In an exclusive interview with SupportBiz, JP Singh highlighted some important aspects of business planning, and emphasized the significance of developing innovation as a culture among SMEs. Edited excerpts from the interview:
What are the key trends among Indian SMEs today?
More and more SMEs in India are gearing up to cash in on global business opportunities. They want to reach out to customers with authority and a strong appeal, but many lack in presenting themselves effectively before the customers. The major reason behind this is the cost factor, which limits them from accessing impactful marketing tools. Though many Indian SMEs want to diversify, their financial constraints do not allow them to do so. Now, in this scenario, the solution is maximum utilization of existing resources. Efficient usage of resources brings strategic value to an organization, and has the potential to solve several problems. We have been noticing that many Indian SMEs are adopting this approach.
What is the key value that you offer to your SME clients?
We offer SMEs customized solutions to their requirements, to help them do business more effectively. There are some common pain points among Indian SMEs, like expansion of business, consolidation of revenues, streamlining cash flows, and strategic planning. We help organizations in solving these challenges, too, through leadership nurturing, understanding customer experience and developing better marketing propositions. However, the extent of effectiveness in solving these business challenges is highly dependent on the willingness of the concerned entrepreneurs.
What is the most important element that a typical SME needs in today’s competitive world?
Innovation is highly essential in today’s world. Innovation needs to be nurtured among SMEs as a process.
How can SMEs develop a culture of innovation?
There are various ways and methods to develop innovation as a culture among SMEs. The biggest and most important element of this is knowing the customers’ preferences and getting their feedback on the product or service offered to them. Gauging customer experience can lead to some great findings, which can help promote innovation.
What are the key parameters of utilizing customer experiences for better business prospects?
SMEs must focus on a couple of aspects while understanding customer experiences. The first and foremost one is the factor of expectation. SMEs should understand the expectations of their existing and potential customers. Secondly, categorization of customers is very important. Categorization helps the organization to understand the complete picture of customer buying behaviour. Thirdly, it is important to understand customer priorities. Organizations should have clarity on the complete hierarchy of the preferences of their customers. In order to understand customer experiences, entrepreneurs must take personal interest in collecting this information and set a well-defined process of collecting it. This is a sort of market research activity, which helps firms cash in on bigger opportunities.
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