How Organisations are Sustaining Growth Post Pandemic

For India, currently the 5th largest economy in the world, much of its consumption-driven growth was attributed to large-cap companies. However, that trend had slowly started to reverse as the years leading up to 2020 were evidence of the steady rise of Small and Medium Enterprises (SMEs). These SMEs were by no means bit players as they collectively contributed to the near-double digit growth rates that the country experienced throughout most of the previous decade.

In addition to having been a force to reckon with in the past two decades, SMEs are integral to the Indian government's goal of doubling the size of the Indian economy to $5 Trillion by 2024. Even as early as 2019, these concerns collectively accounted for 29% of India's Gross domestic product, and expert opinions pointed that a doubling of the economy would mean that SMEs will have to grow larger, both in size and revenue.

The importance of these 50 million-odd SMEs cannot be understated as they are some of the most prominent vehicles through which India can achieve inclusive growth in the coming years. But, unfortunately, for many of these SMEs, the COVID-19 pandemic proved to be a disastrous event as it threw light on the problems they faced. From funding decits to technological handicaps, SMEs nd themselves in a highly fragile state of being as their very existence is under threat due to years of neglect and stagnation.

Industry veterans and analysts are unanimous in advocating the importance of 'going digital' as a means for these SMEs to get back on their feet. However, going digital comes with its own set of challenges. Remote work, seamless collaboration, and business continuity are some of the biggest dilemmas for SME owners who were predominantly analogue players.

Fortunately, the tools to solve these problems exist and happen to be quite affordable and accessible in the current climate. Cloud communication suites and business collaboration tools, when employed effectively, can work wonders for enabling business continuity and offsetting xed costs. This whitepaper studies the factors stymying growth for India's SMEs and proposes a set of actionable steps that build a truly resilient organisation that is as comfortable working remotely as well as non-remotely.