Affordable finance top priority for MSMEs: Survey
New Delhi, Oct 10 (KNN) The top priority for micro, small and medium enterprises (MSMEs) is affordable finance, revealed a survey. The survey was conducted by SME Street in order to understand the top five priorities of Indian MSMEs.
“The idea of doing this kind of survey was simply to understand top demands of SMEs about what they want in order to do business happily and smoothly. The survey methodology was kept simple and we only asked a list of top priorities of business from the entrepreneurs," said Faiz Azskari, Founder & Editor of SMEStreet.
The Survey listed top Priorities of MSMEs as - (a) Finance Access /Affordable Finance(b) New Business Streams/New Business Development (c) Streamlining Business Processes / Documentation (d) Optimizing Profitability (e) Accessing Talented Manpower
Affordable finance emerged as the number one demand for Indian MSMEs unanimously.
MSMEs who responded in the survey expressed 'accessing finance or accessing affordable finance is a priority for their business.' This statement shows that there is a big scope of opportunity in filling a communication gap between Banks and MSMEs. An entrepreneur in many cases found completely unaware of the fact that banks require documents.
This initiative of SMEStreet was just to understand the evolving behavior of Indian MSME entrepreneurs.
It is so obvious to analyze that business as a whole is transforming, Indian MSMEs are the most important part of this evolving and transforming business ecosystem. So, the transformation is inevitable, what is important for the entrepreneur is to change the priority and what is important for the policymaker to understand their changing priorities of entrepreneurs, the Survey pointed.
In this activity, entrepreneurs from more than 70 cities and industrial towns of India, representing various industry fields have been approached. More than 50,000 CXOs were approached touching upon more than 70 cities and towns of business or industrial relevance.
This SMEStreet survey ran for over 8 weeks and after getting a considerable amount of responses we got some key indications from the MSME community.
SMEStreet is a knowledge sharing digital platform for Indian MSMEs.