Skills will be more important than capital, networks, or anything else in this technologically advanced world. The success of individuals, organizations, and ultimately our country will depend on their skill sets.
freepik
When it comes to D2Cs and small businesses, upskilling and developing new skills will be the key to growth, staying relevant, and battling off the challenge of big tech. Upskilling could help MSMEs take advantage of the dynamic environment in the new normal of declining demand and customers going online.
Small business owners can present a stronger front and expand their customer base by learning and upgrading their skills constantly. In addition, several of these skills may pave the way for their participation in government initiatives, which would ease access and financial challenges of their business.
Small firms would benefit most from upskilling in fundraising, digital marketing, e-commerce adoption, and business process automation. MSMEs have been better equipped to adapt and survive their business during pandemics because they have undergone a digital transformation to stay up with the rapidly changing ecosystem.
Taking into consideration, the characteristics of small business owners, programs have been developed to assist them to upskill in becoming more competitive, achieving higher levels of business growth, and developing resilience in today's dynamic business environment.
In addition to technical skills, there are soft skills that D2C business entrepreneurs must have to accelerate growth in this digital world. Some of them include:
Networking: One of the main factors holding back entrepreneurs in a company is a lack of access to market connections. Talking to other business people is crucial for owners who want to launch a new enterprise. They can connect with specialists like lawyers, financial experts, and government officials, among others, through networking.
Negotiation skills: The capacity to negotiate can have a significant impact on the long-term financial health of business owners. It's high time for owners to start negotiating and advocating for themselves, whether in discussions with partners or with clients.
Interpersonal skills: An owner can construct a business that has a solid foundation of dependable relationships by developing the communication skills necessary to avoid sounding condescending and to extend friendly and warm interactions.
Analytics: Company owners must be aware of the state of their companies. They ought to be able to steer it if they are at the helm. One can only move the company forward if one is aware of what is effective and what is not. In situations like these, analytics is a key component of every organisation. Important metrics that provide information about the performance of the company should be easy for anyone to track. One may learn how to track and collect data as well as analyse that data by taking one of the many courses available on Google.
Research: Research is a very key element. Check market cues first if any idea strikes. Check to see if one has the funds to set up the necessary operations. Consider the type of marketing that the company will require. Never be scared to ask others for help. Look up subject-matter specialists to get your questions answered. Find a mentor and seek their advice. Successful business owners will never start a venture without doing the extensive study first.
Marketing and branding: Since consumer expectations are shifting, so must the concept of a business. Today's consumers prefer to get goods from reliable sources. Businesses with strong brand recognition can effectively communicate their intentions and goals.
Adoption of technology: Entrepreneurs must expand their businesses online in order to succeed. In order to increase the effectiveness of the work, one also needs to be tech-savvy. The majority of tasks that would be a waste of human resources can be automated thanks to technology. There's no need to manually enter every piece of information into a spreadsheet or send out individual emails. One has access to many of the resources online.
For MSMEs to use digital technology, government assistance and industry groups are essential. The government has acknowledged this and has designated MSME skilling as a focal area of numerous initiatives and policies. In order to promote small business use of digital technology, it has developed trade and ICT policies.
Digital is the future for 6.5 crores of Indian MSMEs as India moves toward becoming a trillion-dollar digital economy. These businesses will require ongoing skill development to negotiate the complicated and constantly changing realities of doing business.
Regardless of the size, type, or complexity of the organisation, one must continue to strive toward building a robust digital ecosystem that promotes the use of digital technologies by businesses.