How successful is Tally Solution’s Xcelerator Program? Article by : Joyce Ray, India Head Sales, Tally Solutions Pvt. Ltd.
Entrepreneurship is one of the key factors in the developmental process of a nation. Small and medium-sized enterprises (SMEs) are touted to be the main engine of economic growth. The dynamism of SMEs, their adaptability, flexibility and innovative capacity have made them a cornerstone of ongoing economic reforms. SMEs contribute significantly to the economy in terms of output, employment, new job creation and innovation. In India, SMEs’ contribution towards GDP is nearly 50% and the importance of SMEs for large companies as suppliers, subcontractors and sellers of their products has been constantly increasing.
In order to benefit more from the current market dynamics such as GST, Demonetization, Globalization etc., there is a gaping need to assist SMEs to realize their trade and investment opportunities and become competitive both in the domestic and global market. Tally Solutions has introduced the Tally Xcelerator (TX) Program, which is an integrated entrepreneurial capacity-building program that provides entrepreneurship development and promotes the overall SME development in the nation. Under this program, Tally has appointed carefully selected partners called ‘Tally Xcelerators’. These handpicked partners from across the country will extend business advisory services and play the role of a coach, mentor and trainer to all of Tally’s partners and small and medium businesses across the country.
While there are a number of organizations willing and eager to provide mentorship and advisory services to large corporates, there are very few in this role for MSMEs.Tally Xcelerators are the one stop solution for the MSMEs – they play the role of virtual CXOs, System Integrators (SI), Strategy Planners and assists in Goal Setting & Monitoring, Policy Making, Process Reengineering, MIS & Analytics etc. Under the program, businesses interact with our highly skilled and resourceful TX partners who offer expertise depending on the requirements of the business. While a new business entrant may require funding and market entry, an established set-up may require assistance with new market penetration, change management, innovation and effective governance. Services like mentoring and coaching, better access to finance, better organizational culture and industry best practices to improve growth and productivity not only adds value to the business owner, but also instills a can-do spirit by building self- confidence and making a partner/businessman aware of his/her potential and competitive advantage in the market place. Since the inception of the program, Tally Xcelerator Partners have been working with businesses to understand their pain points and finding effective solutions to mitigate the problems and help them grow.
Most SMEs are a result of their founders’ personal savings and loans taken-up against property and assets. While this kind of capital is a good starting point for any business, the challenge arises when one wants to scale up and diversify. SMEs face a common challenge, that is to raise adequate funds from banks especially for high risk projects. To ensure that access to finance is not a deterrent for growth of SMEs, the TX partners provide smarter ways to capture the market and build brands without burning hole in their pockets. Not only access to funds, but the challenge of expanding and growing is dependent on a number of features like access to the right technology, structured planning, divided focus and training and mentoring the employees. The TX partners will provide services to SMEs to create branding and marketing strategies to expand to larger geographies, take the competition head-on and create a market for themselves, whilst serving their targeted customer base.
It is well-known that building institutional capacity is a critical aspect for a business, but without complying to proper regulations like various taxes, environmental and certain sector specific regulatory laws and licenses, it is almost impossible to start operations. SMEs can set up units anywhere in the country but are subject to local restrictions. Most of the MSMEs’ do not have a clue on all the relevant Statutes applicable to them except a few common applicable statutes. With so many to dos’ and exemptions and in the absence of proper centralized information centers, it becomes difficult for the MSMEs to comprehend the complexity. The TX partners are equipped to guide SMEs through the various regulations and adapt to the compliance requirements.
Access to adequate funds and guidance in government compliance are the initial stages of kick-starting a business. In order to sustain operations in the long run, there are various way businesses can ensure longevity without draining of unnecessary resources.Tying up with technology partners for affordable solutions, image building activities to attract investment which will lead to generation of employment and providing feedback on regular intervals, are some of the ways by which associating with TX can aid SMEs in their growth. It is important to ensure weightage is given to training and skill development and to have the businesses’ goals and objectives in sight to not lose track.