3M business principles for small business manufacturing in India :
1. Manpower Projections for manpower and staffing are made in the project report. However, it is necessary to time the induction of manpower in a planned manner. The engineers and operatives must be available before the installation of the machinery. 3M business principles rely on things like this.
2. Machinery Choosing and ordering of right machinery are also of paramount importance. In many cases technology or process provides us with specifications which are not provided, then an extensive techno-economic survey of machinery and equipment available must be carried out. The entrepreneur must also consult experts prior to making a selection of equipment and machinery.
3. Material Materials procurement and planning are critical to success, of a start-up with a small scale manufacturing unit. Inventory management can lead to manageable cash flow situations; the otherwise if too much is ordered too soon the considerable amount of working capital gets locked up. On the other hand, non-availability may result in production hold-ups, and idle machine and manpower. For essential imported raw material whose lead-time is large proper planning is all the more essential.
ENTREPRENEURS MEMORANDUM FOR SMALL BUSINESS MANUFACTURING ( Along with 3M business principles this things are also very important to keep in mind ) :
Registering the company with R.O.C is the must. As per your desired ownership pattern you can register your manufacturing business by following ways:
1. One Person Company
2. Private Limited Company
3. Limited Liability Partnership
4. Public Limited Company
Section 8 of the Micro, Small and Medium Enterprises Development (M.S.M.E.D) Act, 2006 provides for the filing of a memorandum by a Micro, Small or Medium Enterprise.
Sub-section (2) of section 8 stipulates that the form of the Memorandum, the procedure of its filing and other matters incidental thereto shall be such as notified by the Central Government. The memorandum may be filed by all three categories of enterprises with the District Industries Centre in the jurisdiction of which the enterprise is (or, is proposed to be) located. Every S.S.I unit has to comply with various regulations in force. These include regulatory, taxation, environmental and certain product specific clearances. This section looks into the methodology of obtaining these approvals and clearances.