Challenges and strategies for competitiveness of SMEs: a case study in the Indian context Online publication date: Fri, 11-Jan-2008
by Rajesh K. Singh, Suresh K. Garg, S.G. Deshmukh
International Journal of Services and Operations Management (IJSOM), Vol. 4, No. 2, 2008
Abstract: Small and Medium Enterprises (SMEs) are considered engines for economic growth, not only in India but all over the world. They account for 80% of global economic growth. Market conditions have dramatically changed for Indian SMEs after economic reforms. SMEs are regularly facing new challenges in terms of cost, quality, delivery, flexibility and human resource development for their survival and growth. In the context of a dynamic market scenario, they have to formulate their strategies for developing various capabilities and competencies to satisfy their domestic as well as global customers. For long-term competitiveness, SMEs have to focus on all aspects of organisational functions such as assets, strategy development, processes and their performance. This study tries to illustrate this concept with the help of a case study. It is observed that to be competitive, SMEs should have clarity of mission and should proactively develop their human resources and competencies to meet fast changing customer requirements.
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