By identifying and tracking few key performance indicators (KPIs) any small business owner can not only figure out how the business is performing; but also forecast where it is headed. This is no different from when the doctor checks vital signs such as blood pressure, pulse, weight, etc. of the patient to find out what is wrong or could go wrong. You only need 5 or so KPIs to get a feel of the business performance.

Typically, these KPIs will be different for different industries. For example, the retail store should look at comparable sales and inventory turnover; while exercise facility would track customer turnover and average sales per customer. Most large publicly traded companies include these KPIs in their annual reports or in the financial analyst reports.

For your business and industry you too can identify few KPIs that can be easily tracked by looking at your profit and loss statement and balance sheet. Typically, you will have some KPIs that track sales and some others that track expenses.

Sales Related KPIs

In the simplest form, the total sales is composed of two components – price and quantity. The KPIs that drive quantity are customer count, order count, customer churn, room occupancy rate, etc. The KPIs that drive price are average order per customer, total discount, gross margin (revenue – Cost of Goods) etc.

Expense Related KPIs

These KPIs can vary from industry to industry. You can find out the ones that are important for you by looking at your P&L statement for the categories that are largest. For a restaurant and fast food place these would be food cost and labor cost. For a convenience store this could be purchase cost and real estate cost. Again, by looking at the annual reports and analyst presentations of large publicly traded companies you can find out what expense related KPIs are important for your industry.

You should ensure that the daily, weekly and monthly reports you look at include these KPIs. Also, as we mentioned in that post it is important to look at the trend over time and comparison to previous periods.

We at Angel Business Advisors also provide a service in which we analyze the financial statements and provide custom report showing how business is performing. You can use this service to analyze the seller’s financials when buying a business or analyze your own financials to understand what improvements can be made.

Just a few months ago, BofA offered an express business line of credit program that even entrepreneurs in business just a month or two could qualify for with the right credit scores. They pulled the program in the last quarter. American Express for years has offered a Business Line of Credit program that entrepreneurs could apply for in addition to their American Express credit cards. The line of credit was competitive in the industry with interest rates and most small business owners with an American Express credit card were getting approved. The program was pulled in the last quarter.

The closing of great programs such as the BofA Express Line of Credit and Amex Business Line of Credit are signaling the need for small business owners to find alternative ways to finance their businesses. There are several unconventional methods that most entrepreneurs can use to build up access to capital they will need from time to time. Some of these methods include: merchant account cash advance programs, equipment leasing, equipment sale-lease back, A/R Factoring and trade credit (also known as corporate credit or business credit).

Trade credit is the single largest source of lending in the entire world. It is when one business sells services or products to another business on credit terms. For example, when Dell Computers sells a laptop to a small business owner, the business owner is given a choice: pay now with a Mastercard/Visa/Amex credit card, apply for a Dell Computer line of credit or apply for a Dell Computer Credit Card. When the small business owner chooses to apply for a Dell Credit Line or Credit Card they are using trade credit. Dell will then offer terms to the applicants who qualify. Terms may include no-interest for 30 days if paid in full, or an interest rate charged each month a balance is carried and a small monthly payment that must be made on the credit card.

If the business owner has structured their company properly before applying for the credit, they will likely receive an approval based solely on the business credit profile, business credit score and how compliant the company is with the business credit market. If the business is prepared and built some initial business credit before applying with Dell, they will likely get approved regardless of what the personal credit score of the owner looks like. This is True trade credit (corporate credit), when you rely completely on the business’ ability to obtain the credit and not just that of the individual owner or officer of the company. Every entrepreneur should have a business credit profile and score. That includes also being in compliant with the lending market.

A business credit profile and score need to be created with all the major business credit bureaus, not just one. D&B (Dun and Bradstreet) is the oldest business credit bureau, although Experian Business and Equifax Business have created very competitive products and services to compete directly with D&B over the last few years. Most credit bureaus create a business credit profile and score when companies report to the bureaus the payment history of their clients. The more companies reporting to a business credit profile, the better. Companies who purchase a business credit report for analysis to determine credit approvals, like to see when others have granted credit already. They would prefer to see several credit accounts with the business, whereas with an individual you may find it more difficult to obtain credit when you have a lot of credit accounts.

Most small business owners seeking financing are looking for the money to purchase a product or service. The majority of time the product or service can be found through a company offering credit terms. Trade credit is used by household supply stores, marketing companies, printers, graphic designers, internet marketing companies, gas stations, equipment companies, auto-dealers, shipping companies, office supply companies, furniture companies and many more.

In addition to trade credit as an alternative financing option there is merchant account cash advance programs. Although this type of financing can be expensive it is still a great option for some businesses. This type of financing is for businesses with a merchant account charging more than $10,000 per month on the account. Many merchant cash advance companies will advance up to three months charges on a merchant account with very little personal credit information required to obtain the loan. The loan is then paid back out of future merchant account activity as a percentage of the total amount charged that month.

Another alternative source of financing is A/R Factoring. If a company has accounts receivable with other businesses with decent history and credit scores, a factoring company will come in and buy the receivables for a discount on the future value. The business gets money now and the factoring company waits for the invoices to be paid. When they are paid by the customers of the business, the factoring company gets their share and repayment on the advance.

A company can also use leasing as an option to finance their business. A lot of equipment and even software can be leased. There is extremely beneficial to start-up companies and those looking for large equipment purchases. The company doesn’t have to pay up front for a large ticket item, which than conserves cash for the growth and day to day operations of the company.

Small business owners need to get creative when it comes to building a business and finding the financing they need. Using trade credit and other alternative financing options just may help your business avoid the obstacles and pitfalls so many have fallen into and lost. For creative solutions for your business financing needs go to www.bcscredit.com and get a free ebook on Building Business Credit for Business Owners.

David Gass is the Founder of Business Credit Services, Inc. and creator of the Business Credit BuilderSM process. Through his companies he has helped small business owners raise hundreds of millions in credit and financing. He is the author of the books, “Building Business Credit for Business Owners,” “Success Steps to Business Credit,” “Success Steps to Business Financing,” and the ten book series “Building Blocks to Business Success.
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By smartly exploiting the opportunities created by the process of globalisation, a large number of Indian small and medium enterprises (SMEs) have been able to sharply increase their businesses, either as original equipment manufacturers or component suppliers or business and knowledge processes outsourcing (KPO) partners for multinational corporations (MNCs) as well as large Indian companies. In a world where technology and business models are changing very fast, sustainability and growth of the Indian SME segment in the coming days will primarily depend upon SMEs’ access to education and skill upgradation. The government has a major responsibility in providing such access as the private sector cannot be relied upon for this — hi-tech knowledge and skill generation is a timeconsuming process and the return on private investment may be less than the optimum level thanks to knowledge spill-over, high rate of technology obsolescence and some other factors.

Education and skills occur in many types and on many levels and hence, improved

access to training at all levels is important for SME development. Moreover, in a volatile and dynamic world, better educated workers provide the flexibility needed to switch production between sectors and branches, and to restore external balance through innovation, retraining and relocation. Here we have to acknowledge that the critical role of the business schools in this process is generally missing in India today. These schools are mostly staffed with experts to focus on functional approaches (like finance, human resource development, etc). But the application of these approaches to small businesses has become the most neglected field of academic study and teaching in business schools.

Customisation of training programmes

The Industrial Policy Resolution of 1956, with its SME focus, is largely responsible for making India a pioneering nation among the developing countries in the field of SME development. A huge network of financial, academic and training institutions, functioning both in the public and private sectors has been created in the country, which has ensured an impressive growth of the Indian SME sector so far. But to meet the present challenges of the changing environment, there is an urgent need for serious introspection of India’s SME development strategy, including training and education.

International studies have shown that management development in SMEs tends to be based upon individual employment relationships and a focus on cost, short-termism and “bottom line” considerations. It also may not be an exaggeration to say that most of the training programmes for SME workers in India, which are predominantly government inspired, driven and funded, are ineffective because training needs are never identified on the basis of serious research and the designers of the programmes also often fail to listen to small businesses’ call for flexible delivery. A firm with four to five staff members cannot probably release employees for several days to attend an SME training programme.

As Norman Mackel, education and training chairman for the Federation of Small Businesses, UK, mentioned, the “courses need to be bitsize and targeted at solving specific problems.” The need of the hour is to make India’s SME training programmes research-based and innovative. The current level of technology does provide an opportunity to meet the diverse interests of micro-businesses and deliver customised management and leadership skills to SMEs. E-learning technology, where India has made a big leap forward, can be explored to offer bit-size training programmes. The European Union has already invested on several projects of this nature.

The task of increasing the effectiveness of SME training programmes is further complicated by the difference of perception regarding such programmes among training providers and training receivers. The government and the SME training institutions are interested in chasing SMEs to develop workforce, but the firms are more interested in recruiting a “final product.” Small business units often do not want to invest in skill development because they fear poaching and financial constraints. There is a strong tendency among SMEs for jobs to be created and maintained via the use of temporary contracts.

To remove the barriers to skill development among SMEs, therefore, there is a need for partnership between owners of SMEs, education and training providers and policy makers.

Skill building for strategic performance

For sustainability and growth in a dynamic environment SMEs, among other factors, must also possess the capability to constantly modify their long-term business

development strategy. Entrepreneurs have to understand the cost involved in implementing a strategic plan and the skills to develop a viable control mechanism for such plans. Many training organisations and consultants offer business performance improvement programmes, like Balanced Scorecard, Six Sigma, Lean Sigma, etc, for large organisations. These programmes can be very effectively customised for small business units, equipping them with the knowledge and techniques to measure and control long-term performance improvement programmes. ISO certification programmes are quite popular among Indian SMEs, though for many small businesses, getting a certificate becomes the sole motivating factor. As a result, such certification only adds to mere paperwork and administrative costs, without significant performance gain.

Training on innovation management

In the 21st century, continuous innovation will provide the competitive edge to SMEs in the marketplace. Hence, there is a great need to design training programmes for SMEs on the management of innovation. It is generally accepted that SMEs are the major drivers of innovation, primarily due to the unique ability of the entrepreneurs to see connections and their creative urge to challenge existing businesses with disruptive ideas. Natural advantages of smallness, such as adaptability, low cost of due diligence and lean organisational structures, further facilitate the process of converting the creative potential of entrepreneurs for viable businesses.

Industries like fashion and industrial design, video and educational games, crafts and other similar activities have huge growth potential in a knowledge- and creativity-driven economy and India is blessed with a good number of world famous designers and artists. The success of innovation management by an SME will depend upon how the employees of the firm, who may often have to work in a distributed environment, are able to collaborate over the network. This calls for designing training programmes on effective online collaboration among employees for such creative SMEs.

Major Government-run SME and SSI Training Institutes in India

National Entrepreneurship Development Institutes

• National Institute for Entrepreneurship and Small Business Development (NIESBUD), NOIDA
• National Institute of Micro, Small and Medium Enterprises (NIMSME), Hyderabad
• Indian Institute of Entrepreneurship (IIE), Guwahati

Others

• MSME Development Institutes (Gangtok, Jaipur, Chennai, Patna, Kolkata, Guwahati, Mumbai)
• Tool Rooms (training and consultancy for tool and die markers)
• Central Footwear Training Centres, Agra and Chennai
• Fragrance and Flavour Development Centre, Kannauj
• Process-cum-Product Development Centre, Agra
• Electronics Service and Training Centre, Ram Nagar
• Institute for Design of Electrical Measuring Instruments, Mumbai
• EDI SME Centre, Indian Institute of Foreign Trade

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About Abhijit Bhattachaya

Prof Abhijit Bhattachaya is the Dean of Globsyn Business School (Ahmedabad) and Director of the proposed Asian Institute of Family Business (a Globsyn Group initiative).

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Often it is asserted that the field of strategic management lacks coherence and it is highly fragmented. However, there is research evidence to show how companies have achieved excellent performance and sustainable competitive advantage by implementing strategic plans.

Strategy is critical to the growth of an SME

Strategy primarily deals with issues of longterm implications. In recent years, business organisations have gained the power to predict the future with reasonable accuracy using various performance management systems and harnessing the tremendous increase in computing power and communication technology. With this power, they can exploit the potential of the emerging scenarios.

Unfortunately, most Indian SMEs are either unaware of the power of these strategic frameworks or do not show any inclination to use

them for strategic planning. As the tumultuous political and economic events of the present decade have made long-term planning a much more risky business, there is a real possibility of more small and medium firms staying away from strategic planning, notwithstanding the fact that except a relatively small number of firms in the knowledge sector, a majority of the Indian SMEs are still operating in environments where probability distributions of outcomes are knowable. These firms can very effectively apply the standard tools for strategy implementation. Moreover, a disciplined approach to strategy formulation can also create an organisational mindset capable of handling totally uncertain situations better and produce superior results that calls for the highest level of integration of entrepreneurial and strategic thinking.

Current scenario

Henry Mintzberg’s observation of strategic planning as an oxymoron is probably quite apt to describe the approach of Indian SMEs towards business strategy. Few Indian SMEs, have formal strategic planning processes that generally do not go beyond formulation of mission-vision statements. In most cases the process neither provides a sufficient range of strategic options to consider nor presents an engaging road map of a compelling future.

A basic requirement for sound strategic planning is to formulate an action plan to achieve long-term objectives of an organisation, which are derived from its mission and vision. The firms need to clearly identify their value drivers and develop appropriate metrics. SMEs must demonstrate the necessary commitment, capability and discipline to generate, preserve and analyse data essential for continuous monitoring of their strategy implementation process. This process also has to be blended with a creative component.

For firms that only focus on the data management part, strategy becomes a purely number-driven process and this is unfortunately true even for most of the large Indian companies. They try to explain the future merely on the basis of past data and hence the management’s continuous appeal for out-of-box thinking does not generally motivate the employees to break the mindset barrier. On the other end of the spectrum, many small entrepreneurial firms do not make any investment at all to systematically collect and analyse data, without which it is impossible to implement a solid analysis-based strategic planning process. These entrepreneurial firms formulate strategies banking on their creative thinking and pure gut feel.

Strategic planning tools

As a result of wide circulation of business plan formats by various training and academic institutions, consultants, lending institutions and popular publications, SMEs in India are aware of standard strategic planning tools like market research, strengths-weaknesses-opportunities-threats (SWOT) analysis, five competitive forces (though many of them may not know it as Porter’s framework), cost benchmarking, etc.

Role of consultants

SMEs at a lower end, operating in a relatively stable market and with small capital base, often do not have the required management information system. Many firms are also not familiar with the applicability of standard statistical

tools for decision-making. This has created a big demand for consultants to assist these SMEs in strategy formulation and implementation for achieving better performance. Unfortunately, the knowledge level of many consultants is also severely limited by lack of academic research in India to indicate the impact of various factors such as caste, culture, gender, industry, personal attributes, etc on performance of SMEs.

Obstacles to strategy

With the continuous drop of software and hardware prices, many Indian SMEs are technologically well equipped to strategise. But the inability to change mindset in quick succession to adapt to qualitatively new situations appears to be the major obstacle for strategising. For many years, while operating under a licenseand-permit-Raj system, Indian businesses had developed a mindset suitable for a seller’s market that did not require assessing customers’need and uncertainty. Liberalisation during the 1990s demanded a new mindset appropriate for a customer-led system. It also demanded innovation, though mostly incremental, for sustainable performance. Uncertainty has reached

a qualitatively new level today, accompanied by a mind-boggling pace of technological progress. The SMEs, particularly in the knowledge sector, now require a very different kind of mindset for effective strategic planning to meet the challenges and exploit the tremendous opportunities created by such uncertainties.

Resource mobilisation is key

SMEs must have a realistic assessment of their assets that are critically important for implementing their strategies. Particularly in a networked economy, they must learn how to mobilise and leverage network ties, both strong and weak, depending upon the nature of their innovations.

A strategy guide map

The firms that are operating in less knowledge-intensive sectors can still make reasonably accurate projections and implement their chosen strategy to achieve superior performance.Techniques like scenario planning and dynamic modeling can be also very effectively used to implement strategies depending upon the level of uncertainties a firm is facing. Firms that are operating under a very high level of uncertainty must learn to formulate and implement strategies to promote radical innovation that calls for a different kind of organisational mindset.

Management by metrics can still provide the right roadmap for strategy implementation for most Indian SMEs. The firms need to acquire the skills to develop the key performance indicators, their measurements and setting realistic but stretchable targets. Quality, cost, schedule, safety, management, delivery, timeliness and security are some of the key areas that are directly tied to a firm’s mission. In order to make strategy implementation all pervasive, the departments, business units and individuals of the firms have to develop their own indicators to provide linkages with the strategic indicators of the firm.

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About Abhijit Bhattachaya

Prof Abhijit Bhattachaya is the Dean of Globsyn Business School (Ahmedabad) and Director of the proposed Asian Institute of Family Business (a Globsyn Group initiative).

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With diminishing emphasis on priority sector lending and deepening of the market-oriented reforms in the financial sector, if the credit accessibility issue is not addressed adequately then there is a great danger of credit supply to the neediest segment of our business dwindling, leading to horrendous socio-economic consequences.

The lending technologies of a bank can be broadly divided into four categories: financial statement lending, asset-based lending, credit-scoring and relationship lending where the first three can also be clubbed together as transactions-based lending.

Financial statement lending is based on a firm’s audited financial statement and is accessible mainly to large SMEs because of non-availability of such statements with small ones, whereas asset-based lending is available to small firms of any size, but is expensive and requires that the firm have high-quality receivables and inventory to pledge.

Due to the limiting factors of these two lending technologies, lately credit-scoring, long used in consumer lending, has begun gaining popularity as a better tool for SME lending. But relationship lending, a method used by lenders to collect information from informationally opaque small firms about their creditworthiness by developing personal relationship, still remains the technology of choice for lending to small businesses.

Developed on the basis of validated model of performance dynamics, credit-scoring is a statistical technique that combines financial and non-financial characteristics to estimate probabilities of default. By systematically quantifying risk, credit-scoring speeds the decision process while bringing greater cost-efficiency, accuracy and fairness to each decision.

Studies have shown a quantum leap in the ratio of SME loans to total commercial loans among US banks using a credit-scoring technology. By using a credit-scoring tool the average processing cost of a SME loan has been brought down to one-tenth of the processing cost incurred without such tools.

For designing a credit-scoring model with high predictive power, it is essential to understand how performance is related to different factors, both financial (capital cost, labour, etc) and non-financial (strategy, motivation, etc). The explosive growth of international research on small business performance during the last couple of decades has already revealed some interesting aspects of these complex relationships.

Initiatives, like the inter-country project of the World Bank to pool data from banks operating in Brazil, Colombia and Mexico, may further assist the model-building efforts. For creating a robust credit scoring model, the SME Rating Agency (SMERA) in India formed in 2005 must take similar initiatives to pool data of our nationalised and cooperative banks.

At the same time, it is also important to acknowledge that the performance relationships revealed by various studies need to be tested in the context of individual markets for designing a location-specific scoring model. For example, studies have found that small business performance is significantly correlated to environment and firm resources but the nature of these correlations may be very different in two places, say in Gujarat and Nagaland.

Hence, different weights must be used to calculate credit score of loan applications in these two states. According to a World Bank report, in the early to mid-1990s a European firm sold an off-the-shelf SME scoring product in Latin America which had not been reengineered with local data and thus had limited predictive power. This experience soured many bankers in the region on the usefulness of SME scoring solutions.

Notwithstanding the utility of a credit scoring model for improving the efficiency of the evaluation process of loan applications, to ensure better result the credit scoring tool has to be effectively combined with relationship lending, universally popular as the most effective SME lending technology as on date.

Under relationship lending a lender’s decision in substantial part is based on the proprietary information about the firm and its owner (including ‘soft’ data, such as owner’s character and reliability) acquired by the loan officers through a variety of contacts.

A study conducted in the US in 2002 showed that relationship lending was associated with a fundamentally different lending process than transactions-based one and therefore, required a different organisational form.

Some other researchers have found that relationship lending is negatively correlated with bank size and hence cautioned that merger and concentration of banking operations will lead to severe rationing of SME credit since large banks gravitate towards statement-based lending suitable to bigger firms. The continuous pressure to increase the SSI investment limit in India is probably a manifestation of this fact.

However, as consolidation of banks gains further momentum the market might adjust to disappearance of relationship lending with the creation of new smaller banks and other intermediaries, say for example, micro-lending organisations.

It would be interesting to note that considering the negative correlations between relationship lending and physical distance from organisational headquarters of the creditors, the geographical spread of individual micro-lending organisations beyond a feasible limit for managing relationship lending may go against the basic strength of their operational model.

Though relationship lending is a fairly recent topic of academic research, some interesting results that have already emerged need to be examined in the Indian context. An American survey revealed that loan officer turnover was negatively correlated to credit availability for small firms, whereas a Swedish study found differing assessment of loan officers depending on their interactions, exposure to small businesses, age and education.

The vast amount of internal data pertaining to SSI lending already generated by our banks through years of priority sector lending if analysed carefully can reveal important facets of performance dynamics of the Indian small businesses.

This as well as fresh research initiatives to understand the continuously changing performance dynamics will help the financial institutions and policymakers to design fair and efficient credit delivery systems benefiting the 12 million strong SMEs that constitute the backbone of our industry.

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About Abhijit Bhattachaya

Prof Abhijit Bhattachaya is the Dean of Globsyn Business School (Ahmedabad) and Director of the proposed Asian Institute of Family Business (a Globsyn Group initiative).

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Financing is the lifeblood of small and medium enterprises (SMEs). While the Indian financial markets have contributed considerably in providing access to funds to SMEs, an evaluation of best practices and innovations in other markets could provide us with pointers on how to move forward. This article examines some best practices in the international SME financing space and evaluates potential solutions to enhance funding for SMEs in India.

Technology and information
Let us begin with debt — the preferred, but overused, funding source for most SMEs worldwide. The use of technology and the creation of electronic platforms has resulted in significant innovation in this space, enhanced access to funds and reduced costs. In general, SMEs have limited and expensive financing options, as most SME lending is local and based on the bank’s intimate knowledge of the customer. SMEs cannot access other financiers as the information available on the SMEs, to facilitate lending, is minimal. However, in several developed markets, credit bureaus and SME exchanges, which provide information on the payment track record of SMEs, have played a key role in facilitating this linkage. The central availability of information has resulted in the creation of an entire set of analytical and informational tools that can provide quantitative as well as qualitative inputs for establishing the credit quality of an SME. This provides a strong interface for banks to understand the profile of SMEs, even in remote locations, and establish relationships with them; needless to say, financing options for SMEs are thereby enhanced and funding costs brought down.

Credit guarantee funds
However, access to bank lending alone is not good enough — providing collateral is another significant challenge for SMEs. This challenge has been met elegantly through the use of credit guarantees. Credit guarantee funds backed by sovereign governments or private institutions are an interesting innovation in this space. These funds provide partial or full guarantees to small enterprises, which can then use these guarantees to take collateral-free loans from banks. Another interesting effort has been through mutual guarantee funds in Italy, France, and Spain, where industry associations have pooled in resources to provide common collateral to banks. The stake of each member in the fund, and peer pressure from other members of the association, forces discipline on borrowers. This practice has given banks access to high-quality assets, and allowed them to offer comfortable terms and credit at low cost to entrepreneurs.

Equity funding
The equity side of funding has seen its fair share of innovation. The Alternative Investment Market (AIM) in London allows smaller companies to raise funds under a distinctly different and more flexible regulatory and compliance framework. Countries such as Korea and Italy have set up separate exchanges to allow SMEs to raise equity. The vibrant venture capital and private equity market in the United States, especially for technology companies, is another example of ready access to equity funding.
In the Indian context, we have made some progress in most of these directions over the past few years, but a lot more needs to be done to scale up these initiatives to a level where their impact is significant. We began well by setting up the first credit bureau in India a few years ago, but that initiative needs to be significantly enhanced. A facilitative atmosphere for the entry of newer entities and technologies is badly needed. An admirable beginning in the SME ratings space by rating agencies like CRISIL has led to about 10,000 SMEs being rated in India till date. The initiative is now set to move to the next level, as ratings become more centrally embedded in the financial system. Numerous SMEs that we rate have reported a significant improvement in lender interest and increased attention from financiers. We have vibrant venture capital and private equity initiatives in India, but their impact is restricted to the higher-end companies in the SME space. Pure venture capital, especially at small deal sizes, is notoriously hard to come by. A significant incentivisation or more favourable regulatory/tax treatment for small venture capital transactions would help in making this segment more attractive. Last, but not the least, we need to create a vibrant public platform for small-ticket equity raising by SMEs. This would benefit venture capital and private equity players. These players could then consider an exit much earlier as compared to a conventional big ticket IPO. An optimal balance between simpler regulation and compliance norms, coupled with necessary investor safeguards, would help establish such an exchange on a firm footing.

Article taken from SME Whitebook 2009-2010, with due permission from Businessworld.

© Copyright ABP Pvt. Ltd.

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About Yogesh Dixit

Yogesh Dixit, Head – SME Ratings, CRISIL, has about 20 years of experience in the field of SME credit, project financing, and credit rating. He has post-graduate degrees in Engineering and Management. He is also a Certified Associate of the Indian Institute of Bankers (CAIIB).

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