Walmart Vriddhi mentors share insights on empowering MSMEs for success

Expert mentors guide MSMEs through challenges, offering insights on finance, digitalization, and market strategies for sustainable growth.

Today, MSMEs are significant contributors to the Indian economy. While the market is flourishing, MSMEs face business challenges such as financial planning, pricing strategy, legacy methods, and digitalization that affect their overall functioning. During these challenging times, they require expert guidance to address these issues, face them head-on, and move upwards and onwards.

Seasoned business leaders can act as mentors and provide valuable insights into market trends, customer behavior, and competitive strategies. Since these individuals have navigated businesses in the real world, they are better positioned to impart knowledge on how to make informed decisions and avoid common pitfalls. They have years of invaluable practical experience and a robust network that can help MSMEs with new opportunities. With these mentors’ guidance, small businesses can optimize their operations and achieve sustainable growth.

It would be notable to draw the spotlight on Vriddhi, Walmart’s supplier development program, which has digitally empowered over 60,000 MSMEs across India. The program provides MSMEs free access to digital training, business advice, and personalized mentorship opportunities. It includes seasoned mentors who support these MSMEs in realizing their potential, addressing their shortcomings, and thriving in the market to achieve their goals.

V.S. Kumar, from Chennai, Tamil Nadu, is an influential mentor with the program. 73 years young, Kumar brings forth relevant experience and a passion for financial reporting. He has contributed to a diverse array of companies in both traditional brick-and-mortar settings and the dynamic new-age industry.

Kumar thinks entrepreneurs today need guidance in two areas - motivation and financial controls. “When the chips are down and they don’t know where to go, entrepreneurs see a blank wall and need someone to pull them up. They need to regain their motivation and enthusiasm. The second area where they often need attention is in installing and running financial controls. Sometimes, a balance sheet is like a black box to them. I emphasize how important it is for an entrepreneur to run their business not only with business acumen but also with a conscious grip on the numbers.”

He also highlighted the struggles of new entrepreneurs. “I have worked with MSMEs who are apprehensive of the balance sheet. I help them understand their business numbers and establish financial controls. This is where my deep passion for financial reporting helps,” he adds.

While V.S Kumar emphasizes the importance of motivation and finance, there’s another mentor who highlights digital as the foundation of new businesses. E. G. Santosh, a digital marketing evangelist, is also doing the noble work of guiding MSME entrepreneurs. Here’s how he advises MSME owners on areas where they can improve.