Small Enterprise - July'23 Issue

14 YEARS JULY 2023, 200 VOLUME - XI, ISSUE - III INDIA.COM Aspire AEONIAN LLP RESILIENCE & REBUILDING MSMEs FOR SUSTAINABLE DEVELOPMENT Ajay Thakur Head SME, BSE SME SPECIAL COVERAGE ONBOARDING & BENEFITS FOR M S MEs



EDITOR’S NOTE www.smallenterpriseindia.com Dear Readers, EDITORIAL TEAM Within the delicate embrace of our July 2023 issue, we embark Dojo Jose : Editor-in-Chief & Publisher on a transformative journey—celebrating the unwavering spirit [email protected] and resilience of Micro, Small, and Medium Enterprises N Mahesh : Associate Editor (MSMEs) that illuminate the path toward sustainable Dhanya Menon : Features Editor development. Vaibhav A : Copy Editor In these tumultuous trials and soaring challenges, the global Sandeep Kumar : Sub Editor/ Deputy Editor economy stands at a precipice. The echoes of the COVID-19 Babu S : Senior Correspondent pandemic still reverberate, intertwining with the intricate dance of rising inflation and disruptions within the labyrinthine supply SALES & MARKETING chains. Yet, amidst this tempest, we find the undeniable Sonali strength of MSMEs—an embodiment of courage, Manager - Partnerships & Alliances determination, and an unwavering commitment to flourish. Today, I implore policy architects to venture beyond the ADMIN boundaries of recovery and embrace the transformative power Shambhavi Chauhan – Admin Officer of possibility. Let us dismantle the barriers that trap the growth of MSMEs, creating an ecosystem that nurtures their FINANCE prosperity. Through amplifying their access to capital, markets, Balraj M.S : Finance Manager and revolutionary technologies, we unlock the dormant potential within, propelling them towards unprecedented IT DEPT pinnacles of achievement. Raheel Mohammed - Manager - IT Together, through the alchemy of shared knowledge, mentorship, and the pooling of resources, we can empower Design MSMEs to transcend the uncertainties that haunt them, Parithimal E : Senior Designer emerging as beacons of inclusive growth. Small Enterprise is not just a publication—it is a testament to MANAGEMENT the remarkable spirit of human endeavor. I express my deepest Dojo Jose : Founder & CEO gratitude to the luminaries who have graced these pages, Tapasya Ravishankar : Co-Founder & Director weaving threads of wisdom and insights that enrich our Doramma Jose : Managing Director collective consciousness. Through their contributions, we breathe life into a tapestry of hope and boundless possibilities, CONTRIBUTORS crafting a narrative that inspires and shapes a brighter future. Archana : Mumbai With profound gratitude and an unwavering commitment to Harpreet Kaur : Mumbai progress, Mamta Sharma : Ahmedabad Gagneet Singh : Mohali With warm regards, Itishree S : Hyderabad Jill Shah L: Ahemedabad Dojo Jose Nidhi Arora : New Delhi Nidhi Vats : Gurgoan Dojo Jose Priya Ravindran : Bangalore Editor-in-Chief, Small Enterprise R.Sundararajan : Coimbatore Rajesh Kumar : Kolkatta Rekshma A : Chennai Smitha Venkiteswaran : Goa Viraj Desai : Delhi Abha Chopra : Delhi Shalini Jyothi : New Delhi Priyanka Bhowmick : Guwahati COLUMNISTS Smitha Hari : Mumbai Akshatha Sajumon : Bengaluru Rashida Khilawala : Ahemedabad Chackochen Mathai : Chennai MAGAZINE SUBSCRIPTIONS To subscribe to Small Enterprise magazine, please email us at [email protected], “[email protected] HOW TO CONTACT US: Aspire AEONIAN LLP (formerly Aspire Media) #630, DHI Innovation Park, Bannerghatta Main Road, Bangalore - 560 076, Email: [email protected] Web: www.smallenterpriseindia.com Disclaimer : This publication may not be reproduced or transmitted in any form in whole or in part without the written permission of the publishers. The Publishers regret that they cannot accept liability for errors or omissions contained in this issue. The opinions and views expressed within this publication are not necessarily those of the publishers or the editor. The editorial items appearing in this publication are the copyright property of Aspire AEONIAN LLP. All rights reserved.

VOLUME - XI, ISSUE - III JULY 2023 | `150/- 06 12 NEWS 06 ZAGGLE LAUNCHES INDIA’S FIRST 12 THE STORY OF A PEACE SUMMIT DO-IT-YOURSELF EXPENSE AUTOMATION PLATFORM FOR BUSINESSES 08 CONVERGENCE PARTNERS INVESTMENTS REBRANDS TO SOLCON CAPITAL 10 ENKASH IS UNLOCKING 100% ACCURACY IN ACCOUNTING AND AUDITING PROCESSES FOR BUSINESSES THROUGH ITS NEW PLATFORM OLYMPUS

20 COVER STORY 80 CREATING INCLUSIVE BUSINESS MODELS: BRIDGING THE GAP BETWEEN MSMEs AND BOTTOM-OF-THE-PYRAMID 20 SUSTAINABLE DEVELOPMENT IN THE POST-COVID ERA: CONSUMERS FOSTERING RESILIENCE AND REBUILDING FOR MSMES 83 CRISIS COMMUNICATION:MAINTAINING TRUST AND 28 ENHANCING THE SUSTAINABILITY OF SMEs BY REPUTATION FOR MSMEs IMPLEMENTING CONCEPTS OF CIRCULAR ECONOMY 88 BUILDING RESILIENT TEAMS: LEADERSHIP AND EMPLOYEE 32 CIRCULAR ECONOMY STRATEGIES FOR MSMES: WELL-BEING IN MSMEs CLOSING THE RESOURCE LOOP 91 BUILDING RESILIENT TEAMS: LEADERSHIP AND EMPLOYEE 36 CHALLENGES FACED BY MICRO AND SMALL BUSINESSES WELL-BEING IN MSMEs IN PRODUCING AND DISTRIBUTING ORGANIC AGRICULTURE PRODUCTS 94 NAVIGATING TRADE BARRIERS: INTERNATIONAL EXPANSION FOR MSMEs 39 BLOOMING SUSTAINABILITY: SMALL BUSINESSES HARNESSING THE POWER OF FLORAL WASTE FOR A 98 SMART MANUFACTURING TECHNOLOGIES FOR MSMEs: GREENER INDIA DRIVING EFFICIENCY AND INNOVATION 42 HARNESSING THE GIG ECONOMYEXPLORING 101 MANAGING CASH FLOW: FINANCIAL STRATEGIES FOR OPPORTUNITIES FOR MSMEs MSME RESILIENCE 46 FROM SURVIVING TO THRIVING: STRATEGIES FOR MSME 104 MICROFINANCE FOR INCLUSIVE GROWTH:EMPOWERING GROWTH IN A POST-PANDEMIC WORLD UNDERSERVED COMMUNITIES 49 EMPOWERING RURAL MSMEs: DRIVING ECONOMIC 107 THE ROLE OF MICRO-INFLUENCERS: AMPLIFYING MSME GROWTH IN UNDERSERVED AREAS BRANDS IN THE DIGITAL AGE 52 THE RISE OF SOCIAL ENTREPRENEURSHIP: MAKING A 111 THE FUTURE OF WORKSPACES: ADAPTING OFFICE DIFFERENCE THROUGH MSMEs ENVIRONMENTS FOR MSMEs 55 CIRCULAR ECONOMY STRATEGIES FOR MSMEs: 115 HOW ONDC IS POISED TO TAKE ON AND TRANSFORM THE CLOSING THE RESOURCE LOOP E-COMMERCE LANDSCAPE IN INDIA 58 GREEN TECHNOLOGIES: DRIVING STAINABILITY AND 125 FINANCE RESILIENCE IN MSME OPERATIONS 125 INNOVATIVE FINANCING MODELS:CROWDFUNDING AND 62 TAPPING INTO THE SHARING ECONOMY: COLLABORATIVE PEER-TO-PEER LENDING FOR MSMEs OPPORTUNITIES FOR MSMEs 128 TECHNOLOGY 66 THE RISE OF IMPACT INVESTING: SUPPORTING MSMEs WITH A SOCIAL RESPONSIBILITY 128 DIGITAL SECURITY FOR MSMEs: PROTECTING DATA AND PRIVACY IN THE DIGITAL ERA 70 ZERO WASTE MANUFACTURING: PROMOTING CIRCULAR ECONOMY IN INDIAN MSMEs 73 COLLABORATIVE PARTNERSHIPS:STRENGTHENING MSME ECOSYSTEMS FOR GROWTH 77 SCALING UP SUSTAINABLE BUSINESSES: CHALLENGES AND OPPORTUNITIES FOR MSMEs

NEWS ZAGGLE LAUNCHES INDIA’S FIRST DO-IT-YOURSELF EXPENSE AUTOMATION PLATFORM FOR BUSINESSES Businesses can transition from manual to automated XPNS cards integrated with the platform deliver expense processes within less than 30 minutes point-of-purchase visibility, keep employee spending in Quick-start do-it-yourself (DIY) expense automation line with company policy, and o ers powerful insights platform to help businesses take control and implement into spend. e cient, cost-e ective expense processing. Zaggle, a leading B2B SaaS FinTech providing spend businesses continue to use expensive and automation solutions and corporate cards, launched time-consuming manual methods, spending up to 10 XPNS, India’s rst do-it-yourself (DIY) SaaS-based hours each month and over US$5 per receipt to process employee expense automation platform. XPNS has been expenses. developed to help growing businesses optimise expense XPNS revolutionizes expense management by processing costs, improve cash ow planning, and drive empowering growing businesses with a fully digitalized bottom-line savings. India’ is among the fastest digitizing platform that simpli es the entire process from ling to economies globally and home to a ourishing start-up reimbursement. With an easy-to-access, self-service ecosystem, the third largest in the world. In today's interface, XPNS allows businesses to migrate from a rapidly digitizing economy, many businesses still rely on manual to a fully automated expense work ow in less outdated manual expense processes, resulting in than 30 minutes, reducing the time and costs of ine ciencies and increased costs. In fact, 90% of managing expenses by 75 percent. 06 \\ Small Enterprise \\ Jul 2023

Speaking on the occasion, Raj N, Chairman and Founder, manage cards directly from the system and de ne Zaggle, stated; “XPNS represents another signi cant step spending limits, to manage budgets and minimise the forward in our commitment to providing impactful incidence of fraud and overspending. XPNS o ers a range of bene ts to customers, including: nancial automation solutions that generate bottom-line savings for businesses. Do-it-yourself applications have improved compliance backed by a powerful transformed the consumer payments space and our rule-based engine for de ning, policies, compliance customers, especially tech-savvy businesses, expect checking expenses, and agging real-time policy similar intuitive consumer-grade solutions to manage violations. business payments. With XPNS, we’re excited to rede ne accurate expense records and fewer exceptions our industry in terms of innovation and customer through machine learning-based optical character expectations. We want to provide the best and most recognition (OCR) that \"reads\" receipt images and intuitive expense processing solution to streamline submits detailed, line-item expenses without manual expenses, strengthen nancial controls, and achieve a data entry. healthy bottom line.” enhanced decision-making agility with real-time Speaking on the launch, Avinash Godkhindi, MD & CEO, insights into operations and expenditure patterns. Zaggle, said; “In today’s digital economy, many reduced reconciliation overheads, faster businesses are still managing expenses manually. There is end-of-month closing, and e ortless auditory a signi cant demand for innovative technology solutions compliance. to modernise expense management and maximise Increased employee satisfaction with the companion e ciencies. However, businesses are caught between XPNS app, enabling convenient expense submission either traditional manual methods or automation and approval, card account management, mileage solutions primarily designed for large-scale enterprises recording, and reimbursement tracking. with complex functional requirements and integrations For any more information please visit - that are ill-suited to their needs. With XPNS, our primary https://www.xpns.com/ focus is to empower growing businesses with solutions that deliver speed, simplicity, and employee delight.” The platform combines the power of the core expense management software with XPNS prepaid cards, seamlessly integrating the two. Businesses can issue and 07 \\ Small Enterprise \\ Jul 2023

NEWS CONVERGENCE PARTNERS INVESTMENTS REBRANDS TO SOLCON CAPITAL NEW DELHI, UAE - 13th June 2023 – Convergence demonstrating its leadership in innovation and Partners Investments, the deep tech investor started by disruptive solutions. It is working on its agship AI-based Andile Ngcaba in 2003 announced it has rebranded to investment management platform, Solcon 360 to be Solcon Capital. The move comes as the Company unveiled at its 20th anniversary celebrations this October. launches a big push to empower global deep tech This platform will enable investment companies to growth through platform economics. manage pipelines, VDR, and operations of their portfolios Convergence Partners Investments (now Solcon Capital) more e ectively. With its own Large Scale Language was the rst vehicle structured as a permanent capital Model (LLM), Solcon 360 will allow investment vehicle in the Convergence Partners stable. Andile companies to capitalise on Generative AI and build Ngcaba remains rmly invested in and continues to drive custom models tailored to their investment needs. the growth at Convergence Partners, which will continue As part of the rebranding, Solcon also announced the to focus on private equity through its current and future appointment of Pramod Venkatesh as CEO starting 1 digital infrastructure funds. August 2023. He will spearhead the global growth of the Under this new brand, Solcon will focus on international company. Pramod has extensive experience in managing deep tech investments in Generative AI & Large and building Deep Tech companies ground up garnered Language Models (LLM), Synthetic Data & Big Data, from Silicon Valley. Prior to joining Solcon Capital, Cybersecurity, and Quantum Computing across South Pramod was the Group CTO of inq. where he was Africa, India, and Southeast Asia, leveraging scale responsible for building products & solutions around AI, through platform economics. Solcon is already SDN & Edge Computing. 08 \\ Small Enterprise \\ Jul 2023

Andile Ngcaba, Chairman of Solcon Capital, expressed his \"The technology sector has undergone some incredibly excitement about the future of the company and transformative changes with signi cant innovations in AI, Pramod’s appointment: \"Solcon Capital has a 20-year LLM, and Space Tech which have already begun to history of innovation and disruption through dramatically reshape the global business landscape. As a investments in companies that have built undersea Deep-Tech Investor along with our rich two-decade-long cables, long-haul bre, Big Data etc. In this new chapter, history in Africa, Solcon Capital has been a fundamental Solcon Capital will be known as one of the leading global driving force behind the radical transformation of the Deep Tech investment companies. We are excited to Continent's tech ecosystem. As we step con dently into bring onboard Pramod Venkatesh, with extensive the future, we remain committed to leveraging our experience in Silicon Valley and expertise in building global portfolio to extend our African footprint, while deep tech companies. Pramod will execute Solcon concurrently investing in African deep-tech companies in Capital’s 2035 strategy. With Pramod at the helm, we will their global expansion e orts. I am profoundly grateful to continue to disrupt deep tech and are excited to show the shareholders, directors, and the Chairman for what the future holds.” entrusting me with the responsibility of spearheading Brandon Doyle, Director Solcon Capital said: “The Solcon Capital on its journey towards actualizing the exponential growth of Convergence Partners in the past 2035 Deep Tech strategy.\" said by Pramod Venkatesh, 20 years and our geographic expansion to new Asian CEO, Solcon Capital. markets make this strategic move of rebranding our Solcon Capital will celebrate its 20th Anniversary on the permanent capital vehicle to SolCon Capital timely and 25th of October 2023 through a Conference and ideal given the strides we have made. We welcome Hackathon on Web 3.0 and Generative AI in Sandton, Pramod to drive our global deep tech strategy and South Africa. ensure we make use of cutting-edge technologies to assist us with portfolio management.” 09 \\ Small Enterprise \\ Jul 2023

NEWS ENKASH IS UNLOCKING 100% ACCURACY IN ACCOUNTING AND AUDITING PROCESSES FOR BUSINESSES THROUGH ITS NEW PLATFORM OLYMPUS A smart digital payments platform especially designed for that helps businesses stay on top of their cash ows startups and traditional businesses that seamlessly - Reduces Day Sales Outstandings (DSOs) and improves integrates accounting with banking Day Payable Outstanding (DPOs) by 40% for small to - Rides on deep integration as a one-stop integrated solution mid-size businesses, enabling cost cuts & revenue growth EnKash, Asia’s 1st and smartest spend Management platform has launched“Olympus,”an industry- rst solution comes with “plug & play”integration capability in that automates business payables and receivables. Mid-size completely DIY mode. It seamlessly wraps itself atop any and especially traditional businesses lack experience and business's existing accounting and enterprise resource accessibility of digital payments considering the high costs planning (ERP) software. It provides a highly cost-e ective and e orts involved. While larger companies get desired and superior experience to streamline payables & technology solutions from banks and their software collections. Businesses can onboard themselves with an providers, startups and small to midsize businesses have easy 2-step process without disrupting their accounting, struggled for a long time. EnKash’s platform, Olympus, is policies, processes & banking relationships. focused on startups & small to midsize businesses and Olympus is a powerful technology stack designed to empower businesses with greater e ciency and 100% 10 \\ Small Enterprise \\ Jul 2023

accuracy in accounting and auditing processes. It also The platform enables businesses to set up customized automates cumbersome and repetitive manual processes approval matrices to expedite payment approvals without such as transaction entries, bank reconciliation, payment compromising transparency and internal compliance. Its management, collection management, expense tracking, built-in Spends Control feature enables businesses to and invoice management. Current beta customers have decentralize their payments by authorizing employees reported more than 40% improvement in their processes, across branches or o ces to make business expenses bringing close to 50% overall cost savings. Another without exceeding the set spending limit. important aspect reported by customers is mitigating risk “Traditionally, businesses have remained highly and fraud in their business transactions, as Olympus only underserved, as most enterprise-grade banking solutions onboard validated buyers & suppliers and can auto- ag are designed based on the requirements and budgets of whenever there is a mismatch. As a seamless bridge large enterprises. While large enterprises have automated between accounting and banking, Olympus facilitates their Accounting, Reconciliation, and Audits via ERP end-to-end AP management through features like solutions, mid-market enterprises (MMEs) continue to remittance automation and real-time automated payment undertake these processes manually. Much of this entry into the underlying accounting platform. However, its dependency on manual work in this segment is caused by unique selling proposition (USP) is its receivables the exorbitant prices of ERP solutions. At EnKash, we management feature. understand this gap in the market and are committed to Olympus powers automation built on a bedrock of innovating tech- rst products for the mid-sized business technology and data. Customers can use the platform to segment. It is specially designed to meet Accounts Payable dispatch bulk invoices and attach payment links through a and Account Receivable automation requirements of MMEs single click. Olympus handles the entire collection cycle, and comes at a feasible price to meet their budgets.” from invoice delivery to payment reminders to real-time Hemant added. reverse entry into the accounting software for online and With the launch of Olympus, EnKash continues to introduce o ine transactions. Smart algorithms integral to the innovative customer- rst B2B digital banking products for Olympus stack intelligently solve complex reconciliation mid-sized businesses. The brand was founded in 2018 by and reporting tasks. Real-time multi-bank reconciliation is “Payments”industry veterans Naveen Bindal, Hemant one such feature that helps organizations save multiple Vishnoi, and Yadvendra Tyagi to build ingenious payment man-hours on a daily basis. Additionally, the integrated digitization and automation solutions in the B2B space for analytics dashboards provide detailed MIS to help CXOs and MMEs and Startups. decision-makers derive actionable insights by leveraging Watch Video: the power of data consolidation across multiple aspects of https://www.youtube.com/watch?v=uPdieO6CFQI their business Speaking on the launch, Hemant Vishnoi, Co-founder, EnKash, said, \"As one of the highest contributing sectors to the economy, MMEs (Mid-Market Enterprises) need consistent tech empowerment that makes them e cient in their operations. With the launch of Olympus, we have used our team’s experience & expertise to assist them in adopting tech-based solutions. Being pioneers with a steep & long learning curve in this space, the team is doing a fantastic job of providing innovative o erings to businesses that lacked experience and accessibility of nancial & non- nancial products.” 11 \\ Small Enterprise \\ Jul 2023

THE STORY OF A PEACE SUMMIT A very beautiful be-attitude that touched me was when one late night, Dr. Abraham Joseph, former Chief Senior Socio-Economic Advisor to the UN called me from Ubud, Bali, Indonesia informing me that Kochi was selected as the next venue in India to host the International Peace20 Youth Summit 2023 supporting the G20 Heads of State Summit presided by the Government of India in New Delhi. The Summit was to be hosted by the youth, for the youth, and of the youth exhorting G20 leaders, world leaders, and the UN Secretary-General that the youth does not want War, Conflicts, Tensions, violence, and non-Tolerance, but wanted Peace, Development, Harmony, and Prosperity in the World. To me, this call from Dr. Abraham was divine, a call and an invitation to do good and leave this world, as these were the last few words of my father to me before he passed away 24 years ago. When I see innocent youth taking away their lives after going into depression, hopelessness, and helplessness over their future, the need for Peace Making was very clear. The world needs today, love, joy, and peace above all, at all levels starting from children to the youth, families to the elderly, societies to states, and to nation-states. Peace in ACTION is the NEED of the HOUR. 12 \\ Small Enterprise \\ Jul 2023

Let us join hands together, be together and work Let us UNITE for PEACE! Being fully human and fully together to EVANGELIZE this Peace Mission initiated ALIVE! by the United Nations through the implementation of the 17 Sustainable Development Goals by 2030. The PLEDGE : www.peacegate.in/ip20ys-pledge UN Agenda 2030. Let us become the Peacemakers and the Peace Ambassadors of this world by taking the PEACE PLEDGE and expressing our SOLIDARITY with the UN and exhorting the world leaders together, to GIVE PEACE a chance and share it with others. Anil Joseph Humanitad Foundation, UK Director - Indian Affairs www.humanitad.org/people Secretary General IP20YS Kochi 2023 www.ip20ysindia.in 13 \\ Small Enterprise \\ Jul 2023

INTERNATIONAL PEACE20 YOUTH (IP20Y) SUMMIT 2023 KOCHI, KERALA The International Peace20 Youth Summit had its patronage of Prince Dr. Damien Dematra, Princess inception in Bali, Indonesia in 2022. Prior to the G20 Natasha Dematra and Princess Cheryl Halpern. An Leaders meeting in Bali, Indonesia, the Youth and outcome of the Summit was the “Peace Pledge” Civil Society met in Bali on November 1-2, 2022, taken by all participants. They also announced to where they organized an International Peace20 Youth support and celebrate Indonesia’s G20 leadership (IP20Y) Summit to promote a culture of peace, and called on G20 Leaders to take effective measures harmony, and sustainable development amongst the to solve the global multiple crisis – Conflicts, Climate Youth. The Summit was organized through the Change, Covid, Cost of Living (Inflation), and in 14 \\ Small Enterprise \\ Jul 2023

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particular to make a pathway for a Fair and Better proactive role in galvanizing the Youth to work for a World for future generations. Also 23,000 signatures hopeful, peaceful and creative future. The Sustainable were collected from all over the world by fixing their Development Goals of the United Nations Agenda signatures for “Peace Pledge”. 2030 is one such platform that can instil hope for the future, harnessing the creative potential of the Youth Building on the legacy of the IP20Y Summit in Bali, a and their innate motivation to do good. The similar summit is planned to be held in Kochi on International Peace20 Youth Summit is conceived as 11-12 August 2023, India a month prior to the official a convening platform for increased interaction and meeting of G20 Leaders in India, September 2023. collaboration between the United Nations 2030 The International Peace20 Youth Summit Kochi will Agenda’s Sustainable. be a Civil Society initiative for, of and by the Youth to promote peace and sustainable development, locally Development Goals and the Youth. There is and globally, and call on the G20 Leaders to advance increasing acknowledgement that such initiatives, in peace, end conflicts and promote sustainable addition to instilling hope in the Youth, help hone development. A key focus of the Summit would be their capacities for civic engagement thereby the mobilization and acceleration of the Sustainable becoming active citizens. Youth are effective ‘Agents Development Goals of the United National Agenda of Change’, and should become increasingly aware of 2030. the powerful agency they are endowed with for bringing positive change, through non- violent and Purpose of the Summit peaceful means. The Youth bear the brunt of the contemporary challenges faced by the world such as rising conflicts, Expected Outcomes inequality, environmental degradation, public health A Summit for, of and by the Youth – the Working deterioration, loss of livelihoods and unemployment. Committee of IP20Y Summit Kochi is comprised of In this context, the civil society needs to play a more 2 Youths (male and female) from the participating 16 \\ Small Enterprise \\ Jul 2023

institutions of higher education in and around participation of 2500 Youth at the Summit and Kochi and empower them as ‘Agents of Change’ many more through the online platform. through direct participation. Youth worldwide would sign the Peace Pledge and Peace League Institution Certificate would be receive a Certificate for the same. The pledge is a awarded to every Educational Institution that are succinct statement to promote peace and closely working with the coordination and sustainable development by the Global Youth. organization of the International Peace20 Youth (The screenshot of the Peace Pledge is provided Summit. This Peace League shall be expanded below and the same can be accessed by clicking further to carry out peace and sustainable on this link: development activities beyond the Summit and in https://www.peacegate.in/pledge-to-peace) the future also add other educational institutions in Kerala and beyond into its fold. This will help Plan for implementation foster a culture of peace and sustainable The Organizing Committee is the key force behind development across educational campuses. the conception, planning, and implementation of the International Peace20 Youth Summit. They are Amplification of the SDG implementation assisted by an able team of Advisors drawn from an (localization of SDGs) by educational institutions, experienced pool of UN Officials, Academicians, and industries and Civil Society, fostering a culture of Development Experts. The profile of the team can be sustainability across sectors and domains. The viewed on the following link of the IP20Y Summit Summit has sessions on SDG implementation website: where select organizations who have exemplified https://www.ip20ysindia.in/copy-of-our-advisors. The leadership on SDG implementation present their actual implementation of the Summit on the ground work. will be organized, coordinated, and implemented by the Youth drawn from educational institutions in and Localization of SDG’s and lessons learnt during around Kochi. The Organogram below illustrates the implementation would be communicated to the various steps in the implementation of the Summit United Nations through the participating UN and teams buttressing it: Officials attending the Summit. Enhance overall awareness on Sustainable Development Goals of United Nations Agenda 2030 amongst the Youth through the physical 17 \\ Small Enterprise \\ Jul 2023

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COVER STORY | SUSTAINABLE DEVELOPMENT SUSTAINABLE DEVELOPMENT IN THE POST-COVID ERA: FOSTERING RESILIENCE AND REBUILDING FOR MSMEs In a world where small businesses lay the very particular day is a powerful reminder of the foundation of economies, their significance pivotal role that MSMEs play in shaping our cannot be overstated. They are the engines that societies and propelling us toward a prosperous drive economic growth, ignite innovation, and future. create countless employment opportunities. It is with great enthusiasm that the global community On this special occasion, Small Enterprise India comes together every year on the 27th of June to conducted a webinar in association with Madras celebrate International Micro, Small, and Chamber of Commerce & Industries (MCCI) and Medium-sized Enterprises (MSME) Day. This Equitas Small Finance Bank. Industry experts conveyed the Post Pandemic World”. Customer Experience and Loyalty: very essence of International K.Saraswathi, Secretary General, Strategies for Retaining and MSME Day and why its celebrated MCCI, spoke about “Circular Engaging MSME Clients” . The every year on 27th June. The Economy Strategies for MSMEs : last session was delivered by keynote address was delivered by Closing the Resource Loop”. Later, Ashutosh Taparia, Chief Revenue Ranganath N Krishna, Former MD, an engaging session was Officer & MD Enterprise Business, Grundfos Pumps India Pvt.Ltd., on presented by Neetu.V.Bansal, CredAble on the topic, “Managing the topic “Surviving to Thriving: Business Coach & Mentor, Cash Flow: Financial Strategies for Strategies for MSME Growth in a BusinessKarya.com on the topic “ MSME Resilience”. 20 \\ Small Enterprise \\ Jul 2023

Few images form the webinar: hurling them into difficulties. The hardships experienced by Overnight, they were dealing with eateries were significant, and The Impact of the COVID-19 lockdown procedures, interrupted many had to close or operate Pandemic on MSMEs supply chains, and a grim at reduced capacity. As we navigate the aftermath of economic outlook, all of which the unprecedented COVID-19 were new challenges for them. To Small hotels, B&Bs, and travel pandemic, the theme of resilience put it mildly, it wasn't easy. agencies saw a dramatic drop and rebuilding takes center stage in bookings and cancellations, in the world of MSMEs. These There's a sobering story in the threatening their existence in small businesses have faced data. The International Finance the tourist and hospitality immense challenges, yet they Corporation (IFC) reported that industry. continue demonstrating 20-30% of Micro, Small & remarkable tenacity and Medium-sized Enterprises The digital world was no easier determination. (MSMEs) across the globe were at for MSMEs. Competition from risk of closing permanently larger platforms made it In this article, we will journey to because of the epidemic. difficult for small online stores explore the true significance of According to the World Bank, to stand out and keep International MSME Day. We millions of jobs were lost as customers returning. delve deep into the challenges MSME employment declined by MSMEs face and shed light on the an anticipated 8.8 percent Government Support for invaluable strategies and insights worldwide in 2020. Revenue MSMEs they can employ to navigate the dropped for an estimated 44% of The COVID-19 pandemic has complex landscape of the small firms in the United States brought hardship, but the Indian post-COVID business world. alone. government has steadfastly determined to support MSMEs' Imagine the streets and markets, Small, locally owned resilience and reconstruction. which were the lifeblood of local businesses that rely primarily commerce, suddenly empty and on foot traffic and in-store The Atmanirbhar Bharat Abhiyan silent. The COVID-19 epidemic purchases suffered severe (Self-Reliant India effort), which particularly devastated MSMEs, losses. strives to make MSMEs globally competitive, is one such 22 \\ Small Enterprise \\ Jul 2023

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outstanding effort. This Micro and Small Enterprises guiding light for MSMEs. Through comprehensive initiative (CGTMSE) have also strengthened this initiative, MSMEs can explore combines financial aid, credit MSMEs' access to financing. These new markets and provide goods support, and legislative changes actions have increased lender and services that adhere to to give MSMEs a solid foundation trust, facilitating the funding of international standards while also to grow in the post-pandemic era. MSMEs and giving innovation and fostering innovation and risk-taking the much-needed encouraging the adoption of new Strengthening the Foundation: boost they require. technologies. A Lifeline for MSMEs The government also offers Navigating the Path to Success: Navigating the Post-COVID Era: MSMEs a lifeline under the A Supportive Ecosystem Strategies for MSMEs revolutionary Emergency Credit Government support for MSMEs The COVID-19 pandemic has Line Guarantee Scheme (ECLGS). extends beyond financial aid; it brought about significant Due to this initiative's ability to also includes regulatory easing paradigm shifts in the business provide MSMEs with and tax incentives that foster a landscape. Consumer behaviors, collateral-free loans, they have growth-friendly environment. market dynamics, and been nothing short of saved. technological advancements have These grants have assisted The government has lessened the all undergone transformation, MSMEs in covering their financial burden on MSMEs, presenting challenges and operating costs, retaining their enabling them to be more opportunities for MSMEs. devoted employees, and competitive by lowering GST rates rekindling their sense of for particular sectors. To thrive in the post-pandemic enterprise. era, MSMEs must embrace The \"Make in India\" policy, which change and adapt their strategies Financing guarantee programs supports domestic production and business models accordingly. like the Credit Guarantee Trust for and independence, is another 23 \\ Small Enterprise \\ Jul 2023

Adapting Strategies for Practical Tips and Insights your greatest asset – your Resilience and Growth workforce. Help your The post-COVID era demands a Embrace Digital employees adapt to the fresh perspective on business Transformation: Utilize social changing landscape by strategies. MSMEs need to think media platforms, e-commerce providing opportunities for outside the box, explore new channels, and data analytics to upskilling and reskilling. avenues for growth, and diversify gain a competitive edge in the their offerings. It's time to digital realm. Manage Finances Prudently: leverage digital technologies, Monitor your cash flow closely, expand online capabilities, and Prioritize Customer Experience: explore funding options find innovative ways to deliver Put your customers at the available through government customer value. heart of everything you do. schemes or financial Offer personalized experiences, institutions, and ensure But success doesn't come in efficient customer support, and financial stability. isolation. Building strong seamless online transactions to partnerships and collaborations build lasting relationships. Overcoming Challenges: Access within the business ecosystem is to Finance and Markets vital. By joining forces with other Focus on Agility and Access to capital, stringent MSMEs, industry associations, or Innovation: Stay agile and lending requirements, and even larger corporations, MSMEs open to change. Create an high-interest rates pose can unlock new markets, gain ecosystem of innovation within significant hurdles for MSMEs. To access to valuable resources, and your organization, encouraging overcome these challenges, collectively overcome challenges. creativity and continuous MSMEs can explore alternative improvement. credit options such as Thriving in the New Normal: crowdfunding, peer-to-peer Upskill and Reskill: Invest in 24 \\ Small Enterprise \\ Jul 2023

lending, or government-backed achieve this by embracing digital opportunities equips the loan programs. They can enhance platforms and e-commerce workforce with new skills, their funding prospects by channels and implementing adaptability, and industry building strong relationships with strategic social media marketing. awareness. This fosters a culture financial institutions and Active participation in trade of innovation, boosts productivity, improving their financial shows, industry events, and expos and strengthens the foundation management practices. enable MSMEs to connect with of the business. potential customers and explore Moreover, MSMEs can tap into new markets, opening doors to To support capacity development, diverse funding sources beyond growth and success. MSMEs can leverage online traditional banks. Venture capital learning platforms, industry firms and angel investors provide Building Resilience: Upskilling associations, and government avenues for funding. Additionally, and Capacity Development initiatives that provide tailored government grants, subsidies, and In an ever-evolving business skill-building opportunities. entrepreneurial support programs landscape, upskilling and Collaborating with educational offer valuable financial assistance continuous learning are key to institutions, industry experts, and to fuel growth. building resilience for MSMEs. business consultants allows Investing in comprehensive MSMEs to tap into valuable Expanding market reach is crucial employee training programs, insights and expertise, keeping for MSMEs to thrive. They can workshops, and mentorship them ahead of the curve. 25 \\ Small Enterprise \\ Jul 2023

Collaboration and Networking Online and offline networking Conclusion for MSMEs platforms provide avenues to Let's take a moment to recognize Collaboration and networking connect with potential MSMEs' excellent resiliency, play a pivotal role in the success collaborators, investors, and endless ingenuity, and steadfast of MSMEs. By forming meaningful mentors. Developing a strong resolve. Seeing their steadfast partnerships, MSMEs can share personal brand, nurturing attitude in the face of hardship is resources, access new markets, professional relationships, and very inspirational. As we move and gain valuable industry harnessing the power of social ahead, MSMEs must take insights. Collaborating with other media enhance networking advantage of the numerous like-minded MSMEs, industry efforts, facilitating the exchange opportunities, maintaining associations, and larger of ideas and opening doors to sustainability as a guiding corporations unlocks growth new possibilities. principle. opportunities and creates a synergistic environment where MSMEs can expand their horizons, collective success can thrive. drive innovation, and achieve sustainable growth in a dynamic MSMEs actively engage in business landscape through industry events, conferences, and effective collaboration, upskilling business forums to foster initiatives, and strategic collaboration and networking. networking. -SUMANT 26 \\ Small Enterprise \\ Jul 2023



COVER STORY | SUSTAINABLE DEVELOPMENT ENHANCING THE SUSTAINABILITY OF SMEs BY IMPLEMENTING CONCEPTS OF CIRCULAR ECONOMY The World Commission on Environment and In this article, the aim is to appreciate/ elaborate Development (WCED) has defined sustainable on how SMEs can contribute towards development as a \"development that meets the sustainability and get benefited in the long run. needs of the present without compromising the By using resources responsibly, SMEs can profit ability of future generations to meet their own since it can lead to cost reduction and improved needs\". The focus of sustainability, as per WCED, revenue. This would help SMEs to improve both is preserving the resources so that the future their top and bottom lines along with making the generation can continue to live on this planet with planet sustainable. all the resources that are currently available to us. SMEs are known to have resource Reduce, Reuse, Redesign, dispose/dump them. However, in constraints, and they look for Remanufacture, Recycle, and CE, the focus is to take minimum cost-effective solutions. One Recover. The alternative/opposite resources and use them to make cost-effective way to implement approach to CE is the linear products/services, and at the end sustainable measures by SMEs is economy, which believes in the of the service life, convert their by applying the principles of ‘Take, Make, and Dispose’ worth using 6-Rs so that some Circular Economy (CE). Circular approach. In a linear economy, more value can be extracted from economy advocates closed-loop the natural resources are taken to these resources. material flow using the 6-Rs make products/services so that concept. These 6“R”s refer to customers can use them and then 28 \\ Small Enterprise \\ Jul 2023

Let us understand how these 6 initial use is ‘Reuse’. For example, could be employed. Redesigning “R”s can be implemented by the scrap/waste material the production process or SMEs. generated during manufacturing operations of an SME can also Reduce: Using fewer resources, can be reused in other products. help in saving resources. Any such as raw materials, energy, In some cases, the sub-process that do not add value human efforts, office space, etc., is by-product/waste of one firm can can either be removed or merged the focus of the ‘Reduce’ concept be used by another firm, which is with other sub-processes. This is of CE. The manufacturing or an example of reuse. Selling also known as value chain operations can also be modified by-products or scrap is another optimization. While redesigning, so that fewer resources are way to increase revenue it is crucial to note that the cost of consumed. Avoiding wastage is (improving the top line). redesign should be less than the another approach to reducing the benefits derived from a redesign. usage of raw materials. Reduction Redesign: The art/science of Only then would a redesign lead in the procurement of raw designing something again in a to cost-saving in the long run, materials is cost-saving for SMEs, different way so that less leading to improving the bottom leading to the profitability of the resources are employed is to line. firm (improving the bottom line). ‘Redesign’. Redesigning is applicable for both the product Remanufacturing: Reuse: The practice of using an and the process adopted by an ‘Remanufacturing/Rebuilding’ is item for another purpose after its SME, whereby less resources the process of making a product 29 \\ Small Enterprise \\ Jul 2023

by using a combination of by-product or waste product of recovery costs are kept minimum defective or repaired, reused another industry. This could using technology so that the cost parts, along with some new parts. facilitate the establishment of new of the extracted metal is less. The Rather than discarding defective SMEs. ship-breaking industry uses this parts/products, they can be concept of recovery to extract remanufactured into components Recover: To regain used valuable materials and where the quality requirements resources is known as ‘Recover’ in components from old ships. are less stringent. During CE. Recovering some material ‘Recovery’ provides an remanufacturing, resources are from defective/used items is an opportunity for establishing some reused, leading to cost savings effective way of getting back SMEs with this as the focus. and improving the bottom line. some raw materials. For example, from a defective printed circuit From the above discussion, it can Recycle: The process of board (PCB), some precious be observed that the 6-Rs recovering and reprocessing metals such as Silver, Platinum, practices of CE can be waste or defective material is Palladium, Gold, Copper, implemented by SMEs to improve considered Recycling in CE. These Aluminium, Tin, and Lead can be the sustainability of society. Any are some practices that SMEs can recovered, in addition to practice becomes sustainable only implement to reduce the usage of retrieving some organic and when the triple bottom line (TBL) resources such as raw materials, ceramic items. A PCB contains improves. (TBL refers to Economic, energy, and human efforts. Some approximately 40 % metals, 30 % Social, and Environmental SMEs can be established with the organic products, and 30 % parameters). Implementation of focus on only recycling the ceramics. It is important that the these 6-Rs would, thus, help to improve the economic, social, and environmental values for both society and SMEs. The best aspect of implementing the 6-Rs is that, in addition to improving sustainability, it also helps SMEs to improve their profitability. Dr. S. Navaneetha Krishnan is an Associate Professor at T A Pai Management Institute (TAPMI), which is a constituent unit of the Manipal Academy of Higher Education (MAHE). His research and teaching interest is in the intersection of Business Strategies, Sustainability, Resilience, Management accounting, Entrepreneurship, Innovation, and Technology management. 30 \\ Small Enterprise \\ Jul 2023

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COVER STORY | Sustainable Development CIRCULAR ECONOMY STRATEGIES FOR MSMEs: CLOSING THE RESOURCE LOOP Small and medium-sized businesses (SMEs) of firms as global transition process accelerators, contribute substantially to Europe and are we identified key pillars of CE (power, essential to the ecological shift from a linear to a relationships with investors, and innovation) that circular economy (CE). In the theory of transition SMEs should manage in an integrated way to management, which emphasizes the active role accelerate the transition toward circularity. MSMEs have a rare chance to MSMEs in India are discussed, and the optimization of maximize resource utilization, along with some significant production processes are made lower waste production, and tactics that help create a more possible by implementing increase profitability through resilient and sustainable business data-driven solutions, such as circular economy initiatives. model. predictive analytics and Internet Using these techniques, MSMEs of Things (IoT) gadgets. These can alter their business The efficiency of circular tools give MSMEs the power to operations and become more economy plans for MSMEs can decide with knowledge and spot resilient, competitive, and also be considerably increased by opportunities for resource environmentally conscious. The embracing digital technologies. optimization and waste advantages of implementing Better resource monitoring, reduction. circular economy principles for effective inventory management, 32 \\ Small Enterprise \\ Apr 2023

The idea of a circular economy there are prospects for cost Regulatory Compliance has acquired much support as a savings, revenue generation, By adopting circular economy sustainable response to resource and the growth of new principles, MSMEs can comply shortages and environmental markets for recycled materials, with rules governing waste deterioration in today's in addition to reducing landfill management and fast-paced society. In order to trash. environmental standards achieve a sustainable future, it is without incurring fines or necessary for Small and Chain of Value Optimization other costs associated with Medium-Sized Enterprises Improving the value chain is compliance. (MSMEs) to actively participate in another essential component closing the resource loop. of adopting the circular Enhanced Reputation economy for MSMEs. MSMEs can enhance their I will talk about how MSMEs in Collaboration with vendors, reputation by implementing India are adopting the ideas of clients, and other interested sustainable practices and the circular economy, parties can result in shared displaying a dedication to emphasizing the advantages of resources, coordinated efforts, circular economy ideas, which resource efficiency, waste and higher value generation. can draw in environmentally reduction, and value chain MSMEs might look into aware clients and business optimization. chances for reverse logistics, partners. which involves recovering Resource Efficiency goods and materials at the Opportunities in New MSMEs in India may now use end of their useful lives and Markets resources more effectively reintegrating them into the Adopting the circular because of implementing value chain. MSMEs can save economy concept gives you circular economy ideas. costs, increase resource access to new markets that MSMEs can further improve utilization, and improve their value sustainable products. resource efficiency and market competitiveness by develop a circular business optimizing the value chain. Cost savings model that encourages By adopting circular economy sustainability and resilience by Cost savings principles, MSMEs can adopting sustainable By adopting circular economy optimize resource use, cut procurement practices and principles, MSMEs can waste production, and reduce using renewable resources. optimize resource use, cut operational costs. waste production, and reduce Trash Cutting operational costs. Long-Term Cost Stability The concepts of the circular MSMEs can lessen their economy strongly emphasize Increased Productivity dependency on variable raw reducing, reusing, and Circular economy tactics are material costs by using circular recycling garbage. MSMEs can implemented to increase economy principles, providing reduce waste generation by resource efficiency, boosting long-term cost stability and implementing waste productivity and overall lowering financial risks. segregation, product redesign, corporate performance. and remanufacturing Resource Security techniques. MSMEs might Environmental Protection Adopting the concepts of the explore creative solutions like MSMEs help to protect the circular economy helps industrial symbiosis, where environment and advance MSMEs ensure their access to one organization's trash sustainability by reducing their necessary resources, lowering becomes another's input, by dependency on finite their reliance on outside considering waste as a resources and their suppliers and reducing the valuable resource. As a result, environmental effect. risks connected with resource shortages. 33 \\ Small Enterprise \\ Apr 2023

Conclusion eco-friendly business model by with increasingly limited MSMEs in India have enormous maximizing resource resources and aligns them with opportunities to promote consumption, lowering waste global sustainability goals. sustainable growth, resource output, and encouraging efficiency, and waste reduction collaboration across the value -JAYA by implementing circular chain. Adopting circular economy economy principles. MSMEs can principles prepares companies develop a more robust and for long-term success in a world 34 \\ Small Enterprise \\ Apr 2023



COVER STORY | SUSTAINABLE DEVELOPMENT CHALLENGES FACED BY MICRO AND SMALL BUSINESSES IN PRODUCING AND DISTRIBUTING ORGANIC AGRICULTURE PRODUCTS Small businesses play a crucial role in supporting agricultural produce. Several small-scale the organic agriculture industry. Today, more enterprises have mushroomed to support organic people want to consume organic food products as farming; some of them are suppliers of organic these are considered healthy options since they fertilizers, facilitators in packing organic are free from chemicals; plus, these are also products, and distribution and selling of organic considered to be environmentally friendly. The products. However, these small-scale enterprises demand for these products is increasing. encounter a unique set of challenges that can Therefore, there is a need to support organic hinder their ability to survive in the competitive agriculture. If organic farming is to grow and be market. In this article, we will explore some of undertaken in a sustainable manner, then there is the key challenges faced by small businesses in a need for support from business teams in producing and distributing organic agriculture producing, packaging, and distributing organic products. Many small business owners often organic agriculture practices. understanding of sustainable face challenges related to their lack Organic farming requires farming methods, soil of knowledge and expertise in specialized skills and an management, pest control, and 36 \\ Small Enterprise \\ Jul 2023

crop rotation techniques. Lack of contains fish thorns, there are milk, which is used as a health access to formal training and chances of labour’s hand getting drink. There is a good demand for education, as well as limited hurt when the liquid fertilizer is this product, and the firm wants to exposure to industry best practices, extracted. The firm is unable to scale up its production so that they can hinder micro-businesses from mechanize the production process can sell it to outstation markets. maximizing their productivity and due to a lack of technical Selling outside requires special maintaining high-quality organic knowledge and funds. Another packaging. This firm is looking for standards. Often, these business challenge in using this fertilizer is its eco-friendly packaging without teams are not fully knowledgeable foul smell when applied in the using plastic. However, this firm is about the requirements of organic fields. People from nearby areas unable to do eco-friendly farmers. For example, a can smell it, and nobody can enter packaging in a cost-effective way. Tirunelveli-based firm located in that area; therefore, many farmers Therefore, they are not scaling up Tamil Nadu produces biofertilizers refrain from using this fertilizer. their production. containing fish amino acids. This is The producer of this fertilizer does a natural fertilizer for plants that not have the knowledge and Micro- and small-businesses often can be used throughout its lifecycle capability to produce them as a operate with limited financial and and can never expire. It is an user-friendly product, plus being human resources. The costs excellent source of crop nutrition cost-efficient. associated with supporting organic and helps the soil be fertile. farming practices, such as obtaining However, the firm faces several Business firms associated with organic certifications, purchasing problems while manufacturing this packaging the produce made by organic seeds, and implementing fertilizer. This product requires organic farmers face another sustainable production methods, approximately three months’ time challenge; they are unable to can be significant. These financial to prepare, and it uses ingredients manufacture cost-effective constraints make it difficult for like fish waste, ghee, brown sugar, packaging material. Generally, the micro-businesses to invest in the etc. The price of these ingredients is belief is that organic products necessary resources to scale up high, making this product should be packed using organic their operations, leading to limited expensive; thus, only very few and sustainable packaging production capacity. organic farmers buy this fertilizer. materials rather than using plastic Secondly, manufacturing this bags. But producing such organic Effective marketing and distribution fertilizer requires all these packaging material at a low cost is channels are crucial for small ingredients to be stirred daily, and a challenge for several small businesses to reach a broader then, the liquid fertilizer (fish amino businesses. M/s Child and Youth consumer base and establish a acid) is squeezed after three Development Foundation in sustainable market presence. months. Since this ingredient Tirunelveli produces organic millet However, limited financial resources and a lack of marketing expertise 37 \\ Small Enterprise \\ Jul 2023

can make it challenging for small distribution networks. As a result, -While micro-businesses contribute businesses to create brand micro-businesses struggle to significantly to the production and awareness and promote their compete on price, volume, and distribution of organic agriculture organic products effectively. market reach. Overcoming this Additionally, accessing distribution challenge requires differentiation products, they face numerous networks and reaching retail outlets through unique product offerings, challenges that can hinder their or establishing direct-to-consumer emphasizing local or specialized channels may pose logistical and production, and building strong growth and sustainability. financial challenges for these small relationships with niche markets or Addressing these challenges enterprises. Largely, these firms are community-supported agriculture requires supportive policies, access co-located with the farmland. initiatives. Therefore, logistics and supply to resources, training, and chain are a challenge to make their networking opportunities tailored product reach the urban market. to the specific needs of small Micro-businesses in the organic businesses. Collaboration among agriculture sector often face stiff industry stakeholders, government competition from larger, well-established organic farming agencies, and non-profit businesses. These larger players organizations can help overcome have greater access to resources, economies of scale, and established these obstacles and create an environment where small businesses in the organic agriculture sector can thrive, contributing to a more sustainable and resilient food system.Authors Swathika Sarojini K Dr. S. Navaneetha Krishnan is an M, is pursuing BBA Associate Professor at T A Pai (Hons) at T A Pai Management Institute (TAPMI), Management Institute, which is a constituent unit of the Bengaluru. This article Manipal Academy of Higher is based on her Education (MAHE). His research internship experience and teaching interest is in the at Child and Youth intersection of Business Strategies, Development Sustainability, Resilience, Foundation (CYDF), Management accounting, Tirunelveli. Entrepreneurship, Innovation, and Technology management. 38 \\ Small Enterprise \\ Jul 2023

COVER STORY | SUSTAINABLE DEVELOPMENT BLOOMING SUSTAINABILITY: SMALL BUSINESSES HARNESSING THE POWER OF FLORAL WASTE FOR A GREENER INDIA Flowers have long held a special place in human fulfilled? The widespread disposal of floral waste culture, representing celebration, beauty, and poses significant environmental challenges. love. Global floriculture production is growing at However, within this challenge lies an opportunity 10% per year. India, a land with diverse for small businesses (which are part of Micro, traditions and festivities, has long held Small, and Medium Enterprises MSME) to emerge floriculture as a cherished part of its cultural as champions of sustainability. This article fabric. The floriculture market in India is growing explores how various small businesses in India are at a CAGR of 20.1%. Yet, as flower offerings addressing the issue of flower waste sustainability continue to grace temples and religious and transforming it into profitable and ceremonies, a vital question emerges: What eco-conscious ventures. becomes of these flowers once their purpose is Though nature ensures the flowers that reach the landfills bodies. A research study has biodegradability of flowers, their release methane, a greenhouse reported that floral waste widespread use in religious rituals gas that adversely impacts accounts for 16% of the total river can have unintended climate. Used flowers that end up pollutant in India. Every day, environmental consequences. in water bodies (rivers, lake countless floral arrangements, Disposing of these sacred systems) as a part of religious estimated to be around 20 tons blossoms in landfills and water customs become toxic to marine per day in India, are discarded, bodies can lead to pollution and life as they decompose and leading to significant waste in harm delicate ecosystems. The pollute rivers and other water water, energy, and resources 39 \\ Small Enterprise \\ Jul 2023

invested in their cultivation, M/s Adiv Pure Nature Private mosquito repellent in the future. transportation, and storage. Limited reimagines floral waste They recycle almost 300kg of Consequently, managing flower from Mumbai's Siddhivinayak floral waste and have provided waste becomes necessary. temple, transforming it into jobs to about 50-60 girls from the exquisite natural dyes and vibrant slums of Mumbai and Kanpur. Recognizing the importance of textiles. M/s MATR has teamed sustainability and environmental up with the sustainable Australian Another usage is the making of stewardship, the concept of design brand \"Because of Nature\" potpourri; drying used flowers can sustainable usage of used flowers for a venture titled \"The Happy preserve their beauty and is emerging as a blooming Hands Project.\" This project fragrance, allowing them to be solution. Enterprising minds have employs marginalized women to repurposed into potpourri or seized the opportunity to convert flower waste into natural sachets. These can naturally reimagine floral waste as a dyes for Khadi garments. Every freshen up spaces, closets, or resource, propelling the growth of day, women collect floral waste drawers, replacing chemical-laden small businesses. Using the from the Mahabodhi temple in air fresheners. Flowers are Circular Economy (CE) concept, Bodh Gaya, sort by variety, and organic matter rich in nutrients, these firms extract valuable dry them. The dried flowers are making them an excellent products from discarded flowers, then manually powdered, boiled, addition to compost piles. transforming waste into and used to dye the fabric. Phool Composting not only reduces opportunities for economic Co aims to protect the Ganges waste but also generates growth while safeguarding the from turning into a flower drain. nutrient-rich soil that can be used planet. Many flowers possess This is done by upcycling the to cultivate new plants, closing vibrant pigments that can be floral waste. They came up with the ecological loop. A non-profit extracted and used as natural curating incense sticks made from organization “Angelique dyes. By repurposing used upcycled floral waste. Their Foundation” collaborated with the flowers in this manner, we reduce process includes preparing dough Government and came up with the need for synthetic dyes, which from waste flowers and, the idea of converting floral waste often come with harmful thereafter, curating incense. Their to manure. This process includes environmental consequences “Green Wave” project separates, separating the flowers with the during manufacturing and dries, and powders the collected use of machines. Around 10kg of disposal. Natural dyes and floral waste to produce Nirmalya sawdust is added to 200kg of vibrant textiles emerge as incense sticks. In addition, Green floral waste to dispense with marigolds, hibiscus, and roses find Wave intends to make colour moisture and create the intensity new purpose in handcrafted dyes and powdered colours for fundamental in the usually natural fabrics. Holi, fragrances paper, and cycle. All these remarkable creations epitomize the power of 40 \\ Small Enterprise \\ Jul 2023

CE’s reuse, recycling, and implementing better logistics and Additionally, initiatives can be remanufacturing. transportation practices to undertaken to teach people about minimize the floral industry's composting, natural dyeing, and Within this fledgling landscape of carbon footprint. other repurposing techniques of sustainability, some remarkable CE, empowering them to success stories illuminate the Despite their challenges, small contribute to a greener future. By path. However, despite their businesses in India spearhead embracing these practices, we noble pursuits, these sustainability efforts by pave the way for a blooming transforming floral waste into future where sustainability and enterprises face challenges on valuable products. Raising floral beauty coexist their journey toward awareness and educating harmoniously. These innovative sustainability. Marketing and individuals about the potential ventures not only contribute to selling these products are one of benefits and creative possibilities environmental conservation but the biggest challenges, as these is crucial to promote the also create self-employment products could be marginally sustainable usage of used flowers. opportunities, demonstrating the expensive because of the natural Florists, event planners, and remarkable impact of sustainable ingredients used. Another gardening communities can play small businesses in India's quest challenge is the supply-chain a significant role in advocating for for a greener future. logistic issues. One approach is sustainable practices. Asmita Gaur is a Manashree Krishnan is a Dr. S. Navaneetha Krishnan is an second-year BBA HONS 12th-class pass-out Associate Professor at T A Pai student at T.A. PAI student from The PSBB Management Institute (TAPMI), Management Institute, Millennium School, which is a constituent unit of the Bangalore. As a student Chennai. She intends to Manipal Academy of Higher who is pursuing a pursue her graduation Education (MAHE). His research comprehensive education with a focus on and teaching interest is in the in various aspects of economics, commerce, intersection of Business Strategies, business and and sustainability. Sustainability, Resilience, management, she has Management accounting, realized the importance of Entrepreneurship, Innovation, and sustainability in business Technology management. and human lives. 41 \\ Small Enterprise \\ Jul 2023

COVER STORY | Sustainable Development HARNESSING THE GIG ECONOMY EXPLORING OPPORTUNITIES FOR MSMEs The gig economy has completely changed how from the gig economy as more professionals people make a livelihood and run their business- demand more autonomy and independence in es globally. MSMEs are beginning to take advan- their job. We'll look at the pros and cons of tage of this rapidly expanding trend's ability to MSMEs participating in the gig economy and spur growth and maintain competitiveness. offer some practical guidance and insights to MSMEs will need to change if they want to keep assist you in navigating this unfamiliar region. luring and keeping top talent and benefiting KNOWING THE EFFECTS OF THE frequently available. Rather than The Growing Popularity and GIG ECONOMY ON MSMEs relying on long-term employment Importance of the Gig Economy What does \"gig economy\" agreements, the gig economy is for MSMEs mean? focused on temporary or Globally, the gig economy is The term \"gig economy\" freelance work. Online describes a setting where people marketplaces like Uber, Airbnb, expanding and has taken on typically work as self-employed or Fiverr, Upwork, and others are freelancers, and temporary and regular locations where gig critical importance. The gig flexible occupations are workers promote their services. economy offers MSMEs many 42 \\ Small Enterprise \\ Jul 2023 opportunities to grow their businesses and boost

productivity. Without needing to USING THE GIG ECONOMY'S workforce to successfully use the hire permanent employees, small FLEXIBILITY TO PROMOTE gig economy. This calls for them firms can use gig workers to take BUSINESS GROWTH to adopt the concept of remote on projects that call for How MSMEs Can Utilise the Gig work and be more adaptable in specialized talents. This lowers the Economy to Boost Productivity their business practices. They cost of hiring full-time personnel and Efficiency must also give gig employees and makes it simpler for MSMEs By outsourcing jobs that are clear instructions, criticism, and to expand their operations. outside of their core support to accomplish the competencies, such as digital intended outcomes. Working in the Gig Economy: marketing, content production, Benefits and Drawbacks software development, and How to Use Gig Workers as One of its key benefits is the gig customer service, MSMEs can use Effectively as Possible to Meet economy's flexibility, which the gig economy to boost Your Company's Needs enables employees to choose efficiency and productivity. MSMEs must proactively consider their schedules and work from MSMEs can do this by the tasks they want to outsource any location. Those with family concentrating on their core and locate the best platforms to responsibilities or a desire to strengths while freeing time and connect with competent pursue side jobs will find this resources to undertake essential freelancers to maximize the incredibly beneficial. The range of tasks. utilization of gig workers. To projects and clientele gig workers guarantee that projects are work with can help them develop Adapting to a Changing successfully finished, they must their skills and networks. Workforce: How Important Is also set clear expectations, dates, It? and deliverables. Additionally, MSMEs should offer resources MSMEs must adjust to a shifting and training to gig employees so they can comprehend the needs and culture of the company. THE DIFFICULTIES OF MANAGING A CONTRACT LABOUR FORCE AND WAYS TO OVERCOME THEM Managing a Remote and Flexible Workforce: Challenges The gig economy creates difficulties for MSMEs working with remote and flexible employees. Communication might be difficult, and contract employees might feel alienated from the corporate culture. Additionally, gauging gig workers' output and ensuring they uphold standards might be challenging. How to Develop Communication and Trust with Gig Workers MSMEs must develop a relationship of trust and open communication with gig workers 43 \\ Small Enterprise \\ Jul 2023

to overcome these obstacles. INVESTIGATING NEW marketing. MSMEs may benefit by They can achieve this by giving BUSINESS MODELS TO PROFIT increasing their consumer base frequent feedback, outlining their FROM THE GIG ECONOMY and reaching new clients. expectations, and presenting Building a Hybrid Workforce to chances for teamwork. MSMEs Benefit from the Gig Economy Conclusion may keep in touch with gig MSMEs can develop a hybrid In conclusion, thanks to the gig workers to ensure they are on workforce model that includes gig economy, MSMEs have much track by using communication and full-time labor. This concept potential to expand their technology like video enables MSMEs to operate businesses, boost productivity, conferencing, messaging apps, flexibly while keeping key and attract new clients. However, and project management personnel in the office. Workers MSMEs must comprehend its software. who choose gig work may find effects, adjust to a new workforce, additional career opportunities and establish ways to manage gig Guidelines for Managing and thanks to the hybrid approach. workers successfully if they are to Motivating Temporary Workers fully benefit from the gig By giving gig employees fair How to Grow Your Business and economy. By doing this, MSMEs assignments and deadlines, Find New Customers Using the can benefit from the gig economy MSMEs may keep them engaged. Gig Economy and maintain competitiveness in a Additionally, they can offer Gig workers' expertise and rapidly changing market. Gig criticism, acknowledge the efforts experience can help micro, small, economy labor laws and and successes of gig workers, and and medium-sized enterprises regulations. present chances for improvement. (MSMEs) expand their operations To foster trust and keep a good and get new customers in the gig -VISHAL working relationship, MSMEs economy. For instance, MSMEs should pay gig workers correctly can hire freelancers with social and on time. media, SEO, or email marketing expertise to handle their digital 44 \\ Small Enterprise \\ Jul 2023

OBJECTIVE BENEFITS TO MSMES To provide financial assistance and support for green • Global competitiveness and brand recognition in the projects in the MSME sector as aligned to nation's market commitment to reduce Green House Gas (GHG) emissions • Better work environment • Better profitability by reduction in energy & LOAN AMOUNT environment related cost • For MSME - Maximum loan -Rs. 20 crores • Risk sharing facilities available for EE/Greener/ • Service provider or aggregator subjected to Cleaner Projects MSME linkage - Rs. 50 crores ELIGIBLE BORROWERS KEY FEATURES • RESCOs, ESCOs, EPC companies and vendors or any • Concessional interest rate as per rating MSME on either Supply or Demand side of Green • Maximum repayment period up to 10 years Value Chain • Quicker Sanction • Upto 100% funding for smaller projects upto Rs.5 • MSMEs Executing projects or providing services, related to the activities eligible under the scheme to crores with Cash Collateral in the form of SIDBI FDR various government bodies on BOT, BOOT, BOOM, • For larger projects, upto 90% funding with 10% PPP etc Promoter's Contribution To Know more, visit our nearest branch. Locate us at: www.sibdi.in Follow us on SIDBlofficial sidbiofficial sidbiofficial SIDBI Official ACTIVITIES COVERED SIDBI (Small Industries Development Bank of India) • Renewable Energy Small Industries Development Bank of India, • Energy Efficient Buildings Green Climate and Energy Efficiency Centre, • Cleaner Transport 10th Floor, Atma Ram House, 1 Tolstoy Marg, New Delhi-110001 I • Waste Management Telephone: 011-2344 8300 I E-mail: [email protected] • Resource and Energy Efficiency Measures • Waste Water Treatments • Cleaner means of production • Any new & innovative project with a potential for climate change mitigation or ensures Sustainable Development Goals (SDGs)

COVER STORY | Sustainable Development FROM SURVIVING TO THRIVING: STRATEGIES FOR MSME GROWTH IN A POST-PANDEMIC WORLD The COVID-19 pandemic has brought about These businesses, which frequently have limited unprecedented challenges for all sorts of resources and financial capabilities, have businesses throughout the world. However, Micro, encountered supply chain disruptions, decreased small, and medium enterprises (MSMEs) were the consumer spending, and closures during the worst hit during the pandemic. Globally, MSMEs pandemic. It accounts for 48% of India's exports experienced a 35% average revenue decline and employs 110 million people. As a result, it is during the height of the pandemic, resulting in critical to assess the challenges, expose them, business closures and job losses. However, these and devise a strategy for not only surviving but enterprises maintained their resilience and thriving in the post-pandemic economy. managed to survive the pandemic. Assessing the Pandemic's share, some saw closures. limitations and safety issues. Impact on MSMEs The competitive environment and During the pandemic, consumer Market niches that are evolving market dynamics have changed behavior underwent a significant due to technological due to the pandemic. While other change. There has been a rise in advancements, shifting consumer businesses saw changes in market online shopping and a preference needs, and diversifying for contactless services due to consumers present opportunities 46 \\ Small Enterprise \\ Jul 2023

for innovation. It's essential to A strong online presence is more Look into partnerships or joint keep up with new trends relevant of a necessity than an option ventures to take advantage of to your industry. today! complementary products and expand your market. For MSMEs hoping to succeed in Digital presence for MSMEs the post-pandemic world, offers several advantages, such Integrating digital tools and recognizing these new trends and as reaching a wider audience automation into business investigating underserved and optimizing business processes, such as financial geographic or customer markets operations. systems, inventory can be game-changers. management, and customer MSMEs can easily recognize relationship management. Pioneering Resilient Business the pattern of consumer Models for a Thriving behavior by checking the Building Resistant Supply Post-Pandemic Era change in products searched Chains and purchased. The COVID-19 pandemic exposed By conducting a thorough the flaws of international supply assessment of the current MSMEs can develop an effective chains, disrupting resources and landscape of the market, MSMEs online presence by creating a posing difficulties for MSMEs. can get certain valuable insights user-friendly and visually MSMEs must assess and diversify into their growth strategies. This appealing website that showcases their supply chain dependencies, will let the businesses change your products or services. form strategic alliances and their services according to Optimize your website for search collaborations, and implement consumer needs and identify engines to improve website efficient risk management plans untapped opportunities. traffic. to ensure resilience and lessen future disruptions. MSMEs can position themselves Social media platforms can for success in the post-pandemic further be used to target Identify your key suppliers and world armed with this knowledge. audiences. Develop a content assess their dependability, The pandemic has forced a strategy that aligns with your capacity, and flexibility. fundamental shift in business brand and engages your models. audience. With an effective online Look into alternative raw presence, you can unlock the material suppliers or sources to Take a cue from successful power of e-commerce platforms lessen reliance on a single MSMEs that have adapted their to drive business growth and supplier. business models to meet create long-term success. changing customer needs. Consider backup plans like Restaurants, for example, have Being innovative and flexible safety stock, flexible sourcing, shifted from dine-in to takeout or agile production methods. and delivery services, while fitness MSMEs that have grown following studios have embraced online a pandemic typically focus on In addition to protecting against classes and virtual training. innovation and change disruptions, a resilient supply management. MSMEs can stay chain gives businesses a Strengthening the Digital ahead of the curve and succeed in competitive edge by Presence the face of changing challenges guaranteeing on-time delivery, In the era of digitalization, by embracing new technologies. customer satisfaction, and strengthening the digital operational effectiveness. presence has become crucial for To keep abreast of new trends, MSMEs seeking growth and consumer needs, and market Customer engagement and long-term success. Statistics gaps, conduct market research. experience improvement indicate that since the pandemic In a post-pandemic world, MSMEs started, e-commerce has grown Check your current portfolio of must engage customers and by 27%. products and services for room provide exceptional customer for expansion or diversification. 47 \\ Small Enterprise \\ Jul 2023

experiences in order to succeed Finding Financial and Funding Create a strong business plan and expand. Data indicates that Resources and pitch deck to entice consumers are becoming more MSMEs can bolster their investors and obtain funding. interested in brands with a social expansion, finance innovation, conscience and unique increase operations, and seize Conclusion experiences. market opportunities by gaining MSMEs are essential for boosting access to finance and funding economic growth and improving Spend money on first-rate opportunities. a community's overall quality of customer service and after-sales life. By analyzing the support. Utilize the grants and subsidies opportunities and challenges and offered by the government to adjusting to the changes in Be proactive and receptive to MSMEs. Make connections business models, your MSME can client feedback, attending to with neighborhood banks and flourish in the new normal. Let's their issues and offering other financial institutions. collaborate to build a world remedies. where MSMEs are able to thrive To prove your company's despite adversity. Through incentives and loyalty creditworthiness, maintain a programs that acknowledge clean credit history and and appreciate customers' financial records. ongoing support, long-lasting relationships can be cultivated. 48 \\ Small Enterprise \\ Jul 2023

COVER STORY | SUSTAINABLE DEVELOPMENT EMPOWERING RURAL MSMEs: DRIVING ECONOMIC GROWTH IN UNDERSERVED AREAS Micro, Small, and Medium Enterprises (MSMEs) are experienced remarkable growth, and their the backbone of the Indian economy. They are potential for further expansion is immense. vital in driving economic growth, exports, and job Nevertheless, these enterprises encounter various creation. These businesses are responsible for the obstacles along their journey. Today, we will delve majority of employment opportunities in the into these challenges and explore effective country and contribute significantly to the overall strategies to empower and facilitate their growth, development of the economy. fostering economic progress in underserved regions. In recent years, MSMEs in rural India have Challenges Faced by MSMEs in to finance. Many MSME owners making it difficult to secure Rural India come from rural areas and may loans. Challenges faced by MSMEs in the need to be made aware of the Indian sector significantly impact government benefits available Skills Gap their growth prospects. Let's to them. Their limited MSMEs in rural areas heavily explore some of the primary knowledge leads to poor rely on informal workers who challenges: financial decisions, resulting in may lack technical skills and are financial difficulties. Additionally, often underpaid. These skills Financial Constraints the absence of collateral assets gap disadvantages these MSMEs in rural areas often need makes it challenging for MSMEs MSMEs compared to their help with financial issues, to prove creditworthiness, counterparts in other countries. primarily due to a lack of access Limited access to skilled workers 49 \\ Small Enterprise \\ Jul 2023

hampers productivity and latest technological productivity and informal work, restricts the ability of smaller advancements. Embracing such as agriculture. Increasing firms to undertake more technology is essential for the productivity improves complex and higher-value growth of MSMEs, as it enables individuals' economic conditions projects. them to stay competitive and and contributes to overall adapt to changing market economic growth and Marketing and Managerial trends. prosperity. Challenges A lack of entrepreneurial, Addressing these challenges Employment Creation and managerial, and marketing skills and finding effective solutions Innovation: hinders the growth of MSMEs. will be crucial for unlocking the MSMEs play a significant role in Effective marketing strategies full potential of MSMEs and employment creation, especially are crucial for boosting sales driving their growth, ultimately in emerging markets. Around and acquiring new customers. contributing to the country's 90% of total employment in the However, MSMEs often need overall economic development. formal sector is generated by help with effective marketing MSMEs, accounting for four out approaches, preliminary market STRATEGIES FOR MSMEs TO of five new positions. analysis, and difficulty FOSTER ECONOMIC identifying target audiences. DEVELOPMENT IN This employment creation is More professionalism and UNDERSERVED AREAS crucial for inclusive and structured management are sustainable economic growth. required to ensure their ability Enhancing Productivity for Moreover, MSMEs foster to compete in the market. Inclusive Growth: innovation and develop cost-effective goods aligned Moreover, limited education, One crucial strategy to with the Sustainable knowledge about market trends, empower and support MSMEs Development Goals (SDGs), consumer preferences, and in fostering economic contributing to the overall advanced technology pose development in underserved advancement of society and the additional barriers to areas is by enhancing economy. developing MSMEs in rural productivity. By strategically India. deploying capital to maximise Bridging the Healthcare Gap: productivity gains, MSMEs can MSMEs in rural areas can bridge Technological Advancements uplift incomes and ensure a the healthcare gap by acting as A lack of awareness and decent standard of living for all. innovators in cost-effective and expertise prevents many MSMEs scalable delivery models. from keeping pace with the This approach particularly However, these enterprises need benefits sectors with low 50 \\ Small Enterprise \\ Jul 2023