CRITICAL SUCCESS FACTORS (CSF) OF INDIAN SMALL AND MEDIUM MANUFACTURING ENTERPRISES
Received: 27th July 2023; Revised: 10th August 2023; Accepted: 16th August 2023
Keywords:
Small and Medium Enterprises, Sustained Business Performance, COVID-19, Manufacturing, Critical Success Factors, Digital Transformation, InnovationAbstract
Small and medium-sized Manufacturing enterprises (SMEs) are core growth drivers for any economy and more so in the case of an emerging market like India. The Covid 19 pandemic has impacted the world economy and its impact was accentuated and severe in the case of SMEs, given the way they were structured, managed, operated, and funded. This disruption has resulted in creating a distressing situation on the back of the lockdown leading to supply/demand and labor side challenges in the entity’s operations. Hence, there is an urgent need to understand the relationships and impact of various factors critical for achieving Sustained Business performance and this paper makes a first towards covering this gap. The study focuses on Literature available on the subject matter, analysing available literature to identify CSF (Independent variables) for achieving Sustainable business performance (Dependent Variable) by Indian SMEs post-Covid 19. The paper concludes that four factors, Innovation (IN), Digital Transformation (DT), Entrepreneurial Action and approach (EAA), and Government Support/Intervention (GSI) are considered critical for achieving sustained business performance (SP) by SMEs in India. EAA additionally was considered a driver for IN and DT having an indirect impact on SP and GSI was considered as enabler for EAA having an indirect effect on SP. This study/knowledge seeks to help the stakeholders (both internal and external) in creating a stable business with sustained growth going ahead.
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