Business Excellence Strategies for SME Sustainability in India

Abstract

Accepted worldwide Small and Medium Enterprises (SMEs) are fueling the engine of economic growth apart from promoting equitable development. They provide large employment opportunities at comparatively lower capital cost apart from enabling industrialisation of backward areas, thereby, reducing regional imbalances, assuring more equitable distribution of national income and wealth. This is more so in the Asian economies and undoubtedly SME is an important contributor to Indian economy. However, globalisation is bringing new opportunities. To seize these opportunities, SMEs need to re look at their business and strategize for excellence. Hence, the core objective of this chapter is to explore whether adopting excellence models can help SMEs to attain sustainability. Through in depth literature review and grounded theory approach the focus is to discuss different business excellence theories and focus on the need to use business excellence strategies for their sustainability and continued success.