‘Indian SMEs to develop innovation as process’ | SupportBiz

Managing Growth

‘Indian SMEs to develop innovation as process’

 
Through his New Delhi-based venture Justplainandsimple Consulting, JP Singh helps SMEs in enhancing their capabilities in various critical business areas like marketing, branding, leadership, problem solving, decision making processes, innovation and customer value creation.

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.

Corporate Website: Justplainandsimple Consulting