August Issue 2022_Digital

COVER STORY | Small to BIG HOW CAN MSMEs OVERCOME MAJOR BUSINESS CHALLENGES? Even after strongly steering across the inefficient distribution of tasks. As a result, most professional journey, MSMEs still face multiple challenges. The economic climate in India is still of the MSMEs are operating in the informal sluggish, and the government's policies are not enabling them to compete successfully in the sector, where financial documents are not always global market. Among these challenges are the lack of finance, poor access to credit, and available. Challenges for MSMEs are truly real. Let’s enlist them one by one and discuss the ways to solve them. The Right Manpower & prevents them from using culture fit. During times of high Structuring advanced machinery. Due to tension, it's important to build a The lack of skilled and expert reduced exposure to technology large pool of experienced manpower is one of the biggest and experienced workmanship, employees and filter them by hurdles facing MSMEs. Many of the growth of MSMEs gets skills and experience. This will these enterprises cannot afford slower. help you find the right candidate expensive technical equipment, for a job. Keeping up with the and the workforce is not For MSMEs to hire the best talent, competition will keep your technically trained. This hinders it's important to find the best employees motivated and the growth of these firms and people managers possible, engaged. MSMEs can use the results in a backlog of unfulfilled encourage professional right staff to survive the crisis. orders. In addition to this, the development, and make sure poor quality of the workforce you're not hiring the wrong Having an organized internal 51 \\ Small Enterprise \\ Aug 2022

structure and clearly defined roles challenge for SMEs, but with the analysis of the literature on and responsibilities is critical for advancement of financial market access and performance success. Without a defined inclusion, this problem may be of MSMEs revealed that poor structure and clear distinctions resolvable. Digitalization, for access to markets and between managers and staff, new instance, can reduce the costs of inexperience in understanding employees will not be motivated all financial services by 80-90%. customer preferences had an to join a company. Employees FinTechs can help by ensuring adverse impact on the require to feel part of a more efficient service. They can performance of these firms. community that supports the help by enhancing financial mission and values of the inclusion and offer opportunities Using market intelligence to business. They should be able to along the value chain. With the identify opportunities should be a communicate with management help of innovative technology, key part of MSMEs' marketing frequently and share necessary these companies can issue loans strategy. But How? information. The management of to MSMEs. the organization should also be To improve their chances of transparent in their For MSMEs to remain competitive success, MSMEs must develop communication with employees. and maintain a healthy financial new business strategies and position, they need access to rethink distribution models. As a Proper Financing & Resourcing financial status and security. In small business, it is important for Lack of finance is another major this concern, the government MSMEs to understand the needs barrier for MSMEs. Limited access must consider offering loans at of their customers. To do so, they to finance makes it harder for low-interest rates with long should invest in market research these companies to obtain credit. repayment terms. Moreover, the and a brand journey document. They need to have options to credit limit of MSMEs should be The brand journey is the process finance their operations, exports, expanded, and loan repayments of a company's customers and imports, as well as invest in could be deferred. As long as the coming to understand the innovation activities that improve government's efforts are aimed at product and services offered by productivity and growth. They're easing the situation and the company. A brand journey is even more vulnerable to addressing various challenges a critical part of a company's economic shocks and are unable faced by these entrepreneurs, overall strategy for growing and to pay suppliers on time. These they will continue to thrive. For maintaining a sustainable barriers prevent MSMEs from this to happen, the MSME owners business. taking risks that could lead to need to be updated on the disaster. Moreover, high finance ongoing trends and government One way of understanding the costs have been a major schemes so that they can make needs of customers is to examine hindrance to MSMEs' growth. the most out of these resources the characteristics of each market These finance costs erode profits on a real-time basis. segment. Different industries will and lead to high default rates. require different approaches. For Understanding Customers & example, the tourism sector will It is important for MSMEs to Defining Brand Journey contain large corporations as well understand various lending MSMEs are often over-reliant on as family businesses. technologies and how to leverage others; thus, they lack market Consequently, different them to their fullest potential. intelligence and partnerships will be required in Further, it is essential for the customer-understanding. Though the travel industry. Ultimately, MSMEs to have access to capital a greater level of market successful businesses will focus as a means to overcome high diversification may help the on customer experiences and finance costs and meet their MSMEs survive the downturns, it brand journeys as a means of financial objectives. is still not possible to happen increasing profits. without the enterprises having Lack of finance has always been a enough knowledge. A systematic MSMEs should develop a customer journey map that shows 52 \\ Small Enterprise \\ Aug 2022

the key moments and emotions to get ahead in the digital world? Building a strong digital presence of customers. Using this Here are some ways. In the first will help MSMEs take advantage information as a blueprint for place, focus on social media. of recovery trends, establish a business outcomes can help robust Online-to-Offline platform, businesses improve all of the Using a website and smartphone and set up payment stages along the customer applications can help reconciliation capabilities. As journey. By optimizing every micro-enterprises establish their MSMEs grow, they should stage, they will improve overall digital presence and boost leverage their existing customer customer satisfaction, which will customer engagement. Building data. Using robust CRM and ultimately contribute to an social media visibility will help marketing automation systems, improved organizational state. An you promote your products and they should also focus on online qualitative research study services, as well as attract new improving their online can capture responses in context, customers. Don't forget about personalization efforts. These allowing participants to share e-payment options. Using define only a few of the ways to their real-time activities. e-commerce platforms will help grow and thrive as an MSME. But you accept payments online and with a solid digital presence, the Creating Digital Presence offer delivery options. By taking sky is the limit for MSMEs! While many MSMEs have started advantage of the opportunities to bank on the digital that exist on digital platforms, - AVNI PORWAL transformation, many are still MSMEs will be well-positioned to hesitant to adopt e-commerce compete in the digital world. platforms. What can MSMEs do 53 \\ Small Enterprise \\ Aug 2022

COVER STORY | Small to BIG WORK ODYSSEY WITH BETTER COLLABORATION The life of entrepreneurship is full of wild rides in ensure both the organizations have different pursuit of revenue and customers. The world is business ideas to avoid unwanted competition. ready to tell you which ads you should run or The first step toward collaboration with other which social media posts you should manage. businesses is to know your business and Some entrepreneurs do not have an endless understand your strengths, weaknesses, budget and time to invest in their businesses. opportunities, and threats. This way, you can determine the gaps, the goals you want to It's good to have thought of collaborating or achieve, and the partner you will synergize with to partnering with other organizations. But the achieve your goals. question is, whom to collaborate with? There is a common saying that has a deeper However, it's better to confirm one main thing for meaning. 'If you want to go fast, go alone. If you sure, do not collaborate with an organization that want to go far, go together. has the same business plans or nature. Instead, 54 \\ Small Enterprise \\ Aug 2022

What makes you collaborate? Advantages of strategic controlled. Customers are fragile, and the collaboration market is volatile. The most Types of collaboration effective way for businesses to The utmost advantage of The idea of collaboration creates overcome competitive connecting with other opportunities together, and challenges and obstacles is to businesses is to bring in more when this happens, you tend to collaborate. The decision is to be business. Because now you gain different strengths and made on time before it's too are interacting with and skillsets. late, after conducting proper developing a relationship with research and analysis. There are a broader range of business Horizontal collaboration - The multiple reasons for a business partners. title itself can reveal its true to connect with another. Some meaning. Collaboration are listed below: Collaboration conveys the between two entities shares business to focus on similar functional areas to The most obvious is when accomplishing the same goals cover and achieve. your business is not getting but in a different manner. You customer recognition. will have more resources to For example, Oneplus and scale up production and Oppo. They have a common When sudden external distribution. objective to manufacture and changes enforce into sell phones. They will share business. Combining two business skills technology, resources, and can enhance intelligence, teams. Such type of Risk in credibility, increase problem-solving collaboration support both sustainability, and power and improve the business to improve profitability. decision-making. These competencies and aim to changes can bring better reach their goals. Low marketing budget to results in providing excellent promote goods and services. services to the customers. This approach can be dangerous because your When you experience less Businesses can learn new ideas, thoughts, and interest from investors in techniques and discover new strategies may clash with funding. ways of doing things. As we other business leaders. all know, the business has In a collaborative network, you various functions, from Intersectional - When any can allow companies to financial exercises to company launches its complement each other without marketing campaigns. When products, it can collaborate compromising their share of the people from different with an advertisement, market or intellectual property. backgrounds and skills meet telemarketing, and social The success of a business in one place, this will uplift the media agency to promote its collaboration does not rely on a work culture, create a healthy products through online single model or method of environment, and boosts marketing channels. If the working. All businesses are creativity. business mission is to different. Depending on your promote and increase the operational, cultural and Believe it or not, collaborating reach of your products to the financial approach, certain types with other small businesses customers thus, the role of an of business collaboration may will help you save your agency is to accomplish the suit you better than others. money. The budget allocation same goal. However, some elements make of small businesses is low collaborative networking more thus, the cost of Vertical joint venture likely to succeed. advertisement, and collaboration - This venture promotional activities can be takes place legally between 55 \\ Small Enterprise \\ Aug 2022

two parties, buyers and collaboration, Marketing numerous tasks to perform suppliers. It can be formed collaboration, amalgamation, within the industry as an temporarily for particular merger, and acquisition that can employer and among your projects & goals. Here, save businesses to collapse in employees. Collaboration companies share resources, encourages your team to learn risks, and rewards. Maximum tough scenarios. and grow. Your business will be profit goes to suppliers. Once able to evaluate daily challenges the task is complete, joint Conclusion in the market, and you can ventures come to an end. Collaboration plays a significant deliver appropriate solutions to role in your organization and will them. The list of collaborations can be result in increased productivity, long. It can also include technical creativity, accountability, and positive work culture. There are -PALLAVI VERMA 56 \\ Small Enterprise \\ Aug 2022

COVER STORY | Small to BIG RESPONDING TO COMPETITION The contribution of MSMEs has always been performance in the international markets has central to the growth of an economy. Over the last much scope for improvement. MSMEs account for few years, various steps have been taken by the 90% of businesses, 60 to 70% of employment and Government and regulators to strengthen the 50% of GDP Worldwide. It is the backbone of MSME ecosystem. MSMEs sector has been at the societies in every country and they contribute to centre of attention for a long time now. the local and national economies to sustain livelihoods for groups in vulnerable situations. While MSMEs in India continue to remain one of the highest employment-generating sectors, their Understand your competitors product can give a proper MSME works in, the needs of the With the rise in MSMEs, there indication. Using this for the has been a constant rise in benefit of the company can give consumers and what the competition as well. To a crucial advantage against the competitor’s strengths and understand the competition in competitors in this tough weaknesses are. Once you the market, a deeper market. understand your competitor’s understanding of what the strengths and weaknesses and customers want and the It is necessary to have a clear response they have for the knowledge of the market the how the consumers would react to the changes brought forth by them. Once you understand this 57 \\ Small Enterprise \\ Aug 2022

process, it helps your MSME to move into, it should provide the customers will remember are stay one step ahead. Also, the best outcome. Research is done often ways that businesses competitive practices adopted in order to avoid any issues communicate with their by each MSME should comply regarding the product or to put customers. Make your USP with the relevant competition it simply so that your business is memorable so that potential law. not wasting its time on customers will think of you unnecessary objectives. The before your competitors. How the competitors shall process of researching your respond to your actions is a competitors is easier than it may Competition is something that critical component of strategic appear. For example, you can exists in every aspect of life, be it decision-making. This is read their online materials, personal, academic or business. something not every MSME collect any flyers and price lists It is the one that employs the takes into account when creating they produce for customers or best and strongest competition a strategic marketing plan for even purchase their products strategies that are able to survive your business, this was a survey and services to compare. in conducted by Mckinsey& Company. They stated that as Strategies to compete this market. Market research can important it is to know the A streamlined procedure is made provide an insight into the kinds market, it is even more necessary feasible by two facts. First, you of strategies that can be to predict the rival’s behavior - can use those tactics to predict undertaken - this involves a few sets of their response given your questions that an MSME can ask adversary employs basic Price itself analytical techniques, which our Market research will show the survey reveals is the case for the current prices that are set for Will the rival company react at majority of firms. In our research, the competitors along with all? we discovered that most big the price the customers are businesses tend to respond to willing to pay. The prices What are the options that the competition moves in a should be set in such a way competitors may take or predictable way. that remains profitable for consider? your MSME and also prevents Second, is to have a unique the consumer from searching What actions will the selling proposition for your elsewhere. competitor choose to act MSME that would allow you to upon? stand out among your Quality of the competitors. Through market product/service There can be various outcomes research you can figure out the When the customers have a to the competitive practices gaps and opportunities in your positive buying experience, it taken up by them and they product, this will allow you to is likely that they would come would choose the option that bridge that gap and create your back for more. Customer will be the most effective in own USP. retention is one of the most combating the new strategy in necessary tools against place by your MSME. The key is You will need to find the most competitors. to get inside your competitor's effective way to communicate mind and look at the situation your USP to your customers Sales and Marketing from their angle. once you have a USP and you A brilliant sales and marketing have verified that your market strategy allows you to cover Conduct market research - research supports it. A new or up the rest of the way in order Market research involves the unique marketing campaign, an to respond to your collection and analysis of data engaging and memorable competitors. It is an excellent about the market, the consumers advertisement, or a slogan that way through which you can and competitors. It is essential communicate your for any new market that you 58 \\ Small Enterprise \\ Aug 2022

products/services benefits to found that only 23% of taking advantage of resources the customers. A marketing executives learned about their that are at their disposal like strategy allows you to reach competitors' new offerings early never before. Covid also came in more audiences and create an enough to respond. MSMEs are as a blessing in disguise as small image of what your MSME mostly run on sole and micro industries are has to offer. proprietorship and their entire becoming open to adopting focus is on making the business digital technology to up their Final thoughts afloat. They are now focusing on game. Few research-based studies have the digital arena as well and -PALLAVI VERMA 59 \\ Small Enterprise \\ Aug 2022

COVER STORY | Small to BIG MAKING THE MOST OF YOUR MARKETING You must always stand out and shout or show swipe profits, but the process is costly. your product in the busy business world. Your Professionals should deal with it for the best primary aim would be to search for a targeted outcome. audience or projected consumers how your business product or services would help the In the wrong hands, the Marketing process will end-user, consumer or customer, making their turn into a vague proposition, and a huge chunk lives more fun and accessible through what they of investment will go to waste, creating liability are selling. The process in the world of Business is and losses to the Business. Big Business houses called Marketing. Making the term accessible have their team for Marketing, and the dedicated creates value or provides utility for the consumers executives decide where, how, and when to invest or end-users, resulting in profits for the business for the most reachable and profitable Marketing house by delivering the product or services. Investment. In the attention-seeking world of Business, the But what about small businesses and startups Marketing tool can become more effective when with minimal investment capabilities and almost used effectively and efficiently. Big or small no Marketing professional to handle their business houses have been regularly investing in Marketing needs! Are they deprived of the the Marketing process to expand the Business and Marketing fruits that the giant tycoons and unicorns of Business enjoy? The answer is NO. 60 \\ Small Enterprise \\ Aug 2022

All products and services in the paintings, and journals, which online stores are good places business world have their share are less expensive and easy to to project and display the of space. Therefore, there is access. products and sell them always a need to Market that area directly. through Marketing. Always start Internet- In the new age, the marketing by making a list to most effective, efficient, and Product- The product or reach the end-users and promote cost-effective Marketing service being sold can act as a the idea, leading to sales and comes from Advertisements Marketing tool as the profits. on the Internet. In the present product's quality or the world, with the help of social service's utility will lead to The more precise and best your media, search engines, web reuse and new consumers Marketing implementation, the pages, etc., such as Google, through recommendation and more it generates sales; on the Facebook, Twitter, What's App, attain unique reach. Selling other hand, the poorer the YouTube, Instagram, and many must be backed up with implementation results are bleak other such portals used by the prompt consumer services and in the sales sheet. Eventually, the masses every day. after-sales services. product or services will perish and become nonexistent in the The essence of this Marketing Mobile Marketing- Business business space. strategy belongs to the houses or small business hookup or attachment it startups directly call the The few essential tools of creates with its users leading targeted consumers and Marketing used are to the efficiency and massive explain their products or enumerated below reach of the Advertisement services. The process is through the Internet. outsourced to call centers, and Advertisement- The process then the call centers call the of showing the product or In recent times almost all web target consumers on behalf of services to the end-user or pages contain ads for various the business houses for a consumer through media. Each utilities. Thus it has become charge. The process is also day we are bombarded with the essential tool for the done through Short ads of all kinds through every success of Marketing in a more Messaging Services or SMS. available media, especially accessible, adaptable, and audio-visual. Advertisement cost-effective way. E-Mails are Kirana Stores, Shops, and houses charge a hefty amount also an effective and Shopkeepers- The tool is best to place your proposition of convenient process of suited for FMCG products product or services through Advertisement through the which can be displayed at Television, Internet, Radio, etc. Internet. shops and pushed to consumers through Shop The rates depend upon the The targeted audience and Keepers, who perform the task span of the Advertisement, the projected consumers are of Marketing through the time slots, the Advertisement's provided with a detailed display of the product and frequency, and many other description of the product, its word-of-mouth sales for the related factors. Moreover, usability, and purchase links. business house. additional costs are incurred Dedicated Web Pages for the for creating the Advertisement, company itself serve as a Direct Sales- Sales executives, the actors, directors, voice, marketing tool for developing visit the intending consumers themes, props, etc. services. with demos and all information to promote the Another more accessible way Online Market Places- The product or services is a of advertising is through print present giants of online process of marketing media like newspapers, markets like Amazon, Flipkart, generating direct sales. magazines, brochures, eBay, and all other available hoardings, banners, wall 61 \\ Small Enterprise \\ Aug 2022

Conclusion process and must be for the Business. All the marketing tools implemented, changed, and mentioned are not exhaustive but re-implemented repetitively to Most of the complications can are the most used in the present cater to the consumers' only be achieved through form of Business. All the devices ever-changing needs. appropriate Marketing in the best incur cost and investment, and possible time and space in the the decision-maker has to go In this clutter of products and right way. It's a game of studying through extensive market services, striving for existence in Consumer Behaviors and research before stepping on the the business sphere may be Psychology, which every business paddle of Marketing. tough, but it is the real challenge. person needs to understand One has to stand out and reflect before implementing the magic For small business owners, the utility of the product or the wand of Marketing. startups and entrepreneurs, the service it intends to bring to the Internet is a boon to success for end-user by communicating the - RAHUL Marketing in the most same to the target consumer, cost-effective way. It is a normal generating sales and expansion 62 \\ Small Enterprise \\ Aug 2022

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COVER STORY | Small to BIG IPO IS THE BEST ROADMAP FOR SMEs We all know the idiom \"if there is a will, there is a business tycoons. way\" this will be the only mantra for the small-scale industrialists to make it bigger. We get similar things rather than a wish and will: Determination and challenges are essential to hard work, proper business strategy, and goodwill. survive in our highly competitive business It is a challenging motto to establish own business industry. First, we must keep faith within to and its sustainability. There will be a lot of ups conquer our target. Let's look closely at the life of and downs. But to overcome the adverse situations, proper planning is needed. Some important notes we have properly; very close scrutiny is Collect information about the to remember necessary. Therefore, research competitors who are already in vividly on the need of the mass the same field. Try to input To set up a new business, one and the supply. some unique quality in your should know the market 64 \\ Small Enterprise \\ Aug 2022

business. If you want to grab Therefore, an economic alliance company also gets an easy the attention of the masses, starts between the investors and opportunity for a free some uniqueness is much the company. Investors fulfill your advertisement. needed. need, that is capital of the project; in return, you have to give them Demerits of IPO Business capital might be a money or shares as interest after Company should be scanned severe problem for SMEs. In making a profit from your through the Stock exchange this circumstance, one should business. with strict rules and rethink all your monetary regulations. In addition, the resources. Then decide from After enlisting its name, the company should mortgage where you collect the company can start collecting some fixed assets such as investments to start your money from the money market by stocks, land, cash, and dream project. Apart from selling its shares through the machinery equipment as investing in your property or stock exchange. security. private investors, there is another way to collect money Merits of IPO Company has to recruit more from the money market. That is By this, a company can quickly persons for IPO share-related the investor's investment raise a fund without personal works. Additional Accountants through the primary market, or private investments. are also needed to keep a where one can collect money Sometime a vast amount of close account of those issues. for their own company. It is a money can be collected and In addition, lawyers are legal business procedure start or operate the business required to resolve banks' approved by the SEBI more planned way. investment-related problems. (Securities and Exchange Board Implementation IPO of the of India), a government If the business grows faster, company may raise the organization, and regulated by several people would be aware company's essential ICDR (International Center for of the success and maintenance cost. Dispute Resolution). Still, for improvement, more investors SME IPO, it is scrutinized by can come forward, and more As the company becomes a the stock exchange. This is also capital can be invested, as it public company, the board of legal. One should take legal deals with many people. directors of the company has action to enlist the business as to announce the company's IPO to obtain this benefit. It is Investors who invest in IPO and profit or loss. Sharing the economically proven that IPO hold the share have the company's growth is good, but is the best roadmap for small opportunity to sell the shares information loss may and medium enterprises according to their wishes. This demoralize the investors. (SMEs). At this stage, we have option is a positive side of this Shareholders can get a close to gather some important type of investment. look and assess probable notes about IPO. Shareholders usually sell the future turnover. After analyzing shares when the company information from the investors, Perception of IPO in a nutshell share prices go up. the company sometimes faces IPO is the abbreviated form of lawsuits Initial Public Offering. That is As the business is associated initiating your project by public with the government Company has no complete offering or investments. By IPO, -regulated system, the authority to run the business your dream project will get company's credibility also according to its wish. As the cooperation from investors. Here grows. And as it becomes a company runs on public is the list of essential points: in public company, many people investments, the company has IPO, private ownership will will know the name of the to inform the investors before translate into public ownership. company and the type of the making significant decisions or business. As a result, the changes. It would be a time 65 \\ Small Enterprise \\ Aug 2022

taking process and can create Company's goodwill plays a better; a good cash flow is always disruptions. In such cases crucial role in pricing the IPO needed to grow faster. Apart from company's founder member shares. If the company is well pros and cons, IPO is a good would be demoralized or known or improving fast, the choice for SMEs; in the present demotivated. price would be much higher situation, investors have also than that of the come forward to invest. Just grab May be called a public not-so-well-known company. the opportunity to accomplish the company, but most investors So make the name of your dream of SMEs. Sometimes they are not emotionally attached name first to collect the money might be acknowledged by to the company like the more. international investors also, and founder member. Sometimes from there, their business can get shareholders create trouble, Conclusion a chance to expand. and this may be a significant To survive in the long run, SMEs drawback. can enlist them in IPO. It will be - RAHUL 66 \\ Small Enterprise \\ Aug 2022

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MONEYCONTROL PRO RANKED IN TOP 20 GLOBAL DIGITAL NEWS SUBSCRIPTION SERVICES WORLD’S BIGGEST DIGITAL NEWS SUBSCRIPTION SERVICES RANK PUBLISHER COUNTRY SUBSCRIBERS 1 New York Times (USA) 6,991,000 2 Washington Post (USA) 3,000,000 3 Wall Street Journal (USA) 2,460,000 5 Financial Times (UK) 1,300,000 8 Nikkei.com (Japan) 767,978 12 Economist App (UK) 506,867 15 The Atlantic (USA) 400,000 330,000 20 MoneyControl Pro (India) Source: Global Digital Subscription Snapshot by FIPP, CeleraOne

COVER STORY | Small to BIG REPLACE OLD STRATEGIES WITH NEW ONES Replacing an old phone, or car with a new one is of the companies. Next preference is given to always exciting. This is not the case in the life services, that recreates role in dealing with cycle of a business. Taking business to a new customer situations. Marketing strategies are dimension is always difficult for SMEs in this designed to approach the audience and generate competitive environment. It may sound uncertain, demands. Revolution in technology and rapid and risky however it is conceivable. An idea can growth in digitization have changed the help to commence a business but the formulation perspective of consumers. Moreover, the abrupt and implementation of strong strategies will changes in the environment are destroying the determine the growth of the business. Every company’s value and its goals. Hence, it is basic business has two characteristics: Product and for companies to continuously focus on research Service centric. Both the sectors are inclusive for and development, and transformation. companies, as well as for the customers. In this write-up, we will discuss marketing Sales and marketing are the priority to work strategies that can be replaced with some new upon because it specifies the footfall or revenue ones to support MSMEs sustain their business. Why do you need strategic to its survival and growth. others are deleted from this prestigious list. One common change? You must have seen or read reason, which explains both the Despite the fact that about the well-known Fortune inclusion and the deletions is the ‘competition’ is one major force 500 list, an annual list compiled strategy of the respective in business and management and published by Fortune companies. today, 'strategy' is the other. Both magazine that ranks the top 500 these forces are correlated. An companies. Every year, some new Every organization, big or small, organization's strategy is integral names are added and some follows a certain strategy to 69 \\ Small Enterprise \\ Aug 2022

achieve its goals, specific to its tools for example Television, Alibaba in e-commerce are some market. The purpose of strategic radio, newspapers, magazines, ruling companies for a long. change is to move a company etc. These tools played significant Because they consistently towards a desired future state so roles for the companies to adopted and enforced changes in it can increase its competitive increase traffic and sales. their marketing methods. advantage. Change in environmental forces requires Now, things are more advanced The basic principle of businesses to replace existing and and fast. Consumers are commencing a business is to bring new strategies. Though, becoming smarter as per the grow. Some MSMEs are thriving there are several marketing market trends. They do not in these tough surroundings and components that can certainly be welcome products easily. Their some get shut down within 5 replaced by small and medium choice, response, or reaction is years. There are many factors enterprises to expand and sustain very selective. Behavioral change involved in developing a themselves in this paced in customers has put companies corporate strategy to reach a new environment. to offer products and services market, develop new products, which are matching their and change the way a business is Traditional marketing vs expectations and budget. Big conducted. At this age, digital Modern marketing strategies market players like Nike, Adidas marketing rolled out to be the It has been greatly observed how in sportswear clothing and most effective result-oriented companies are still relying on the footwear, Volkswagen and Toyota strategy to gain customers' traditional methods of marketing in automobiles, Amazon and attention. S.no Traditional marketing Social media marketing 1 Also known as offline marketing: Online marketing: social media have promoting goods and services through TV, various websites like Facebook, Twitter, radio, newspapers, and direct marketing. Instagram, LinkedIn, Snapchat, Pinterest, etc 2 Not every company can ask big superstars or You just need some social media managers to sports players to advertise their products. handle all these platforms to promote your The cost incurred in giving ads on TV, and products and services. It is cost-effective. radio is very high. Still, it's been in use for a long. 3 Due to advanced technology, people are diverted Social media has over 4 billion users. to other sources of infotainment. People do not People quickly react to the launch of any respond to commercial ads or broadcasts so easily. new product or service. 4 Getting results from conventional marketing is Convenient for MSMEs to create a good time-consuming. impression on a large audience in real-time. 5 The future will bring issues for the companies Looking at the present age, time is not far when from reaching the audience because of limited artificial intelligence, automation, and social use of technology and the internet. media platforms will take control over everything. Conclusion opportunities and they create ongoing clients and your Nobody ever claims that the life further engagement with the audience. Therefore, MSMEs, of the business is pre-decided. It product. The future of business is entrepreneurs, and startups is the struggle and fight that based on strategic planning and should broadly consider using takes business to a mature stage. maintaining the balance of digital marketing strategies Creating new strategies allows products and services and how effectively to gain prosperity and the business multitude of you market them to your sustainability. - AVNI PORWAL 70 \\ Small Enterprise \\ Aug 2022

COVER STORY | Small to BIG BALANCING QUALITY AND GROWTH All businesses have the common goal to achieve expectations as one section customers focus on the growth while maintaining the massive quality quality products and services despite the cost. On customers to get supported the excel in the the other hand, customers are afraid of exploring business community. Small business owners make expensive items without knowing the quality constant initiatives to reach the highest level of concern. business growth to become the next tycoon in the business community. But for Balancing Quality and A business can initiate brand worth with the Growth, the journey needs the face-off with the quality concern set of customers seeking supreme hurdles and zeal to cross it with a set strategic products and services. The focused application will approach to retain and gain the old and additions result in the constant streaming of a new business. to list of quality customers. But there must be a balanced control between the implementations and strategic goals that will The customer crowd has been categorized based on deliver success and not a lean growth trajectory. Why quality and growth are not quality customers due to the of the product or its cost due balanced? higher quality goods and to the unbearable investments The aimed purpose of quality services in the market. The as per the demand of products and services to trigger compensating needs to grow in consumer satisfaction. rapid business growth seems the market push extra profitable but far from reality in investments as operation costs, But there must be a saturation the practical world. The major and the development of new point for the product or service facts that can affect Balancing logistic processes to increase cost for the customers, it Quality and Growth may be: production. cannot be overlooked. Fulfilling the consistent The costing pressure of the Now, there are plenty in the expectations of the increased business may affect the quality market to catch hold of the 71 \\ Small Enterprise \\ Aug 2022

smallest error or malfunctioning of with the updated latest skills of better result. any business that can challenge the ongoing trends of the the business growth objectives. businesses may balance the Respect the employees and So, when the competition is high business growth too. It may customers and the rising expectations of save your business from loss or The business must deal with its customers are constant, then it’s financial panic attacks. employees and customers the right time to balance the concerning make them feel quality and growth of your Set achievable goals comfortable in the business with result-oriented It’s always beneficial to set environment. The team will initiatives. practically functional goals that work by owning the company's can be achieved. Too high growth on its respect. How to balance quality and goals do not have confirmation growth? to get achieved and too low Move with the change and To gain quality and growth goals may not support a grow with technology together, the middle ground can profitable business. Those who Your business must be ready to be planned to have acceptable but learn from their and others' face any type of changes that profitable growth with the old and mistakes get success ahead come in the market like new sets of customers. While with a focused approach products, pricing, or rules. You setting up the growth objectives, towards the goals. Keep must attain the quality one must recall back the growth assessing your initiatives and standard while planning to goals and the operational implementation. Keep regular expand the business. The implementation to reach there. check-ups for the quantity or modern era of a There are the points to be focused defect-free products and technology-driven environment on for the business growth and customer satisfaction to move a needs a push toward social quality: step consistently towards media platforms used to come success. across a vast range of Set business priorities audiences. You can update Concentrate and evaluate Efficient team building yourself with the changing which aspects are on priority While recruiting new needs of the competitive for your business. Plan out how employees to your team, must businesses and get the worthy to pull up those aspects to assure that the fresh talent is idea for better exposure to the achieve high quality with the ready to share the common massive customer ground. growth of the business. Quality vision of the company. The products Attract the customer committed new team member Conclusion crowd toward business growth. can push the business growth So, when the correct set of Be precautionary for the with the team by investing strategies are implemented with improved quality of products sufficient effort and time. For the updated skills and with the and services by taking initiative the criterion, the trained talent collaboration of the same set of before the problem arrives. must be included in the team mindsets, then Balancing Quality or can be trained to fetch the and Growth is the assured option Set the area for the business target. for the business. Are you ready to growth set profitable strategies for your Setting up the area for the Be patient business? Share your valuable business growth is not to limit There may be situations where views or suggestions in the your growth but is the the plans don’t work comment section. autonomy to handle the accordingly as a leader you growth without the burden of must be calm and analyze the - BINDU TIWARI managing the quality of the mistakes that can be corrected goods or services. Balancing and never get repeated for a 72 \\ Small Enterprise \\ Aug 2022

COVER STORY | Small to BIG HIRE PEOPLE WITH POSITIVE ATTITUDES It doesn't surprise me to think about how hiring attitude is what shines through any gaps in one's based on attitude is a smart move when you skill set. While talent can be learned, factors like consider how much of an impact your attitude temperament and personality are more difficult has on how you conduct business. Most people to change. They do, however, have a significant aren't a perfect fit because they won't always role in how well someone will work with your have all the abilities required for a job, but team and serve your clients. What mindset is required of resumes that are loaded with great lot of competence that has your workers for the success of expertise and list every been demonstrated, they lack your company? qualification you could need for a communication skills and miss You can add someone who is a certain position within your deadlines at your company. good culture fit by hiring company. That doesn't mean the someone with the correct candidate won't end up being a The issue is not that they are mindset. You'll come across some total failure. Although they have a unable to complete the task; rather, it may be that your 73 \\ Small Enterprise \\ Aug 2022

business is too collaborative and have skills that you didn't even life, your personality essentially fast-paced. The recruit would realise you needed. remains the same. Introverts ultimately fail because they didn't don't change. Extroverts tend to suit your company's culture, not Essential abilities change stay that way. The way a person because they had the necessary quickly thinks can, of course, be affected skills. In actuality, more than 80% The tools you use now might not by a variety of things, but if you of new workers are technically be the ones you use in three or want to predict how they will competent but are poor four years due to the rapid perform for your business, you employees. evolution of today's technology can typically ask them a few requirements for enterprises. questions. Why Hiring Should Be Based on What good is it to hire someone Attitude Rather Than Skill? because you know they are Positivity brings about Okay, so that was simple. Find a familiar with QuickBooks if you're opportunity candidate that looks to fit the merely going to switch to another Poor thinking leads to a negative organization, is eager to pick up invoicing program later? Instead mindset. It zeroes down on the new skills, and can handle of concentrating on a candidate's issue and gives up looking for increasing job duties. It can't be current skill level, you should possibilities or solutions. On the that simple, of course. The consider whether they are willing other side, a disciplined and difficulty recruiting for attitude to keep up with future intentional method of seeing, presents for most businesses is developments. thinking, and reacting to life leads that the term is very imprecise. to a positive attitude. It observes Realistic job requirements exist. Enables excellent team and recognizes issues before Organizational mission leadership concentrating on opportunities statements and values are clear. A positive outlook enables one to and solutions. When you have a Attitude is a little more embrace the \"we\" rather than the positive outlook, you can use an specialized. \"me\". Positive thinking is the issue to your advantage. cornerstone of effective Your candidate pool will be leadership and aids in Conclusion larger perspective-taking. An optimistic Commitment to excellence As previously stated, it's unusual person will consider what is One of the guiding principles is to ever meet someone that meets possible when people work the commitment to excellence in all of your requirements. Your together rather than whatever you do. Look for ability to perceive the perfect concentrating just on what one individuals who can produce a candidate�one who is willing to person can accomplish. �WOW� experience that makes learn, has a strong work ethic, our clients happy. Individuals who and has a winning A person's attitude today are eager to take the creativity personality�could be hindered if might predict their future and try something new. you focus too intently on your Past performance is the most skillset. This person might even precise indicator of future performance. Throughout your - Editors’ Desk 74 \\ Small Enterprise \\ Aug 2022

COVER STORY | Small to BIG A STREAMLINED CASH FLOW EXEMPLIFIES POSITIVE FINANCIAL HEALTH OF AN MSME Cash flow and financial management are showcased that 60% of businesses fail because extremely important for MSMEs, as it helps they aren't able to keep up with their outgoings. ensure that bills and employees are paid on time. While making it difficult for a business to This, in turn, helps the business grow. MSMEs fall continue operating, a lack of cash can result in into one of three categories: manufacturing, poor sales figures. It's common for businesses to service industries, and a combination of the two. be profitable but still struggle to meet repayment Effective management of cash flow is vital to the requirements. 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 75 \\ Small Enterprise \\ Aug 2022

Fortunately, the solution is factoring in your debt will free reduced delivery cycles and can simple: MANAGE YOUR CASH up cash in the future. The tackle just-in-time deliveries. FLOW advantage of this approach is In addition to understanding your that you can avoid costly card In many cases, MSMEs have to spending, managing cash flow processing fees, and you'll get borrow money to carry out can help you make better your money sooner. day-to-day business operations. decisions. It also allows you to They need this money to order identify areas for cost-cutting. By Plan Well to Avoid Financial goods, stock them, and sell them understanding your cash flow, Hassle: As a growing business, to customers. In short, this money you'll have a clear picture of you will need money to must be available at the right what's happening and where purchase inventory, rent a time, in the right quantity, and at money is going. A good cash flow building, hire employees, and the right location. Working statement can also help you buy computers. Managing capital optimization is crucial for understand your ROI. And finally, cash flow is vital for your MSMEs to increase their cash managing cash flow can help you company's future. Many flow and avoid debt. To get the keep your vendor relationships businesses fail due to a lack of most out of their cash flow, they intact, as late payments may lead financial management, and a must manage their cash to interest and surcharges, which cash flow crisis is very real. efficiently. can ruin your business's Financial management and reputation. cash flow are crucial for a small Managing working capital business, but without proper effectively can be a challenging Prevent Negative Cash Flow: planning, you could end up process, but there are many ways One way to prevent negative facing a liquidity crisis. to address cash flow problems. cash flow is to do credit One way to address short-term checks. You should get used to Focus on Working Capital cash flow issues is to rent the tools available for Optimization & Inventory machinery/other requirements. businesses to monitor their Management Many small businesses prefer to credit score. This allows you to For a small business to maximize rent their machinery instead of spot warning signs early. The its cash flow, they need to selling it. Renting out machinery same service can be used to manage its inventory effectively. protects their cash while ensuring understand your existing This includes goods for sale, the viability of their businesses. If customer's financial health. By materials kept for manufacturing, you're able to rent out machinery, understanding your cash flow, and work-in-process. The balance you can put the cash generated you can avoid the risk of between inventory demands and from rentals in a short-term falling into a negative cash cash flow is critical for MSMEs. investment fund, which earns flow situation and reduce the Effective management of more interest than a fixed deposit chances of the business failing. inventory and cash flow requires but remains liquid. fundamental improvements in Focus on the Clients Who demand planning, inventory Manage Credits and Control Pay Timely: The other way to policies, production planning, and Overdue Debts avoid a liquidity crisis is to lead time. Investing in calculated If you're looking for apt ways to focus on attracting quality inventory or stock can be very maximize your profits, your clients who pay on time. While beneficial as it will enable business must manage its credit speed is important, many small businesses to meet both current risks and overdue delinquencies. business owners make it a and future customer demands Not managing credit risk can lead priority to increase the amount and give them discounts. To to unnecessary risks, as well as of cash in the bank. If you have enable the periodic clearing of opportunities for improvement. a large debt that you can't your stock/inventory, you must An effective credit control policy afford to repay at once, work with suppliers who offer will reduce bad debts and 76 \\ Small Enterprise \\ Aug 2022

increase working capital for Raise Financing Against Trade work. A thriving financial market critical business investments. Set Debts requires a diverse range of goals for your credit To survive the current economic lending vehicles. While management program, measure climate, MSMEs must diversify conventional bank lending is it regularly and make changes as their businesses. One way of generally easy to access, MSMEs necessary. doing so is by raising financing in developing countries are against trade debts. This sort of challenged by the absence of Establish firm payment terms with financing is more likely to be proper institutions. Therefore, customers. Make sure to agree on approved than traditional bank financial institutions and the these terms, and have them loans. Furthermore, if MSMEs use Government of India are offering written down. Whether your this method correctly, they can several schemes to offer venture customer is purchasing goods on benefit from lower interest rates. capital to MSMEs. By taking a credit or doing a service, or In addition, MSMEs may benefit professional approach, MSMEs selling a product, it's essential to from a better credit rating. But can access formal loans and raise include retention of the title how should they go about raising capital against trade debts in a clause. And to ensure customer this finance? cost-effective manner. compliance, periodic reviews are essential. Update credit checks on They need to understand your customers, and follow up different types of financing. In with any discrepancies. And, most addition to traditional bank loans, importantly, record everything. they need to understand how This will help eliminate ambiguity. different lending technologies -AVNI PORWAL 77 \\ Small Enterprise \\ Aug 2022

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COVER STORY | Small to BIG TIME MANAGEMENT Time management or self-management is the Time management can kick start by planning. most meaningful aspect of the life of businesses Planning is deciding in advance, which involves and individuals. Sometimes, it can even turn out the selection of objectives, what decision to take, to be your biggest threat. Individuals are how to take it, and when to take the future course responsible for how they spend their precious of action. Inefficiently managing time can hurt time. The way entrepreneurs and business leaders small businesses, in particular. Good time manage their time is unique to them. Time does management practices are always prolific. Studies not wait for anyone. The cause of someone not have shown that every time management tool is following a time management system can be due an aide in this competitive market environment to various reasons ranging from distractions to that businesses can use to create a productive not having a clearly defined goal. output. Time Management and its look at the harmful factors that a pending task before a benefits can result from a lack of time deadline, lack of Before describing the benefits of management: less focus on professionalism, procrastination, time management, take a quick goals, high pressure to complete poor work quality, etc. 79 \\ Small Enterprise \\ Aug 2022

A business leader has various business but also in real life. customers are not getting projects, tasks, and operational Many successful people do not products, projects, and activities to manage. It is waste time but rather spend it services at the right time. To undoubtedly challenging as a on becoming productive. One overcome this fear, the only proper time distribution will has to follow a specific approach thing that can save is help to sort out the things in to being SMART (Specific / self-management. achieving daily tasks. A Measurable / well-managed schedule has Attractive/Realistic/Time-Base Planning - Planning is a many benefits. d)and using techniques which necessity. Time management assist in efficient time tools can only be successful if How will Time Management management. the tasks get completed daily. help? Planning for daily tasks is an Set daily priorities - In easy process. It is also It will increase the speed and business life, especially in imperative to plan weeks. If agility to complete tasks small-medium enterprises, it you know the whole schedule faster within time. is common to experience for the week, it allows for sudden change. So many efficient completion of the A greater productivity rate activities and tasks are there work. brings better effectiveness in to perform. Creating daily all the activities. lists of the work to be done Learn to delegate - All the will keep the business on tasks can become a burden Deliver quality work. track and aligned with the for an individual, instead goals. should be distributed among Handling issues in a more the team to ease that burden. organized way. For example, if someone is Delegating to team members assigned six different tasks. can help immensely with time Studies have shown that How would you create an management and deciding following time management effective schedule for the priorities. Which tasks are a practices maintain a balance tasks? Make a list and put the priority for yourself—and between social and work life. first three tasks as a high then sharing those priorities priority, then the next three with your team Improve the quality of life will be a low priority. members—can give everyone and produce many new skills more clarity and boost to in personal and business life. Time limit - Time constraints finish those tasks.Assignment continually strive to push a - Transfer - Acceptance - Eventually, time management business or an individual to Accountability helps increase work efficiency finish a task within the allowing businesses and decided time limit. Once you Auditing the tasks - Just like entrepreneurs to continue being give a time limit to each task delegating the work is productive and create suitable on the list, you will find it's required, it is good to audit working conditions. Also, easier to focus and bring that the list once they have improve decision-making skills. task to completion. reached completion. Review This benefit does sound Remember to finish the the list again remaining magnificent. Having control of high-priority ones first. Once work can be added to the your key priorities can the high-priority work has list and remove the finished immensely improve your ability been taken care of, we can ones. Delegate the tasks to do work. further move in to finish the according to the members' other ancillary to-dos. capabilities and decide How to create a robust Time which to keep for yourself Management plan? Time is uncertain, and so is and which one is evident Time is invaluable, few make the the market. Imagine clients or once you audit the list. most out of it. Time is not a hidden quest and capitalizing on 80 \\ Small Enterprise \\ Aug 2022 it is immeasurable, not only in

Conclusion one activity. To master it and skills at the workplace will raise It is hard to accomplish goals all then rule it in their respective the reputation of businesses and at once - all the renowned areas. No excuses, no entrepreneurs in the market, business persons, sports distractions. It is possible by leaving a positive impact for individuals, students, and allocating time management. longer. employees consistently perform Learning time management -PALLAVI VERMA 81 \\ Small Enterprise \\ Aug 2022

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COVER STORY | Small to BIG BUSINESS SKILLS FOR WORKPLACE SUCCESS In this century, artificial intelligence, automation, forces that impact an industry's success. and technology can take control over the majority of things. It has changed the course of actions in Skills allow a person to be marketable and business life as well as in personal life. In short, provide each person with an opportunity for a the technical revolution has made things better position in a working environment. Once convenient and comfortable for humans in all you are skilled in something, people value the aspects. inputs that are brought to the organization. Business skills play a very imperative role in the Some people think it is a big concern because functioning of the business. most of the tasks are now automated and require less manpower to perform. Not only this, it has People today need a strong set of business and enormously increased the competition between entrepreneurial skills. Skills like creativity, MSMEs, leaders and employees. Hence, it is critical thinking, problem solving and becoming essential for businesses to either focus communication - are a few that a business can on delivering skills or learning new skills. possess and pass. These skills are necessary but they are not enough, there is a need to develop an Organizations should take it upon themselves to entrepreneurial mindset in young people. When empower their employees and those working with considering the future, people must be flexible proficiency in various skills. A skilled employee is and adaptable. They need to be able to see essential in keeping the organization running change before it happens and to be able to smoothly. Professionals have unique business identify opportunities and have the confidence to skills and understand the internal and external move towards them. 83 \\ Small Enterprise \\ Aug 2022

Types of skills are able to pass on information. expertise to perform a particular In contrast to hard skills, soft skills It may take a lifetime to master task. They are practical skills are harder to measure and more communication skills-if anyone that are related to fields like behavioral. They are therefore can ever claim to have done so. mechanical, surgical skills, difficult to teach. Hard skills can be To improve your communica- mathematical, information taught to individuals, such as tion skills and ensure that you technology and scientific skills. writing, reading, math ability and can effectively transmit and more. They are teachable and receive information, you can do Analytics skills - This skill refers measurable relating to any many things fairly easily. to when a person can squeeze technical knowledge whereas soft out the insights from the data skills are the total of the personali- Problem solving skills - A present. Insights extracted from ty traits a person has. Let’s dive majority of jobs require the the data can then be used to into the two kinds of skills a person ability to identify and solve make more informed decisions. can possess to perform in an problems consistently and Understanding how to collect impeccable manner in whichever effectively. In almost every job data, interpret it and communi- industry they work. role, employers value prob- cate through it comes under lem-solving skills in candidates. analytical skills. You may already be aware of the As a soft skill, solving problems skills that we have listed below. is more of a personality trait Marketing skills - With this skill, However, in this hectic business than a skill that you learned in a person can understand the life, it is often helpful to remind school, on the job, or through customers’ problems. They have you about basic needs. technical training. an innate ability to market a company’s product/service to Soft skills - are interpersonal skills The ability to understand and the target audience. Employers that are innately present in a show empathy to others is an value this skill the most as it person. Almost every job requires essential part of being a good allows them to explore the soft skills, which is why employers manager, employee, or collabo- market in a wider scope. prioritize them in candidates they rator. In response to a hire. complaint, for example, you will Summary need to listen thoughtfully to There are various forms of skills Leadership skills - This skill is the person's concerns and needed to be a successful employ- helpful in all aspects of one’s express compassion. In the er like soft skills, leadership skills, career, incorporating several workplace, empathy and along with hard skills such as different personality traits. They compassion is a valuable skill. accounting and auditing. Skillful can be developed through entrepreneurs and workers can practice overtime. When you Hard skills - are gained through life bring positive change to the lead others to achieve a shared experiences, either through studies workplace. They do innovation and goal, you use your leadership or your career. They are acquired believe in execution. Therefore, skills. Regardless of whether through specific training/educa- businesses should consistently you're leading a project or tion. focus on learning and develop- managing a team, leadership ment. This will help businesses to skills require you to influence Accounting and financing - organize such programs that can others to complete a series of These skills allow a person to be build and enhance skills. tasks. accurate in handling business finance and accounting systems “The future belongs to those who Communication skills - One of efficiently. They can maintain learn more skills and combine the most important life skills is the finances and analyze them in creative ways.” being able to communicate financial data to generate effectively. By communicating financial reports. -Robert Greene with other people, and under- standing what they say to us, we Technical skills - These skills are -PALLAVI VERMA the specialized knowledge and 84 \\ Small Enterprise \\ Aug 2022

HR RETAINING THE BEST EMPLOYEES Companies prioritize employee retention since be filled. Given this, it is critical to prioritize the replacing employees, especially effective ones, retention of your top staff. Keeping your best takes time and money. Having brilliant workers employees these days is difficult. The workplace leave your firm might pressure current employees is changing, and job-hopping is popular among who must take on more work until those jobs can millennials. Why is it so difficult to you must also nurture and Hire the appropriate people maintain your best employees engage your existing talent to It all starts with recruiting the these days? keep them from leaving. You proper individual for the job. Job How previous generations saw don't want to waste your time descriptions should be detailed employment is radically different and energy teaching employees and often updated. Those in from how it is perceived today. who will quit after a few months! charge of recruiting must correctly analyze job prospects to The workplace is changing, and So, how do you retain your most ensure they have the abilities and job-hopping is popular among exemplary employees? mentality to handle the job and millennials. As a result, employers fit in with the company's culture. who want to succeed in finding In this blog article, I'll go through and employing excellent job some best practices for doing it. If you work in the service sector, prospects must utilize new, you should choose people who inventive recruiting tactics to How do you keep your best understand and enjoy service. attract top young talent. employees? When hiring for supervisory or Here are the top suggestions for management jobs, it is critical to Aside from recruiting the most retaining your most exemplary employ skilled individuals to remarkable people for your firm, employees: 85 \\ Small Enterprise \\ Aug 2022

reduce job turnover. If you need Wellness programs provide Make your workplace a part-time workers, consider health information and assist fantastic place to work working with universities and employees in better Employees will stay in a colleges. understanding their health risk workplace that makes them feel factors and making positive included and promotes diversity. Show them alternatives adjustments. It can boost Shared workplaces are replacing If employees believe they have productivity and minimize the dreary, permanent cubicles of reached a dead-end or do not absence. yesteryear, and cooperation is the see a future with the game's name. organization, they will hunt for Employers who provide sufficient better chances elsewhere. They paid time off minimize employee Employees want to love their are significantly more likely to burnout and keep their staff more jobs. More businesses are looking remain loyal if you allow them to successful. Employees value the at the workplace environment learn new abilities and advance in ability to take a break without and attempting to make it more their jobs. being penalized, which is appealing to retain top something that many cherish employees. On-site fitness Opportunities for career more than a better income! Other facilities, for example, have advancement and mentorship are advantages include performance become prevalent in many appealing to the most competent bonuses, paternity/maternity businesses where employees are individuals. They would prefer to leave, and flexible work hours. obliged to sit in front of a stay at a firm that offers this and computer for long periods every then move to another that Trustworthy management day. provides a better wage. Making it Employees are less likely to easy for them to study and depart if they believe the Employees don't have to despise complete projects is one method organization follows the correct going to work when fantastic to encourage them to keep path. Open communication is amenities like free coffee and moving forward. You can repay vital for establishing trust and food, a pool table, and a room tuition and provide compensated instilling a feeling of ownership exist. Birthday celebrations, study time before tests. within an organization. The new parties as a reward for successful leadership style does not rely on projects, and Friday happy hours It is essential to have a fair and power to compel individuals to may all contribute to a healthy transparent assessment system to do what they desire. work atmosphere. analyze the development and Relationships, honesty, and trust acknowledge successes are essential. Make work-life balance a top periodically. The most excellent priority employees want to be challenged Your employees will be less Work-life balance is more crucial and feel like they are progressing. inclined to support you if your to employees now than it has motivations are selfish or ever been. It would help if you Provide them with incentives opportunistic. It would be best to recognized that your employees Employees are more inclined to persuade your staff to work with have a life outside work. If you stay with companies that provide you to achieve the company's force them to come in early and the best perks. According to purpose. regularly work after office hours, several polls, health benefits are they will eventually seek other the most important, followed by You may assist transmit the idea employment. retirement money. With that you trust your staff by healthcare expenses growing, a delegating critical responsibilities People may now work without solid employee health benefit to them. It may include going into the workplace thanks plan is critical for attracting top requesting someone to manage to the option to work remotely. personnel. an important meeting or make a Working remotely provides the presentation for you. flexibility that employees seek. A 86 \\ Small Enterprise \\ Aug 2022

flexible schedule is frequently button, something occurs; when Small incentives like free lunches, essential for two working parents. we send a text message, we parking, and rotational shift It does not imply that they will receive a response; and when we scheduling contribute to higher not work the same amount of play a game, we receive a score. morale. Rewards for a job well hours, but rather that they will be When employees first arrive at done can take many forms, such able to manage their job outside the company, they frequently as a bonus check or a restaurant conventional working hours. If encounter a lack of feedback, and meal ticket. they have the choice, they will they have no idea how they are frequently work longer hours doing, which makes them uneasy. Avoid multitasking than the minimal minimum. It is beneficial to conduct staff The ideal management strategy is interviews regularly to determine to give your staff clear guidance, Traditionally, the boundaries how things are progressing, and give them enough room to between work and home were listening to them demonstrates accomplish their jobs and provide pretty straightforward, and it was that you value them. feedback. They may approach once considered impolite for their task differently than you, but supervisors to inquire about their Make employees feel this should not matter as long as workers' personal life. Today, acknowledged the results are obtained. recognizing that your employees There are several modest are well-rounded and checking in methods to demonstrate your If you want to know what your on them without simply talking appreciation for your staff. Simply staff is doing all the time, they about them is essential. appreciating their work and will feel untrustworthy and will be expressing \"thank you\" may go a more inclined to leave. Employers Create two-way feedback long way. with many arbitrary rules and Many managers discount the restrictions risk losing the team to value of interacting with staff and This does not imply that you the competition. Employers have making them feel connected. should always applaud people, these limitations because they are Their responses to employee but it should be recognized if concerned about a decline in emails may be limited to a single someone does an outstanding productivity. However, employees word or two, and they may not job on a project. Companies that are frequently at their most answer at all. have a strategic recognition creative when relaxed and program have lower employee allowed to get on with their work. People nowadays are addicted to turnover. feedback; when we touch a The main takeaway: How can you maintain your most outstanding employees? Keeping your top staff requires significant effort.To begin, you must make your company talent-worthy. Then you must inspire your staff and ensure their active participation. However, putting in some time and effort is worth it because employee engagement is the key to improved company performance. - JAYA 87 \\ Small Enterprise \\ Aug 2022