Leading SMEs of India 2022

8 D) Exploring Overseas Markets Leapfrogging into international markets requires developing a meticulous international expansion strategy to understand one’s readiness to engage in global markets. Players need to create strategies for market selection and mode of entry based on extensive market research, competition analysis, business environment, trade regulations and policies, market access, and other factors. However, most small and medium sized businesses lack the competencies to devise such strategies and to market specific products. Moreover, lack of visibility in overseas markets or the inability to effectively showcase products and services across the border aremajor reasons why Indian players lose on this aspect to other South-east Asian businesses. E) Digitalisation and Innovation The COVID-19 pandemic has accelerated the pace of digitalisation across all industries. Businesses that have been quick to adapt to digital technologies and the new-normal are the ones that have survived the crisis and also been able to emerge as winners. However, for large players, who have significant resources at disposal, adopting innovative practices and digitalisation at a faster clip has been quite easy as compared with small and medium sized businesses. SMEs, owing to a number of reasons, have lagged behind on this aspect and are yet to explore the power of digital technology in enhancing overall productivity and efficiency of their operations. F) Sustainability Challenges Small and medium sized businesses have been finding itself difficult to stay afloat in the aftermath of the Covid-19 pandemic. As such, they lack the financial resources to adapt to the new business realities. On the other hand, in an ever-evolvingmarketplace, larger companies are taking the initiative to adopt sustainable practices such as reducing carbon footprint, environmental impact, energy efficiency etc. However, small businesses are limited by financial and other constraints, such as know-how and expertise on sustainability issues. GROWTH DRIVERS Digital Transformation Credit Facilities Global Market Access Trade Facilitation Young Entrepreneurship Digital Transformation Dun & Bradstreet