As a small business grows, it is not surprising for the owners or managers to reach a stage where sales stagnate, or it is difficult to figure out the most effective marketing or business development strategies or where one is not able to find the requisite number of employees. The pandemic only amplified these issues and created a whole new set of challenges for SMEs to tackle, such as talent retention, funding options, technical knowhow, limited visibility and reach and so on. The business Owner can do multitasking, but time is not in control and Can not be expert of everything , this situation can lead to non-growth or frustration among promotors.
Such situations may call for a new mind and a new set of eyes to throw a fresh perspective on overcoming roadblocks and helping SMEs find viable solutions for revitalizing their business.
How Industry Experts Can Help !!
Industry experts bring in many different perspectives to the table and may see opportunities where the SME management may see challenges. Some of the ways in which they can contribute are:
Expert Help in Financial Planning and getting Loans which suit the SME. Experts do understand the Financial Ecosystem and are aware of various schemes which Govt runs or Banks have may it be OD/CC/TL/LAP/Bl/PL or even Loan against shares. It is important for SME to evaluate well before taking any debt , as expensive debt may harm more than benefiting the organization and also squeeze the cashflows. Good Financial Planning expert is a MUST for SMEs to Prosper.
Expand customer base through new mediums and channels. As the world has turned digital, thanks to the pandemic, experts can help the SMEs explore online medium for marketing. In fact, the pandemic has opened up an array of new business opportunities for SMEs to grow both within the country as well as find new markets globally and industry experts can help in more than creating an online presence – by helping identify markets, developing more effective marketing strategies, aid in understanding the various payment mechanisms, help finding logistics and support services, and much more.
Bring in dedicated and talented employees for your business. Experts can offer leads or help in recruiting employees who are either well-qualified for a role or are looking for something different from the regular rat-race, or even those who looking for second chances in their work lives. For instance, retired professionals who are looking to stay productively engaged and share the vast knowledge and expertise that they have garnered through long careers in the industry, or women, differently-abled looking to join the workforce.
Advise on ready-made technological tools and solutions across different functions such as finance and accounting, customer service, marketing, and supply chain, inventory management, amongst others. As a business grows, these functions play an even bigger role in the expansion plans. However, small business entrepreneurs may not have deep knowledge or the expertise to carry out these functions effectively. Industry experts can guide on using the right technological tools to help them in streamlining the operations and workflows.
Provide up-to-date market and industry insights: Industry experts can provide most recent news and happenings within the market and the overall industry, offer insights into the evolving customer tastes and preferences, buying patterns, etc.
Conclusion
In most traditional MSME setups, the owners would keep a tight reign on most of the vital decisions of the business, enjoying the successes as well as the facing the challenges by themselves. However, in order to grow at a steady, continuous pace, it is imperative that they build their own tribe of counselors, advisors, experts, and mentors who can offer them viable inputs, assistance, and solutions to break the proverbial glass ceilings and make a mark for themselves in the marketplace.
yes Experts can Solve the Issues of MSMEs .