indian brands – Bada Business

Key Learning from 2020: How Indian MSMEs survived COVID 19 & Prepared to Kickstart 2021

The year 2020 was tough due to COVID 19 pandemic and like a nightmare for Indian brands & businesses and MSMEs. However, it has also proven to be a great learning curve. The global pandemic has redefined the business rules, forcing entrepreneurs to think out-of-the-box to find innovative ways to survive amidst challenging times.

According to a report published in Financial Express, ‘in 2020 about 38% of startups struggled with funds, and 30% of them had only 1-3 months of reserved working capital. Many businesses also reported around 80-90 % drop in their revenue’.

Though the Indian startup ecosystem emerged in the early 2000s, most businesses followed the traditional path to run their business operations in a straight, simple, and most convenient way.

According to the global innovation mapping and research company StartupBlink, ‘Indian startups ranked 23^rd amongst 202 countries, based on their strength.

When the worst-ever global health emergency was also stuck in India, immediate measures were required to survive the lockdown. Though many Government Schemes were launched, Indian businesses and MSMEs also stepped up their game by mobilizing their operations online.

So how did they manage to survive during the challenging times? Check out the key learning’s from 2020 that helped the Indian MSMEs survive:

Digital Innovation & Manage Cash Better

The reason why Indian startups are growing at a rapid pace is their flexibility to adapt to new changes and optimistic approach. During the pandemic, the most important learning that entrepreneurs or solopreneurs are willing to implement in 2021 is cash management and digital innovation.

Umar Akhar, Founder of Bengaluru-based Koskii also agrees. He says, “every entrepreneur must learn to increase their efficiency and manage cash better.

Also, digital innovation and the rise of online business operations is a promising trend, for which every business owner must be prepared.

An Upward trend for Ecommerce

If there was one way through which most of the businesses survived during the pandemic, it was the power of digitalization.

With the imposed nationwide lockdown, the SMEs realize that for their business survival, they needed to adopt technology and constantly power themselves with digitalization.

The Chief Corporate Affairs Officer of Flipkart Group says the COVID 19 pandemic has helped MSMEs realize the potential of technology and e-commerce. Thanks to that, they have become modernized and upgraded.

Cloud Adoption

Cloud adoption is the latest entrant that has given a new direction to SMBs. By upgrading themselves, the SMBs have increased their efficiency and productivity, since remote working allowed them to work in a secure environment.

2021 has come with great opportunities for SMBs to grow and expand with the power of technology, reimagined business models, and optimized business operations. Most of the MSMEs are willing to make the changes that are required for them to sustain.

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Pivot And Persist: These Companies Stood Successful In Pandemic Times

2020 has turned out to be a chaotic year with full of surprises and shocks for everyone. It will not be wrong to say COVID-19, called the worst thing for many businesses, but for many entrepreneurs, it came as a blessing in disguise. This hard situation may not only enable them to rotate their business operations, process but keeping mind the growth of their business.

It has been months for the Indians who are surviving and fighting with the threat of this unbeatable virus. As correctly said, the lockdown imposed by the Government for the safety of our added woes not only to entrepreneurs but every class people as well.

While suffering during this time, a lot of businesses worked hard to fight back by changing the direction of their operation and touching different dimensions to be stable and grow at the same time.

Let’s have a look into those few businesses who fought this pandemic with a positive mind and change in operations way.

Hula Global

A garment manufacturing company founded in 2018 based out in Noida, was entirely into garments before COVID-19 came. But after a worse situation faced by people in terms of safety from viruses, the company owner changed business operations and started into manufacturing PPE kits, N95 masks, face shields, etc., to fulfil the rising demand for products in the country.

A change in business operation not only helped people in fighting the virus but also helped in the growth of the business. Now the brand has collaborated with the Bahrain Government, the Kingdom of Saudi Arabia (KSA), Brazil, and Italy to supply these kits.

Homescape

A co-working space, company founded in 2013 by Manoj Khandelwal operating from Bengaluru, when lockdown happened, then work from home to come. So, co-working spaces had major suffering during this pandemic time.

When the future of his co-working space future remains uncertain, then this Bengaluru-based co-working space Workshaala had set the example by changing business operations by an initiative called Homescape. The company started providing furniture like tables, chairs, and desktop to people working from home and help them individual’s productivity and provide them with comfort and ease at the same time.

Shree Shakti Enterprises

Shree Shakti Enterprises is a bulk trader of steel utensils since 1956 that has a good name in the market. But like most businesses in the world, they also hit a speed bump. This pandemic forced them to pause the economic activity, shut factories, so they had to close all its manufacturing units in Sonipat, Haryana.

Then their Rahul Bajaj, the owner of the company came up with the idea to touch uncharted territory of sensor-based sanitizer dispensers to hands-free hand wash systems, and automatic foot sanitizers. They started building a prototype within days of the lockdown. We can clearly say that the idea had changed their life.

2020 maybe turn out to be a surprise and shock at the same time. Last few months, many businesses have illustrated flexibility more than ever. As the pandemic and lockdown disabled not only the economy, our lives too across the globe. But, as it said you will find the way you go on the path of innovation with a positive mindset.