'Buyer Seller Meet' - A platform by IndiaMART.com for SMEs in Healthcare sector to Network & Grow

The medicine and pharmaceutical industry in India is truly cutting edge. It has seen plethora of advancements in the past few years. Messe Duesseldorf India Pvt. Ltd. endeavors to constantly remain in the forefront of the changes, sweeping advances in the field. In association with MEDIC and IndiaMART.com, India's largest online B2B marketplace, as its online media partner Messe Duesseldorf has put its best foot forward with the support of Indian associations such as AIMED (Association of Indian Medicals Device Industry) and IAPMR (Indian Association of Physical Medicine and Rehabilitation), as well as vital international institutions to bring the medicine and pharmaceutical industry under one roof at Bombay Exhibition Centre (BEC) in Mumbai via 'Medial Fair India 2012'. 

But, what actually would interest the Small & Medium Sector Enterprises (SMEs) of healthcare sector here will be the 'Buyer Seller Meet' which IndiaMART.com will be organising in partnership with Messe Duesseldorf India Pvt. Ltd. Before delving deeper on what this meet has in its store for Indian SMEs active in healthcare sector, lets get acquainted with Medical Fair India 2012.

A Curtain Raiser
Medical Fair India 2012 will provide an interactive platform for the entire medical fraternity to gather under one roof and celebrate the technological advances in the field of medicine. It is a three day celebration of diagnostics, medical technology, rehabilitation, medical equipment and components. In fact, such a meeting is much more than just a scientific interaction. In addition to facilitating the exchange of expertise and knowledge, the fair provides an invaluable opportunity for the sellers to exhibit their equipments to the buyers.

It is anticipated that over 311 exhibitors from all over Asia, Europe and USA will attend the event showcasing the technological advances equipments and health care products to more than 5000 visitors. This event will also witness footfalls of entrepreneurs from various SMEs across the sector apart from industry leaders. As a matter of fact, for the very first time in the history of medical fairs in India, there will be a US pavilion with the Illinois State Office, the Minnesota State Office and the US Commercial Service participating, as well as group exhibitions from the Czech Republic and Japan.

Upholding Traditions: Where Buyers Meet Sellers
Partnering with Messe Duesseldorf, IndiaMART.com will organize a 'Buyer Seller Meet' alongside the fair. This meet will provide an exclusive platform to buyers who will come with their specific requirements and sellers who will showcase product samples of their respective companies. IndiaMART.com will make arrangements for pre-fixed meetings between buyers and suppliers of medical products as well as it will ensure that every buyer gets to meet multiple numbers of suppliers. The objective of this meet is the cultivation and promotion of various businesses across the field of medicine, creating prospects for exchanging of views on the development in instrumentation, establishing contacts and face to face meeting with prospective buyers. This meet not only gives a golden opportunity to Indian SMEs in healthcare sector to explore a whole new world of healthcare products & services but also a perfect platform providing enormous future prospects, latest trends and exclusive networking with the companies from the same industry.

Health & Welfare
The medical fair aims to direct the health care group giving them an opportunity to gauge trends and developments in medical industry. It gives them a chance to meet decision makers from India and abroad, whose and who of medical fraternity as well as renowned doctors & veterinarian surgeons. The fair tries to accomplish welfare of the buyers and sellers belonging to health care groups and pharmaceutical industry at its best.

Welcome to Mumbai
So, IndiaMART.com welcomes all manufacturers, exporters, importers, purchase managers, doctors, et al to be a part of this mega event in Mumbai, the bustling and lively city of India which is enjoying both an excellent economical climate and blooming healthcare services sector. Come and join IndiaMART.com at 'Buyer Seller Meet' where it opens gateway for Medical & Healthcare sector to a better tomorrow.

'Buyer Seller Meet' Schedule:

Date: 2nd - 4th March, 2012
Time: 10:00am - 04:00pm
Venue:  Bombay Exhibition Centre, Mumbai

Fill up your buyer's registration form by clicking on the link below and get a Face-to-Face interaction with suppliers of medical products:
http://trade.indiamart.com/mailer/ts231111/medical-fair-india.html

For more information, please visit:
http://www.biztradeshows.com/medical-fair-india/

Innovate to Sustain and Grow

Globalization has brought many markets together and presently, the competition does not just rest within a single country. Products and services from various enterprises located across the world are competing on a single platform. In times of such competition, the success of any particular company is gauged by the speed at which it can innovate goods and bring them to the forefront.

What is innovation?
Innovation defines the ability of any agency to benefit from the breakthroughs of scientific achievements and convert it into practical solutions for marketing. A combination of efficient flow of technology, ready supply of finance and adequate business skills are the three pillars which can boost an SME. 

Teamwork makes it easy for you to innovate

Many SMEs keep on repeating their processes and often fail to innovate and thus eventually lose to competition. SMEs have a huge potential to innovate and are well aware of their market. They are familiar with their manufactured product and user expectations and can utilize the opportunity to innovate. Lack of funds is also another deterrent for many SMEs.

Engage relevant talent
To improve their status, SMEs can even hire an innovation coach who would share his expertise to prepare the innovation process. They can also hire exclusive R & D professionals for new product developments and dedicate an entire wing for the same. They can outsource the research work at a much cheaper rate.  Many low end SMEs may not be able to innovate as per their requirement. They should improve their efficiencies in HR, finance and customer management systems to support themselves.

It has been proved that firms which invest a good amount of their profits in developing innovation or R & D turn out to be at the top of their list in production. SMEs also need to understand the various SOPs offered by the government or policies which can be utilized by them to fund their R & D projects.

Spread good humour
For bringing innovation one has to understand its benefits and also venture into new collaborations to initiate innovation. An SME has to invest in promising innovators who can boost and contribute with greater ideas in the existing set-up. A work culture suitable for innovation has to be cultivated and results are expected to show with the passage of time. It has to be reflected in various segments within the agency including in its management. It is a group phenomenon and never an individual attempt, thus, the team has to be nurtured to express their views and encouraged to be creative.

Innovation also demands a certain dedication in terms of manpower, resources and finances. SME needs to prepare their employees by sending them to workshops, seminars and conferences where they can pick up handy tips. Senior staff are often found to be antagonistic towards innovative ideas and implementations and they also need to be kept in the loop regarding new processes. Ideas have to be worked upon in a collaborative manner and supportive people are required within an agency to support new initiatives. Fostering innovation is hard, but innovative SMEs are cut out for a larger canvas.

SME Exchange of BSE to see first IPO today

Bombay Stock Exchange

The Bombay Stock Exchange (BSE) will commence its small and medium enterprises (SME) platform with Rs 8.50-crore initial public offer (IPO) of non-banking finance company (NBFC), BCB Finance.

 

The IPO will open for subscription today. It will be the first issue to be traded on the segment during March. The firm will secure Rs 8.85 crore via the issue, which will end on February 27 and the issue price has been set at Rs 25 per share.

BCB Finance is mainly involved in the business of advancing loans and investing/trading in securities. If the IPO attains success, it is expected to pave the way for the listing of other firms on the platform. 

Both the bourses, BSE and NSE have been facing pressure from Centre to unveil a separate trading platform for SMEs.

For more news, click: http://news.indiamart.com/story/sme-exchange-bse-see-first-ipo-today-155761.html

Employee Retention - Invest, Reward, Respect

The success of any budding or existing SME lies in its team of dedicated and productive employees working with it. As a management initiative, it is necessary to retain potential employees and reward them from time-to-time. A study has established that 62 per cent of SMEs face hurdles in recruiting and retaining staff over a period of time.

Invest in your employees
Often, companies invest in a wide amount of infrastructure to train their employees for better production and losing them because of a lack in retention skills can prove to be a big loss. SMEs especially need to prepare their HR processes to save themselves from losing valuable employees. Also, competitors do not hesitate in poaching potential workforce from other companies and may cause damage to the companies by offering their employees better incentives. 

Retain your employees with competitive wages

Competitive Wages
There are a number of ways in which an organization can retain their trusted employees. Paying competitive wages is one of the most important methods to hold existing employees. Also, providing your employees a reasonable amount of flexibility in their jobs can prove to be beneficial. A variety of benefits such as changes in schedule, fixed shifts, leaves for personal matters and family-supporting initiatives can also be crucial. Long-term employees need to be appreciated for their long service. Encouragement to them also proves to be a good example for other employees who realize that the company appreciates their commitments. Simple incentives such as health insurance, benefit packages could support them in making a decision to be with the original employer. It also offers the SMEs an additional advantage over the competition.

Respect your employee
Another key area in employee retention is respecting the employee and offering them space and support. Individualized work desks, promoting healthy relationships, and providing supportive trainings are some of the steps which can be taken by a company. Promoting interpersonal communication is also crucial for supporting existent and new employees. Various communication initiatives such as focus groups, attitude surveys, hotlines, etc. can help them in corresponding about their needs and requirements. A good employer must know what his employee wants. 

Make it transparent with your employee

Retention bonuses are another important step in retaining an employee. SMEs often face a lot of difficult situations such as mergers, acquisitions, financial difficulties, etc. It is vital in those times that companies release retention bonuses to support their employees and retain them. Also, it is better to release the amount over a period of time rather than pay it as a lump sum.

Managing a new hire
In worst cases, one may have to lose out on trusted employees and can benefit from new hires who would be more eager in their performance, would be cheaper to afford and can grow up to be a potential addition to the workforce. The only cons to a new hire would again be the question of reliability and standard requirements for training and nurturing which may take precious time of the employer. 

It is always difficult to find skilled workers and more so, in the times of a tough competitive market and financial meltdown. It always makes sense to retain one’s most effective workers.

Challenges Faced by SMEs in Developing Countries

Small and Medium Enterprises (SMEs) are an integral part of any economy and play a vital role in supporting a stable economic environment. They are crucial in upholding the growth and existence of economy especially that of developing countries. SMEs are driven by combined efforts of private entrepreneurs, government and financial institutions.

Developing financial sensibilities
One of the key elements for an SME’s success is access to finance. In developing countries, SMEs face a number of hurdles while achieving the financial resources for building up of their businesses. Finance is crucial for any SME to acquire or absorb innovative technologies. Their expansion to global markets or association with other firms is also related to the availability of finance. Traditionally, SMEs find it difficult to avail credit or equity. Even maturities of commercial bank loans offered to them are limited to a very short period. Similarly, lower interest rates are extended to a very few companies.

SMEs are often considered to be high-risk borrowers because of insufficient assets and their vulnerability to market fluctuations. They are also very much susceptible to mortality. The existence of an information asymmetry caused due to lack of records in accounting and inadequate business plans often make them a difficult choice for creditors and investors. Also, the high cost of transaction or related administrative costs of lending small amounts make lending to SMEs a risky proposition. Even then, banks turn out to be the biggest supporters of SMEs. It has also been proven that banks would benefit commercially from lending to SMEs. 

Plan your finance and take the right ladder to growth

Find the right investors
Besides assistance from banks, SMEs can also rely on private equity firms which are experienced and expert in their businesses. They would prefer to invest in businesses which have a potential to grow. Many SMEs do not prefer such investments because of the interference by the equity firm members. However, there are certain investor firms who prove to be a viable option for funding as they use their own money for funding various initiatives.

Society has seen a new spurt of CEOs and successful entrepreneurs who are investing in new ventures and ready to support upcoming SMEs. These investors also provide their expertise to the firm and support them with their management skills. Bombay Stock Exchange (BSE) has already kick started its SME platform with the Rs 8.5 crore initial public offer (IPO) of a non-banking finance company (NBFC), BCB Finance. This has set high hopes for Indian SMEs who can now raise domestic capital for their own requirements through this way.

Alternatively, since SMEs have a bigger scope of getting their funds from banks, they can improve their credibility. Another solution offered is maintenance of better business plans, improved credit ratings and maintaining reliable financial information which would help banks and financial institutions in having more confidence in lending to SMEs.

SMEs can also go in for mergers with other firms to complete their fund requirements. Mergers also provide them opportunity to enter into international markets and form strategic alliances to expand their business and enter new productions. SME sector of any country is expected to drive the growth of any country’s economy and offer a significant opportunity for various investors to contribute in the future of a country.

Know Your Customer for Higher Growth

The customer is the key entity that drives the market. If a company is able to understand the various dimensions of its customers including social, functional or emotional factors, it would be equipped to design a better product for it. Customers expect excellent products at optimum prices and are also willing to pay as per the product or service. For example, for a hypermarket chain, the behavior of its staff, the pace of its service, maximum discounts on the prices, availability of variety of products will determine its success amongst the users. With a tough competitive market, the SME with a better understanding of its users would have a better chance to outstand others. 

The success of an SME is identified by its grasp of the market, which is in turn driven by the needs of the customers. Thus, knowing the customer becomes imperative for any SME. Every company must develop its own program to understand their customers. The company, the nature of its users and the type of products or services it has to offer are some of the important considerations while planning the program. 

How Well Do You Know Your Customer?
A customer knowledge program should make the SME aware of customer emotions and experience about their products and goods. It should also educate them about the customers’ needs and expectations and also present the market perspective for their products. For example, a company selling shoes should realize factors such as material preferences, designs, looks, climate conditions and average shoe sizes of the population, before even manufacturing any product.

Communicate with the Customer
Communication is the key word in a Know Your Customer (KYC) program and it should consist of interactive surveys, information feedback forms from the customers to know their needs from time to time, et al. Customers need to be visualized as the best brand ambassadors of any company's products/services. Their problems need to be assessed in a regular manner and for every purchase. They need to be offered more for being loyal to the brand. For example, a paints company could provide customers with a sample booklet for choosing colors and in return, request them to fill out a form regarding their preferences in colors, materials from that particular company. This way, both agencies are benefited from the mutual exchange. Presently, the world wide web provides the SME to have a better connect with users directly.

Through the KYC program, the customer also needs to be assured that his inputs are considered for developing the existing products into better ones. Many companies conduct product surveys and often reward the customer for participating in it. These programs also help SMEs enter into a new market or launch a new product in an existing one. They also save a potential company from causing itself any damage through a new service or product.

Key Objectives of KYC
Some of the key objectives of a KYC program include verifying the needs of the customers, monitoring changes in their preferences, manage risks regarding new initiatives, etc. In short, the existence of a stable KYC program contributes to the growth and success of an SME. So, when are you improving a KYC program?

Why SMEs should Opt for Inbound Marketing?

When you’re about to start a small or medium enterprise of your own, it’s important to make people aware of your venture and the products and services you offer.  Inbound marketing is the new marketing method that uses the latest technology to attract customers. This marketing method is opposed to the traditional, interrupting and less effective outbound marketing. This method uses the new strategy of reaching costumers by providing them precise and useful information reaching them according to their convenience. As traditional marketing is focused on finding costumers, inbound marketing is focused on the idea of getting found by costumers. So inbound marketing brings qualified costumers to the SMEs.

Next Gen Marketing
Inbound marketing is the result of some recent changes in the behavior of consumers. It does not involve the conventional and expensive methods of regular newspapers and television advertisements, billboards on roads and telemarketing calls. It is mainly based on three things--good content, Search Engine Optimisation (SEO) and social media.

The primary advantage of inbound marketing is its target audience which is all the persons who access the internet. A good content is the key to successful inbound marketing. Users will browse away from your page if they do not find the right information or get confused by the presentation. Similarly, SEO helps the consumer locate the site and its content. SEO practices, on-page and off-page, help SMEs in achieving a higher position in search engines. Search engines such as Google, Yahoo, Bing, etc. prove to be the first platform for a potential buyer or customer.

Social media networks form another important aspect in inbound marketing. Their range is spread across many channels where people browse on a regular basis. With a substantial sharing of the content, potential buyers are attracted to company's products or services.

Saves Time
A survey has established that inbound marketing, even though time consuming, costs 62 per cent less than outbound marketing or related efforts. It grows over a period of time and only improves in its quality. Also, with inbound marketing, one is directly connected to the target audience. In inbound marketing, one only approaches leads which are interested in the product and provides better chance for selling. It also works as a wisely investment, whereby SMEs can benefit from a long-term marketing strategy rather than a short-lived one such as print ads or video presentations, etc. The right investment on optimized content which can show up on various search engines confers a long lasting touch to the marketing effort.

Flexible Solution
Inbound marketing also offers a flexible solution to SMEs which can modify its campaign from time-to-time as per their requirement. Adopting closed loop marketing analytics from possible leads also helps SMEs to improve their marketing month after month. The system works much better than conventional e-mailing systems where the company has to spend quite an amount just to reach out rather than waiting for consumers to connect with them in the inbound marketing methodology. Often, these e-mails create negative publicity for the SME as the message is branded as a spam or unwanted forwards.

As a power pack of all these advantages, Inbound marketing could benefit SMEs in multiple ways making them more successful.