Business Opportunities In India And Four Things A Service Business Must Get Right
India is in the amazing era. Developing into an open-market economy, India is on high growth, which averaged nearly 7% per year from 1997 to 2016. GDP growth of 7.2% in 2017-2018 will make India the fastest growing economy in the world. Further, now you require ‘opportunities’ and ‘political will’ for making things visible in India for its growth.
India is a ‘Land of Opportunities’ . With the same, there are ample number of challenges & issues in India and solving these challenges & issues means business & economic growth. And, finally, the ‘political will’ which is highly required to create success, this can be boldly shown by the current Indian Government. Under the leadership of Prime Minister Mr. Narendra Modi, Indian Government is taking initiatives that will not only bring investments into India but will also make India a better and easier place to do business. Few of the initiatives that government has started are Make in India, Start-up India, Digital India, Skill India and Smart Cities.
Multi-National Companies (MNCs) with their available resources are investing in India to build up their markets on Indian Grounds. This will produce ample number of business opportunities and jobs which will benefit the entire nation. With the regular visits of the Government Officials to the US for promoting business and trade opportunities in India, Companies are also showing interest in Indian Markets for investing. All such activities of the Indian Government will increase the resources in India for GDP Growth and skilled Manpower.
As the world’s major economies have grown up, they have become more dominated by service-focused businesses and business democracy. But many of the management related tools and techniques that service managers use were designed according to tackle the up-coming challenges of product companies in the market. Are these sufficient, or do we need new ones to overcome the same?
Let me bring light on this that some new tools are really required. When any business or company takes a product to the market, whether it’s a basic commodity like corn or like a digital camera, the company must make the product itself needful and also field a workforce capable of producing it at an attractive price for benefitting the customer. To be surer, neither job need is easy to do well; management attention and academic research have been devoted more towards these challenges. But delivering a service which entails something else as well: the management of customers, who are not simply consumers of their services but can also be integral to its production quality. And because customers’ involvement as producers can create havoc in areas like costs, service companies must also develop creative ways to fund their distinctive advantages so that consumer can be benefitted.
Any of these 4 elements, the offering or its funding methodology, employee management system or the customer management system all this can be the undoing of a services to deliver to business. This is amply demonstrated by my analysis of service companies that have struggled over the past decade. The appropriate design of any one of them depends upon the other three. When we look at service businesses that have grown and prospered companies like Wal-Mart i, Commerce Bank and the Cleveland Clinic, it is their effective integration of the elements.
This article tells an approach for drafting a profitable service business based on these four critical elements, this approach recognizes the differences between service businesses and product businesses. Above all, they learn that how to build a great service for businesses, managers so that they must get the core elements of service which is design to pull together or else risk pulling of the businesses apart for generating the required benefits. This conclude that, Business opportunities can be more if one know how to give a unique start which should includes the consumer or customer benefits.