Scaling your MSME is important to stay competitive, leverage market opportunities, and grow. Set clear goals and build a business plan that provides a tactical, strategic and financial roadmap to your vision.
Get the right tech:
Technology will enable you to automate processes, be agile, reduce errors, save costs, and open new avenues. E.g., CRM tools for customer data, eCommerce for expanding market reach etc.
Upgrade skills:
Invest in upskilling. Identify relevant MSME skill enhancement programmes across technology, marketing, finance.Awareness is critical and can help to gain first mover advantage.
Collaborate/Form alliances:
Form strategic partnerships with other businesses to reap collective benefits. This can help you reach new customers, leverage technology, tap into new markets and more.
Diversify portfolio:
Expand your product/service offerings to attract new customers. It will also help to scale revenue and distribute risk across multiple offerings. E.g., With garments (cotton), diversify to include bedspreads
Optimise cash flow:
Monitor inventory, secure credit lines, collect pending payments etc. to avoid cash flow challenges. Freed up capitalcan be invested in other avenues for expansion and growth. E.g., purchase new machines
Keep business compliant:
Stay updated on regulatory changes and keep business compliant, to build credibility and avoid penalties, delays and disruptions. E.g., GST filing, e-Invoicing, licences, Udyam registration
Business consultation:
Seek guidance from professional consultants for growth opportunities, financial management, etc.E.g., Doing business online, export and import, government tendering, etc.