By definition, they may be micro, small and medium enterprises. However, the impact they have on a global scale is extra large.
Globally, MSMEs make up 90% of all the firms there are.They provide for 60%-70% of all the employment and account for at least 50% of total GDP everywhere. The percentage point share of GDP goes up in developing countries.
In recognition of the crucial role they play towards achieving Sustainable Development Goals listed in its charter, the UN General Council has declared June 27 as the International Day for MSMEs.
MSME Day is a celebration of the sector’s contribution to the global economy. This year, it is also a call for action towards greater investment in the sector.
State of MSMEs at Zoho’s home base, India
In India, like with all developing countries, MSMEs are the backbone of the economy and contribute significantly to the GDP. Importantly, small enterprises – both in the formal and the non-formal sectors – employ a large section of the under-privileged. A large cross section of rural population earn their livelihood thanks to these enterprises. Millions of women find employment through small self-help groups.
The Indian government acknowledges their contribution and have devised many MSME development and support initiatives.
However, many MSMEs today face multiple challenges, including but not restricted to intense competition from MNCs, lack of funding and fluctuating market conditions.
The emergence of Industry 4.0 – where business processes are getting automated and productivity parameters tweaked – has posed challenges to the sector. MSMEs today face the dire need to reinvent themselves using digital tools even to stay afloat let alone thrive.
There are also multiple compliance issues by way of government regulations that are hard to cope with. Bigger enterprises can allocate resources and respond quickly to such challenges.
For small and micro enterprises, this is where a good business software solution that is compliant with the legal requirements can make a huge difference.
Digitize and innovate
Since our inception, at Zoho we have always had a special place for small and micro enterprises.
By the way, did you know that our name “Zoho” itself came about a wordplay surrounding “Small Office Home Office”?
We are happy to count tens of thousands of small businesses as our users. We have never lost track of building software that will help small businesses.We also pride in keeping our software affordable to even the smallest of businesses anywhere in the world.
We believe that with the right tools, small enterprises can easily overcome the challenges in this hyper-connected era of doing business.
MSMEs with a digital makeover can:
Build a strong online presence – create websites, automate sales & marketing, set up an online store and etc.
Expand their reach – Capture new markets and expand existing markets
Manage business finances easily
Broaden their access to data and knowledge
Boost productivity and profitability
Introducing
On June 24, 2019, we launched our MSME development drive Zoho Empower. The programme aims to build digital literacy in MSMEs and make it a core competency of small businesses so that they can harness the power of digitization tools.
In Tamil Nadu, the South Indian state where we have our global developmental headquarters, we have tied up with Tamil Nadu Small and Tiny Industries Association (TANSTIA), an apex body, to reach out to micro and small industries.
Through a sustained campaign in the months ahead, we hope to help the small and micro enterprises in:
Creating websites and webpages using Zoho Sites
Filing GST returns using Zoho Books
Taking invoice management online using Zoho Books
Using social media to drive traffic to their website
Nurturing customers with Zoho CRM
Generating leads using Zoho Campaigns
And even running your entire business with Zoho One
Zoho will also offer TANSTIA members access to its software at discounted rates. Going forward, Zoho and TANSTIA will create user educational content in Tamil to help the MSMEs with their digitization efforts. Our first set of workshops will start in August. TANSTIA members get exclusive benefits from Zoho.
Tamil Nadu is just the first step. We strive to partner with more MSME entities to further the Zoho Empower initiative.
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