Sanshu Consultants for MSMEs

The companies that adapt and reinvent itself considering the changes in technology, socio economic impact , government policies which differently shape prospects of different industries, survive the test of time and thrive .

Every company has to go through cycles of changing environments around it . It requires exceptional strength , resilience and adaptability in the business and management to stand the test of time .

Important Lessons for Entrepreneurs

1. They should articulate values and practise them . Values form the backbone of his determination. Putting the interest of the company ahead of everything.

2. Failures are part of entrepreneurship. Failures are beneficial if you quickly analyse why you failed and do not commit the same mistake again.

3. Entrepreneurs have to constantly scan the encounters his venture is likely to face such as structural problems and that the company is likely to fall into an irretrievable situation.

At that point in time he has to keep his emotions aside and quickly venture into a decent closure .

Loosing money should be quickly stemmed . Making money to be harnessed as habit .

4. Luck plays an important part in entrepreneur journey

5. The market and competition is the best Management tool . It teaches what will attract customers towards you and how to do that .

6. Leadership by example, walking the talk and practicing the precept are ways to create your brand equity in the minds of the team so that they feel you are trust worthy.

7. Sustaining the confidence and enthusiasm of the team over long periods of time is very important.

8. Observing cohorts in the field .

There has to be one leader to lead and everybody listens to him. Companies cannot be run by a committee. Too many leaders give too many different perceptions and views in the matter which confuses the team who to listen to and which is thought to follow.

So one good leader who drives an entrepreneur's vision is the best situation.

9. Competence and sound value systems are essential ingredients to successful companies .

Powered by intellect , driven by values.

Monday Musing

Technology which improves employee efficiencies and customer services are must have in company operations & systems and no more optional plays .They eventually also contribute to cost efficiencies and competitive standing in the market .

Similarly Digital Marketing is no more optional but it's must have for cost effective efficient brand equity creation and maintenance. It's also must for business aquisition and expansion .Go for operative and marketing technology infusion .

As the generations change expectations change therefore entrepreneurs should invest in user experience.The best examples to emulate in this is Private Sector Banks ...look at how they have invested in user experience and how user experience in banking has changed upside down for individuals , MSMEs and Corporate

How to Build Your 2022 Business Strategy in the Face of Uncertainty

Some business owners are building expansion strategies for 2022, while others simply want stability in the face of so much uncertainty.

It’s becoming increasingly challenging to plan for the future.

Consequently, many business owners and leaders might wonder how they can develop a growth strategy for 2022.

What you need is a strategic direction to provide purpose for your business and help you set realistic goals to accomplish in the coming year.

Here are some ways to build your 2022 business strategy during this last quarter of 2021:

Focus on what you can do

All the rules and regulations have told you what your business can’t do. What you need to do now is look solely at what you can do.

For example, when restaurants were told they couldn’t serve customers indoors, they transitioned to delivery, takeout and large outdoor patios.

No matter what type of business you operate, this is the mindset to develop and use for your 2022 business strategy.

The can-do strategy will start with a list of what is possible. Here are some possible examples:

You can transition to doing business online.

Research new markets for potential expansion and diversification.

Still engage with customers personally to deepen your relationship.

Create a different yet still exceptional experience for your customers.

Revisit marketing strategy.

Once you define what you can do — even if it requires an adjustment in the business environment — you can then build quantitative goals and a set of tactics for achieving them.

Extend your product launch schedule

If your small business develops new products, then your 2022 business strategy should address those launches with a new understanding of the changes brought in 2021. Everything from a lack of raw materials to illness-triggered factory shutdowns brought many product launches to a grinding halt.

Use that experience to develop a new timeline for product development, assuming that many of those factors may continue to impact the process.

Expanding your timeframe for product launches will also help you make strategic business decisions about labor, marketing and more.

Provide valuable resources for customers

Focus your business strategy for 2022 on your customers and customer-facing actions, such as adding to the value you deliver to them, and the ways in which those actions assist with your revenue objectives.

On the sales side, providing more options for financial assistance could help new customers make their purchases.

For marketing purposes, you also have considerable time and opportunity to plan content and provide access to similar valuable resources that provide information to your customers and prospects. These tactics might not deliver immediate revenue, but it can be effective to engage prospects now so they are ready to buy when things improve.

Use the time to make improvements

Look at the blank canvas 2022 offers as an opportunity to improve.

Some businesses may have been putting off a complete digital transformation. If that’s the case for your company, now is the ideal time for transforming more manual and paper-based processes to a digital format.

Your business strategy can focus on detailing this transformation, including the timeline for testing and implementing those new digital processes. Doing so will better prepare you for when business picks up again.

You may then find you can better connect with customers and offer them the digital experiences they have come to expect in other parts of their lives.

Develop a multi-plan approach

With uncertainty anticipated to continue in 2022, it’s good to have one or more backup plans for your business.

Lay out potential contingencies that you may face in the coming year and use this time to craft strategic responses.

These strategic plans can address different scenarios like ongoing health concerns, reopening at a slower pace, continued openings and closings, remote and on-demand environments, and full reopening. Build out each of these plans, using the experience of 2020 to help develop key tactics. Many of these tactics may have already proven effective this year or they may be ones you are still testing.

Research tactics that worked for other businesses, even those you have not yet implemented, perhaps because your strategy focused on a return to a recognizable environment.

Now, in addressing different potential developments, much of what you plan for may feel as though you are a startup testing the waters once more. Building out these multiple business plans can also prepare you better for any pivots from one scenario to another.

More certainty than uncertainty

As you review these approaches to creating your 2022 business growth strategy, you’ll undoubtedly find plenty of actions you can take with certainty to counteract the doubt that seems so pervasive.

By proactively addressing the areas listed here, you can keep your focus on moving your small business forward with resiliency and a positive outlook that the future is bright.

Want to make business bigger and you are MSME? Then read these tips!

Many small businesses, entrepreneurs who have just started a business want to expand their business quickly, so they work day and night. Dreams go up in the air. Here are some tips to help you avoid this:

1. Two Pizzas Rule -

Jeff Bezos says that every new startup should keep its staff so small that all the team members' stomachs should be filled with just two pizzas after the meeting.

How easy is this rule .. He says that the same rule should be followed by young entrepreneurs.

What happens is that the work efficiency of the team members is maintained.

Overstaffing and overcrowding are often the main causes of financial loss.

2.Learn from your unhappy customers -

Bill Gates says that if you want your startup to succeed, don't ignore your angry, unhappy customers. Their feedback is very important. You can find out directly from these people what is missing in your ideas, services and business and then you can change yourself in time.

3. Quality is very important.

Never compromise on the quality of your product or service, remember, quality is more important than quantity.

This is because if your product or service is good, people are permanently attached to your company. They have a good relationship with you, but if the product or service you sell them is bad, people's opinion about your company can be permanently bad and it will hurt you, your company.

4. Keep an eye on the market -

It is not enough just to do social media campaign .. You should be able to actually sell your product or service using sales and marketing skills. So keep an eye on the market . Market meaning changing trends , changing competition , changing customer expectations.

5. Make financial planning better -

Remember, even if you think you need to focus on making a profit from day one, all you need to do is make good financial planning.

Costs and profits do not match, and financial planning for the long term is not done, so you literally have to wait.

So, from the very first day, start deducting the amount from the profit which will help you in times of difficulty. In fact, it is best to plan for difficult times independently.

Overall, for small entrepreneurs, running their business and starting startups is a challenge.While facing this challenge, it is very important to be prepared and take a leap with strength. Remember this.

Checklist

Connect with us on +91 7506043855

Becoming future ready via Innovation

1.Instil a digital mindset,adopt agile philosophy , embrace technology and implement changes without delay

2. Innovation is not only about new discoveries but also adopting best available practises

3.Introduce the culture of inclusion where even lowest voices in the organisation are heard

4. Embrace diversity in leadership to accomodate different points of view

5. Challenge the thoughts about traditional way of working and adopt newer ways which are more beneficial

6.Celebrate initial successes and small wins

7. Accept failures as a part of innovation

8.Encourage cross functional collaboration and breake silos

9. Breake unnecessary beurocracy and instil ownership

10.Make every one part of the journey

Sanshu Consultants for MSMEs updated their information in their About section.

Businesses : Be Present .

Generally many businesses might be facing increase in input costs due to Up-cycle in commodities . The ability to pass on the increase in pricing to the customers will determine margins in the business

The pricing power comes from technology , lean processing , procurement agility as well as with reputation, branding , marketing , CRM . Focus on these as they take time to build

Take care of your margins as business with dipliting margins are sinking ships ... Gradually and slowly .

Ofcourse you have to be practical on pricing ... Business also should come . There is no point in having high pricing and little business .

Keep talking to your audience in business . You come to know many thing current and fresh . And it keep you and your brand in their mind-share which is very important in crowded market place where everybody is trying to grab the share.

Advercities breeds efficiency . Indian Corporate for one has become more cost efficient and least leveraged . Seeds growth momentum as you are able to run faster being leaner and fitter and more keen to grab opportunities around . And there are plentyfull of them coming your way both within India and from abroad .

Service Sector going through massive digitization .67% of the customers are served digitally.

Smell the changes . Adapt & change . There is no go from this massive change from disruption of the kind of this one ... the pendamic