Challenges

Pic Acknowledgement Forbes

No one is afraid of challenges, some are of course worried about them and they take time to come to terms with them, but ultimately all are willing to face them

The Change Curve is key to understanding how an MSME can overcome challenges and take decisions to be able to get back on track soon. Take a look at the change curve. Kubler Ross Change Curve based on the emotional impact of a life changing situation shows the stages of ‘grief’ that a person undergoes during say a passing away of a close member / relative. The Key that this Change model shows is the ‘speed or pace’ and therefore the time taken to move from Shock and Denial stages to Acceptance which is what allows for Growth and Development

The Emotional Vs Practical facets of our understanding plays an important part in this process. Emotions are key to human existence as otherwise we would be no different from ROBOTs. The Balance between Emotion and Reality is what we need to manage to be able to take decisions which will help us be connected on one side and agile and forward moving on the other

Key Challenges of MSMEs are: Lack Of Finance (both Capital as well as Debt recovery), Regulatory and Taxation, People Productivity, Promotion and Marketing, Product / Service Innovation, Lack of Mentorship and Coaching support

How does a MSME – whether run by a sole individual or partners or even an enterprise consisting of many people manage to overcome their challenges and grow? While answers to challenges are many, it is the ability to understand ‘Root Cause’ identify the ‘Vital Few’ actions which can reverse the situation and the analytics to gauge the changes on real time basis – to ensure minimal deviation fro the set course. Its practically impossible to do this be oneself. Manage and grow your business for almost Free – contact@nat-cons.com