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 regards.
According to MSMED definition, a micro enterprise 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 enterprise has investments around Rs.5 crores but 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 majority of businesses and more than half of the employment worldwide.
Every business be it large-scale or MSME, needs a polish someday. Otherwise, it’s just a fine mess and entrepreneurs live this mess every day. Entrepreneurs need to have extra dose of intellectual creativity to have a sustaining business. The business environment today just consists of start-ups and businesses that look for expansion and growth at supersonic speed. However, what they forget is that only those companies have survived since decades that have had a vision of not just rapid growth but a sustainable high-speed growth.
Sustainable growth for any organisation means growth which 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, undoubtedly, sustainable growth is the way out be it for sustenance or proliferation.
The 3EA team comprises of 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/year.
Not just giant corporations but SMEs too need to think on 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 in building a constructive and worthy business.