MSME: An opportunity to Reinvent

MSME: Highly Vibrant and Dynamic Sector in Indian Economy

While the government needs to work towards improving infrastructure, ease of doing business, logistics, regulatory frameworks and strategic relations, the MSME sector itself must work with an aggressive mindset towards this target.

In India Micro, Small and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades. MSMEs not only play crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also help in industrialization of rural & backward areas, thereby, reducing regional imbalances, assuring more equitable distribution of national income and wealth. MSMEs are complementary to large industries as ancillary units and this sector contributes enormously to the socio-economic development of the country. 

Micro, Small and Medium Enterprise (MSME) sector has emerged as a very important sector of the Indian economy, contributing significantly to employment generation, innovation, exports, and inclusive growth of the economy. Micro, Small and Medium Enterprises (MSME) are the backbone of the socio-economic development of our country. It also accounts for 45 % of total industrial production, 40% of total exports and contributes very significantly to the GDP. Manufacturing segment within the MSME contributes to 7.09% of GDP. MSMEs also contribute to 30.50% of services. The total contribution of MSMEs to the GDP is 37.54.

Your Network is your Net Worth. Maximize your Net Worth with SMEAspire.

“SMEAspire” was created because we all needs each other to fulfill our purpose. Life as an entrepreneur can be isolating, and “SMEAspire” is where you can find your circle of support, business owner to business owner, professional to professional, person to person. Whether you are a member, sponsor, or leader, “SMEAspire” is here to help you build your business. Join our community of like-minded business owners and professionals.

SMEAspire supports Indian manufacturers and Services by providing technical resources and opportunities for engagement. SMEAspire hosts numerous local chapters, produces industry-leading events and provides professional development opportunities.

We invite you to tap into SMEAspire as a resource for manufacturing knowledge, industry insights, thought leadership, marketplace connections and more. If you share our passion for helping people make things that improve our world, we invite you to join us.

We help Small and Medium Business owners connect and stay connected.

We stand up for the rights of Small and Medium Business owners.

We advocate for change to ensure Small and Medium Business’ can compete, survive and thrive.

SME Marketing Networking: A Strategic Approach

SME Marketing Networking: A Strategic Approach

“Giving connects two people, the giver and the receiver, and this connection gives birth to a new sense of belonging.”- By Deepak Chopra

‘Networking is marketing. Marketing yourself, your uniqueness, what you stand for,’ By Christine Lynch

A strategic approach to how small and medium sized enterprises (SMEs) use their marketing networks during a time of change in their operating context.

SME networking should be analysed using the structural, relational and usage dimensions associated with network frameworks. We have to examine marketing network processes (MNPs) that are investigated through the use of network behaviour for SME management. The development of a thematic approach in viewing a network as a strategic analytical construct allowed these MNPs to be studied in relation to the specific theme chosen and how they do their strategic marketing.

The focus should be on the use of SME network activities in relation to strategic marketing, to gain an in-depth understanding of the nature and role of strategic marketing networks in SMEs during a time of environmental change.

Business Network: Meaning & its Objectives

 ‘Networking is marketing. Marketing yourself, your uniqueness, what you stand for,’ Christine Lynch

A business network is a complex network of companies, working together to accomplish certain objectives. These objectives, which are strategic and operational, are adopted by business networks based on their role in the market. There are two categories of business networks — business associations and company aggregations — that help small and medium-sized enterprises (SME) to become more competitive and innovative.

Several descriptions of business networks stipulate different types of characteristics:

• A business network is a form of inter-firm cooperation that allows companies, located in different regions or countries, to collaborate on a basis of common development objectives expressed in a cooperation agreement. The companies decide to join their strengths, share information and create synergies to become more innovative and competitive in domestic and international markets, while keeping their autonomy, not creating a separate legal entity. This cooperation model is suitable for any kind of business activity or sector.

• A business network is greater than the sum of the individual businesses. It incorporates suppliers, customers, third-party developers, distributors, and others. These third parties generally have a strong reason to support the network and remain active in it.

• A business network is generic and includes both smart and not-so-smart business networks. A smart business network is defined as a group of participating companies (nodes) that are linked together by one or many communication networks (links). The companies have compatible goals and interact in innovative ways. A smart business network is perceived by each company as increasing its own value and is sustainable as a network over time.

• A business network is owned by the business enterprise, where the scope of the network is to support the informational and operational requirements of the business, such as marketing, sales, accounting, and manufacturing departments.

Business networks have two types of objectives — strategic and operational — that are adopted depending on the role of the business network in the market.

"Digitization is going to be one of the game changers for MSMEs"

"Digitization is going to be one of the game changers for MSME businesses as it helps them cater to customers beyond local boundaries, allows their profit to grow multiple as fast and substantially increases their contribution to GDP."

"The solution aims to address key challenges faced by MSMEs with the core objective of making their business growth simpler, more profitable and enjoyable,"

SMEAspire will provide MSMEs - a digital profile, access to global networking opportunities to find buyers and suppliers, economies of scale on a wide range of business services, access to industry news, articles and discussions.

“Networking is about making meaningful, lasting connections that lead to one-to-one relationships.”

The second wave of Covid-19 has started taking a toll on India’s economy

After a hasty and unplanned two-month-long lockdown in 2020 pushed the Indian economy into a technical recession, the Narendra Modi government has made it amply clear that it does not plan to implement a similar measure now even as the country is in the grips of a brutal second wave of Covid-19. In fact, on April 21, prime minister Modi told state chief ministers that they must use lockdowns as the last resort to stop the spread of coronavirus.

But this dismissal of lockdowns does not mean this wave will leave India without serious economic destruction.

Several indicators show that India’s economy is already feeling the stress of the ongoing deadly pandemic wave. While some of this impact is due to local-level restrictions that some state governments have imposed, others are because citizens are choosing to stay indoors.