19 October 2017

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Sustainability in Biz Growth is a Must for Survival

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By G K Pramod

G K Pramod, an expert in MSME Oriented pilot programmes, and the author of The Second Gear: Strategizing Business growth Plan for Micro Entrepreneurs,  shares  various aspects of Business Growth Plans in a series of columns through Small Enterprise India. Mr. Pramod discusses the importance of sustainability in business.

What is Sustainability?

Definition:

If a Microlevel Entrepreneur is able to maintain the business without affecting the quality of the product/service, with consistency in increasing turnover and profitability, such an attribute is called Sustainability.

The Business Growth has to be Sustainable. If there is no sustainability in the Business Growth, it becomes very difficult for a Microlevel Entrepreneur to survive.

Importance of Sustainability

This is an important parameter for a Microlevel Entrepreneur. If there is no Sustainability, he/she may have to completely close down the business unit.

However, large business organizations can still survive with one wrong step forward, but a small Microlevel Entrepreneur has to be very careful.

Do’s

If you are a Microlevel Entrepreneur, be very clear before expanding your business whether you will be able to survive even after the business expansion.

Prepare a detailed excel sheet summarising all the revenues and expenses of the new unit. This would give you a clear idea.

Dont’s


If the expansion of the business doesn’t promise to provide Sustainability, please do not expand.

 Challenges in Sustainability

  • Uniformity in production and packing.  
  • To create awareness among their customers that natural fresh juice will provide good health.

Challenges in Sustainability

  • Producing the same quality of photos and videos in the new business unit.

Solution for the challenges

  • Proper training to the newly hired person
  • Close monitoring of newly opened outlet

 Author’s key points:

If a Microlevel Entrepreneur can achieve Sustainability by business expansion then he/she can open up a new business unit as a part of the growth strategy.

If a Microlevel Entrepreneur is not able to achieve Sustainability by expanding, it is better to enhance the existing unit by employing more people, investing more money, there by attracting more customers.

Mr. G K Pramod can be contacted at  This e-mail address is being protected from spambots. You need JavaScript enabled to view it         Mob  9845659234

 

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