Business Excellence Strategies for SME Sustainability in India

Business Excellence Strategies for SME Sustainability in India

Neeta Baporikar
Copyright: © 2017 |Pages: 18
DOI: 10.4018/978-1-5225-1886-0.ch004
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Abstract

Accepted worldwide Small and Medium Enterprises (SMEs) are fueling the engine of economic growth apart from promoting equitable development. They provide large employment opportunities at comparatively lower capital cost apart from enabling industrialisation of backward areas, thereby, reducing regional imbalances, assuring more equitable distribution of national income and wealth. This is more so in the Asian economies and undoubtedly SME is an important contributor to Indian economy. However, globalisation is bringing new opportunities. To seize these opportunities, SMEs need to re look at their business and strategize for excellence. Hence, the core objective of this chapter is to explore whether adopting excellence models can help SMEs to attain sustainability. Through in depth literature review and grounded theory approach the focus is to discuss different business excellence theories and focus on the need to use business excellence strategies for their sustainability and continued success.
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Background

The Micro, Small and Medium Enterprises (MSMEs) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades. The complexity of the business environment has led to unprecedented importance of strategic planning and execution. The implications of globalization cannot be escaped by SME as well. All companies need to excel in every given field in order to compete in global markets. A survey made by Asian Productivity Council in 2011 states that using business excellence models offer significant operational and financial benefits to organizations (Asian Productivity Council Report 2011). The research focused on five countries: India, Japan, Republic of China, Singapore, and Thailand. Participant organizations were from the private sector and ranged from early adopters of business excellence to award winners. The key findings from the research indicate that companies reported that business excellence had a major impact on their competitiveness and performance as well as innovative aptitude. Enterprises engaged in providing or rendering of services and whose investment in equipment (original cost excluding land and building and furniture, fittings and other items not directly related to the service rendered or as may be notified under the MSMED Act, 2006 are specified below.

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