SMEs need to innovate from time to time | Business Excellence President, Aditya Birla Group

Nagpur: Under ‘Make in India’ initiative, SMEs which currently are growing at a rate of 12-13%, will have an important presence in Defence, Manufacturing, Technology, Transportation and Health care sectors in the days to come said Jagdish Ramaswamy, President Business Excellence, Aditya Birla Group while delivering a talk on ‘Tips for SME’s to scale up to the next level’.

The talk was organized by Entrepreneur Forum of VIA.

Elaborating on the subject he said, if companies have survived and grown big, it can largely be attributed to their ability to meet the customer’s demand, before they ask for it. He said that SMEs should be in adaptable mode, if they want to grow for which they must cultivate the ability to change.

There could be a plethora of ideas, but the main issue is execution of the idea, which largely differs from company to company. SMEs need to innovate from time to time and should imbibe the spirit of change management. The leadership need not rest with entrepreneur himself, it can be with anybody – anyone who can safely steer the ship to its destination by overcoming the challenges. So SME’s must learn to invest wisely in manpower.

According to Ramaswamy, special attention should be paid to transparency in all aspect of business if SMEs wishes to really grow. Business should be made consumer centric and the motto should be ‘Quality First’.

Many SMEs fail to scale up, due to the inconsistencies in the quality of their products and services. Two out of five SMEs shut shop because they are not able to sustain quality wise. He laid special emphasis on digital and technological adaptability of SME’s and Supply chain management.

Source: Nagpur Today