SMEs on getting past startups: no more “lala” culture; mentality change
- ByStartupStory | November 18, 2022
By utilizing technical breakthroughs and embracing digital methods, small firms and MSMEs are ready to play a crucial part in the country’s growth journey in post-pandemic India.
Sidhya Senani, Engagement Lead and COO, BAF Consultants; Chandu Reddy, Director, Sangeetha Mobiles; and Nikhil Ranjan, MD, William Penn, shared their perspectives on the roles small businesses are playing in the modern world and what it will take to grow the sector at TechSparks 2022, YourStory’s flagship startup-tech summit, held earlier this month.
Chandu talked during a panel discussion that YourStory CEO and founder Shradha Sharma chaired about how the post-COVID-19 business environment is changing. Sangeetha Mobiles opened more than 100 stores in 2020 and 2021 despite the challenging recent years. He attributes this to a methodical strategy and investing with the belief that the retail sector won’t decline. “Pandemic was a wake-up call as most of the SMEs are family-run. The lockdown gave them time to strategically think the way ahead,” Sidhya continued by saying that SMEs must realize that the path to doubling their revenue from Rs. 500 crore won’t be the same. She emphasized that this mental shift is necessary for SMEs to adapt. “The only thing which keeps SMEs in the backseat is the less exposure. You see, the pandemic taught us a lot of things. When SMEs were exposed to technology, they adapted to it. Similarly, it is with other things. The initiative should be bringing more and more people to MSMEs,” Chandu brought out how mobile devices have changed the internet market, where tiny players are also utilizing online platforms. But how can MSMEs advance in the current, fast-paced business environment? “If you can’t beat them, join them,” was Nikhil’s response. He continued by saying that SMEs should go for it and choose their battles if a startup is eager to buy the brand. Sidhya noted that working with startups is a terrific concept for small and medium-sized businesses, but for any organization, the main worry is gaining the SME’s trust because they are so devoted to their enterprise. The overall result is that SMEs are making progress, but they require exposure and support to continue to rise. The panelists emphasized that the ecosystem should take the time to comprehend these enterprises because of this.
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