How to tap opportunities in business?
SMEs need to draw attention to a 7-step investor attraction cycle for seeking out foreign investors from various regions globally.
The fast changing and ever more competitive global marketplace are continuously presenting businesses with new opportunities and complex challenges which can either result in big gains or even uncontrolled losses.
Under this approach, the focus should be on detailing inventive methods of entering global markets with real-life examples and lessons learned for corporates, small and medium enterprises (SMEs), rural enterprises, large organisations and start-ups.
It should also cover certain human aspects such as what stops and what triggers innovation.
With growing evidence indicating that new ventures with international operations usually outperform the ones without any international operations, SMEs need to be practical, hands-on on building international trade knowledge and skills and help grow the business through international development for corporates and SMEs.
A few human aspects under this approach include resourcefulness which matters when one fetches resources. SPANCO cycle of exports is critical in this approach.
How and from where to get technology for joint ventures?
Since joint ventures allow companies to obtain new technological access, the focus should be on the best international practices for not only procuring but also sharing technology and complementary intellectual property (IP) assets for the production and delivery of innovative goods and services.
Handpicked approaches for procuring such technology in both national and international markets should be researched with practical examples for corporates and SMEs.
A few human aspects under this approach include resourcefulness which matters when one fetches resources.
Connecting to global business networks
Starting out in global businesses can feel like a lonely journey.
Whether you’re up at 2 am writing the business plan, dealing with rules and regulations before you open for trading or negotiating the tricky task of securing external finance, it can sometimes feel like you’re an army of one facing competition that’s better resourced, more experienced and already in the game.
This is especially true of corporates and SMEs when they are attempting to connect with business networks globally.
They need to emphasize on the realistic skills needed to create and keep alive, global business networks.
This also covers a couple of human aspects such as interpersonal relationship skills being the key to creating and sustaining human network and business networks fundamentally being a function of human relationships.
How to attract investment from abroad for one’s business?
Given that markets are more dynamic than ever and if a business isn’t ahead of the curve, no matter what its industry, the owner will find her/ him running into losses or closing up shop faster than one can blink.
SMEs need to draw attention to a 7-step investor attraction cycle for seeking out foreign investors from various regions globally. This will also address the core human issue of understanding what people (potential foreign investors) are really interested in.
Process improvement through innovation
A number of global studies show that process productivity can be increased by at least 25 percent by introducing innovation into business processes.
Corporates and SMEs should be intensively trained to manage innovative production and service processes under which workers and employees in the organization are asked to participate in improving existing production and service processes.
They are knowledgeable because they know very well and in minute detail, the production/ service processes simply because they work on it.
Unlike top engineers or management that just have a bird’s eye view of the production process, employees know a specific part of the process in great detail.
Therefore they are the most competent to improve the process. This will also include human aspects such as continuous improvement but with a focus on innovations.
How to Make in India for global markets to raise living standards?
India is on the threshold of major reforms and is poised to become the third largest economy in the world by 2030. Prime Minister Narendra Modi offers the 3 ‘Ds’ for business to thrive – democracy, demography, and demand.
Add to that a tech-savvy and educated population, skilled labour, robust legal and IPR regime, and a strong commitment to calibrated liberalization – India is a destination that global investors cannot overlook.
SMEs should clearly detail the concept of Make in India, introduce real-life success and failure stories of corporates and SMEs, who are already implementing Make in India and outline the innovative inter-linkages of Make in India with Skill India, Clean India (Swachh Bharat), Digital India, Smart India (Cities and villages) and Start-up India.
On the human aspects, this will focus on “worthiness of people” in the context of “worthiness of products”.
Stay inspired.
Jagat Shah is a representative of Government of Manitoba, Canada in India and Founder & Chief Mentor of Global Network India , Cluster Pulse Mentor On Road
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