10 December 2019

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Lack of Global Vision Leads to Failure in Business

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By G K Pramod

Small And Medium Enterprises in India, face many issues pertaining to business growth, and often these problems make their business run in loss. To create an ecosystem where MSMEs can make use of their fullest potentials, there should be proper planning and understanding of the real problems that MSMEs  face today, and a fool proof solution to address these concerns. Mr. G K Pramod, author and MSME oriented pilot programme expert, shares his views on the basic problems the SMEs in general face, and solutions to overcome the obstacles.

The major reasons which make a business turn to loss are the following:

• Lack of Global Vision
• Non systematic approach to Marketing
• Lack of Professionals within the top management team
• Working with wrong perceptions about the Industry and International markets

SMEs need to address these aspects with great care. They cannot afford to neglet any of the above mentioned aspects as they play a crucial role cementing the business growth.

 Some common mistakes SMEs in general commit are, most SMEs don’t focus on building a professional management team. They try to manage everything on their own, resulting in major troubles. Without a proper management structure, it is difficult to impliment business strategies. A core team can always ensure that all the business priorities are taken care of and implimented properly.

Besides SMEs in general don’t spend any time in making  proper business plan. This results in neglecting key aspects like marketing and the HR aspects like bringing the right talents into the organization.  The lack of knowledge in Business development often resuts in poor business and marketing  strategies. According to them Marketing means just Sales!  

 Finance management is another pain area for the SMEs. They solely depend n auditors and don’t understand the different implications of Financial areas.

SMEs can look into the following aspects to attain long term growth

 • Get a good mentoring, Learn practical management sutras
• First identifying Individual uniqueness
• Identify Uniqueness of the company
• Have a Global Vision
• Get the professionals into the Top Management team

 MSMEs need to be properly mentored. There are lots of areas where MSMEs lack clear cut vision. Proper guidance has to be provided to the MSMEs in identifying suitable markets for their business venture.

They must also identify the Uniqueness of the company. This will help them to identify the key market suitable for their business. Plenty of business opportunities can be identified locally for the MSMEs. This will help them make use of the resources available locally and also tap the human talent available locally.

To create an ecosystem where MSMEs can make use of their fullest potentials, there should be proper planning and understanding of the real problems that MSMEs  face today, and a fool proof solution to address these concerns.

 

Comments  

 
0 #1 luigi4235 2015-02-23 16:44
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