It is not a brainer to infer that small businesses in the country invariably struggle to maintain high quality standards while meeting production demands. It's essential for business owners to realize that upholding quality measures is not just a formality but a vital strategy for growth and sustainability.
My conclusion comes from a recent report from the Mckinsey Global Institute that highlights a productivity gap between Micro, Small and Medium Enterprises (MSMEs) and larger corporations in both emerging and developed economies. In India, MSMEs are only 24% as productive as their larger counterparts with a substantial productivity gap of 76%. Closing this gap could potentially boost output by around 10% of the GDP.
Today's consumers have an abundance of choices in the market and are becoming more discerning about product quality. Small businesses can no longer afford to take shortcuts; every product or service they offer must meet quality standards. Maintaining high quality standards should be ingrained as a principle of the business.
Failing to meet these standards could result in a loss of trust, from customers and a damaged reputation that may be hard to recover from. Along with quality, it is essential to produce as per requirement. Many small businesses face challenges in not delivering products on time but also in meeting market demand in terms of quantity. Some businesses prioritize craftsmanship and quality so much that they overlook the importance of scalability. In an industry driven by growth and competition the inability to produce volume can be as detrimental as a quality lapse.
The need for both quality and sufficient volume presents an opportunity for businesses rather than just a challenge. By demonstrating their capability to meet both requirements small businesses can establish themselves as key players, in their field setting them apart in a market. This strategy does not only help retain existing customers but also attracts new ones fostering business growth.
To sum up, it's about time that small businesses don't view quality and quantity as obstacles. Instead they should regard them as interconnected objectives that when accomplished simultaneously pave the way for growth and a strong market presence. The key to success, for any business lies in providing top notch products at the scale demanded by the market. Falling short of this standard could result in being overshadowed by competitors.
I invite your opinions.
