World Trade Center Bhubaneswar organized a webinar session on “Rebounding MSMEs: Combating COVID 19”. The session aimed at helping the MSME entrepreneurs reconnect with each other and try to reduce the existing panic levels. The webinar also discussed insights on how to rebuild the enterprise and learn about the existing business scenario across the globe.
Prof Kamala Kanta Dash, Faculty, Sri Sri University facilitated the session. Prof Dash shared his perspective on how the MSMEs should be strategizing their business operations once they are operational post lockdown. He advised that the lockdown period should be utilized by the entrepreneurs to revisit their business strategies by conducting revised SWOT (Strength, Weakness, Opportunity, and Threat) Analysis for their businesses.
He deliberated that each organization should focus on conducting a secondary market research and try to predict the market trend for the forthcoming short term period. He also explained on how MSMEs could look at diversification and get into production of specialized products and services as per the market need. “Trying to cope with the changing environment an entrepreneur needs to analysis the market and work on the options to import products at competitive prices and try to increase exports through innovative value addition mechanisms” said Prof. Dash
Prof Dash also shared a presentation on the various options and provisions being offered by banking institutions which the MSMEs could look at for efficiently managing their finances and also generate additional finance. He further emphasized on the importance of maintaining and enhancing the goodwill of the organization by efficiently practicing customer relationship management techniques during the lockdown period. “Rethinking and redefining the scope of the business without involving a financial burden would enable the organization to bounce back. Optimum utilization of various available infrastructure, human and technical resources and their diversification in order to generate revenue would be the key to rebound” added Prof. Dash.
Earlier in her welcome address Ms. Nimeshika Natarajan, Assistant Director, World Trade Center Bhubaneswar took the opportunity to introduce Prof. Dash to the attendees and also explained the objective of the webinar. She also shared the role of World Trade Center in providing all feasible assistance and hand holding support to the entrepreneurs in the process of rebuilding their enterprises. “The Center will be conducting a series of webinars designed to provide mentoring and expert advice to help develop resilience in the times of pandemic and to discuss the possible solutions for issues that entrepreneurs are facing due to COVID 19” she said.
Ms. Asha Mohapatra, Assistant Manager, World Trade Center Bhubaneswar proposed the vote of thanks.