How SMEs Should Tackle Price Wars

In this era of global competiveness price wars are increasingly becoming the Achilles heels of all business enterprises. While bigger organizations with well established brands are slightly better placed in confronting the price wars, small and medium enterprises with shoe string budgets tend to get greatly affected by the propping up of rival companies’ adamant at selling similar products as reduced prices in order to establish the market.

Facing Retail Revolution: Options for MSMEs

Dr. Manmohan Singh said, in his address to the nation on 21 September 2012 made an attempt to justify ‘reforms’. His speech and arguments summed up the entire debate on economic reforms that he is currently pursuing in areas such as FDI in multi brand retail and reduction of subsidies.

Strategy Planning - a Must for Start-ups

With the growing entrepreneur ecosystem and small and medium enterprises (SMEs) in India, proper planning in strategy and execution is most important for business growth and to survive in the market.

Road to Success is Through Research

Entrepreneurs from the small businesses category usually have a tremendous need for research. Almost every growing business requires efficient, prompt and comprehensive research. But most entrepreneurs do not understand how to effectively execute the marketing research & analysis process to meet their business goals.

Marketing research for small business owners who have witnessed the fact that they are running a growing business, must have to execute an in-depth strategic marketing analysis, which could allow them to understand their current position in the marketplace, identify opportunities to increase market share, and get a better understanding of the customers as well as competition. It will also assist in making tactical decisions based on facts rather than intuition.

Tips for Scam Free Business Process

The ultimate objective for any business owner with regards to the business operations always revolves around creating a transparent and flawless business process.

The ideal objective behind such mandate is to keep the business completely free from any kind of financial fraud that can tamper the company’s growth.

Every entrepreneur wants no vulnerability in the business process. But, even if they think they have taken every precaution to avoid fraud, their business still could be susceptible to scams. There are literally dozens of scams that can target small business owners at any time, and they come from the whole spectrum of sources: email scams, fax offers, phony phone calls and not to mention internal threats from staff.

3 Reasons Why You Need A Budget

A budget is one of the basic tools for good money management. I see so many first time entrepreneurs and sometimes even experienced entrepreneurs who don’t have a budget. Then, one day they wake up and they realize they’ve run out of money. This is even more important for a start-up because a budget establishes good financial control for a start-up and during the early years of a start-up, money needs to be invested wisely.

SMEs Need to Plan Biz Strategies Wisely

Starting any new venture brings in multiple types of risks, opportunities and excitement. A true entrepreneur loves it. Such excitement and slightly higher self confidence can lead to some faulty approaches to start the business. One of such common wrong move is putting personal assets in business.The risk to business becomes higher when any entrepreneur puts his personal assets into the business. If something bad in business happens, the entire economic set up will go for a toss. Even though the project is undertaken after a thorough research, the entrepreneur comes under high pressure to make it profitable as soon as possible.

Fight Inertia to Fast Track Growth!

By Pradeep Kumar

Organisational complacency is the most important factor hampering corporate performance. There is something more than strategies and plans that are required to keep an organisation going.Indeed, most organisations fail not because of faulty strategies and plans but more because of lack of implementation. The biggest obstacle in implementation is inertia, as being intrinsic, it slows down the pace and extent of processes and changes, making the organisation vulnerable due to time overrun and cost escalation.