate from east to west. Apart from bank interest rates and Government perks, communication tariffs should come down. For instance some of the business-houses and industries in my place have taken back the handsets (mobiles) to reduce the cost. Of course, keeping in mind the global competitiveness, one has to fully agree with the views expressed by Mr.Vijayan Nair on patriotism.
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Re: BUSINESS STRATEGIES
Mazhr Topiwala, Mazaf International Agencies, Mumbai | Wed Jan 28 07:40:38 2009
I fully agree with your view of patriotism of Indian mindset. But we must also consider the fact that inspite of the large population & language barriers, how China has made their products available in the world market at the minimum possible price. It is not only the patriotism of the masses to be blaimed. The lack of long term policies by the govt and particularly Govt Economic policy decitions influenced by few individual big houses are really to be blaimed. This seems to be the real reason for not being able to capture the world market (as China has achived) with such brains available in Indian Masses.
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Re: Re: BUSINESS STRATEGIES
Vijay S Desai | Sat Jan 31 08:49:45 2009
I agree and disagree,well lets say is china the right role model?is any one in a position to say what is the true and fair picture of china?is credibility an important consideration ?well so much for China about us,most of the opinion thathas been voiced,came from professionals,has any one invested millions in businesses,do we consider will bank think of patriotism ?still I agree that our industrialist will ave to learn to respect knowledge,internet,expertise etc.unless they do that,and insists on govt too respecting knowledge and not only seniority,and politicians are judged by people by their performances,its difficult for INDIA.
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Re: Re: Re: BUSINESS STRATEGIES
Akshat Singh | Wed Feb 4 11:41:17 2009
Regestring on B2B portals in one of the best ideas to get more business in times of recession and slow down how ever the act of ignorance by the SME of online is becoming ver grave situation because SME need to realise that internet has become the only most important tool of cost cutting and if they don't have there websites or online catalog they would be out of business very soon S o gear up Be at the right place at right time (TRADEINDIA.COM)
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