Company: Sri Sai Chandra Precision Products
Founder: Boina Swamy
Turnover: Rs 30 lakh
Boina Swamy started Sri Sai Chandra Precision Products in 2002 to manufacture all types of precision components useful for Defence organisations and other industries.
The 35-year-old entrepreneur initially started with job work and diversified into manufacturing precision components later.
Swamy has invested Rs 15 lakhs in the business.
He says the Hyderabad division of the MSME ministry supported him in availing finance from the State Bank of India under the Mudra Loan scheme, and considers meeting Prime Minister Narendra Modi in April this year as one of the highlights of his career.
Excerpts from an interaction with SMBStory.
SMBStory: How are your differentiating from the competition in your sector?
Boina Swamy: Market size is ever growing and we are supplying to the requirements of the customers by adhering to the quality specifications, right quantity, and delivering them in time.
SMBS: What has been the impact of your work on your customers and society?
BS: Following Make in India and Make in Telangana, we have been able to create jobs in our industry. Our customers are happy with timely supply and indigenisation of components.
SMBS: What are the challenges in terms of sustaining and growing the business?
BS: Space constraint in the present existing industrial area is impacting our growth potential. Allotment of new industrial area will help the industry to adhere to a systematic workflow, give us more space, and better quality production. This will help in less wastage and provide a worker-friendly ambience thus helping in a sustained growth in the business.
SMBS: What is your advice to people who want to set up their business in the same sector?
BS: Precision component manufacturing requires hard work and maintaining a timely delivery with quality products. Product development and innovative ideas/ presentations will help the new entrepreneurs to launch successfully in the business.
SMBS: Any tips for other business owners?
BS: Employ professionals in management roles to handle issues related to finance. Work hard in maintaining customer base and selection of suppliers.
SMBS: What is your customer acquisition/channel strategy?
BS: We use social media and connect with manufacture of related products/components for industrial automation. We also believe in word-of-mouth publicity and personal networking with other industries that help us in customer acquisition.
SMBS: What are your future plans?
BS: Getting into new areas like aerospace, expansion in the Defence industry and other engineering industries.
SMBS: What are your expectations from the government?
BS: We want more support in the form of financial assistance and cluster development. We are expecting a new industrial area for micro enterprises.
SMBS: What are the top 3 leadership lessons you have learned over the years that you live by?
BS: A collective approach is always effective. Clear presentation of ideas and thoughts to all the stakeholders in developing the industry is essential.
SMBS: What are the biggest learnings from your business journey?
BS: Slow and steady progress is the key attribute for a good entrepreneurial journey.
(This story is published in partnership with the MSME Ministry to showcase success stories of SMEs)