Leadership is one thing, and creativity is another, however both are essential tenets for small business owners to master. These two qualities have contributed to making small and medium enterprises (SMEs) resilient during economic downturns, so it is no surprise that the Indonesian government is continuing to support local businesses and their owners.
This support is in part because of the role that SMEs have helped Indonesia's national economy to recover from financial crises and the aftereffects of the pandemic.
Today, the number of SMEs in Indonesia continues to exponentially grow, with data from the Ministry of Cooperatives and Small and Medium Enterprises reporting that as of May 2021, the number of SMEs reached 64.2 million, contributing 61.07% to the nation's Gross Domestic Product (GDP), an amount equivalent to 8,573.89 trillion rupiah.
If you have decided to become a micro, small and medium enterprise (MSME) entrepreneur, the following article highlights five important things you need to consider and implement for your business to master, to be competitive, to grow, and to be successful.
Firstly, micro, small and medium enterprise (MSME) entrepreneurs face various challenges in running their businesses, challenges that are both internal and external. To address these challenges in todays’ business climate, it is essential for an MSME entrepreneur to have the ability to solve these problems.
One way to address and achieve this is by having leadership qualities. Different leadership styles and leadership qualities can be learnt from real-life examples of successful entrepreneurs, honed and shaped by individual experiences developed over years of operating an MSME. The more resilient that you and your MSME are in facing the challenges of business, the more your leadership skills and styles will be tested.
Alternatively, you can learn leadership skills by accessing readily available resources, such as books, blogs, podcasts, seminars, vlogs, and videos, et al., however, immaterial of your information source the most important thing for you to do is to apply what you have learned or observed into your daily life. However, whenever and wherever you have gained your managerial and leadership skills and style, always strive to be the best leader that you can be!
Secondly, MSME products tend to compete by creating their brands, but with minimal value creation. In this minimization of creation, having a lack of creativity can lead to identical products being branded and marketed by MSME entrepreneurs, resulting in intense inter-MSME competition, which in turn creates initiative and sustainability issues.
This high level of competition, however, is often due to a lack of creativity amongst MSME entrepreneurs. As such, this issue needs to be carefully, and seriously considered before deciding to become an MSME entrepreneur. To ensure that your MSME can thrive and grow stronger in the future, create a new and diverse product to be a point-of-difference to your MSME competitors.
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Thirdly, an important and necessary skill for an MSME entrepreneur is the ability to recruit a capable team. This is crucial because your business cannot function and operate smoothly without a creative and skilled team. There are many criteria to consider when you are recruiting a reliable team, such as salary expectations, skills, work experience, and company loyalty.
Moreover, as well as what ideas, initiatives, and creativity that they can bring to your MSME, the entrepreneur must accurately and cognitively consider, know, and understand who they are hiring, and if they meet and suit all of their business’s needs .
One way to address this is to recruit staff through your network of close friends,family, or acquaintances. However, this is not the only recruitment method, as oftentimes, an MSME requires professionals from outside of this network. This can be achieved through an open recruitment announcement, social media, or job postings displayed at your local store, but ultimately, this recruitment process comes down to experience, and to be able to sort through applications to get the right person for the job!
Fourthly, to officially and legally conduct and operate a singular or multiple MSME business, entrepreneurs must have a Business Identification Number (NIB) which is similar to the National Identity Number (NIK) in the ID card. The NIB ensures and signifies that their business is officially registered on the Online Single Submission (OSS) portal managed by the Ministry of Investment/Investment Coordinating Board.
The process of obtaining an NIB is free of charge and is conducted online through an OSS portal, an NIB certifying and ensuring your business’s legality and legitimacy. Moreover, an NIB helps MSMEs access banking and financing facilities, government assistance, training opportunities, and opportunities to participate in government procurement tenders.
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Lastly, in today’s rapidly changing business environment, MSME entrepreneurs must adapt to the technological changes evolving, especially in the trading transaction systems for products and services, where one of the most important changes has been businesses shifting from cash to cashless payments. This adaptation can happen seamlessly if MSME entrepreneurs are willing to apply digital sales application systems that allows their customers to pay for products or services using e-wallets and mobile banking, or alternatively, if your MSME has the ability to do so, by QRIS system.
Regardless of the payment process, in today’s business world, there are significant benefits for implementing technology into an MSME enterprise. Entrepreneurs can harness the technology to manage their businesses and use the subsequent business applications to facilitate cashless payments.
Youtap’s POS Business Solution app is one of the best examples of a sales application that uses QRIS.
With a single QRIS, all of your customers’ cashless payments can be processed accurately and quickly. Additionally,
Youtap’s POS Business Solution app can run your MSME on autopilot, whenever and wherever you want to view Sales Transaction Reports in real-time by simply opening the Youtap app on your Smartphone or tablet to see the quantity and items sold.
Moreover, the development Youtap’s Business Management application in the iteration of the Youtap Business Tablet allows MSME entrepreneurs to quickly and easily view their sales transaction history.
Youtap’s Business Solution app allows MSME entrepreneurs to work efficiently, giving them time for business development and evaluation.
So, when you are selecting a business application for business development, choose one that is designed to help you to efficient;ly and effectively manage your business.
(And Youtap’s Business Solution app is the application that you are looking for).
Fintech Youtap is the business application that is widely used by MSME entrepreneurs, with features designed to provide smart analysis based on sales history and is accompanied by sales graphs.
This feature is an invaluable tool that identifies your business’s best-selling products - those products that sell the fastest, and those items that don’, and those that have been sitting idly in storage or on the sale shelf for a long time.
Additionally, Youtap’s Business application features a loyalty program for your customers' satisfaction, as well as offering MSME entrepreneurs other benefits to those who implement Youtap’s digital technology, and not limited to price adjustments due to tax additions, service fees, or discounts.
Youtap’s Business application can also create digital menus (E-menus), print payment receipts, open bills or accept multiple orders from consumers but print receipts only once, and provide a digital calculator for easier sales and change calculations.
Use Youtap’s Business application, so that you can start your business with Youtap now!
Wisma 46 Kota BNI Lt. 29 Jend. Sudirman Kav. 1 Jakarta Pusat, 10220
e-mail: halo@youtap.id
Whatsapp: 08111 500 523
Direktorat Jenderal Perlindungan Konsumen dan Tertib Niaga Kementerian Perdagangan Republik Indonesia
WA/Telp: 0853 1111 1010
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