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MSME lessons: 25 paise screw is better or 45 paise, Kovid crisis gave a big lesson to small entrepreneurs

 

New Delhi
Increasing infection of coronavirus in the country (covid crisisTo prevent this, the lockdown was done in March 2020. Because of this, everything around the world including India had come to a standstill. There was a big crisis on the livelihood of the people. Pranav Kohli of Meerut-based Sports Equipment Manufacturers Stag International could never forget that incident.

He also had his own battle to fight apart from Corona. His clients wanted quick delivery of sports equipment while his employees were grappling with raw material crunch to continue operations. The livelihood of his company and his staff depended on these things. Due to the lockdown, everything was closed in the whole country and Kohli was unable to get the goods he needed.

Read also: Why poverty-debt problem has started increasing again in rural India

identification of weakness
corona crisis After that, Stag International first began to identify its weaknesses. Kohli said that he wanted to prepare himself for the next time such a crisis strikes. After that the exercise of Inventory Management was started. For this a new system was introduced and its weaknesses were identified. Stag International then began looking for local companies for metal parts, table tennis boards, high pressure laminates and other inventories.

Inventory Management Lessons
Kohli said, “We never checked the inventory properly before this. We used to order according to our requirement, now we are checking them in a better way. Earlier we used to pay 25 paise for the screw. We now pay 45 paisa for that. It is a Taiwanese screw which is safe to handle and requires minimal human intervention. We have never worked on such detail before.”

lessons learned from crisis
During the Corona crisis, many small entrepreneurs rescheduled their businesses. The difficulties faced by the entrepreneurs due to the first phase of the crisis, they found a way to overcome it in the second phase. Due to the lessons learned from the first phase of the Corona crisis, the entrepreneurs maintained their work better in the second phase. Entrepreneurs are now beginning to understand what they need to find ways to survive in the changing economic environment.

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MSME lessons: 25 paise screw is better or 45 paise, Kovid crisis gave a big lesson to small entrepreneurs

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