The number of SMEs in India is estimated to be 42.50 million, registered & unregistered together. A staggering 95% of the total industrial units in the country. As technology becomes a part of India, how do we ensure that SME businesses also take benefit from it.
In short, how do we ensure that technology can be used in a meaningful manner for SMEs as well? I begin by looking at the problems of SMEs in India
- Growth – How to drive profitable growth
- Financial Needs – How can we get capitalize and manage cash flows in the business
- Customers – How do we reach out to customers? how do we make it easier for them to do business with us?
- Operational Efficiency – How do we manage overheads and drive efficiency in operations?
- Vendors – Deploy an effective solution for vendor management
- Brand Building – How do we differentiate in the marketplace and position our business differently
Digital transformation or pursuit towards automation and adoption of technology can help –
- Create and establish Brand recall
- Create larger access to markets both within the country and outside it
- Engage and acquire customers in a cost-effective manner
- Drive profitable growth by lowering the cost of operations
- Digitize existing business to enhance productivity
- Gain efficiencies across function
There are several tools and technologies that can be adopted for digital transformation
So a good way to claim your space is to get started
Make A Presence In Online World
You can get started with things as simple as creating a website. You don’t even need to be a coder to develop a website nowadays. Wix has some great templates for websites that you can edit and design for your business. You can set up an interface for people to connect with you via the website by providing your contact number and email address.
Promote Your Business Online
With the advancement of technology, there is no denying that digitalization has played a major role in the betterment of human life in various forms. With the Digital India mission issued by the Government of India, the Prime Minister aims to bridge the connectivity gap between rural and urban India with the media of the Internet. Digital Marketing campaigns can play a pivotal role in the promotion of the SME businesses to a greater extent. With the Digital India initiative, the SME businesses (Small and Medium Enterprises) can generate good revenue by deploying a relevant customer base. Effective digital marketing measures can help the SMEs to retain or engage the customers and potential clients to boost the performance of the overall business.
- To promote your business online you can create Social Media Accounts wherever your target audience is present. For eg on LinkedIn Facebook or Instagram.
- Also, you can promote your website by using Google Ads or Facebook Ads.
- You can also list your products on platforms like IndiaMart, Amazon Business TradeIndia etc
So the best part is that SME businesses have access to a number of free or inexpensive tools that can help them grow their digital footprint and reach more potential customers. These tools are great to get started. They are easier to use than you think:
- Google My Business
- Google Ads (formerly known as Google AdWords)
- Analytics for beginners by Google
- Fundamentals of Digital Marketing By Google
Improvise Business processes using digital tools
There are really a lot of SAAS tools that can benefit a SME businesses. What you should be asking yourself is what your business needs and what are your business goals and then matching that with the right tools.
Here are different needs of SMEs and different digital tools for them
1. To Streamline & Automate Business Process
If your business is in the stage of cash registers then it is time for you to move to a tool like KhataBook for bookkeeping and payment reminders. Being a distributor or retailer looking for a proper inventory and stock management you can use a tool like Vyapar or OKCredit. If you have a manufacturing firm then to streamline your business process the first thing that comes to mind is ERPs. But ERPs may not be right for your business as they are meant for big organizations and have quite complicated modules. You should instead go for a tool like TranZact which is affordable and easy to use with all the important modules you’ll need for your business.
With the onset of Pandemic communication between employees has become a huge problem for SMEs. The right communication tools should help to build strong connections between teammates and facilitate effective communication as a team. Google Meets and Slack are some good options
3. Document Management
Since everything is going digital, your documents can’t be left behind. Google drive in my knowledge is the best tool to store all kinds of documents. From proposals to presentations and spreadsheets. In short any type of data can be stored on this platform. But the data entry process on spreadsheets can also get tedious. You need a tool with automatic data entry whether it be for inventory management or for sales purposes.That’s where TranZact comes to rescue. It can integrate with your accounting and CRM solution and update accounting data on the go as sales are made. What’s best about it is that the basic version of the solution is free for use so that you can digitize your business without worrying about silly amounts of money.
By making the right decisions, you are not only becoming a role-model, but your business will thrive. That is why the focus has to be on changing the perspective and looking beyond the downturn. If necessity is a mother of innovation, we will agree there isn’t a better time to innovate than right now, in mid of the COVID-19 crisis. TranZact is one platform providing digital solution to over 1000 SMEs for about 3 years now. What’s best is that the basic version of the product is free. So that SMEs don’t have to worry about silly amounts of money before taking the first step towards digital transformation.
Digital co-creation with employees, customers, suppliers, partners, online community, and potential customers is a great way to explore and discover new profitable niches and increase productivity. You just have to reach for it.