Digital technology has opened avenues for small businesses; innovation essential
MUMBAI: Digital technology has opened a plethora of avenues for small business owners and entrepreneurs to reach out to its customers to create an impact, innovate and grow but between operating on a restricted budget, limited resources and growing revenue, entrepreneurs are facing various challenges on marketing, according to a report released by consultancy firm KPMG and industry body CII.
Entrepreneurs are required to focus on new trends and develop proper business models to achieve scalability in their business and dynamically changing customer preferences and focus on innovation and digitisation is becoming key to develop successful and sustainable businesses, wrote the report titled "Entrepreneurship, growth and opportunities".
"As a first step, small business owners and entrepreneurs need to get started quickly on a digital bandwagon to reap its benefits. In this section, the effort is to capture key digital marketing trends and help entrepreneurs and Micro, Small and Medium Enterprises (MSMEs) take on a digital journey with confidence," it stated.
The report also highlighted the fact that in many entrepreneurial ventures, initial growth period is usually followed by a long period of stagnation. This happens not because of lack of opportunities but the inability of the entrepreneur to stabilise operations which is essential for converting the opportunities into profitable revenues.
“Changing customer behaviour, technology and competition have transformed the landscape in which entrepreneurs operate. Hence, it is essential for entrepreneurs to continuously focus on improving their operations and building scalable and sustainable businesses," said Sanjay Aggarwal, Partner and Head, KPMG Enterprise.
He added that they need to focus on investing in business performance improvements in quality and reliability and adopting new technologies, making processes more efficient, continuous skill development and training and continuous innovation is key to success.
Entrepreneurs are required to focus on new trends and develop proper business models to achieve scalability in their business and dynamically changing customer preferences and focus on innovation and digitisation is becoming key to develop successful and sustainable businesses, wrote the report titled "Entrepreneurship, growth and opportunities".
"As a first step, small business owners and entrepreneurs need to get started quickly on a digital bandwagon to reap its benefits. In this section, the effort is to capture key digital marketing trends and help entrepreneurs and Micro, Small and Medium Enterprises (MSMEs) take on a digital journey with confidence," it stated.
The report also highlighted the fact that in many entrepreneurial ventures, initial growth period is usually followed by a long period of stagnation. This happens not because of lack of opportunities but the inability of the entrepreneur to stabilise operations which is essential for converting the opportunities into profitable revenues.
“Changing customer behaviour, technology and competition have transformed the landscape in which entrepreneurs operate. Hence, it is essential for entrepreneurs to continuously focus on improving their operations and building scalable and sustainable businesses," said Sanjay Aggarwal, Partner and Head, KPMG Enterprise.
He added that they need to focus on investing in business performance improvements in quality and reliability and adopting new technologies, making processes more efficient, continuous skill development and training and continuous innovation is key to success.
