Small Enterprise - December 2022

I dette nummeret

Dear Readers,
It is ever-evident that small and medium-sized enterprises have unique needs and challenges. A comprehensive strategy for SME credit lending requires a unique value proposition and a tailored approach to the client. Banks that are successful in this arena invest in technology and digital engagement. In addition, they focus on defining a sweet spot and integrating these investments into their existing systems. Digital engagement is now mandatory for SME lending, as it cuts down on manual processes for approval.
SMEs should make sure they present a clear succession plan for their company. Most SMEs are family businesses, and the owners often fail to implement a solid succession plan. This creates a risk for lenders who worry about the risk of the owner/promoter leaving the business in a vulnerable position. However, with a succession plan in place, SMEs can demonstrate their ability to grow and expand without risking the future of the business.
SME customers want to work with a bank that understands their needs. They want to work with a bank that provides the support they need to grow. Banks should provide more than just a product; they should become trusted business partners. Banks should also act as trusted advisors and develop a customized strategy for each SME client.
A bank that targets the SME market should tailor its approach to the local circumstances. Rather than investing in a wide range of products and methods, the financial institution should target a specific market and determine its objectives and resources. By working with the SME sector, a bank or NBFC can create a more profitable business.
With the hope that you have already taken a quick dip into the sea of information that we are about to propose to you, we invite you to indulge in this descriptive saga that we have carefully crafted while keeping the complete SME scenario in mind.
Let’s get going! Happy reading