With the image of employing a significant number of eligible workers, Small businesses in India are most likely to witness a spike in employment in 2024, but fewer of these companies anticipate a probable increase in staff than in 2023, according to a poll released by the professional accounting association CPA Australia.
This survey, which was conducted online, had in total 4,222 respondents from 11 markets across countries like Australia, Mainland China, Hong Kong, India, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Taiwan, and Vietnam. There were 505 respondents from India.
What Were The Results Of This Poll?
The poll indicates that 67% of Indian small business owners intend to hire more employees this year. This is lower than the 86% of respondents who said they planned to increase their headcount in 2023, but it is still higher than the average for the Asia-Pacific examined economies.
Around 18% of small business respondents in Australia and New Zealand, 42% in Mainland China, 53% in the Philippines, 52% in Hong Kong and Indonesia, and more said they planned to hire more workers this year.
Problems Faced By Small Businesses In India:
- Finances: A lot of small companies have trouble getting the capital they need to launch, run, and expand. Due to perceived danger, banks could be reluctant to lend to them, and personal savings might be scarce.
- Skilled labor shortage: It might be difficult to find skilled employees, particularly for companies operating in remote locations. Innovation and productivity may be hampered by this.
- Competition: Domestic and foreign larger firms pose a serious threat to small businesses. These bigger businesses might have greater funding available for product development and marketing.
- Red tape and regulations: For small firms, navigating the many government rules and permits may be costly and time-consuming.
Other Findings Of The Survey:
According to the survey, a significant number of small firms in India looked outside for funding to support their expansion and meet rising costs. Last year, 68% of them did so, a 20 percentage point decrease from 2022.
In 2023, more than 75% of India’s small enterprises reported growth in revenue, exceeding pre-pandemic levels. According to the study, this growth trend is anticipated to continue this year as well, given the rising levels of confidence in the local economy and corporate expansion.
77% of Indian small firms reported growth last year, up from 73% in 2022 and the highest percentage since 2019. Furthermore, 84% of respondents anticipated business growth this year, far higher than the 70% average for the market.
Despite the uncertain prognosis for the global economy, 81% of Indian small firms surveyed expressed optimism about the local economy in 2024, which is higher than the survey average of 65%.
How Can Riverview Assist Small Businesses?
At Riverview, we recognise the particular difficulties that Indian small businesses—the backbone of our nation’s economy—face. We’re dedicated to becoming your partner on the road to success rather than merely your financial supplier.
Here’s how we can support you to get over obstacles and accomplish your objectives:
- Tailored Financial Solutions: Compared to typical loans, we provide a greater selection of financial products. Our choices are tailored to meet your business needs, whether you need a microloan to cover a short-term gap, invoice finance to release imprisoned working capital, or equipment leasing to expand your operations.
- Simplified Procedures: The days of extensive loan applications and piles of documentation are long gone. You can quickly and easily apply for funding with our streamlined approach, allowing you to concentrate on your business.
- Technology at Your Fingertips: Make the most of its capabilities! You may apply for loans, manage your accounts, and access helpful financial resources at your convenience using our user-friendly mobile app and web platform.
- Cash Flow Simplified: Handling cash flow can be challenging. In order to simplify your financial operations and free up important time, we provide tools and services like automated invoicing and bill payment systems.
Let’s work together to make your business idea a prosperous reality. We are available to assist you at every stage. To learn more about how we can support the growth of your company, stop by https://riverviewfinserve.com/ or get in touch with one of our committed business specialists.
Decoding Growth: How can Indian startups establish themselves in the field of Gen AI?
With generative artificial intelligence (Gen AI) on the rise, India’s thriving IT landscape is set for another thrilling chapter. With the aid of this revolutionary technology, machines can now produce completely original material, ranging from captivating movies and realistic photos to creative product designs and persuasive marketing text. We at Riverview, a leading financial provider, are aware of the enormous potential that Gen AI presents for Indian startups. But it can be intimidating to venture into this unknown landscape. The goal of this blog is to provide you with the information and tools you need to make a solid impression on the Gen AI scene.
Why Do Indian Startups Have a Great Opportunity with Gen AI?
By 2030, the anticipated value of the worldwide Gen AI market is $1.6 trillion. Indian entrepreneurs have a rare opportunity to seize this fast growth and establish themselves as major actors in this transformation. This is the reason why:
- Level Playing sector: Gen AI is a relatively new sector, in contrast to well-established IT corporations with enormous resources. This evens the playing field for Indian businesses that have innovative ideas and a keen sense of what the local market requires.
- Focus on Domain Expertise: Indian businesses can use their in-depth knowledge of particular industries, such as e-commerce, healthcare, or agriculture, to develop Gen AI solutions that specifically address the problems those industries face.
- Cost-Effectiveness: Compared to certain other areas, India offers entrepreneurs a comparatively reduced cost for developing new solutions because of its large and highly skilled personnel pool for AI development.
- Support from the Government: The Indian government has seen the promise of artificial intelligence (AI) and has introduced programmes like “Make in India for AI” to encourage innovation and offer assistance to companies creating AI-based products.
Essential Ways for Indian Startups to Succeed in the Age of AI
Let’s now discuss some particular tactics that Indian businesses might use to make a name for themselves in the Gen AI market:
- Determine a Well-Defined Niche: Gen AI has numerous uses in many different industries. Rather than trying to be a master of all trades, concentrate on a narrow specialty where your knowledge and familiarity with the area will come through. This might involve creating AI-powered chatbots for Indian vernacular languages, tailoring educational experiences for each student, or providing culturally appropriate marketing material.
- Form a Strong Team: The creation of Gen AI necessitates a multidisciplinary team with experience in software engineering, design, data science, and machine learning. Seek for people with a strong technical background and an enthusiasm for artificial intelligence and its possibilities.
- Give Data Quality First Priority: High-quality data is essential for Gen AI models to work. Make sure you have access to clear, pertinent data sets that are unique to the niche you have selected. It can be very important to collaborate with reputable organizations or obtain data morally by obtaining user consent.
- Welcome Teamwork: As the field of Gen AI continues to develop, cooperation can be an effective means of achieving success. Think of collaborating with academic institutions, research centers, or even well-known industry participants to take advantage of their assets and knowledge.
- Pay Attention to Transparency and Explainability: Ensuring explainability and transparency in the decision-making processes of Gen AI models is crucial as they grow in complexity. Clear communication regarding the operation of your AI systems and the use of data is essential to gaining the trust of consumers.
At Riverview, we think that Indian startups should have the opportunity to lead the Gen AI revolution.
We are aware of this technology’s enormous potential to transform entire sectors and usher in a better future. For this reason, we provide specialized financing options made to aid in the expansion of firms with an AI focus. We are aware of the difficulties you have, and our goal is to close the resource gap so you may concentrate on being innovative.
Don’t allow a lack of funds derail your goals for artificial intelligence. Reach out to us right now to find out how we can support your startup’s success in this dynamic new environment. Let’s work together to unleash the potential of generative AI and influence Indian technology going forward.
