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52 percent of Indian MSMEs reported an increase in business performance post-pandemic: Study

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Based on a study conducted by PayPal, the digital payment service, 52 percent of Indian MSMEs reported improving their business following the outbreak. In addition, more than a quarter who were selling products on social media began doing this during the attack, and over half of those interviewed SMBs believed that it was the primary driver of growth over the past twelve months. In addition, 66 percent of India’s MSMEs said they had joined social media after watching their competitors use it.

PayPal has conducted the “MSME Digital Readiness Survey” collaboration with Edelman Data and Intelligence. The study aims to discover how Indian MSMEs have changed to the pandemic by adopting a digital-first strategy and taking advantage of the global market and their main objectives to increase their scale.

This survey examines the impact of COVID-19 on small-sized businesses that have an internet presence. The survey is conducted from October through November 2021. The results are based upon interviews with 250 decision-makers from India’s medium and small enterprises with an annual income of five to 250 million.

Following two full years of outbreak, the study revealed that 52% of small companies experienced positive effects on their businesses after the economies began to recover. Twenty-nine percent of MSMEs reported that the business climate in India was more favorable in online sales, and for 31%, the potential for cross-border business was exciting.

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The digital revolution continues to be embraced by consumers to help MSMEs.

There has been a change in the behavior of consumers triggered through the closures. This has opened the way to shopping online from stores. MSMEs have seen an increase of 65 percent in the number of online purchases made by customers, and more than 80 percent said their customers are more open to different payment options. The convenience, accessibility, and use of digital possibilities have led to 51 percent of small and medium-sized enterprises experiencing more spending by existing customers. In comparison, 46 percent observed an increase in repeat purchases.

A well-constructed online presence is an important goal for the future.

MSMEs have shown remarkable endurance and determination to overcome COVID-19’s weaknesses by using the digital platform to their advantage and expanding their presence on the internet. At present, 66 percent of MSMEs make use of social media as a selling platform, followed by the marketplace (62 percent) as well as owned by the company, i.e., application (61 percent) and their e-commerce site (54 percent) and third-party platforms for e-commerce (54 percent).

In contrast to third-party platforms, companies’ channels usually give business owners more control, flexibility, and flexibility when selling online. In light of the changing the way consumers shop, companies are shifting their priorities and plan to establish an online store owned by the company. Corporate-owned platforms for engaging with online sales are at the top at 29 percent and 28 percent, respectively.

This is vital for Indian MSMEs since 49 percent of respondents are keen on creating their websites or apps. However, this autonomy can bring problems, notably the lack of technical knowledge. More than half of those (56 percent) who do not sell their products mentioned a lack of technical expertise as the main obstacle.

Social media is a significant growth catalyst for companies.

Digital is a powerful growth engine for Indian small-scale firms. Similar to Singapore and Hong Kong, social media is the most viewed seller on the internet. It was noted that 26 percent of people selling through social media started to do this after the outbreak and 56 percent of the surveyed MSMEs considered it an essential factor in growth in the past 12 months.

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Although the user-friendly interface (67 percent) and the natural transition from selling for non-sale (67 percent) are the top motives to utilize social media platforms to market and sell, another reason that is worth accepting is the competition. Businesses are more competitive than it has ever been. Sixty-five percent of Indian MSMEs reported adopting social media following seeing their rivals do similar things.

In addition to being a fact that selling products on social media is very easy and can encourage healthy competition, it has also helped companies understand their customers and educate them on social issues.

Around 100 percent of Indian MSMEs agree that trade across borders must be a top priority for business in the next 12 months.

Cross-border adoption trading in India is relatively high, 64 percent of traders had embraced cross-border trading before the pandemic, and 35 percent of them did so during the outbreak. Of them, 86 percent of MSMEs that sell globally said they witnessed an increase in cross-border commerce during COVID-19.

Much of the success is due to the opening of new economies and positive reviews from the global population. 94 % of respondents believe the benefits of crossing borders expansion have made cross-border trade a vital business goal moving forward.

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The advancement of technology is helping businesses expand far beyond the borders of traditional business.

MSMEs have outlined some issues that arise when making international trade, such as the high cost (74 percent), exchange-related concerns (31 percent), and concerns about fraud (30 percent). To combat these challenges, MSMEs have formed partnerships with online selling platforms from third parties developing their apps and websites, preparing their internal systems for selling online, and adopting the global payment system.

Digital payments and technology-based seamless checkout experience are among the areas of focus for Indian MSMEs.

As many Indian MSMEs adopt digital technology, investing in their digital transformation has become the top priority. 98 % of companies surveyed have expressed the desire to invest in developing more payment options. Of this, 95 percent are looking to create new payment methods, and 90% are looking to improve payment methods using cards. Then, there is optimizing payment services to accept digital wallets, such as PayPal (70 percent).

A growing area of interest for small-sized businesses is the experience at checkout that they provide customers—around 40 percent plan to invest in improving the process of payment and checkout to boost sales. The main reason for doing as stated by small enterprises, is to accept payments from new channels of sales online (60 percent), integrate loyalty programs (57 percent), and expand the use of unique, local payment methods for selling internationally (56 percent) in addition to other.

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In the face of increased competition, companies are fighting for the consumer’s part of the wallet. Forty-nine percent of Indian MSMEs surveyed are planning to invest in technology to provide the best customer experience. An easy checkout experience can lead to increased customer loyalty and the potential to increase the number of customers they serve.

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SpaceX has reportedly fired employees who were critical of SpaceX CEO Elon Musk. The report.

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SpaceX, the rocket ship business controlled by Tesla CEO Elon Musk, has fired several employees involved with an unsigned letter that condemned the flamboyant billionaire for his behavior. According to reports in the media,

SpaceX, The rocket ship business managed by Tesla CEO Elon Musk, has fired several employees who were involved with an unsigned letter that condemned the billionaire’s colorful personality for his conduct, According to reports in the media.

The news reports released on Friday reported an email sent by Gwynne Shotwell, SpaceX’s chief executive, claiming that the company had dismissed employees who had written and distributed the letter. The letter’s authors criticized Musk for his actions, which they claimed are a “frequent source of distraction and embarrassment for us, particularly in recent weeks.”

The New York Times was the first newspaper to publish a report on the purge based on details from three employees who knew about the incident. The employees were not identified.

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It’s unclear how many SpaceX employees were fired; however, Shotwell did not conceal the fact that the company thought they had crossed an unacceptable threshold.

“The letter, solicitations, and general process made employees feel uncomfortable, intimidated and bullied, and angry because the letter pressured them to sign onto something that did not reflect their views,” Shotwell wrote in her email, as reported by the Times. “We have too much critical work to accomplish and no need for this kind of overreaching activism.”

The dismissals took place on Thursday. The exact day Musk spoke to Twitter users for the first time regarding the USD44 billion deal that he had signed to bring the social media platform to his empire of business. The agreement is still in doubt as Musk investigates whether Twitter hides the number of fake accounts on its platform.

While the Twitter drama unfolded, there was a report the following day that Musk was able to pay USD250,000 for a female flight attendant to stop a possible sexual harassment suit against Musk. Musk has denied the accusations of sexual harassment, and in the last month, Shotwell sent an email message to SpaceX employees stating that she believed the allegations were false.

In the past few weeks, Musk has also crudely mocked the appearance of Microsoft co-founder Bill Gates on Twitter and posted an emoji with poop during a discussion online in which he was joined by Twitter the CEO Parag Agrawal.

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The open letter written by SpaceX employees that criticized Musk said that Musk’s tweets to his followers of 98 million painted SpaceX in a bad image.

“As our CEO and most prominent spokesperson, Elon is seen as the face of SpaceX. Every tweet that Elon sends is a de facto public statement by the company,” the letter reads. “It is essential to communicate to our employees and the potential employees that Elon’s messages do not reflect our mission as a company, our mission, or our beliefs.

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10 Legal Steps Every Small Business Should Take.

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Are you thinking of opening the first mortgage broker of your own? If you’re an entrepreneur, you are an exceptional breed. Do not be afraid to dream big and risk-taking chances. You know that common sense is the way to the top job: running your own company.

Before transforming your idea into reality, ensure that you are on track by following these simple steps to begin your small-scale business, increase your profits and minimize the risk you take.

1. Decide on a Business Type

The kind of entity you select for your business — whether you’re a sole proprietorship or partnership, a limited liability corporation, or an s-corporation will determine how you file your taxes and provides legal safeguards, and, most importantly, restricts your liability. You also record your details with the federal government when you incorporate your business.

2. Protect Yourself With a Business Prenup

Are you launching with a partner? Buy-sell agreements protect everyone from situations that may complicate ownership. If one of the partners wants to leave divorced, divorced, or dies, The buy-sell understanding could help avoid difficult conditions in which ownership shares are transferred to the wrong party.

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3. Map Out a Corporate Blueprint

Corporate bylaws outline the organization of your small-scale business. Are you a member of an executive board and shareholders or any other corporate officers? Corporate bylaws put all the ducks in a row and define the meeting rules and timetable. This is the blueprint of your business.

4. Draft a Solid Business Plan

Business plans serve two purposes. They provide an outline that will help you remain focused on your small-business goals and strategies. They can also be used to pitch to investors and banks if you require some money.

5. Protect Your Secrets

As you begin to hire individuals and create collaborations with other businesses or contractors, a non-disclosure contract protects your private information from being misused. It also defines the information that is acceptable to disclose.

6. Stay Compliant With Corporate Minutes

States have a requirement that some document is kept of the discussions and decisions made during official meetings of shareholders and boards. Corporate minutes documents can record all the details to be registered so that your business complies with all regulations.

7. Manage Expectations With an Employment Agreement

Small businesses need people to prosper, and an employment contract safeguards all parties by putting expectations into writing. The claims of discrimination and injuries are rising. Even though employment agreements aren’t able to prevent the possibility of lawsuits, they do minimize risk by defining the rules, obligations, and expectations of everyone.

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8. Expand Your Abilities With Independent Contractors

Certain circumstances require special assistance, such as the design of graphics or PR. If you employ someone who isn’t an employee for some help, such as an independent contractor agreement, it can ensure everyone is on the same page moving forward.

9. Settle on a Location

The saying goes that it’s all about location, especially in the case of businesses that have clients, sell products, or offers services on-site. Commercial real estate leasing can help ensure that the rental contract is sturdy and that the relationship between the landlord and tenant is secure.

10. Plan Ahead

Your small-scale business can be a significant asset and a source of personal income. If something happens, you need to make a testamentary will to protect your family and business from unnecessary costs, taxation, estate taxes, and possible disputes.

If you are on the road toward entrepreneurship, you may encounter situations where you may need some advice from an expert. Find a SCORE mentor who will guide you in the proper direction.

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5 Ways to Grow Your MSP Business.

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As companies look for new ways to boost profit and revenue, They are increasingly turning towards managed service companies (MSPs) to manage the essential IT tasks. In the end, MSPs are expected to grow in the MSP market is predicted to grow to more than $300 billion over five years.

Naturally, when the market expands and competition increases between MSP firms. How can an MSP company stand out and make the most of the growing demand for these services?

Here are some suggestions for MSPs seeking to ensure that their MSP business grows with the market’s demand.

1. Know your customers.

Although businesses that sell goods benefit from loyal customers who come back repeatedly, the customer relationship is more important for MSPs. Clients entrust the continuous health of their business to the services you offer, and therefore you must know your customers’ objectives and requirements thoroughly. If your customers know they are genuinely concerned about their success, they’ll take care of your marketing.

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A thorough understanding of your customers ‘ needs does more than help you deliver superior service. It helps you know your ideal customers and allows you to better identify your value proposition to future customers- a process that is notoriously difficult for many companies.

Utilize your existing relationships to construct perfect customer profiles. This will allow you to focus your marketing budget on clients with whom the likelihood of closing the deal is high, thereby increasing the return on investment from the marketing. Scattershot marketing campaigns can bring you new customers; however, they’re generally more costly and less effective than targeted marketing campaigns targeting potential customers who are already primed to be listened to.

Knowing who your clients are is essential when you are developing your offerings. Based on the lessons you have learned from your relationships with clients and interactions, you can enhance your services and focus on the ones that your clients (and likely future customers) are most interested in, the ones which make them want to choose to work with you instead of another MSP.

2. Align values.

ESG (environmental, social, societal, and governance) aspects are becoming increasingly important for shareholders and clients in the present business climate. Organizations that can show potential customers that they share objectives in this area can get an advantage in concluding a deal.

One of the most critical aspects of understanding your customers is their preferences and how your company fits those values. For many clients, it is vital to demonstrate an interest in the diversity of your customers. For some, it’s crucial to consider reducing your business’s carbon footprint. In the case of others, it’s a commitment to your local community.

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Consider whether your ESG initiatives can be a practical element in your proposition of value and branding. If you think yes, it is, then you must promote common values when marketing if you don’t consider whether you should rethink how your business handles ESG.

3. Always reinforce your client relations.

Maintaining the satisfaction of your current customers is as crucial as bringing on new customers. Reducing the number of clients who leave your company reduces stress on your finances and your employees’ time (and probably the time you spend). Happy clients will help introduce you to or promote your business to potential buyers.

Building solid relationships with your clients involves more than simply calling your clients whenever you need to or when there’s an issue. Finding “authentic reasons” to contact your clients is much easier than you imagine. There are plenty of ways to keep in constant contact with your customers without feeling like you’re intrusive.

For instance:

  • Offer them relevant information: Customers love content, provided it’s not general. In reality, they are open to information that will assist their business or is pertinent to their interests. Therefore, consider ways to create specific content for your clients.
  • Maybe you could create a blog to optimize MSP clients’ work and minimize expenses. Perhaps you could send your client an article that outlines an innovative solution to an issue they’re experiencing or a whitepaper on developments in the field of their services.
  • Be sure to take care when using personal contact. While it’s not much effort to communicate with others via Facebook, there could be a hazard when using your accounts rather than one for your business. Use your discretion!
  • Find out about events that allow you to have a personal meeting. Don’t think about the value of a personal touch. Face-to-face meetings are one of the most effective methods of building long-lasting customer relationships.
  • There’s no have to go long to locate an opportunity. Invite your customers to attend an MSP event or conference within their industry. Plan a client gathering within your business or, if the event is within your budget, attend an event for the community (such as a concert, sports event, or fundraising event). Please invite them for breakfast or coffee so that it is possible to introduce them to a friend who can assist them in an aspect of their work.

4. Sell for the value you are paying, not at low prices.

If you are focused on always providing the lowest price, you’re doing your business wrong. There will be clients, but they’ll typically be customers who are challenging and difficult to deal with. If an opponent lowers its price and clients leave, they will abandon your business.

Low-cost work also causes tension within the company, forcing them to discover other methods to increase profits. Employees’ morale suffers, as do owners and managers who will always be concerned about reducing costs. If, instead, you insist on the benefit you can offer to your clients; pricing is no longer a concern. It doesn’t mean your clients will never be able to question your pricing. If you demonstrate to your customers that you offer an unbeatable value proposition, you’ll be able to charge more for it.

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5. Make sure you provide the best user experience.

Your business may be most advanced in technology and efficient for all your customers. However, if it’s not easy to navigate and use your customers, they will move to cheaper options.

Be sure that your customers have easy, attractive, and enjoyable ways to interact with your offerings, in addition to simple and effective methods for contacting your company if your business provides data. Design easily-to-use, custom-built dashboards for displaying data. Incorporate highly efficient collaborative tools in your service.

The user experience is equally crucial internal. Automate every phase of your process to improve your employees’ user experience. Automation improves your effectiveness and allows you to create a continuous contact with your customers. Using pre-made documents, such as statements of profit and loss templates, or using automated email marketing, you and your business can significantly benefit from automation.

Find a Partner who will help grow your MSP. Your Business

It’s a fantastic moment to start or work as an MSP, especially in this time of hybrid and remote work. There are endless growth opportunities and just an effort to make the most of these.

But, having an expert partner can aid. A cloud solution provider that has won awards, such as Sherweb, has the resources and experience that can assist MSPs benefit from the abovementioned strategies. Visit our Partner Guide for more details, or join our Partner Network to start.

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