A Look Back At SME Trends 2017In the past year with the growth of digitisation, there have been very tremendous changes in the SME sector. People are now able to do their business with ease with a lot of Fintech and startup companies working on tools to help them manage logistics, daily job operations, finance, and technology aspect. Working from remote areas is no more a concern, all you need is a good network connectivity. Apart from these, there are many government schemes which are made keeping in mind the needs of the budding entrepreneurs thus promoting startupIndia. It has given a boost to many small businesses in India sorting out the financial worries.

Few things which has given a push to the growth of SME sector in India in 2017:

1. Growth in Tier II and Tier III Cities

Small business growth is not restricted to Tier 1 cities anymore. Tier 2 and Tier 3 cities are becoming the new grounds to startup small business because of the convenience and access to all the things necessary easily. It saves the extra expenses of traveling far or office setup rent. Also people are now agreeing to settle in Tier 2 cities easily because of a massive shift in remote work culture.

2. Telecommuting becomes the new norm

With so many new platforms to share file and options to contact clients easily via video calls, work life for SMBs is now easy to deal. It has made the production of people working in SME sector very healthy and compatible. Technology is ruling the market and network issues being resolved and easy to access, most of the businesses are going online.

3. Millennials will rule the market

Millenials are going to rule the world as of now. With a new shift in the media mix, promo-tional tactics, social media tools, video promotions and marketing tricks which influences the mass, it has become very easy for SMBs to reach out to the global world with their product.

4. Better access to financing

With the growth of fintech industry and various government schemes launched to help the small business owners, it has become easy to access affordable financing. Better interest on business loans with smooth processing has made the life of the business owners much more convenient and has helped them to convert their dreams to reality.

5. Improved invoicing solutions

The worry of managing invoices with new tax policies and GST introduced has been put to rest. Also, new apps launched in the market are helping many business owners with this.

6. Ease of doing business

Previous year, India moved up to the top 100 position of the World Bank’s “Ease of Doing Business” globally and was among top performers. The performance depends on more reforms created to set up new business, paying taxes, resolving insolvency etc.

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Let’s see what’s in store for SMEs in 2018!