Now, all the MSMEs can break into the Future with these top 5 lessons from the ongoing pandemic.
It’s no new headline that pandemic has affected lives both on higher and micro, smaller, and medium enterprises. The backbone of the Indian economy greatly relies upon small-scale business. Lockdowns have tremendously impacted business and growth plans for several small industries in India, with over 82 percent of small industries seeing a negative impact and 70 percent stating that it would take almost a year to achieve pre-COVID levels or maybe more than that.
As India’s small industries emerge from the impact of the COVID-19 pandemic, here are the top five lessons learned by entrepreneurs during the pandemic, 2021.
1. Adopt modern technology, or risk being left behind
It was the first wave of the pandemic only that made small-scale industries tap into the digital world. Digital cataloging, digital payments, cloud solutions, automation, the online world paved new paths of growth and they no longer had to worry about spending time and money on the in-house team and of course, doing things manually.
The MSMEs need to now go digital as they will not only cut down the tedious work but also open new avenues of growth and success.
2. Cloud tech is a must-have
Cloud-based technology helps to focus on the core areas of the business and is very convenient especially when the work from culture has become so predominant. Not just this, Cloud technology also offers security, reliability, and scalability for small industries to adopt technology in a much faster time.
3. Bridging the credit gap through technology
Building a financial record is critical for MSMEs to access formal credit at competitive rates. However, with the RBI and the government championing the cause of MSME business owners, industry experts believe many banks today offer business loans at competitive rates, making it much more cost-effective for MSMEs to opt for the same.
However, it is not always advisable to rely on loans, especially if small industries don’t have the ability to pay them back.
4. Limiting dependence on loans
Analyzing the collapse of the MSMEs during the pandemic, the government has launched loan schemes for small enterprises. However, Read more
