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Michael RussellParticipant
At the time of Lean Manufacturing implementation, I encountered challenges related to costs, upkeep, and employee resistance. The initial investment required for equipment upgrades and production line reorganization posed financial obstacles. Managing lean processes involved gathering resources, hiring additional personnel, and addressing equipment and part issues. Overcoming employee resistance was achieved through frequent communication, highlighting the personal and organizational advantages of embracing a lean culture. In addition, comprehensive training sessions were provided.
My advice to others considering Lean Manufacturing is to meticulously plan the strategy, anticipate associated costs, and allocate resources accordingly. Patience, effective communication, and engaging employees in the process are essential. Emphasize the enduring benefits and continuous improvement aspects of implementing lean practices.
February 20, 2023 at 1:56 pm in reply to: What role fintech may play in transforming micro, small, and medium-sized enterprise (MSME) credit and financing? #1244Michael RussellParticipantIn my opinion, Tech stock delisting””in the text “”MSMEs’ risk assessment and creditworthiness may be improved via fintech. Asset ownership, CIBIL ratings, paperwork, etc. dominate the risk assessment framework. Fintech may use digital payments to determine MSME creditworthiness based on cash flows. Neobanks are called “”challenger banks”” because they challenge traditional banks’ complicated infrastructure and client onboarding. Account aggregators (AAs) enable real-time, data-blind financial data interchange across regulated companies, revolutionizing fintech (banks and NBFCs). This reduces transaction costs and allows banks to provide lower-ticket loans and more customized goods and services.
Banks and fintech-led NBFCs may co-lend to MSMEs by assessing risk using structured and unstructured data. Fintech will increase credit models and players, lowering risk and cost and rendering the system more equitable and accessible for MSME lending.January 20, 2023 at 5:40 pm in reply to: What is India’s most famous government programs and schemes for MSMEs? #1184Michael RussellParticipantTop Indian Government Programs for MSMEs and Startups
1.MeitY SAMRIDH Scheme
2.Raw Material Assistance
3.Pradhan Mantri Mudra Yojana
4.CGT SME
5.Udyam Registration and Certificate
6.CLCSS Scheme
7.Startup India SchemeDecember 13, 2022 at 11:46 am in reply to: What part does Nasdaq play in the business finance options available via the small and medium-sized enterprise ecosystem? #1049Michael RussellParticipantThe position of Nasdaq as one of the top trading hubs for Businesses in Europe has been maintained and even enhanced in recent years. Nasdaq, as the operator of the exchange, is a vital cog in the wheel of funding sources, financial advisers, and institutional and individual investors that propels startups forward. The advent of crowdfunding as a viable funding option for small and medium-sized enterprises (SMEs) in these communities has been very beneficial. Attracting investors and raising capital on a crowdfunding site increases a company’s long-term growth potential and the likelihood that it will be able to transition from an original concept to a mature business model. Successful crowdfunded firms have the potential to also boost the number of businesses that go on to the next phase and arrange for an initial public offering (IPO) or posting on a trading platform. Additionally, successfully crowdfunded companies will, in the long term view, also help to enhance the general public knowledge and understanding of investments in SMEs.
Michael RussellParticipantThank you for responding promptly. This seems to be a very valuable source of information.
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