Author: Avni Porwal

KEY DRIVERS OF DIGITAL ENGAGEMENT FOR MSMEs

Avni Porwal

A few key drivers for MSMEs to consider when implementing a digital engagement strategy. These include intentionality, cost-effectiveness, complementarity, and integration. Considering all of these factors, you’ll be well-off on your way to holistically engaging with digital technologies. Intentionality Increasingly, small business support organisations recognise that digital technologies can transform how they support small businesses. As a result, these organisations are experimenting with new methods to reach small businesses. While traditional forms of support still matter to many small businesses, digital technologies have become integral to small businesses worldwide. Creating…

How to Help 80 Percent of MSMEs to Become More Digitally Engaged

Avni Porwal

Governments can convene different players in an economy to support SMEs. In particular, private-sector companies can lend their expertise and provide access to larger clients and investors. These partnerships can also help SMEs develop their capacity. Ultimately, these partnerships can lead to increased innovation and improved economic development. Focus on Southeast Asia The digitalization of MSMEs is an integral part of inclusive transformation. While the region has a large number of internet users, the rate of digitalization among small businesses is still low. More than 80% of tourism businesses are…

MSMEs PLANNING AHEAD OF TIME

Avni Porwal

A good preplanning strategy will not only help you through a crisis, but it will also help you protect your employees, your business, and the economy in general. If you’re a micro or small business, planning ahead is essential to avoid major losses resulting from a crisis. It’s also an apt way to learn from past experiences and prepare for future crises.  Micro, small and medium-sized enterprises (MSMEs) are crucial to the development of any country. They contribute a substantial portion to GDP, employment, and export. However, despite these benefits,…

HOW CAN MSMES KEEP UP WITH THE MARKET PACE?

Avni Porwal

The e-commerce sales cycle is one way to understand MSMEs’ challenges. In an ideal world, a buyer would click on a link; a fulfillment system would select the product, fill out the customs form, and deliver the shipment to the buyer’s doorstep. However, in developing countries, this kind of convenience is still far away. The weaknesses of an MSME’s e-commerce sales cycle differ from country to country. In some countries, a weak link is in cross-border payment acceptance. Others fail to follow up on after-sales service. MSMEs’ financial condition is…

WINNING THE BUSINESS LANDSCAPE BY BUILDING AN ABSOLUTE CUSTOMER COMMUNITY

Avni Porwal

Developing a community around your products or services is an excellent way to get new customers. MSMEs that lack access to loans or finance can’t buy a sturdy retail space. Flash floods can wipe out all the inventory in one day. Animal breeders don’t have access to weather forecasts, and drought can cause herds to perish. By building a community around your products, you can create a lasting brand name and gain new customers. The global supply chain can be disrupted by natural disasters, which have a severe impact on…

A STREAMLINED CASH FLOW EXEMPLIFIES POSITIVE FINANCIAL HEALTH OF AN MSME

Avni Porwal

Cash flow and financial management are extremely important for MSMEs, as it helps ensure that bills and employees are paid on time. This, in turn, helps the business grow. MSMEs fall into one of three categories: manufacturing, service industries, and a combination of the two. Effective management of cash flow is vital to the success of any business, and it can help you grow faster.  Cash flow management is the most imperative aspect of running a business. Studies have showcased that 60% of businesses fail because they aren’t able to…

THE SME BANKING AND FINANCE LANDSCAPE TODAY

Avni Porwal

The SME banking and finance landscape today is highly digitized. Online banking services and mobile applications have been used by almost half of SMEs, and visits to ATMs and branches have decreased by 38%. This trend does set to continue as more customers prefer card payments and mobile banking. What can SMEs expect from these changes? Here are some key points to consider. Digital Solutions One of the main challenges that traditional banks face when serving SMEs is aging digital solutions. Until recently, banks tended to focus on enterprise and…

BE FUTURE-READY WITH PREPLANNED MEASURES & STRATEGIES

Avni Porwal

In today’s environment, MSMEs are facing a number of challenges, including tax reform and global solidarity in fighting various business issues. While this may not be enough, there are measures that can help these businesses weather the storm. These measures can provide much-needed financial support to the MSMEs. The financial aid for these businesses will go a long way in preventing job losses and boosting business survival. Many of the issues that MSMEs face are based on their size and nature. The external environment is murky, and one-fourth to one-fifth…

OVERCOME MAJOR BUSINESS CHALLENGES

Avni Porwal

Even after strongly steering across the professional journey, MSMEs still face multiple challenges. The economic climate in India is still sluggish, and the government’s policies are not enabling them to compete successfully in the global market. Among these challenges are the lack of finance, poor access to credit, and inefficient distribution of tasks. As a result, most of the MSMEs are operating in the informal sector, where financial documents are not always available. Challenges for MSMEs are truly real. Let’s enlist them one by one and discuss the ways to…

HOW STREAMLINED CASH FLOW EXEMPLIFIES POSITIVE FINANCIAL HEALTH

Avni Porwal

Cash flow and financial management are extremely important for MSMEs, as it helps ensure that bills and employees are paid on time. This, in turn, helps the business grow. MSMEs fall into one of three categories: manufacturing, service industries, and a combination of the two. Effective management of cash flow is vital to the success of any business, and it can help you grow faster.  Cash flow management is the most imperative aspect of running a business. Studies have showcased that 60% of businesses fail because they aren’t able to…