The growth of SMEs is one of the main keys to an economy’s vitality. SMEs are known to have a major role in creating wealth, given their place in the economy. In India, as in many other countries, almost all businesses are SMEs. Moreover, 70% of the jobs created in the private sector over the last 10 years can be attributed to the activities of SMEs.
Consequently, it comes as no surprise that governments seek to maintain a business climate conducive to the birth and growth of SMEs. The measures most often taken for this purpose include reducing administrative burdens, introducing tax measures that promote growth and ensuring access to financing.
However, while the business environment may play a leading role, the growth of SMEs depends on a number of other factors as well. Every SME is unique and has its own history based on its origins, industry, location and target market, but they all have certain points in common that enable some of them to fare better than others. That is the express purpose of this knowledge sharing: to identify strategies that explain the difference between businesses that are experiencing sustained growth and those that are stagnating or seeing their revenue decline. These can be referred to here as “winning strategies”
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