What worked for MSMEs in 2021
Raise your hand if you too thought 2021 would be different from the trainwreck that was 2020. We all hoped that the COVID-19 pandemic was almost over — only for a second wave to deepen financial stress on individuals as well as businesses, which were already struggling to survive.
The pandemic is not over yet but the year is almost at an end – making it the perfect time to look into the rearview mirror and evaluate some of the trends that prevailed in the micro, small, and medium enterprises (MSME) sector.
From a rise in digital payments to intent-based lending, the sector has seen quite a shift in the way it operates. SMBStory spoke to industry insiders to better understand these changes.
Take the example of Ankit Ralhan, an electronics supplier based in Haryana’s Hisar. “When COVID-19 struck, I went back to my village with large customer outstandings. There was no hope of opening up again. But thanks to new payment modes like UPI, a lot of my customers paid up, which helped me start afresh.” Read More.
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Before you go, stay inspired with…
“Humility is an important attribute that founders should have. The more successful you become, the more humble you should be because the forces that give you value are much bigger.”