Staying ahead in the rat race

Edging past competitors and taking lead in the corporate world is something that most SMEs in India can only dream of but they fail to implement policies and ideas that can take them to the top. Most small-scale companies still lack the right approach, while a few are not armed with the appropriate strategies required to make a cut above the rest. Awareness and effective implementation of the magic formulas will help SMEs to beat competition.

Mantras for success

From successfully mitigating the risks involved in a business to effectively allocating resources, following right marketing tools and adopting measures to earn customer satisfaction, there are various steps involved in achieving sustainable growth and staying ahead in the game. Apart from possessing sharp business acumen, the ability to multitask and provide something unique to customers can enable SMEs to retain the numero uno position.

"For SMEs, resolving funding issues and putting a strategic business plan into effect are of utmost importance. Promotional strategies as well as innovative product offerings can help small businesses to occupy a greater market share in the competitive arena," said Avinash Jajoo, director of Tax Consultants, a small-sized investment advisory and tax firm in Mumbai.

Besides offering novel products and services, maintaining quality and catering to client demands will help SMEs not only to gain credibility but also enable them to establish a strong foothold in the marketplace and shore up their top lines.

"Executing smart strategies, exercising competitive pricing and developing robust distribution network and sales force will be useful for SMEs to consolidate their market position," said S Mukherjee, analyst at SKP Securities, a small-sized securities trading house in Kolkata.

Regular reassessment of the work pattern of leading companies in the sector and tracking the development of one's own competitors will also help SMEs to be prepared for tough challenges and take the pole position in the game.

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David Parks is a well known author and has written articles on Home Appliances and Air Conditioner, suppliers, Manufactures and many other subjects.