- \n
- Indian small businesses are more
\nconfident than their Asia-Pacific counterparts.<\/li>\n - Investment in technology helped combat
\nthe impact of COVID-19 and increase profitability.<\/li>\n - Nearly two-thirds
\nof Indian small businesses grew in 2020 and most expect to grow this year.<\/li>\n - Indian small businesses were most
\nlikely to seek external finance in 2021.<\/li>\n<\/ul>\n\u00a0<\/span><\/p>\n
\n <\/p>\nNEW DELHI, INDIA – Media OutReach<\/a> – 22 April 2021 – Nearly
\ntwo-thirds of Indian small businesses experienced growth in 2020 through
\ntechnology investment and adoption. They maintain a confidant outlook despite
\nthe impact of COVID-19, according to CPA Australia<\/a>‘s
\n2020-21 Asia-Pacific Small Business Survey.<\/p>\n![](\"https:\/\/release.media-outreach.com\/release.php\/Images\/Thumb\/400x0\/144867\/India-infographic.JPG#image-144867\")
<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nThe survey canvassed 4,227 small
\nbusinesses in 11 markets across the Asia-Pacific region, including Australia,
\nMainland China, Singapore and Vietnam. Five hundred and twelve participants from
\nDelhi\/Gurgaon, Mumbai, Chennai, Bengaluru and Hyderabad in India participated
\nin the survey.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nSixty-five per cent of Indian small
\nbusinesses reported growth last year, the highest survey result. Reflecting
\nthis finding, 56 per cent of respondents increased staff numbers and 58 per
\ncent sought external funds for business growth; both results were the highest
\nin the survey. <\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\n“Indian small businesses outgrew their Asia-Pacific
\ncounterparts last year. However, small business growth varied widely in different
\ncities. Delhi\/Gurgaon recorded extremely positive results but other cities like
\nMumbai were below average,” said Mark Chau, Regional General Manager of
\nBusiness Development International at CPA Australia.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\n“The recent wave of COVID-19 infections may weigh on small businesses’
\ngrowth prospects and confidence. However, India’s
\nsmall businesses have demonstrated the necessary resilience to rebound once
\ninfection rates are brought under control.”<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nThe survey showed that high growth small
\nbusinesses are more likely to invest in new technologies and Indian small businesses
\ndemonstrated they are the region’s leaders in this field. <\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nDespite one half of Indian small businesses indicating
\nthat they were negatively impacted by COVID-19 in 2020, many took decisive
\naction to combat the adverse effects of the pandemic. Thirty-three per cent
\nincreased their investment in technology in response to the pandemic, the highest
\nof the markets surveyed. Seventy-six per cent reported
\nthat their investment improved profitability, which is the second highest of
\nall markets. <\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nThe technologies most popular among India’s
\nsmall businesses were Customer Relationship Management (CRM) software and
\nbusiness intelligence and analytical software. <\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\n“Indian
\nsmall businesses are ambitious, forward-looking and
\nfocused on their customers. Many turned to technology to improve
\ncustomer satisfaction and business strategy last year. <\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\n“In a post-COVID era, the ability to identify and invest in suitable
\ntechnologies to improve business efficiency and profitability will be critical
\nfor small business success. India’s youthful small business sector has proven
\nit has this savviness
\nin abundance,” Chau said. \n<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nRespondents identified cashflow difficulties
\n(37 per cent) and increasing costs (32 per cent) as obstacles to growth. Eighty
\nper cent of Indian respondents sought external finance in 2020, the highest
\nresult of the survey. Unlike other surveyed markets, Indian small businesses were
\nthe least likely to access external funds from a bank (11 per cent). Many
\ninstead preferred to seek funds from Non-Banking Financial Companies to address
\ntheir liquidity stress (36 per cent).<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\n“Easy access to external finance encourages
\nsmall businesses to keep investing in technology, offering more jobs and
\nexpanding abroad. Indian small businesses should strive to grow sustainably by managing
\ntheir cashflow closely while balancing expenses from business expansion,” Chau
\nsuggested. <\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nNearly nine in ten of Indian small
\nbusinesses expect to grow in 2021. Indian small businesses demonstrated
\ntheir willingness to innovate and pursue overseas markets. Fifty-three per cent
\nof respondents said they will introduce new products, services or processes in
\n2021. Forty-five per cent expect business revenue from overseas sales to grow
\nstrongly; both results are the highest among the surveyed markets.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nIncreased adoption of technology brings higher
\nrisks from cyberattacks. Sixty-eight per cent of Indian small businesses expect
\nto be cyberattacked in 2021, up 29 percentage points from in 2020, and
\nsignificantly above the survey average of 39 per cent. <\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nCPA Australia recommends that Indian small
\nbusinesses consider the following actions to improve their performance this
\nyear:<\/p>\n- \n
- Seek advice from a trusted adviser such
\nas an accountant to improve cashflow.<\/li>\n - Enhance cybersecurity
\nprotections and review IT systems regularly. <\/li>\n - Continue to invest in technologies and
\ninnovation.<\/li>\n - Explore
\nopportunities to improve customer satisfaction. <\/li>\n - Manage uncertainties from overseas
\nmarkets and diversify risks in businesses.<\/li>\n<\/ul>\n
\n <\/p>\nDownload\u00a0 CPA
\nAustralia Asia-Pacific Small Business Survey 2020-21 <\/a><\/p>\n<\/p><\/div>\n\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Indian small businesses are more confident than their Asia-Pacific counterparts. Investment in technology helped combat the impact of COVID-19 and increase profitability. Nearly two-thirds of Indian small businesses grew in 2020 and most expect to grow this year. Indian small businesses were most likely to seek external finance in 2021. \u00a0 NEW DELHI, …<\/p>\n","protected":false},"author":1,"featured_media":14175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60],"tags":[],"_links":{"self":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/14174"}],"collection":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/comments?post=14174"}],"version-history":[{"count":0,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/14174\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media\/14175"}],"wp:attachment":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media?parent=14174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/categories?post=14174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/tags?post=14174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
- Seek advice from a trusted adviser such