In Diriya Biz Inside we feature a series of videos produced in collaboration with Jetwing Hotels to provide small-scale hotels with essential knowledge of hoteliering. In this segment, Farrel Blom Manager Unawatuna Jetwing J, gave his insights on Food and Beverage Management for small hotels and restuarants. Spread the Knowledge – like and share www.diriya.lk videos to help build a beautiful Sri Lanka
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The challenges of entering International Markets
An international market is what is beyond the geographical boundaries of the company’s local operating country. Entering such markets facilitates business to grow in new markets, gain access to new customers and exercise the maximum capacities and capabilities of the organization. But none of these benefits come free. These companies will face certain challenges especially the small and medium entrepreneurs who don’t possess strong capacities and capabilities in comparision to other corporate giants in the market. It is important that such organizations take calculated risk when expanding to international markets which could hinder the overall performance of the organizations.
It is very important that small and medium entrepreneurs understand the challenges they would encounter, when opening themselves to the international markets. The biggest challenge is the cost that needs to be incurred and the time to be invested to identify prospective markets for the products offered. Failure to manage the international market properly can influence the performance and harm the reputation of the organization. But proper discovery of challenges in the market and formulating strategies to mitigate the risk followed will secure the possibility of improving the performance of the organization.
The most common challenges encountered by businesses in international markets are cultural differences, language barriers, regulatory hurdles and more importantly the fierce competition from already established businesses in economies with scale advantages.
Dilmah Tea, one of the largest tea exporters of Sri Lanka decided to expand its operations to the USA which is culturally different to a developing economy and company marketing material, approaches had to change to suit the taste and preferences of the USA market. Some challenges can be expected but most of the challenges will be spontaneous which will need immediate actions from the business organizations in order to survive in the market.
Challenges
At the top of the list would be the cultural differences in the new market. The entrepreneurs must take into account that every community, every market has its own unique set of values, customs and way of doing business which should be respected. Properly identifying the cultural differences will avoid any misunderstandings during business transactions and also any sort of conflicts. For example, in the context of Sri Lanka silence is most of the time seen as a sign of respect while in the USA it could be a sign of disinterest or disapproval. Failing to understand these trivial matters can cost hugely even during finalizing an agreement between two business partners.
Another big challenge entrepreneurs will face when entering international markets is the language barrier. Effective communication is a must for the success of business operations and miscommunications can cost a fortune. Use of language is also an important component for marketing which builds relationships in the minds of customers and partners. Language will act as a barrier to convince the product to the customers and even close deals with the partners, building strong long-lasting relationships in the business world is very important for the growth of a company. For example if an IT company in Sri Lanka enters the European market and uses many technical jargon with the locally hired employees it will impact the projects executed. Therefore the usage of local language, technical jargon, must be carefully dealt with by entrepreneurs and business organizations.
The next challenge that is encountered when entering international markets is the regulatory challenges that are enforced by different governing bodies of different countries. Compliance to the respective country’s documentation, quality standards and regulations is a must for any business operation. Sometimes these processes will be complex in nature and time-consuming.
Another challenge would be the threat from the already established businesses which would pose the challenge of entering the market, capturing the market, and more importantly securing the market. Such companies will have strong brand presence in the market and enjoy economies of scale which will secure them a larger customer base. These circumstances will force the new companies entering the international market to become creative in their offering which could disrupt the traditional market, which was evident with the growth of Uber, Netflix all over the world.
In addition to the above challenges entrepreneurs will face logistic related matters, taxations, tariff policies and more importantly fluctuations of exchange rates. Failing to resolve logistic related challenges will pose a threat of getting the product offerings of the company to the target market in a timely and the most cost-effective manner. Exchange rate fluctuations and taxations will directly impact the profitability of the operations and it’s a must before entering international markets to assess the feasibility of every action of the business operations.
Overcoming challenges
Conducting thorough market research including feasibility assessments must be the first step for any entrepreneur or business organization in making the decision to enter into an international market. The market research will analyze the target market, understanding the needs and wants of the respective market and also will give insights of the competitive landscape. Market research will be the primary task that should be undertaken in entering an international market because it will also show the opportunities which are available in the market and the most prominent pitfalls that must be avoided. Through the market research it will be able to identify the probable risks that are involved in entering the respective international market and this will help the entrepreneurs to formulate strategies to manage the risks that are identified. Some of the risk factors can be related to political instability, economic volatility and other cultural factors so comprehensive preparation will facilitate in overcoming many challenges.
The value chain is another core component of any business and therefore building strong relationships with the local partners is another important aspect which will help to overcome several challenges that can be encountered while entering a new international market. Building such local relationships will pave access to resources and navigate the operations through the local business operations without any hassle. The local partners will ensure in building a strong brand image along with trust and credibility with the customers which will lead to a win-win situation for both the company and the partners.
Another important aspect is that entrepreneurs must take efforts to customize the product offerings in terms of the product itself, packaging, marketing approaches in success ways, adapting to the local market taste and preference can improve the opportunities for the business to succeed in the respective international market.
It is essential to understand how thorough the planning can prepare for unforeseen challenges that need to be addressed immediately, and entrepreneurs must be patient while being flexible to adapt to new developments in the market. It is also essential to learn from mistakes and move on, which is an essential mindset an entrepreneur must have to overcome any sort of challenge encountered.
Success Stories
Dilmah is a world-renowned brand which was established by Mr. Merrill J. Fernando in 1988 which is operating in over 100 countries. Commitment towards quality, sustainable practices and innovative marketing approaches has helped Dilmah Tea to become the face of Sri Lanka in many platforms. Dilmah has been a true inspiration for many entrepreneurs and business ventures of their journey to the pinnacle of success and their corporate citizenship practices have been benchmarked in the industry.
MAS Holdings was founded by Mr. Mahesh Amalean in 1978 with the vision of expanding the apparel industry in the country and establishing a strong quality standard along with ethical standards related to the industry. MAS Holdings is now one of the biggest ventures which guarantees a heavy inflow of foreign currency. The company itself has expanded its operations to many regions across the world while mainly securing clients from USA and European regions.
Therefore, success in the international market mainly depends on the exploration of strategies based on the thorough market research conducted by the entrepreneurs or business ventures. Such research will provide the dashboard view of challenges when entering the new market including the competitive landscape. There are many opportunities for entrepreneurs to enter international markets and managing the risk with effective strategies while building strong relationships with the local partners for the success of international business goals is important.
This content was facilitated by CeFEnI/COSME and prepared by the University of Sri Jayawardenapura, Kotte
Unleashing the Power of Resource Management in SMEs
Small and Medium Enterprises (SMEs) occupy a critical role in the global economy, contributing to job creation, innovation, and overall economic growth. However, for these enterprises to thrive amidst intense competition, effective resource management becomes paramount. Resource management entails the strategic allocation and utilization of various resources, including financial, human, and technological assets, to optimize operational efficiency and achieve sustainable growth. By adopting sound resource management principles, SMEs can position themselves for success in today’s challenging environment.
Resource Management encompasses financial capital, human talent, technology, equipment, and other assets that are essential for your SME’s functioning. In the context of SMEs, resource management becomes even more critical due to the inherent resource constraints faced by smaller businesses. Unlike larger corporations, SMEs often have limited access to financial resources, making it necessary to optimize their utilization. Understanding the unique challenges and opportunities involved in resource management for SMEs is essential. By embracing effective resource management strategies, you can optimize your resource allocation, enhance productivity, and position your SME for long-term success in today’s competitive business landscape.
One such prominent challenge revolves around ‘financial resources’. SMEs often operate with constrained budgets, making it crucial to carefully allocate and control your financial resources. ‘Staffing constraints’ are another significant challenge for SMEs. Competing with larger organizations for top talent can be daunting, particularly when you have limited resources for attractive compensation packages. As an SME owner, it is crucial to focus on talent acquisition, employee retention, and fostering a positive work environment to overcome staffing challenges. ‘Technological limitations’ also pose challenges for resource management in SMEs. Limited budgets and a lack of specialized expertise can hinder your ability to adopt and leverage advanced technologies. Navigating these resource management challenges requires a proactive and strategic approach. Understanding the specific hurdles you face in financial management, staffing, and technology can help you develop tailored solutions.
By embracing innovative strategies SMEs can effectively manage their resource constraints and drive the SMEs to growth and sustainability. ‘Strategic planning’ is one such way that SMEs can manage their resource constraints. Although in terms of capacity and capability, SMEs are smaller than large corporations, SMEs also can have strategic plans. In here what the SME owner needs to do is, set clear goals and align resource allocation with those goals. Strategically employ scarce resources in the most important to least important tasks. This ensures that resources are used where they have the most impact on your business’s growth. Through this effort, SMEs can reduce resource wastage as well.
In order to mitigate the impact of financial constraints, SMEs can ‘Optimize finances’. They can optimize their finances by creating a realistic budget and tracking expenses. Look for ways to save costs and regularly review the budget to make adjustments as needed. And also make a habit of re-investing a proportion of your profit within the business. Focus on working capital management is also a must. If you get trapped in managing the working capital, then you might have to obtain small loans to recover your operational expenses. However, it does not mean healthy business finance. Every time should think about the ways to increase business assets compared to its liabilities. It will secure the future of SMEs. Finding ways to seek out alternative funding options can help you navigate the challenges associated with limited financial resources. Angel investors and venture capitalists are some examples of funding options rather than traditional loans.
To manage human talent effectively within the business SMEs should ‘develop employees’. In order to develop them, SMEs can invest in training and provide growth opportunities for the staff. Despite the number you are having within the organization, give them proper training on how to perform tasks within the organization. Rather than being specialized, let them be generalized. Then, they will perform whatever tasks they have to perform. Further, positive work culture and engaged employees will boost productivity and contribute to long-term success.
Technology is a kind of competitive advantage for an organization. It provides different benefits to the micro level to multinational level organizations. Thus, ‘embrace technology’ would be the next opportunity that SMEs can adopt. Stay updated on technological advancements that can streamline your operations. Investing in scalable and affordable solutions that align with your needs, such as automation and cloud computing will enable SMEs to have extra advantages. For example, you can use software packages such as Zoho to maintain basic business accounting records at the initial stage rather than hiring an employee for that. Also using cloud base stores, you can manage business databases very effectively at a lower cost. At the end of the day, exploring cost-effective solutions, seeking external expertise or partnerships, and prioritizing technology investments that align with your business goals can help you overcome technological limitations and gain a competitive edge.
Moreover, ‘collaborating and partnering’ would be another strategy that SMEs can follow to utilize their resources in an efficient and effective manner. In this platform, SMEs can seek collaborations with other SMEs or strategic partners. By pooling resources and sharing knowledge, you can access additional resources without large expenses. Apart from all the strategies ‘continuous improvement’ within the organizational level relating to the resources is a must. To ensure continuous improvement, Businesses can regularly evaluate their resource management strategies and gather feedback from employees. By using gathered information SMEs can make necessary adjustments to optimize the processes.
It is important for SME owners to recognize that resource management is an ongoing process that requires regular evaluation, adaptation, and refinement. Ultimately, effective resource management empowers SMEs to overcome challenges, maximize productivity, and achieve sustainable growth. With a strategic and holistic approach to resource management, SMEs can thrive and make a significant impact in their respective industries.
This content was facilitated by CeFEnI/COSME and prepared by the University of Sri Jayawardenapura, Kotte
Hospitality 4:House Keeping
In Diriya Biz Inside we feature a series of videos produced in collaboration with Jetwing Hotels to provide small-scale hotels with essential knowledge of hoteliering. In this segment, Farrel Blom Manager Unawatuna Jetwing J, gave his insights on House Keeping for small hotels. Spread the Knowledge – like and share www.diriya.lk videos to help build a beautiful Sri Lanka
Hospitality 3: Front Desk Operation
In Diriya Biz Inside we feature a series of videos produced in collaboration with Jetwing Hotels to provide small-scale hotels with essential knowledge of hoteliering. In this segment, Farrel Blom Manager Unawatuna Jetwing J, gave his insights on Front Desk operations for small hotels. Spread the Knowledge – like and share www.diriya.lk videos to help build a beautiful Sri Lanka.
Five Indicators of a successful business partnership
Whether you have a partner in your business or you are looking for a partner for your business, look for these 5 qualities to determine if the partner is suitable for a long-term journey.
Embracing Digital Transformation: 5 Fundamental Steps for SMEs
In an era dominated by rapid technological advancements, small and medium-sized enterprises (SMEs) must adapt to the digitalization to thrive in the competitive business world.
Here are five basic digitization steps that SMEs should consider embracing:
Operational Systems Digitization:
First and most basic step is to digitize your operations as much as you can. Billing and receipts, HR and payroll, supply chain and stocks, sales and distribution, accounting and finance, spreadsheets, audits, etc are the most essential of a company’s operational requirement that must be digitized. This will eliminate a massive cost off manpower and should be looked at as a necessary investment.
Cloud Computing Adoption:
One of the foundational steps for SMEs in digitization is the adoption of cloud computing. Cloud services offer a cost-effective and scalable solution for storage, computing power, and software applications. SMEs can leverage cloud platforms to streamline operations, enhance collaboration, and improve accessibility to data. By migrating to the cloud, businesses can reduce infrastructure costs, ensure data security, and enable remote work, thus fostering flexibility and agility.
Digital Marketing Strategies:
In the digital age, establishing a robust online presence is crucial for SMEs to connect with their target audience. Digital marketing encompasses a range of strategies, including social media marketing, search engine optimization (SEO), email campaigns, and content marketing. These tools not only help SMEs reach a wider audience but also provide valuable insights into consumer behavior. By understanding their customers better, SMEs can tailor their products and services to meet evolving needs, driving customer loyalty and brand growth.
Data Analytics Implementation:
Data is a goldmine of insights that SMEs can tap into for informed decision-making. Implementing data analytics tools enables businesses to extract meaningful patterns and trends from large datasets. SMEs can use these insights to optimize operations, identify market trends, and enhance customer experiences. Whether it’s understanding sales patterns, predicting demand, or personalizing marketing efforts, data analytics empowers SMEs to make data-driven decisions, fostering efficiency and competitiveness.
Cyber Security Measures:
With the increased reliance on digital technologies comes the heightened risk of cyber threats. SMEs must prioritize cyber security to safeguard their sensitive information and maintain the trust of their customers. Implementing robust cyber security measures, such as firewalls, encryption, and regular security audits, is imperative. Training employees on cyber security best practices is equally essential to create a culture of awareness and resilience against potential cyber threats.
As SMEs navigate the digital landscape, these steps can pave the way for sustainable growth and success.
Content provided by: Content Commune – email: the.conent.commune@gmail.com
Business Ethics and Social Responsibilities
The current business environment is very turbulent due to the rapid and unpredictable changes, including technological advancements, globalization, complex customer preferences, and competitor actions. As a result, especially SMEs find it very challenging to survive and succeed in the face of competition.
On the other hand, conducting the business in an appropriate manner has become a significant challenge especially with every single action of theirs being judged as wrong or right. However, to sustain a business and develop a loyal customer base, it is important for an entity to practice ethics. In today’s business environment where relationship marketing is the key, business ethics and social responsibility are gaining more attention than ever before.
Business Ethics
Ethics can be defined as a set of principles, values, and beliefs that determine what is morally right or wrong, or what is just or unjust. These components of ethics are used to define acceptable and unacceptable behaviors and decisions in a given situation. Essentially, ethics are a set of guidelines that help individuals or organizations determine the right course of action in a particular context. Business ethics refer to the moral principles and standards that a company adheres to as guidelines for conducting its operations. The acceptability of a business organization’s behavior is determined by its stakeholders, which include employees, customers, suppliers, distributors, competitors, the government, the community, and other interested parties. An organization that has identified its business ethics is likely to make ethical decisions in all of its actions, both internally and externally.
Social Responsibilities
More recently, there has been a growing focus on the ethical considerations of companies, which has given rise to burning issues affecting the world in various ways. The discussion around social responsibilities became more widespread during the industrial revolution in the 1960s and 1970s when the negative consequences of increased environmental pollution generated criticism. As a result, the concept of Corporate Social Responsibility (CSR) emerged in the 1980s. Initially, CSR was viewed as a mechanism focused solely on the philosophy of economic growth that generates higher value for future generations that endure the gains of present activities. It proposes that all the stakeholders including customers, suppliers, employees, government, and society are equally important for the existence of a company, as much as its owners, viewing the entire corporate business environment as a single ecosystem that interconnects every party together.
Accordingly, social responsibility can be defined as the obligations that a business organization owes to maximize the positive impacts of every business activity on society while minimizing the negative impacts as well.
How to become an Ethical and Social Responsible SME?
- Owners/ Shareholders
The primary responsibility of a business organization is to satisfy the expectations of its shareholders/owners, whose foremost concern is profitability and return on their investment. This requires maintaining accurate accounting records and documentation, providing them with relevant information about the business, and safeguarding their rights.
- Employees
Businesses have a responsibility towards their employees as they are essential to the company. This includes creating a safe and healthy work environment, providing fair and timely compensation, complying with labor laws and regulations, offering equal opportunities for professional development, prohibiting the use of child labor, and promoting employee welfare activities etc. By fulfilling these obligations, the company can build a loyal and committed workforce, which can contribute positively to the company’s overall success.
- Customers
Business organizations must meet the ethical expectations of customers to ensure their survival and sustainability. This involves delivering high-quality and safe products at affordable prices, respecting customer rights, providing satisfactory after-sale services, giving accurate information about products, and addressing customer complaints promptly. By doing so, companies can maximize customer value and build long-term relationships with their customers.
- Environment
Fulfilling environmental responsibility has become a critical aspect for business organizations. They are striving to minimize the negative impacts of their business activities on the environment, such as deforestation, greenhouse gas emissions, pollution, and carbon footprint. At the same time, businesses are taking initiatives to protect the environment by engaging in reforestation, renewable energy consumption, protecting animal rights, introducing green and eco-friendly products, recycling and reusing raw materials, and participating in different environmental protection programs.
- Community
Business organizations have a social responsibility to the communities in which they operate. This involves contributing to the development of the region, creating employment opportunities, promoting and supporting cultural diversity, and engaging with programs to improve the health and education levels of the community. By fulfilling these responsibilities, businesses can build a positive reputation in the community and enhance their overall social value.
Significance of Business Ethics and Social Responsibilities for SMEs
Many business organizations today make a conscious effort to adhere to ethical considerations and be socially responsible. This is because they realize that business ethics and Corporate Social Responsibility (CSR) initiatives can be a source of competitive advantage. Customers today are particularly concerned about ethical aspects, including environmental impact, and being ethical can attract more loyal customers to the company. Business ethics can be seen as an intangible asset that a company possesses in the modern business world. It enhances the overall goodwill of the organization, not just locally but also globally. Employees are encouraged to provide their maximum contribution to the organization, and managers experience less stress due to the ethical decision-making process, ensuring smooth functioning of the organization. By being ethical towards every stakeholder of the company, organizations can reduce unnecessary costs such as legal fees, compensations, and fines. Building long-term, sustained relationships with stakeholders can also benefit the company. Ultimately, ethical considerations can increase the overall performance of the organization, particularly in financial terms. Investing in ethics and social responsibilities does not result in losses, but creates profits.
This content was facilitated by CeFEnI/COSME and prepared by the University of Sri Jayawardenapura, Kotte
Embracing the Entrepreneurial Mindset: Your Path to Success
Are you tired of the monotonous nine-to-five routine? Do you dream of creating something meaningful, pursuing your passion, and having the freedom to make decisions on your terms? If so, you might be ready to embark on an entrepreneurial journey. But before you take the plunge, it’s essential to cultivate the right mindset – the entrepreneurial mindset.
What is the Entrepreneurial Mindset?
The entrepreneurial mindset is not just a buzzword; it’s a powerful way of thinking and approaching life and business. It’s a mindset that values innovation, resilience, and adaptability. Entrepreneurs view challenges as opportunities, failures as learning experiences, and success as a result of hard work and dedication. This mindset is not limited to business owners; it can benefit anyone looking to make a positive impact on their lives and those around them.
Embrace Your Inner Risk-Taker
One of the core attributes of the entrepreneurial mindset is the willingness to take risks. Entrepreneurs understand that risks are an inherent part of the journey, and without taking them, growth and success are elusive. Of course, risks need to be calculated and informed, but being open to taking them can lead to groundbreaking achievements.
Failure is Not The End; It’s a Stepping Stone
Fear of failure often holds people back from pursuing their dreams. However, entrepreneurs see failure differently. Instead of viewing it as a dead-end, they see it as a stepping stone towards success. Each failure provides valuable lessons and insights, bringing them one step closer to their goals. Embrace failure, learn from it, and keep moving forward with renewed vigor.
The Power of Positive Thinking
Positive thinking is a driving force behind the entrepreneurial mindset. When you believe in yourself and your abilities, you can conquer challenges with a can-do attitude. Surround yourself with positivity, affirm your goals, and visualize your success. The power of positive thinking can create a ripple effect, leading to remarkable achievements.
Flexibility and Adaptability
In the fast-paced world of entrepreneurship, being flexible and adaptable is crucial. Circumstances change, markets shift, and unexpected challenges arise. Entrepreneurs embrace change and are quick to adapt their strategies. Just like a bamboo tree that bends but never breaks during a storm, having a flexible mindset helps entrepreneurs navigate turbulent waters and come out stronger on the other side.
The Perseverance of a Marathon Runner
Building a successful business takes time and effort. It’s not a sprint but a marathon. Entrepreneurs understand this and possess the perseverance and determination of a marathon runner. They keep pushing forward, even when faced with obstacles that seem insurmountable. With each step, they get closer to the finish line – their ultimate goals.
Embrace Curiosity, Embrace Growth
Curiosity is the fuel that drives innovation and growth. Entrepreneurs have an insatiable curiosity; they ask questions, seek new knowledge, and continuously learn from their experiences and from others. This thirst for knowledge fuels their creativity and helps them stay ahead in a competitive landscape.
Building a Support Network
No entrepreneur succeeds alone. Building a support network is essential for sharing ideas, seeking guidance, and finding inspiration during challenging times. Surround yourself with like-minded individuals, mentors, and advisors who can offer valuable insights and encouragement on your entrepreneurial journey.
Embracing Change: Embrace Opportunities
Change is the only constant in life, and entrepreneurs are not afraid to embrace it. They see change as an opportunity for growth and improvement. Instead of resisting change, embrace it with open arms and see where it leads you. It might just be the catalyst for your next big breakthrough.
Passion, the Driving Force
Passion is the driving force behind every successful entrepreneur. It’s the love for what they do that keeps them going even when the going gets tough. Find your passion and turn it into your purpose. When you’re genuinely passionate about your work, it won’t feel like work at all.
From Idea to Action
Having great ideas is one thing, but taking action on them is what sets entrepreneurs apart. They are not afraid to turn their ideas into reality. Remember, even the smallest step forward is progress. Take that leap of faith and watch as your dreams begin to materialize.
Overcoming the Fear of the Unknown
Stepping into the realm of entrepreneurship can be intimidating, as it involves navigating the unknown. However, successful entrepreneurs are not held back by fear. Instead, they embrace uncertainty and see it as an opportunity for growth and learning. Face the fear of the unknown head-on, and you’ll be amazed at what you can achieve.
The Art of Adaptation
In the ever-changing landscape of business, the ability to adapt is essential. Darwin’s theory of survival of the fittest holds true in the entrepreneurial world as well. Those who can adapt to new circumstances and challenges are the ones who thrive. Be open to change and continuously refine your strategies to stay ahead of the curve.
Embracing Challenges with Confidence
Entrepreneurs are not immune to challenges. They face them head-on with confidence and a positive attitude. Challenges are not seen as roadblocks but as opportunities for growth and improvement. Embrace challenges as a chance to test your limits and unleash your true potential.
The Power of Resilience
Resilience is the backbone of the entrepreneurial mindset. It’s the ability to bounce back from setbacks and keep moving forward. Life is full of ups and downs, but with resilience, you can weather any storm that comes your way and emerge stronger on the other side.
Celebrate Your Victories
In the pursuit of success, it’s easy to overlook the achievements along the way. Celebrate even the smallest victories as they are milestones in your journey. Acknowledging your progress boosts morale and motivates you to keep pushing forward.
Conclusion
Embracing the entrepreneurial mindset is a transformative journey that can lead to extraordinary achievements. It’s not just about starting a business; it’s about adopting a way of thinking that opens doors to limitless possibilities. Be fearless in the face of challenges, embrace change, and let your passion be the driving force. Remember, success is not an overnight phenomenon – it’s the result of consistent effort, unwavering determination, and the right mindset. So, are you ready to set sail on the adventure of a lifetime? Embrace the entrepreneurial mindset, and the world will become your oyster.
This content was facilitated by CeFEnI/COSME and prepared by the University of Sri Jayawardenapura, Kotte
5 Ways To Raise Capital When Starting A Business
Learn about different ways of raising capital for your startup and advantages/disadvantages of each method.