The Indian SME ecosystem is witnessing persistent change and growing complexity. Together, the two disruptive forces are leading to a business environment that is turning more and more complex and dynamic. Although this looks like a testing time for the SMEs here; it is a gateway to unlimited opportunities!
Technology is altering customer expectations and is challenging old-school business models. You might be surprised, but your strongest competitors are probably new businesses in the market that are exploring new ways of conducting business. The digital ecosystem is also offering a huge number of opportunities to explore and fulfil customer expectations like never before.
Choices are not defined clearly any more. Greater opportunities carry greater risks too. With ever growing need to meet evolving customer expectations and create a niche market, fragmented product ranges are being created.
Innovation is the buzzword today, and the need to innovate is disrupting traditional business strategies, often making it tougher to target and organise resources effectively.
Finance: Playing a Key Role
For SMEs, short term, incremental changes are important; but not enough. We have witnessed the volatility in markets, and how they change in a matter of just a few months! There is a larger need for creativity today, SMEs should focus on whole business models rather than just the building blocks such as budgets, discussions and reviews. Analyse the prevailing business trends and chalk out plans to pick opportunities from threats.
Business owners should foster an environment to boost innovation and finances to help mobilize new ideas in their business model.
Now let us talk about what entrepreneurs should focus on, as the key financial decision makers in their enterprise.
Funding is elementary to business start-ups as well as growing enterprises. Usually, funding is the first thought in the mind of budding entrepreneurs as well as those looking to grow their ventures. Whether you are a start-up, or a seasoned business, befriend technology! From looking for business funding to acquiring new tools, technology touches businesses in every sphere. This is evident from the ways in which Fintechs are disrupting the SME business ecosystem.
With the advent of technology, getting funded has become much easier. SMEs can leverage online lending platforms to find, access and get business funding to grow their business. Fintechs have simplified the funding processes for them. On a single, safe and user-friendly platform, SMEs can get business funding of their choice in the shortest possible time, with all processes done online!
Getting funded on time resolves issues such as raising working capital, equipment financing, creating a conducive environment for business growth and expansion.
2-Pay attention to the Reward
Identify and access your target groups using Big Data. The market is getting more complex, just the availability of technology and data are not enough. An eye for innovation, need to analyse big data, nurturing the habit of questioning and identifying new markers are a must. Invest in resources that help you leverage your full potential.
Staying updated with technology is important. It is only by automating your business processes that you or your senior management can deliver business decisions that require their expertise and agility.
Today, more and more businesses are adopting automated processes to reduce their costs and enhance efficiency. Those that are not yet tech-enabled are becoming redundant and will probably lose out to their competitors sooner or later. The need of the hour is to use business intelligence tools, as well as artificial intelligence to free your business from the shackles of outdated business processes.
The move to ‘big’ from ‘small’ is almost never easy or quick! As an entrepreneur, there will be times when you will face a ‘dead-end’; but look beyond it and move head. Be it business funding, automation or any other hurdle you face, just believe in yourself and keep going.
This is a Guest post from Biz2Credit. Biz2Credit loves businesses such as yours. We are an online marketplace for small business loans and personal finance for individuals and businesses. Get those much-needed funds through Biz2Credit on a secure, fast and hassle-free lending platform.