IndiaMART Partners with XLRI for MAXI Fair 2014

The marketing association of XLRI popularly known as MAXI is proud to host its flagship consumer research event, MAXI Fair on the 18th-19th January, 2014. We have been conducting this event for over 3 decades now, with this year’s edition being our 35th anniversary. This is also the Biggest Marketing event in India & the biggest event on the XLRI Calender.

MAXI Fair as it is more popularly known, is an innovative tool for conducting market research and consumer behavior pioneered by XLRI. The fair is organized, supervised and conducted by MAXI – the Marketing Association of XLRI. Games and events are designed to surrogate actual research questions.

This helps us to elicit unbiased and accurate information about consumer perceptions and preferences. Born out of the vision of one of XLRI’s most eminent professors Dr Sharad Sarin in 1979, the novel concept of the Marketing Fair is today an accredited marketing research tool. This brilliant and innovative method goes beyond the blind testing concept and uses a carnival milieu to conduct meaningful consumer behavior research. The underlying concept involves designing games and events as surrogates to actual research questions to elicit unbiased and accurate information from customers regarding their preferences and perceptions. The consumer is attracted by the fun element and enjoys the series of carefully designed games, unaware that his responses and actions are being tracked.

The concept has received great acclaim both in India and abroad. Over the years, stalwarts such as Philip Kotler of the Kellogg School of Management, Theodore Levitt of the Harvard Business School and Dr. Philip Adler of the DuPree College of Management, among others, have all personally commended the unique concept. The concept has been presented at several US universities and has met with great success.

The University of Rhode Island has conducted this fair with very successful results. Several Indian Business schools such as IIM Ahmedabad, IIM Lucknow and MDI have adopted the idea and conduct variants of the original marketing fair idea.

This innovative concept finds supporters and followers in the corporate world. Several Indian and Multinational corporate giants have presented research problems to XLRI for study. The greatest testament to the power of this MR tool lies in the fact that these companies have based their strategic business decisions on the research results which have emanated from Maxi fair.

This year’s event would see performance by Ahsaan Qureshi of the Great Indian Laughter challenge fame .People of Jamshedpur would get to attend Workshops on diverse topics such as paper quilling,origami,portrait sketching.Fancy dress competition for kids and an online marketing quiz for students in association with Mynewsstudio have been planned for this year. For the young college going and young working people we have events like paintball, zorbing, a food festival, and other such features.

The event this year is being partnered by ITC, HUL, Star India and Airtel. The event also sees participation from Pepsico, GoAir, Tata Steel, Peter England, Gift XOXO. Our media partners for the event are IndiaMART, The Pioneer and Radio Dhoom.

SME Knowledge Interchange – India SME Forum

The Indian SMEs are a vibrant and dynamic community that have contributed immensely to India's growth and stability. They have been prevented from realising their full potential due to various external factors such as liquidity crunch, absence of technology, access to markets etc.

The most glaring issue that the Indian SMEs face today is access to capital, avenues for which are very limited. To address and discuss this, SBI in association with Business Standard along with its B2B marketplace partner IndiaMART have come together to present SME Knowledge Interchange. It is a 25 event series and is aimed at driving the interest of SMEs with respect to banking and finance.

Through this forum, experts from finance and banking sectors will discuss issues and strategies to lead SMEs towards empowerment.

In order to ensure that the SMEs gain maximum out of such interchange, SME Knowledge discussion will also focus on related topics catering to Finance with Debt which will highlight:

• State of SME banking as Priority Sector Lending Fiscal Integrity, Financial Discipline and Ratings.

• Central and State Government Incentive Programs and subsidies & Collateral free borrowing from PSU banks.

• Raising finance from the Banking and Non Banking Channel – (Do’s and Don’ts)

The other discipline will highlight Financing with Equity concerning areas such as:

• Raising Equity as Seed Capital, Private and Venture Investments: Issues and opportunities.

• Raising Equity Issues and listing on SME Stock Exchanges, the Road Ahead.

In its first edition, the forum will focus on clusters such as F&B, refined petroleum products, chemicals, rubber and plastic industry, non-metallic mineral products, machinery & equipments in the markets of Aurangabad on 6th August 2013 followed by 11th August 2013 at Vishakhapatnam tapping fisheries, mining coffee, fabrication, packaged drinking water cotton textile, woolen, jute, horticulture rice mills, coconut processing unit etc.

About India SME:

The India SME Forum, a not for profit initiative was formed in 2011 to propel the SMEmovement, by nurturing entrepreneurship and support innovative, globally competitive SMEs in India. The initiative was accorded Support by the DC (MSME), Union Ministry of Micro, Small and Medium Enterprises, Government of India on 28th August 2012 vide their letter no. 7(35)/2012-MSME Poll, received from the Office of the Development Commissioner.

“India Sme “The propellers of the Knowledge interchange initiative Enjoys support of over 72 Indian industrial Associations & manufacturers federations All Initiatives are supported by Ministry of Micro, Small and Medium Enterprises, Government of India which captivates the standing and ascendancy.

Detailed information on the contents, mentors and speakers is available on our website: www.indiasmeforum.org.

Industry status to gems & jewellery sector may help SMEs to get bank loans, says Bachhraj Bamalwa of All Indian Gems & Jewellery Trade Federation

Expressing discontentment on government's plan to increase the import duty on gold yet gain from 4% to 5%, All Indian Gems & Jewellery Trade Federation's Chairman Bachhraj Bamalwa, said the move will encourage smuggling activities and there are possibilities that the income generated from these activities might be used in various illegal activities, thereby threatening the national security as well it will destabilize the overall economy of the country.

 

Besides elaborating on current status and opportunities available in gems & jewellery sector for SMEs, he also suggested various measures to promote country's gems and jewellery sector, in an exclusive interview.

 

 

 

Please shed some light on the current status of Indian Gems & Jewellery Industry, which has been declared as 'a thrust area of exports' by the government?

 

Bachhraj Bamalwa: The global recession and economic slowdown has its impact also on the India's gems and jewellery sector. The Indian government is struggling with the widening trade gap. Gems and jewellery is one of the most important sector and is the 2nd or 3rd highest foreign exchange earner for the country. So the government has declared it as a thrust area for export to reduce its trade gap. Despite slowdown in USA and Europe, we hope to achieve a 10% growth in the sector.

 

 

 

According to a report released by GJEPC and KPMG, the global jewellery industry has the potential to grow to USD 280 bn by 2015. What is your take on this?

 

Bachhraj Bamalwa: It is our objective to reach USD 280 billion by 2015. But considering the current economic scenario, it looks quite difficult to achieve the target but we hope things will prove in coming years and we will be able to close to our target.

 

 

 

The gems and jewellery industry in India is a fragmented one. In how much time do you think it would become organised?

 

Bachhraj Bamalwa: At present, only 15-20% of the industry is organized. At GJF we are desperately trying to organize it since past 5 years or so. It is an herculean task given the fact that India is a huge country with varying cultures in different parts of the country and mainly the jewellery is handcrafted and it reflects the culture and tradition of that particular region. With little help from the government we hope it could be organized in 20-25 years.

 

 

 

Kindly mention some bottlenecks plaguing the industry?

 

Bachhraj Bamalwa: Lack of formal education for artisans, lack of infrastructure in manufacturing, poor working environments for artisans, the negative approach of govt towards the sector.

 

 

 

What are the growth opportunities for the SMEs available in the gems and jewellery industry?

 

Bachhraj Bamalwa: The sector is capital intensive requiring comparatively large capital with low margin. The sector lacks industry status which is a resistance in getting bank loans. But the sector holds huge potential and SMEs have huge scope and have many opportunities in near future.

 

 

 

Signalling a new setback for the gems & jewellery industry, the government is planning to raise the import duty on gold from 4% to 5%. According to you, how the move will suppress the industry's growth?

 

Bachhraj Bamalwa: Import duty on gold was increased from 1% to 4% prior to and in the budget 2012-13.The smuggling of gold was practically nil before this period but have increased ever since the import duty has been increased. Gold worth Rs 942 crores was seized during a brief period of three months Further increase in the import duty will encourage smuggling and the income generated from these activities might be used in various illegal activities, threatening the national security as well it will destabilize the overall economy of the country. Further, despite a steep hike in the import duty approximately 600 tonnes of god was imported into the country during the 1ST three quarters of 2012-2013 and the country’s trade gap has also not reduced and the governments foreign exchange reserve has also came down.

 

 

 

A ban should also be imposed on banks selling gold coins. In most cases the banks forcibly sells gold coins to its high net worth clients and the gold keeps on lying idle with the consumers for years. Coins are not same as jewellery and hence coin sales are similar to investment options and consumption is recommended to be reduced.

 

 

 

What measures should government, in terms of pragmatic policies, to sustain global competition?

 

Bachhraj Bamalwa: Setting up jewellery parks in major manufacturing areas like West Bengal, Kerala, Rajasthan, Gujarat etc.

 

 

 

The government should also encourage, enact and speak positively on gems and jwellery sector. The sector is already facing the problem of sluggish economy and the skilled artisans are fleeing from the industry. I also request the government to ban trade in ETF, e-gold, and Gold mutual Funds which are backed by physical gold till such time the current account deficit of the country is reduced to a satisfactory level.

 

 

 

What is the outlook for the sector in the next 6 months?

 

Bachhraj Bamalwa: With wedding season in place the next 6 months looks good provided the govt do not shock us with some negative news in budget 2013-14.

 

 

 

What are the key priorities of GJF. Please share your roadmap for the remaining quarter of the current fiscal (2012-13).

 

Bachhraj Bamalwa: Liaison with the government for some pending issues, converting GJF into a National Council under ministry of commerce, creating awareness among smaller jewellers to be organized, creating infrastructure for the formal training of Artisans.

Limited access to credit, infrastructure facilities affecting small enterprises in Handicraft industry, says Amita Puri of AIACA

In a bid to understand the technicalities and challenges faced by Micro, Small and Medium Enterprise engaged in Handicraft Industry or Craft works, Amita Puri, Executive Director of All India Artisans and Craftworkers Welfare Association (AIACA) exclusively to capture her views on the various opportunities for the segment and AIACA's aim for the promotion of India's handicraft industry.

 

 

-What are the obstacles faced by artisans and small manufacturers to meet the high industry standards?

 

Amita Puri: Artisans have limited access to credit, infrastructure facilities, or even information about market demands resulting in their marginalization of the artisan and their reduced capacities to access resources or meet specifications. Besides, insufficient investment for the skill development is also a major challenge.

 

 

 

-How do handicraft fairs and exhibitions help micro and small entrepreneurs?

 

Amita Puri: Fairs and exhibitions provide a direct platform for sale of goods (direct market channel), leading to a strengthening of livelihood especially for small entrepreneurs who cannot invest in a space of their own. They also provide a direct connect with consumers leading to a better understanding of current trends and preferences; in addition to providing an opportunity to connect with other entrepreneurs in the same field.

 

 

 

-What are the future goals of AIACA for the elevation of small craftworkers and artisans?

 

Amita Puri: AIACA seeks to touch lives of craft workers by:- a) Policy advocacy for a favourable environment towards enterprise growth and enhancing livelihoods of craftworkers
b) Providing capacity building support to help producer groups and enterprises establish and run viable businesses that are able to compete in the mainstream economy.

c) Through the 'Craftmark Initiative' under which artisans are able to differentiate their products as hand-made and therefore improve their incomes.

 

 

 

-Finance is a major challenge to most Micro, Small and Medium Enterprises. What kind of approach should be taken up to moderate the situation in this particular sector?

 

Amita Puri: It should be tailored to the needs of the enterprises and be easily accessible. Also, sufficient linkages and awareness should be created for the enterprises to avail of the same.

 

 

 

-Chinese goods are giving tough competition to Indian goods. Please share your inputs on this.

 

Amita Puri: The Chinese government has managed to provide an environment and physical infrastructure conducive for the growth of the industry, which is still absent in India to a large extent. In addition, the mass production leads to economies of scale and lower prices resulting in a virtual swamp of the market by Chinese goods. Therefore, the government needs to do more in terms of regulatory provisions to promote small scale enterprises and in terms of availability of infrastructure. It also needs to create disincentives and enforce them for dumping of goods by other countries.

 

 

 

-Do you think that developing handicrafts as an organized sector will add value to the current status?

 

Amita Puri: As a result of being organized, it will definitely affect the sector’s ability to ask for, and influence environment favourable to its growth. It will also enhance the sectors ability to access resources. Moreover, with regulations pertaining to organized sector applying here, it will support an enhancement in the artisan’s earnings.

 

 

 

-Despite the growth of handicrafts industry in India, the average earnings of the craftsmen when compared to other fields is very low. Hence the younger generation is moving onto other fields with only the elder craftsmen left over. Comment

 

Amita Puri: It is true that the remuneration to craftspeople is low as compared to other professions which toppled with other issues is leading to migration from this sector. There is a strong need to use an approach that knits together craft techniques, market forces, culture, environment and the aspirations of the craft workers to create regular work and increased income levels for the artisans. A sense of dignity and pride in their skill will help not only to retain existing but also grow the number of craftspeople associated with the sector.

 

 

 

-What are the policies and measures needed for the upliftment of Handicraft industry?

 

Amita Puri: A higher financial allocation in the budget for its activities will help this sector. Ensuring regular supply of raw material at reasonable rates, easy access to finance, technology and information, capacity building to ensure skill development, strong marketing support with separate branding for the sector, proper implementation of government schemes, tax structures and regulatory policies that facilitate growth would all lead to ensuring a healthier industry.

Money matters: Basic cost cutting strategies for start ups

In wake of global economic uncertainty as well as financial recession operating a small enterprise may appear to be a daunting task. Under such circumstances, start ups are left to confront with the necessity to watch over costs to remain competitive, maintain profitability, or many a times even survive.

 

While, the market is flooded with innovative and creative concepts and great business models, without efficient cost cutting strategies, many challenges will appear in the long run. Hence, integration of efficient cost cutting measures becomes crucial to handle the drying cash flows.

 

 

 

 

Financial Management:

 

Dwelling on the current economic scenario, managing expenses becomes imperative for sustenance of the enterprise. The added competition in the environment also works like fuel to the fire.

 

 

 

Keeping constant assessment on the items that affect the liquidity of the business, like the level of debtors, stock of raw materials and finished goods can go a long way in managing finances. 

 

 

 

Managing a way to have optimum working capital rather than minimum or maximum working capital can works well for processing the cash flows.

 

 

 

Maintaining a record of financial transactions on a regular basis; at the same time maintaining relevant documents and preparing financial statements from time to time is essential.

 

 

 

 

Analyzing the financial statements:

 

Systematic analysis as well as understanding financial issues will have a far reaching affect for start ups. As it will ensure that the businesses are well informed regarding assimilation of developing trends, early warning signs, also ideas to reach out to wider areas.

 

 

 

 

Cloud computing:

 

Cloud computing holds key to minimising costs as well increasing profits for the small enterprises. It includes movement of localised software and digitized files to a cloud available over the web, it will ensure major savings by removing the need to upgrade the hardware and software frequently.

 

 

 

It is efficient technology which is also available on multiple devices.

 

 

 

 

Credit management:

 

Developing proper credit management is very important tool for the SMEs as it not only shrinks the unnecessary costs and avoidable debts, but can be a very important way of branding for the small business.

 

 

 

While offering credit is an important part of the start ups, it does not associate with the quality of services provided. Hence, it is advisable to work on a low-cost but good quality credit system to maintain business.

 

 

 

 

Future plans:

 

This is very important for any business to nurture and grow. Planning future can actually enable well established system, ensuring cost management in avoidable areas. Drafting out a proper plan will make sure that there are no unnecessary cost escalations, at the same time; it leaves enough room for charting out effective strategies to counter any uncertainties.

 

 

 

 

In the end, every entrepreneur starts with a different idea and business model; but it boils down to how well they are able to manage their business.

Not just hiring, retaining talent is crucial too

While on one hand the organizations are coping with the global economic uncertainties, the other side of the coin shows a dearth of good talent in the marketplace. Under such circumstances both hiring and retention of talent becomes vital for the survival of any firm.

 

As we all know an establishment is made by its people. When these individuals get together and collaborate as a team the organizational vehicle functions in a smooth manner. Any glitches or slowdown means that the vehicle either stops functioning or requires more push to function. In contrast, like a well-oiled vehicle when the team works in a better manner it ensures better output. The story remains similar of organizations of any size. For smaller organizations and start-ups, getting the right people and retaining them becomes even more crucial due to the scale of their operations. Any gap which is not filled in time can lead to immense lose in productivity and profits. Research shows that companies are losing top talent by not adopting some basic trade-tricks.

 

 

 

 

Communication

 

Communication tops the list due to obvious reasons. Many employees are unable to understand their role and responsibilities as they struggle to clearly understand their work expectation. A proper understanding can be achieved through two way communication between the employers and the employees. Two-way communication not only helps in clearing out doubtful situations, it also enables employees to freely share their views and opinions which can be beneficial for the growth of the firm.

 

 

 

Motivation

 

We all know that motivation is intrinsic to every activity and plays an extremely vital role in maximising employee productivity and efficiency. This in turn acts as a catalyst in the growth and development of the company or the enterprise. Therefore, It is imperative for any organization to constantly work towards keeping their employees motivated.

 

 

 

Reward & Recognition

 

Rewarding and applauding are perhaps the easiest yet the most forgotten means of employee motivation. Recognition brings with it a sense of ownership and encourages employees to work towards their set goals. It has been observed that team recognition enables groups to bond better and create a positive environment. It works as an esteem booster and makes employees liable for their work and subsequent growth.

 

 

 

It is important to note that contrary to popular belief, reward need not always be in terms of incentives or allowances. A simple pat on the back or a good job done mail can do wonders for an individual or a team.

 

 

 

Understanding employee aspirations & goals

 

For an establishment it is important to recognize the goals and aspirations of its employees. By recognizing employee ambitions, the firm can create a sense of loyalty and make individuals feel part of the bigger establishment. People need to know that their future matters to the firm and its management for them to stay back and put in their best in their work. In addition it helps if the goals and aspirations of the employees can be matched to those of the establishment.

 

 

 

Empowering Employee

 

A number of times firms give their employees the responsibility to do some work sans the authority. Empowering the employees to make certain decisions as well as take charge for getting the expected outcome is essential. Merely by delegating work and not ensuring optimum freedom can lead to management disaster. Empowering employees makes them feel like an integral part of the working family and encourages them to go that extra mile. Various surveys prove that employees that are able to have control over the work environment have a higher level of job satisfaction and tend to stay longer with a firm.

 

 

 

Conclusion

 

Employees are a company’s greatest asset and go a long way in making a firm successful. Building a good team can be a task but constant changes are required to ensure productivity and efficiency. Collective ideas, feedbacks and enthusiasm for work can help a business grow and succeed in today’s competitive environment. While many people naturally lead and give their best to their work in any circumstances, others require the guidance of skilled managers to lead them to growth. Employee satisfaction is related to how connected an employee feels to the firm and hence it becomes the responsibility of the management to keep employees engaged and encouraged.

SMEs need to find a niche for themselves, says Genpact's Pramod Bhasin

In order to deliver excellent services to clients and edifying a influential position in the market, the small and medium enterprises (SMEs) should focus on building real expertise, said Pramod Bhasin, the non-executive vice chairman and former president and CEO of Genpact in an exclusive interview.

 

 

Where are you right now in your business process management (BPM) journey?

 

Pramod Bhasin: The BPM journey is still in its infancy. There are a few clear reasons for this. Clients are just beginning to realize the full potential offered by companies that deliver BPM services, which one day will be bought just as you might buy manufactured parts or courier or banking services. The penetration levels into these services is still very low both in terms of usage by individual customers as well as by geography. In addition as the service providers mature and build real expertise in their chosen areas, the value they can deliver to customers will continue to increase. BPM is a relatively new science and we will be able to pioneer a new way of managing business processes for the world.

 

 

 

What are key challenges that SMEs face in the BPM sector today? What should be done to overcome the same?

 

Pramod Bhasin: The key challenges that SMEs face in this area are go to market and finding the right niche to play in. SMEs need to find a niche for themselves - there is no point trying to imitate companies many times their size but they must use their own nimbleness and speed and ability to serve a unique set of customers really well, to carve a place for themselves. Going to market and reaching customers across the world is also expensive and hard to do for people without that experience - so partnering with businesses or individuals who are based where the customers are can really help accelerate the process of finding customers and working with them over the long term. This is not an area where SMEs, even though they are strapped for cash, should try and save expenses- this is compulsory and needs careful thought and attention.

 

 

 

What kind of opportunities exist for them?

 

Pramod Bhasin: The opportunity for SMEs in the area of BPM is enormous - there are so many niches and areas of expertise that can allow them to build a business and deliver excellent value and information to customers - such as Analytics, or Supply Chains, or Legal Support or SOX compliance. There are many more areas which provide really compelling opportunities. SMEs must really focus on building real expertise so that they can deliver value to clients which customers may not be able to do themselves.

 

 

 

What importance a specific marketing strategy holds in a business?

 

Pramod Bhasin: SMEs must have very focused marketing strategies built upon a clear set of expertise or niche services they plan to offer, given limited funds you have to optimize the strike rates with which you win clients and cannot afford to be broad and generic in their marketing efforts. However all marketing has to be built on a foundation of real value - if not it can't sustain any momentum. Building real expertise and then picking customers who can really use your services and then delivering excellent service to them can be extremely rewarding. Finding innovative ways to get to market can become a real differentiator as they compete for customers.

 

 

 

How do you observe the growth of Indian economy at the moment?

 

Pramod Bhasin: The overall lack of growth of the Indian economy has really hit the SME sector hard but the situation is now improving and will give rise to plenty of opportunity be it in the area of skills or energy or healthcare and many more. I do think the worst is behind us as the Governmentt seems to be getting its act together. All companies across the world will increasingly focus on the SME sector - in the past, it has been the cost of acquiring each new customer and the relative lack of profitability from the SME sector that has held businesses back - but now with the advent of 4G, social media and increased digitization this will change.