Micro, small and medium enterprises, also known as MSMEs, play a vital role in most economies, particularly the economies of developing countries. The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, and the categorisation of the industries has been done as per that regard.
According to the MSMED definition, a microenterprise is an enterprise where investment in plant and machinery does not exceed Rs. 25 lakhs, and a small enterprise has an investment in plant and machinery within the brackets of Rs. 25 lakhs to Rs. 5 crores. A medium-sized enterprise has an investment of around Rs. 5 crores to Rs. 10 crores in plants and machinery.
Small and medium enterprises (SMEs) play a major role in the economy of India. They account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They are representative of the majority of businesses and more than half of all employees worldwide.
Every business, be it large-scale or MSME, needs a polish someday. Otherwise, it’s just a fine mess, and entrepreneurs live in this mess every day. Entrepreneurs need to have an extra dose of intellectual creativity to have a sustainable business. The business environment today consists of start-ups and businesses that look for expansion and growth at supersonic speed. However, what they forget is that only those companies that have survived for decades have had a vision of not just rapid growth but sustainable high-speed growth.
Sustainable growth for any organisation means growth that can be maintained without creating other significant problems like cash crunch, increasing liability, etc. There is clearly a trade-off between rapid economic growth at present and growth in the future. For long-term survival, sustainable growth is the way out, be it for sustenance or proliferation.
The 3EA team comprises meticulous consultants that have seasoned knowledge and can propel the growth of an MSME. 3EA helps them by offering innovative solutions that help them move forward in business every quarter or year.
Not just giant corporations, but SMEs too need to think about innovation periodically, to run a self-sustaining model, and thus business consultants are of great support. As consultants, we come up with innovative ideas for their growth. We take pride in the success of our clients and help them build a constructive and worthwhile business.
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