Industries are often regarded as the right hand of the economy of any country, they play a crucial role in determining the development of the country. The sector has a huge potential for stimulation of an unprecedented growth of the economic activities amidst the nation. The industry is responsible for the production of employment opportunities and reducing the regional inequity as well. In this article, we’ll talk about the challenges and difficulties that incur while setting up a new industry.
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| Source: freepik.com |
The prime problem can be the technological factor, small to medium scale entrepreneurs are not exposed to the latest trends in the technology most of the time. Apart from that, they often do require surplus resources to upgrade time to time. Due to archaic ways of manufacturing and production, the productivity goes down and hence the growth. When it comes to competing with the operators who have equipped latest technology, the competition gets killed.
Finance is yet the most important factor while we set up a new industry, it is also regarded as the life blood of an enterprise. You always need a surplus amount of finance for ensuring the success and viability of your industry. The lack of funds can lead to devastating results for your industry. Credit facilities have emerged as one of the chief causes of the problem.
If we talk about the general factors affecting the seamless installation of industries in a country, then the major factors can be Bureaucracy, Labour, social capitals and more. Public officials can hamper the setting up of the industries to a greater level for their self-centric aims. Red tapism has emerged in the country and availability of a low-skilled labour is a huge problem too. The labour might be cheap but the performance is not at all satisfactory most of the times.
What comes as a sad fact is that innovation is highly absent in today’s industries, innovation is what thrives the booming industry culture amidst the globe but lack of innovation has led to lower efficiency and increased biased competition.
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| Source: freepik.com |
When it comes to utilizing the installed capacities of the industry, most of the times entrepreneurs leverage only 40%-50% of the maximum viable output. The basic causes hampering the absolute utilization of the industries can be the availability of the power, apart from this availability of quality and abundant raw material can be a prime cause. Setting up a small-scale industry can be difficult without a proper business plan. For an uninterrupted and accelerated growth, one must take utmost care during the initial phase of setting up of the respective industry.
A clear roadmap is needed with dedicated research and development model, a deemed planning is required for ensuring the booming growth of the industries. The best way can be looking up for the experts when it comes to setting up of a certain new industry. With SolutionBuggy users can obtain the solutions to their every business obstacle. If you’re looking forward to best solutions then we have the domain specialists available at your disposal.
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SolutionBuggy is an exclusive and dedicated platform for the Manufacturing Sector in India. It seamlessly bridges the gap between the industrial sector and professionals for on-demand consultation and services including projects. It connects SMEs and Large Scaled Industries with Industrial Consultants/ Experts and Industrial Product Suppliers over the internet for collaboration and success.
It is an integrated platform wherein industries can share their issues/ problems and post requirements; consultants/ experts can showcase their capabilities and offer services and solutions and suppliers can list their products to match the industry requirements.
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