The SME sector is not well represented within the business community due to its size and diversity, thus making it difficult to give a correct assessment on the true nature and potential of the SME sector. The need to help the SME sector to grow into a major industry over the period of time is long overdue. We should not forget the fact that every present major industry before it started was a SME in the past.
If the SME sector has to grow and support the economy in the future, the Government should issue Trade Certificates to all the SMEs based on Know Your Promoter(s), Company Financial Reporting, Verified Audit Reports (from registered auditors) and Credit Rating (based on minimum 3 years uninterrupted performance).
If the SME sector has to grow and support the economy in the future, the Government should issue Trade Certificates to all the SMEs based on Know Your Promoter(s), Company Financial Reporting, Verified Audit Reports (from registered auditors) and Credit Rating (based on minimum 3 years uninterrupted performance).
If this information is available with the Economic Department or the Chamber of Commerce, it will help the SMEs to do fair business and minimise the losses being faced by them while doing business, as most of the losses happen because some unknown or unqualified business entities get operating licences and start doing business using reference or goodwill on credit, without doing any investment or proper due diligence. If the entity fails the entire chain of SMEs are badly affected while few survive and some bow out of business.
Euro Pack has evolved into a major brand over the years due to a clearly defined strategy that guides its daily actions. We call it Serve The Customer - Lead The Market. This means adding new products, equipment and services to solve a broadening array of customer challenges. It also involves executing teamwork strategies that have translated directly into helping our customers achieve their production targets and meeting deadlines, thereby fulfilling Euro Pack’s mission to provide complete packaging solutions that offer value for money.
- The author is CEO and Managing Director, Euro Pack Industries
