Success Factors of MSMEs

This book shows study providing analysis of critical success factors leading to success of companies made by this particular segment of the population. In order to see the CSFs of other segments of the economy, similar studies could be conducted in different sectors such as the financial or trading sectors.This study suggests that for measuring non financial success of any SMEs, management should focus on factors like top management support, rate of innovation, good customer communication with complaint management. Companies should give proper working climate for employees, provide rewards on performance and maintain relationships between management and workers. Companies need to focus on industry standard, measure customer satisfaction with product / services are also good indicators for SMEs performance. SMEs should give priority to product quality along with use of advanced technology in the process. Government should provide sales tax exemption, subsidy schemes, simplified land conversion and convenient single window clearance system along with marketing assistance scheme, awards, skill development programmes for SMEs to be successful.