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MSME in India – Background and Prospects

Posted on September 30, 2024 by Venkatesh Bhat

India is expected to emerge as one of the leading economies in the world over the next few decades. The Micro, Small & Medium Enterprises (MSME) sector is expected to play a significant role in the emergence of the Indian economy. The development of this sector is extremely critical to meet the national imperatives of financial inclusion and generation of significant levels of employment across the country. Further, it can nurture and support development of new age entrepreneurs who have the potential to create globally competitive businesses from India.

The MSME sector in India was largely unorganized and was governed by the Ministry of Small-Scale Industries and the Ministry of Agro and Rural Industries. Prior to the 1980’s, while the sector contributed significantly in terms of number of units, employment generation and exports, in the post liberalization & globalization phase, growth and performance of the sector declined due to increased competition as the sector moved from a protective environment into a competitive one.

Recognizing the need for legalizing policy framework for the sector, The Micro, Small and Medium Enterprises Development (MSMED) Act was notified and subsequently came into force with effect from 2 October 2006. On 9 May 2007, the erstwhile Ministry of Small Scale Industries and the Ministry of Agro and Rural Industries were merged to form the Ministry of Micro, Small and Medium Enterprises (M/o MSME). The Ministry now designs policies and promotes/ facilitates programmes, projects and schemes and monitors their implementation through various offices and nodal agencies. Over the past two decades several initiatives have positively impacted the sector and contributed to its growth and development.

Thus far, the MSME sector has contributed substantially to India’s growing economy. According to recent statistics, there are approximately 6.5 crore MSME units across various industries, employing nearly 110 million people throughout the country. Overall, the MSME sector accounts for 33.4 percent of Indian industrial output and 48 percent of our exports. The sector’s contribution to India’s GDP currently stands at around 30 percent, with the Government setting a target of 40% in the short to medium term.

Over the years the sector has grown more or less in tandem with the overall growth of our economy. This could be attributed to the fact that MSMEs have a comparative advantage when it comes to adaptability and flexibility in business due to their smaller size and existence of deep technical and entrepreneurial skillset. They also have huge and growing opportunities as ancillary units to larger players, being in a position to supply products and services in a cost-efficient manner. However, MSME enterprises face many challenges that have impeded their potential immensely. Some of its most persistent challenges include lack of access to credit and funding coupled with a lack of trust placed in the sector by providers of finance, lack of financial expertise, unorganized labor and resistance to digitization. In addition, the MSME’s are easily affected by changes in the external environment. The most recent example of this has been the effect of the COVID pandemic from which the sector is still struggling to recover. Not to mention, the redundancy that many MSMEs units may face due their inability to adapt to rapid changes in technologies and increasing global competitiveness.

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Leading with LEAD Measures, A Guide for Exceptional Leaders

[/fusion_text][fusion_button target=”_self” color=”default” linear_angle=”180″ stretch=”default” icon_position=”left” icon_divider=”no” hover_transition=”none” animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” title=”explore our blog” margin_left=”20px” link=”http://localhost/astraviseservices/insights/leadership/lead-measures-for-the-ace-leader/” size=”medium”]Explore Our Blog[/fusion_button][/fusion_builder_column_inner][/fusion_builder_row_inner][/fusion_builder_column][fusion_builder_column type=”1_1″ type=”1_1″ layout=”1_1″ align_self=”auto” content_layout=”column” align_content=”flex-start” valign_content=”flex-start” content_wrap=”wrap” center_content=”no” column_tag=”div” target=”_self” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” order_medium=”0″ order_small=”0″ hover_type=”none” border_style=”solid” box_shadow=”no” box_shadow_blur=”0″ box_shadow_spread=”0″ background_type=”single” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ lazy_load=”none” background_position=”left top” background_repeat=”no-repeat” background_blend_mode=”none” sticky=”off” sticky_devices=”small-visibility,medium-visibility,large-visibility” absolute=”off” filter_type=”regular” filter_hover_element=”self” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ transform_type=”regular” transform_hover_element=”self” transform_scale_x=”1″ transform_scale_y=”1″ transform_translate_x=”0″ transform_translate_y=”0″ transform_rotate=”0″ transform_skew_x=”0″ transform_skew_y=”0″ transform_scale_x_hover=”1″ transform_scale_y_hover=”1″ transform_translate_x_hover=”0″ transform_translate_y_hover=”0″ transform_rotate_hover=”0″ transform_skew_x_hover=”0″ transform_skew_y_hover=”0″ transition_duration=”300″ transition_easing=”ease” scroll_motion_devices=”small-visibility,medium-visibility,large-visibility” animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ last=”true” border_position=”all” first=”true” min_height=”” link=””][fusion_text animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky”]The Government in its part is making significant efforts specially in the last decade to eliminate hindrances and improve ease of doing business. This is seen in the form of increased budget allocations year-on-year, initiatives under Atma Nirbhar Bharat and Make in India as well as financial support through MSME loans, credit guarantee schemes and the like. On the qualitative side, significant measures have been made to hand-hold the sector through promoting entrepreneurial skillsets, technology upgradation partnerships, technical support groups and cluster development schemes. The development of several MSME support portals on digital platforms and the digital registration system through Udyam is also seen as a welcome move towards bringing more units under the formal sector net, providing them access to the various initiatives, schemes and protective support from the Government. Further, the recent change expanding the definition of MSME is a major enabler which is likely to improve the ease of doing business manifold.

While the government’s efforts are pivotal in resolving the many challenges faced by MSMEs, these alone would not suffice if the sector is to achieve its true potential. This is because the nature of support provided by the Government is mostly external in nature. In order to cope with a rapidly changing business environment, MSME’s need to also look inward, more closely into their businesses and make critical changes in their approach towards solving common business problems. MSME’s need to be enabled through strategic partnerships, better financial solutions and strong business networking. The role and scope for professionals like CA’s cannot be undermined in this regard. Moreover, they need to recognize the need to think differently, to strategize, identify gaps in their business and adopt a systematic approach towards bridging these gaps. This is possible only through a collaborative effort from professional bodies and a willingness for MSME business owners to break through the ‘small business’ mindset.

Our government has envisioned to make India a USD 5 trillion economy and global powerhouse in this decade. The MSME sector has the potential to emerge as a backbone for this economy and act as an engine for growth, given the right set of support and enabling framework. The MSME opportunity is to develop entrepreneurship and support growth led by innovation, digitization and financial inclusion over the next decade. With adequate business and strategic support from professionals coupled with the Governments initiatives, MSMEs are at the cusp of driving the economy towards this target.

Published in November Newsletter by Bangalore Branch of ICAI

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Challenges faced while Scaling Startups

Posted on September 25, 2024 by Venkatesh Bhat

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Indian startups have been at the forefront of innovation and disruption in various industries, showcasing impressive growth potential and entrepreneurial spirit. From fintech giants like Paytm to social media platforms like ShareChat, Indian startups are addressing local needs and capturing a global audience. However, scaling these ventures from fledgling concepts to established businesses presents a unique set of challenges. From fierce market competition and funding constraints to talent acquisition hurdles and regulatory complexities, Indian startups face multiple challenges as they strive to scale their operations and carve a niche for themselves in the market.

We all have heard or read about the startups that had a great product or service and were well funded but could not scale as per projections; such startups are likely to be seen by the business world as failures despite other business parameters being in green. On the other hand, there are well known cases of startups scaling exponentially for some time disregarding critical business parameters & compliances; inevitably their bad actions come home to roost with business and founders getting discredited eventually. Thus, effective scaling involves understanding specific challenges to scaling relevant to your startup, identifying solutions that may deviate from traditional business wisdom and adopting it after being sure about its sustainability in the long run.

Scaling challenges for Indian startups are diverse and multifaceted, representing “hurdles” that startups often encounter as they strive to grow their businesses exponentially.

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Market Penetration & Successful Competition:

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Every startup strives to build a unique product that addresses a hitherto unmet need of customers. However, the market dynamics is such that no product or service is significantly unique. Also the competition can arise from new players who were never considered competitors in the past. Scaling business can become quite intense with heavy market spends, technological innovation requiring huge investments in differentiating product features and customer acquisition costs skyrocketing due to discounted prices.

Example: Swiggy and Zomato, two leading food delivery startups in India, have been engaged in intense competition to dominate the market. Both companies have had to invest heavily in marketing, technology, and customer acquisition to stay ahead of the competition.

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Talent Acquisition and Retention:

Finding the right talent is a universal challenge, but in India’s booming startup ecosystem, it’s an intensified battle. The dearth of professionals with specific skillsets, coupled with fierce competition from established corporations offering lucrative packages, makes talent acquisition a herculean task. For instance, a recent report by Nasscom (National Association of Software and Service Companies) highlighted a deficit of over 4.5 million skilled professionals in the Indian IT industry alone.

Funding Constraints:

A well documented challenge of startups revolves around timely funding from investors. Access to capital is the lifeblood of any scaling business. While the Indian startup ecosystem has witnessed a surge in funding in recent years, securing funds, especially beyond the initial rounds (seed funding and Series A), remains a significant hurdle for many ventures. Startups need to demonstrate a clear path to profitability, a strong team with a proven track record, and a market opportunity with significant potential to attract investors. Startups need to pursue multiple avenues – bootstrapping, angel investors, Venture Capitalists and crowdfunding.

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Maintaining Quality at Scale:

As a startup scales its user base, ensuring product or service quality becomes increasingly complex. The initial, tightly-knit development process can struggle to handle the demands of a growing user base. This can lead to bugs, glitches, and a decline in customer satisfaction. Implementing robust quality control measures, adopting agile development methodologies, and continuously gathering user feedback are critical for maintaining quality during scaling.

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Building a Scalable Structure:

Transitioning from a close-knit startup team to a well-oiled machine with defined roles and hierarchies requires balancing contradictory requirements. Establishing clear reporting lines, fostering effective communication, and empowering team members are crucial for efficient scaling. However, striking a balance between structure and the agility that contributed to the startup’s initial success is vital.

Scaling a startup is comparable to tightrope walking. While growth is important, it should be pursued strategically and sustainably. Investors expectations have changed from scaling at all costs to sustainable scaling with profitability. By prioritizing quality, building a strong foundation, and focusing on long-term value creation, companies can solve their specific scaling challenges and achieve lasting success.

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MSME Sector Lending Trends – 2024

Posted on September 22, 2024 by Venkatesh Bhat

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In India, MSME (Micro, Small & Medium Enterprises) constitute 29% of GDP and 44% of exports. The sector employs 12.3 Crore of labour force as per latest statistics available. The MSME sector in India has sustained its share in the growth of economy over the years and has protected the economy from global adversities and shocks. The sector is a critical stakeholder to the large companies and industries, providing them with necessary parts and components. The MSME sector has been instrumental in promoting economic activities in rural and less developed areas. As India gears upto move from the current level of GDP of $ 3.6 Trillion to $ 5 Trillion by 2027-28, MSME are expected to increase their share of GDP to 40%. Despite its critical importance to the economy and society, MSME sector in India faces similar problems like its global counterparts – access to finance.

As per an ET article, the decade of 2020’s started with an estimated shortfall of INR 16 lakh Crores lending to MSME. Credit deficit has been a key reason for the slow growth of the MSME sector in the country.

In addition to the quantum of finance availability, there are other challenges faced by MSME sector when it comes to availing existing finance facilities. Financial institutions need to navigate well known challenges such as lack of credit history, inadequate collateral, lack of awareness about government schemes, and high interest rates when they deal with MSME. Over 90% of the sector consists of micro enterprises where credit assessment and provision present multiple challenges. These deep-rooted factors have made it difficult for MSME to secure financing; this has hindered the sector’s growth and development. As per TransUnion Cibil Report, only 250 K units out of India’s 630 K units have obtained credit from the formal financial sector. MSME sector remains underserved by the formal finance sector.

India is gearing up for another significant year of economic growth in FY 25. It is expected that the Government policies and schemes that are already in place will be further boosted by large budget allocations & new initiatives will be announced as we move into the budget season.

Key trends in MSME financing in 2024 and even beyond are enumerated here:

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Sanctions and disbursals by the formal sector has increased significantly in the last few years and will continue to increase in the foreseeable future

Commercial credit portfolio grew at 15% year-over-year (YOY) and credit exposure stood at INR 27.7 Lakh Crores in FY 23-Q4. The government guidelines require banks to achieve a 20% YoY growth in credit to micro and small enterprises. There has been a notable increase in credit operations within India’s banking sector, occurring against the backdrop of a dynamic global landscape. The surge in credit activities is evident in various forms within the Indian banking sector.
Loan disbursements have seen a significant uptick, spanning various sectors such as retail (including mortgages and personal loans) and corporate loans for infrastructure and manufacturing. Banks are currently extending credit at unprecedented levels. Compared to FY 20-Q4, commercial loans disbursement saw 1.7X growth as of March 2023.
The credit portfolio is experiencing expansion, with a broader range of loan types catering to a diverse spectrum of borrowers and their needs. This strategy not only mitigates risk but also fosters a more inclusive financial development.
The ascent of new technologies is noteworthy, as banks leverage innovations to streamline credit processes, improve risk assessment, and extend their services to populations previously excluded from banking. This technological integration is a major contributor to the expansion of credit operations

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New-to-credit (NTC) entities will define the next phase of MSME credit growth

Significant amount of credit growth within MSME sector has been driven by “New To Credit” Micro enterprises. In FY 23-Q4, NTC borrowers accounted for 56% of new loan origination in the MSME lending space as per August 2023 edition of MSME Pulse Magazine. The number of MSME in the country is expected to go up from 630 L to 750 L by 2024 and a staggering 500 L of these units ( most of them micro) are expected to be “New to Credit”.

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Micro sector (loans below INR 1 Cr) will continue to grow handsomely

Indian MSME have depended on a mix of formal and informal institutions financing & significant portion of both formal and informal financing have gone to micro enterprises with smaller ticket size of the loans.

MSME credit performance has improved in the last few years

After the challenges brought on by the pandemic, there was an initial surge in delinquency rates. However, over subsequent quarters, there has been a gradual decline as Micro, Small, and Medium Enterprises (MSME) consistently met their credit obligations. The decrease in delinquency rates is observed across all three categories of lenders, with private banks recording the lowest rate at 1.4%.

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Government policy and push will enable the formal banking sector to reach out to the underserved parts of the economy

The Indian government has launched several initiatives to promote MSME financing. Some of these initiatives include:

Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE):The CGTMSE scheme provides collateral-free credit to MSME. The scheme guarantees up to 85% of the loan amount, which reduces the risk for lenders and makes it easier for MSME to secure financing.
Pradhan Mantri Mudra Yojana (PMMY): The PMMY scheme provides loans up to Rs. 10 lakhs to MSME. The scheme has three categories of loans: Shishu (up to Rs. 50,000), Kishore (up to Rs. 5 lakhs), and Tarun (up to Rs. 10 lakhs). The loans do not require collateral and are available to both new and existing MSME.
Stand-Up India: The Stand-Up India scheme provides loans up to Rs. 1 crore to SC/ST and women entrepreneurs for setting up new ventures in the manufacturing, services, or trading sectors. The scheme aims to promote entrepreneurship among these communities and provides support through the entire loan process.

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MSME increasingly embrace ESG practices supported by institutional financing and other assistances

As more retail and corporate customers of MSME adopt ESG practices, MSME will feel the need to adopt ESG practices in the coming years to retain customers. Further, investors will increasingly look for ESG compliance as a business continuity need in the investee companies. SIDBI is providing financing under multiple schemes towards sustainability projects, solar power and innovative projects. There are avenues such as Green Bonds under various private sector financing options. Off-take by MSME is expected to significantly increase as awareness about and conducive environment for sustainable economic development goes up across layers of Indian economy.

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Fintech sector will play a critical role in reaching out to the Micro and small sector

The years ahead will showcase the fintech players penetrating MSME sector using digital approach to solve some of the challenges to MSME lending.

Data Analytics: Gaining a deeper understanding of the borrower’s profile is essential for avoiding Non-Performing Assets (NPAs). Fintech startups leverage machine learning methods to analyze and assess the creditworthiness of small businesses, facilitating informed lending decisions.
Digital Payments: The introduction of a unified payments interface (UPI) and mobile wallets has revolutionized the speed and security of business transactions. Fintech platforms for payment services not only enable swift payments but also offer additional financial services like investments and short-term loans within a single, easily accessible platform. These platforms can be conveniently accessed through smartphone apps, allowing MSME to conduct transactions and apply for loans using affordable mobile internet.
Automated Loan Application: Many MSME face challenges navigating financial processes and find traditional loan application paperwork cumbersome. Fintech platforms streamline the loan application process by employing AI-assisted applications, making it more intuitive and user-friendly. These applications are often customized to meet the specific needs of each customer, eliminating the need for all businesses to undergo the same verification stages. This automation enables fintech services to disburse short-term loans promptly, while also reducing operating costs. The cost savings, in turn, allow fintech companies to offer loans at lower interest rates.

While the macro trends in the economy are largely favorable in the year ahead, parts of MSME sector are facing severe challenges that threaten their existence; To name a few, let us consider limited market reach, lack of innovation, huge gaps in human capital & outdated technology. There needs to be a concerted effort to build organizational capabilities and resilience in MSME sector. It is imperative that the funds flowing into MSME sector are deployed in productive ways by MSME to create long term value.

The capability building exercise, which needs to complement MSME lending, requires several stakeholders to act in co-ordination. Government Departments and institutions as well as several new age institutions assist, incubate & accelerate innovation, technology acquisition, organization strengthening and building world class processes in MSME. We noted earlier that a relatively small section of MSME access finance; the ground reality is that even fewer MSME access capability building assistance and networking opportunities. Creating awareness amongst MSME needs to move from the current incremental approach to an emergency response approach.

The CA community is uniquely placed to contribute significantly to the MSME sector performance. We need to join the efforts by ICAI & other institutions in creating awareness of the financing avenues, in building innovative fin tech solutions that enable micro and small enterprises to avail credit and equally important, in assisting MSME in becoming credit-worthy. This concerted approach will lead to MSME sector benefiting significantly from the aforesaid positive trends in MSME lending environment.

Steps to Creating a Culture of Trust and Accountability In Your Team

Posted on September 18, 2024 by Venkatesh Bhat

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Whether you are a smaller or larger organization, good collaboration can only achieve success. Building a culture of trust and accountability in any successful team achieves organizational productivity and effectiveness. This culture promotes a positive and collaborative environment that leads to team cooperation and performance improvement and, in turn, produces the best results.

A culture of Trust and accountability refers to the employees being accountable for completing their tasks and working with a team to reach their target. It implies clear expectations and objectives, effective communication, efforts to foster a positive and supportive environment, and strong leadership.

As per a recent GALLUP survey, 63% of people attending their workplaces seem to lack engagement, leading to a noticeable absence in their job-related efforts. An additional 24% display active disengagement, obstructing the productivity of others around them. 13% emerge as the diligent minority who dedicate themselves to their tasks.

Let’s discuss the culture of Trust and accountability in a team and explore the importance of the critical steps to achieve success in organizations.[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_1″ layout=”1_1″ align_self=”auto” content_layout=”column” align_content=”flex-start” valign_content=”flex-start” content_wrap=”wrap” center_content=”no” column_tag=”div” target=”_self” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” order_medium=”0″ order_small=”0″ hover_type=”none” border_style=”solid” box_shadow=”no” box_shadow_blur=”0″ box_shadow_spread=”0″ background_type=”single” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ lazy_load=”none” background_position=”left top” background_repeat=”no-repeat” background_blend_mode=”none” sticky=”off” sticky_devices=”small-visibility,medium-visibility,large-visibility” absolute=”off” filter_type=”regular” filter_hover_element=”self” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ transform_type=”regular” transform_hover_element=”self” transform_scale_x=”1″ transform_scale_y=”1″ transform_translate_x=”0″ transform_translate_y=”0″ transform_rotate=”0″ transform_skew_x=”0″ transform_skew_y=”0″ transform_scale_x_hover=”1″ transform_scale_y_hover=”1″ transform_translate_x_hover=”0″ transform_translate_y_hover=”0″ transform_rotate_hover=”0″ transform_skew_x_hover=”0″ transform_skew_y_hover=”0″ transition_duration=”300″ transition_easing=”ease” scroll_motion_devices=”small-visibility,medium-visibility,large-visibility” animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ last=”true” border_position=”all” first=”true” min_height=”” link=””][fusion_title title_type=”text” rotation_effect=”bounceIn” display_time=”1200″ highlight_effect=”circle” loop_animation=”off” highlight_width=”9″ highlight_top_margin=”0″ title_link=”off” link_target=”_self” content_align=”left” size=”2″ text_shadow=”no” text_shadow_blur=”0″ text_stroke=”no” text_stroke_size=”1″ text_overflow=”none” gradient_font=”no” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ style_type=”default” animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” font_size=”35px”]

Why does Trust play a vital role in an organization?

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One of the most indispensable plays in an organization is trust. It is like the invisible threads that connect the fabric of a community. It builds a more substantial relationship between an organization and its employees.

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Nurtures Unity and Collaboration:

In an organization, many people work in a team. They share their ideas, opinions, and knowledge openly when individuals within an organization trust each other. This free flow of information enhances collective problem-solving and innovation, as diverse perspectives are brought to the table without fearing ridicule or rejection. This nurtures unity and collaboration in a team within an organization.

Enhances Productivity:

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Employees are motivated to do their best when they believe their contributions and efforts are equally recognized. Trust empowers individuals to take initiative, make decisions, and execute tasks confidently, leading to faster decision-making and smoother execution of the project. This enhances the organization’s productivity and efficiency.

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Promotes Direct Communication:

Direct communication in an organization leads to an organized workforce, a clear understanding of the organization’s goal, and the required efforts to achieve these goals. Also, employees feel more comfortable when they share their ideas, concerns, and views that are taken into action and renowned.

Thrives Employee Satisfaction

Employees feel more comfortable when their superiors trust them. Their involvement in work also increases. Employees can feel a genuine connection to the mission and take pride in their contributions when the Trust is promoted. Thus, Trust drives employee satisfaction in an organization.

Enables risk-taking and Innovations:

Trust drives calculated risks that can lead to breakthrough innovations and the discovery of new solutions.

Employees who know potential failures won’t lead to blame or punishment are more inclined to experiment with new ideas and approaches.

Supports Effective Leadership:

For effective leadership, trust drives leaders to demonstrate reliability to earn the respect and loyalty of their team members. This improves your ability to influence, guide, and motivate your team. Trustworthy leaders inspire Trust and provide a solid foundation for the organization’s growth.

Builds Resilience:

Trust becomes a lifeline in challenging periods. Organizations that enable the foundation of trust are more prepared to cope with weather storms or other natural calamities. Trust fosters a sense of unity, enables teams to collaborate effectively, make tough decisions collectively, and maintain a positive attitude even in the face of adversity.

A culture of trust empowers individual performance, promotes collaboration, and enhances efficient growth in an organization.

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What steps are required to build a Culture of Trust and Accountability in your team?

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As per Kareem’s quote, everyone should be responsible and more active to cultivate Trust and accountability in an organization. This process requires dedication, consistency, and intentional actions.

Titan Company, a leading consumer goods company known for its jewelry, watches, and eyewear, has prioritized employee welfare and trust-building initiatives to achieve business success. The management team introduced programs demonstrating a strong commitment to their employees’ well-being.

One program is the “Employee Stock Option Plan (ESOP),” which allows employees to become stakeholders in the company and benefit from its growth. This initiative boosted employee morale and aligned their interests with the company’s success. Titan also invested in skill development and training programs, enabling employees to enhance their capabilities and contribute effectively to the company’s growth.

As a result of these initiatives, Titan achieved higher employee retention rates, lower attrition, and increased employee satisfaction. The trust and commitment demonstrated by the management team contributed to a positive work environment, fostering innovation and ultimately leading to business success.

The following steps explain how to build Trust and accountability in an organization, which becomes a natural part of your team’s culture.

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Leaders should demonstrate the behavior’s of honesty, integrity, and transparency in their actions and decisions that they expect their team members to exhibit.