The Success Mantra For MSME Is Empowering Responsibility With Accountability

Over the last fifty years, the Micro, Small, and Medium-Sized Enterprise (MSME) sector has grown to be a very active and dynamic sector of the Indian economy. The MSME, with its effective, efficient, flexible, and innovative entrepreneurial spirit, also contributes significantly to the growth of the economy. Transforming the horizons, MSME’s have been making their own impact and proving as strong as ever in the Indian Context.

Fighting all impediments and grabbing every opportunity to prove their worth, MSME’s have brought crustal changes in the economy of the nation. Today MSME’s are known for generating the most job growth while also significantly contributing to industrial production and exports.

By reflecting the true essence of “Accountability”, MSME’s have worked forth in not only becoming self-reliant but also contributing in a more holistic manner. As MSME, often organisations get aid on a number of parameters from the government. Still, there are multiple challenges that they have to go through. For instance, not getting the recognition, fighting the stereotypes, no definite continuous source of funding, irregular aids, question over their sustainability and more. However, making the best out of all the resources is what matters the most. And, MSME’s have been putting in all efforts to make that possible, no matter what. When it comes to a thriving organisation, the key to succeed lies in understanding of the relationship between Responsibility and Accountability.

Role of MSME: Responsibility

Responsibility is a key factor which is essential in the growth of the MSME sector. Responsibility in bare terms refer to the state or fact of being held liable or to blame for something; a responsibility or activity that you are required or expected to complete; something you should do because it is morally right and legally required.

Over time, the MSMEs sector has evolved into a vibrant and dynamic segment of the Indian economy. The industry is gaining traction not only because it provides more job opportunities at a lower capital cost than large enterprises, but also because it aids in the industrialization of rural and backward areas, thereby reducing regional imbalances and ensuring a more equitable distribution of national income and wealth. Hence, today MSME’s have a crucial role to play in being better equipped to support the Indian economy and boost it aggressively going forward.

Accountability

While responsibility relates to a person’s obligation to complete any given task; accountability on the other hand determines what happens when something has happened. Responsibility for organisations establishes the operating in the right manner whereas accountability refers to the consequences of the decision which are made in order to ensure that the business operations are carried out systematically. Accountability therefore equips the organisations with the tools to comply and ensure business operations with seriousness and answerability.

Fostering trust amidst the various stakeholders both within the organisation and outside the organisation is key for a business to successfully grow in a dynamic environment. As a result, organizations that have implemented accountability elements through their internal comprehensive privacy programs or participation in relevant privacy shields should reap the benefits. Individuals, business partners, society, and regulators will have more trust which will add to the benefit of the organization's customers. Adopting and demonstrating a commitment to accountability benefits not only the organization but also individuals, business partners, society, and regulators.

Final Bow!

It is crucial to nurture Intent within the company’s DNA in order to harness the power of innovation and for organizations to advance towards their goals. A clear differentiation amidst dynamic organization and every individual should be established to clearly understand the power of Intent and uses it to derive innovation and set benchmarks to achieve measurable goals with an underlying responsibility and accountability.

As a result, with the evolving landscape, businesses have adopted accountability and responsibility as one of the most remarkable success mantras for the MSME sector. Adopting and demonstrating an accountability commitment benefits not only the corporates, but also individuals, business partners, society, and regulators. MSMEs are gaining traction by playing an indispensable role in creating more job opportunities at a lower capital cost than large businesses.

Aakanksha Bharagava is the CEO & President of PM Relocations Pvt Ltd. The views expressed are the author's own.