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Category Archive: SME

Do you possess this creative problem solving skill?

There is a book titled “Wicked problems worth solving”.

The author Jon Kolko, “A wicked problem is a social or cultural problem that is difficult or impossible to solve for as many as four reasons: incomplete or contradictory knowledge, the number of people and opinions involved, the large economic burden, and the interconnected nature of these problems with other problems.”

Some of the wicked problems our world is facing like poverty, healthcare, disease, famine etc. These are complicated problems due to the involvement of multiple expertise and disciple involved. Like poverty is linked to education and inequality of income, healthcare is connected with poverty and education and likewise.

The author offers designers approach to solve these problems.

IDEO.ORG is a design firm working to improve lives of poor and vulnerable communities.  They are approaching the problems in poor and developing countries with the new and emerging concept of Human Cemented Design (HCD). This is a creative approach to problem solving. They believe that Embracing human-centered design means believing that all problems, even the seemingly intractable ones like poverty, gender equality, and clean water, are solvable.

Moreover, it means believing that the people who face those problems every day are the ones who hold the key to their answer. Human-centered design offers problem solvers of any stripe a chance to design with communities, to deeply understand the people they’re looking to serve, to dream up scores of ideas, and to create innovative new solutions rooted in people’s actual needs

They are working on the projects like to identify opportunities for saving products for banks  for savers of low income Mexicans, how to sell health insurance in rural Nigeria using mobile money platform, create micro franchise opportunities for an NGO in India,  working with the Bezos Family Foundation on early child development, working with utility manufacturers for more intuitive and user friendly experience.

In short, they are using an HCD approach to solve many small but important wicked problems across the globe.

HCD entails three stages:

  • Inspiration: Define the challenge to be solved and collect data.
  • Ideation: Ideate with all stake holders’ data collected to generate many ideas.
  • Implementation: Bring solution to life

There is an approach for each of the stage.

HCD approach design the solution which is viable (business/economics), feasible (Technology) and desirable (Human).

HCD is the approach business world use for service design to design customer focussed serviced design. This is the approach advance Governments are taking in solving people’s problem and better citizen service. Govt of the UK is quite ahead in this approach. Taking service design to Parliament, the author writes “ In order to create great services in the first place, the government has to stop thinking in silos. It needs to create services that cross departmental boundaries.

Be it NGOs, Social Entrepreneurs, For Profit Entrepreneurs and Governments all are gradually moving towards deign thinking. This Human Centered Design thinking and approach can help us doesn’t only solve wicked problems but create better customer/citizen experience.

If you are a problem solver irrespective of the type of the organisation, or wish to be a part of it, HCD is a necessary skill.  & the good part is it can be learned online for free. Yes, Acumen is conducting regular online free course on the subject of HCD.

Sunil Gandhi

A small but expanding list

This post is an overview of my books.

The Fifth Idiot:

This is a fiction about entrepreneur’s aggression to expand rapidly to please PE investors and creating wealth through an IPO. & how one incident changed everything. Read how he becomes employee happiness-centric from mere profit and market share-centric.

The book has earned praise from Ritesh Agarwal of Oyo Rooms, Ninad Karpe of Aptech, Richa Anirudh of Zindagi Live TV Programme and Dr. Anupam Sibal of Apollo Hospital

A reader’s review on Amazon:

The Bread is Moving:

The book is primer for Indian entrepreneurs on the subject of customer experience (CX) and service design. What, why and how of CX.

The book is praised by Govind Shrikhande of Shoppers Stop and Joy Chakraborty of Hinduja Hospital.

One of the readers recently tweeted.

The Highest Ignorance:

The book is a fiction. A story of a woman’s journey who discovers self is not a body but a soul and road she takes once ignorance about the self evaporates and the deep desire for enlightenment emerges.

This book has received praise from Dr. Jagdish Sheth, Professor at Emory University – USA, Christopher Chapel of Loyola Marymount University, Los Angeles, USA Vallabh Bhansali of Enam, Padmabhushan Mallika Sarabhai, CA Bhavana Doshi of KPMG & CA Pradeep Shah to name a few.

“For today’s brake-less and largely aim-less people, Sunilbhai has created a ‘sugar coated’ fast pill. Fiction that presents the highest wisdom in a practical and applied manner. Hope a lot of readers take its benefit.”

– Vallabh Bhanshali , Co-Founder & Chairman , ENAM Group

“Beautiful……. very touching……… lucidly written story … A must read for all… young and not so young, initiated and non-initiated…… “

– CA Bhavana Doshi, Senior Advisor, KPMG

There are some good readers’ reviews on Amazon. This book an English translation of my Gujarati book Titled ‘The Shortest Journey’.

Wow ! & Weird:

This is a collection my choicest blog post over last 6 six years. Infact this is available free on my blog on registration. Welcome to register and download this ebook.

The book is praised by CA Ashwin Parekh, Ex – E & Y, Anand Rathi, Bijou Kurian of Reliance Retail and Rajnikant Patel, Ex – MD & CEO of BSE and ICE.

Coming up next:

Dangerous Debt – What every entrepreneur must know.

This is at the manuscript stage and I am inviting beta readers.

Wish you a happy READING experience with these books.

Sunil Gandhi

How service design approach can reduce waiting time?

Healthcare is the industry where people consume the service out of compulsion. No customer comes there out of their desire or choice. Perhaps customers come here when they are in distress and in delicate health condition. People accompanying the patient are also in the disturbed mind as their loved and dear one is suffering and they are apprehensive about the outcome of the treatment.

& therefore Customer Experience a hospital creates is very critical. Healthcare experiences for inpatients can be divided into following aspects:

  • Admission – Patient & relatives
  • Diagnosis – Patient & relatives
  • Doctor Communication – Patient & relatives
  • Treatment – Patient
  • Post Treatment Stay – Patient & relatives
  • Discharge – Relatives
  • Visitors Experience

Treatment part of course is the most important aspect of the healthcare. But all other peripheral experiences do play an important role in overall patients’ experience. Patients’ journey mapping can bring any insights on how to better patients experience with appropriate and smart intervention by the hospital management.

For a simple example, let’s take a queue for OPD patients:

For OPD patients, imagine a patient has to wait for hours before any doctor sees him. This is a normal phenomenon across the healthcare units in India as there is neither better time management nor usage of technology to reduce waiting time.

Tirupati Balaji temple in Andhra Pradesh is the best example of service design in action and what service design approach can achieve.

From an average 2 to 12 hours of waiting, the temple could reduce the queue time to half an hour.

  • They converted physical queue into an e queue.
  • Bar code is generated at the time of registration and the wristband is issued.
  • The pilgrim is expected to report just half an hour before the scheduled Darshan time.

Therefore, there is no physical queue and the pilgrim can be anywhere in the town and yet maintain priority in the system.

& the most important is there is no uncertainty and anxiety.  The system is transparent. The data generated on registration are also used for vehicle management and food and beverage supply.

The entire transformation was customer centric, in this case, devotee centric. Complete case study.

If Tirupati Balaji temple can curtail time for waiting in the queue by the devotees, why can’t our hospitals and healthcare units do it? Though the flow of people can’t be compared but ofcousre system can be generated to reduce waiting time substantially, reduce uncertainty and anxiety of patients and their relatives.

Long waiting time for the patients in the healthcare units is one of the major causes of stress for patients and their relatives. The idea of E queues can be explored based on the patients’ traffic, doctors’ consultation time. Usage of technology with these data can certainly improve patients’ experience. The service Design approach can definitely add value here and help in creating better the patients’ experience.

When the time is the scarcest resource, isn’t saving patients’ time is the 2nd most important thing healthcare organisations do to their patients?

Sunil Gandhi

Service Design – Why you can’t ignore it?

We all know the premium designers products command in the market. As far as services are concerned most service providers are not designing the service.

Services are about customer services. For new age businesses customer service is the core service. It does not come into play once the goods are sold and when the problem crops up. Be it banking, insurance, healthcare or hotels or any other services, their core business is customer service.

Unlike products which are designed in factories and sold in stores, services are not designed but it is made available as and when the customer demands. & therefore SERVICE DESIGN is a very important part of all the services but it is not only ignored, but most providers have no clue about this new discipline.

Usually, services are not proactively designed and that brings subjectivity in the service delivery. The subjectivity of the person delivering it, the subjectivity of place of delivery affects the experience customer receives. For example, in the healthcare system studies suggest, heart attack victims more likely to die if admitted to hospital at the weekend. However, every medicine, which is a manufactured product, would perform the same way the whole day, every day. It is the service of medical professionals which are hampered on weekends.

Usually, services are not proactively designed and that brings subjectivity in the service delivery. The subjectivity of the person delivering it, the subjectivity of place of delivery affects the experience customer receives. For example, in the healthcare system studies suggest, heart attack victims more likely to die if admitted to hospital at the weekend. However, every medicine, which is a manufactured product, would perform the same way the whole day, every day. It is the service of medical professionals which are hampered on weekends.

Every service offering company has to have services designed. These companies have SOPs but SOPs are STANDARD and customers are not standard. SOPs are designed for organisation’s point of view and efficiency. Service Design is design principles which take customers’ requirement into consideration while designing the services. Service Design is human-cantered while SOPs are product and organisation focussed.

“It is because many services are almost invisible that nobody takes care to design them.” Andy Polaine, Lavrans Løvlie, and Ben Reason in their book Service Design.

Customer Experience (CX) is now in vogue but in most organisations the subject is vaguely understood. “Me too” is the mindset. Thought little, but in some of the organisations which are taking the lead in CX are also taking the lead only in measurements of CX with scorecard like NPS but not in designing the experience. Forrester recently surveyed 100 customer experience professionals and found that only 15% consistently follow a defined customer experience design process when they create new interactions or improve existing ones.

In the age of customer experience and sharing economy where social media is widespread, Service Design is a new and powerful approach for the service organisation to do their business with customers.

Kerry Bodine , ex Forrester CX Professional wrote;,
We’ve entered a new business era that Forrester calls the age of the customer — a time when focus on the customer matters more than any other strategic imperative. Service design provides a toolset and framework that enable companies to truly understand their customers and engage with them in meaningful ways — ultimately driving profits, cost savings, and competitive differentiation.

Service Design is about designing each of the touch points of the organisation which customer interacts with. Customer Journey Maps are the foundation, based on which services can be effectively designed.

When a customer enters the hotel for check in or when a patient is admitted in an emergency department of the hospital or a customer is in the bank to withdraw cash, at each of such instances which parts of the organisation are triggered and comes into action?

It is not the front end staffs which are exposed, but the entire check in, admission and cash withdrawal services are in action and therefore exposed. How these services are designed or not designed will decide the fate of the customer experience and kind of interaction the customer will have with the front end staff.

In most of the cases,there is no end to end design of the services and that is why customer irritation takes place.

• Long queues
• Irresponsive & indifferent employee behaviour
• No replies to resolve our queries
• Call holding for long and hearing recorded message
• Scripted call center response
• Standard answer to our emails
• No confirmation of booking or order
• Doctors communication style with patients’ and their relatives
• Not acting on our instructions
• Heavy traffic
• Not providing adequate information in advance

The customer irritation list is endless. This list can be shortened and perhaps eliminated with the service design approach by the service companies. Service industry in India is booming and now has a share of 52% of GDP. This is likely to grow in the years to come. However, the growth of service sector without service designers is going to create more irritation among the customers, more of red ocean markets.

The world over Service Design is getting the attention of the trendsetting companies. Mayo Clinic has its own design practice, Capital One bank has acquired design agency Adaptive Path, IBM is building its own design studio. However, the service design is not the discipline for large organisations. Like a product design is necessary for every product manufacturing company, a service design is going to be a necessity for every service provider company.

Governments are the largest service providers to the citizen. UK Govt is focused on the principles of service design and they have service design standards for Govt services.

Designers’ services are what we need now and the future belongs to the companies which invest in Service Design to create better customer experiences. Manufacturing mindset will not work in the new service economy.

Are you sure services your company is offering will be delivered to the customer to create desired experience every time?

Sunil Gandhi

Bankruptcy Code – Borrowers Beware

Now becoming an NPA is a more serious problem for the borrowers. Earlier plethora of laws governing recovery was used by the borrower to their advantage to delay the process. Thanks to the new law which is coming up soon and approved by both the houses of Parliament.

The message from the bill is clear. Restructure, repay or wind up.

Where any corporate debtor commits a default, a financial creditor, an operational creditor or the corporate debtor itself may initiate corporate insolvency resolution process in respect of such corporate debtor.

  1. The adjudicating authority shall, within 2 days will accept or reject the application.
  2. The adjudicating authority shall, within two days of accepting the application communicate the order to creditor and debtor.
  3. If within 10 days of the receipt of the above notice debtor fails to pay or indicate dispute, the creditor may file the application for insolvency process for the debtor.
  4. Corporate insolvency process will start from the day of admission of the above application.

The entire insolvency and recovery process shall be completed within 180 days, with one extension of up to 90 days in exceptional cases.

There will be fast-track insolvency resolution process also. This is for  special category of creditors, mainly smaller creditors and the process will be completed with 90 days.

There is also a voluntary liquidation process. A corporate person registered as a company shall meet the following conditions:

(a) a declaration from a majority of the directors of the company verified by an affidavit stating that –

(i) they have made a full inquiry into the affairs of the company and they have formed an opinion that either the company has no debt or that it will be able to pay its debts in full from the proceeds of assets sold in the voluntary liquidation; and

(ii) the company is not being liquidated to defraud any person;

There will be a new breed of professionals like Interim resolution professional, Resolution professional, Insolvency professional. These professionals will have various rights and duties in the entire process.

The proceeds from the sale of the liquidation trust assets shall be distributed in the following order of priority and within such period as may be specified:

(a) the insolvency resolution process costs and the liquidation costs paid in full;

(b) the following debts which shall rank equally between and among the following :-

(i) debts owed to a secured creditor in the event such secured creditor has relinquished security in the manner set out in section 53; and

(ii) workmen’s dues for the period of three months before the liquidation commencement date;

(c) wages and any unpaid dues owed to employees other than workmen for the period of three months before the liquidation commencement date;

(d) the following classes of creditors shall be paid equally between and among the following :-

(i) financial debts owed to unsecured creditors; and

(ii) workmen’s dues in respect of the period of nine months beginning from twelve months before the liquidation commencement date and ending three months before the liquidation commencement date;

(e) the following dues rank equally between and among the following :-

(i) any amount due to the State Government and the Central Government in respect of the whole or any part of the period of two years before the liquidation commencement date;

(ii) debts owed to a secured creditor for any amount unpaid following the enforcement of security interest;

(f) any remaining debts;

(g) preference shareholders, if any; and

(h) equity shareholders or partners, as the case may be.

There is a separate insolvency mechanism for individual and partnership firms. For individuals, some of their personal assets are excluded from the process. These are;

(a) unencumbered tools, books, vehicles and other equipment as are necessary to the debtor or bankrupt for his personal use or for the purpose of his employment, business or vocation,

(b) unencumbered, furniture, household equipment and provisions as are necessary for satisfying the basic domestic needs of the bankrupt and his immediate family;

(c) any unencumbered personal ornaments of the debtor or his immediate family which cannot be parted with, in accordance with religious usage;

(d) any unencumbered life insurance policy or pension plan taken in the name of debtor or his immediate family; and

(e) an unencumbered single dwelling unit owned by the debtor of such value as may be prescribed;

For smaller debtors there is a mechanism called Fresh Start Process. Here smaller debtor who cannot pay his creditor can apply under this provision.

There will be suitable changes in the Company’s Act. SICA, Limited Liability Partnership Act, SARFAESI, Recovery of Debt Due to Banks and Financial Institution Act and Partnership Act.

This single Act will simplify the entire insolvency and bankruptcy process in the country. Lenders /Creditors’ rights will be protected stringently. As per the World Bank report insolvency process in India takes an average 4.3 years as against 8 months in Singapore and one year in Malaysia. Now with this code in India,  this time, will be 9 maximum months. More safety and quicker recovery will boost lending climate in the country and this will also discipline borrowers.

Borrowers beware.

Sunil Gandhi

Dangerous DEBT

The NPA is a fraction of the problem for Indian banks. They will employ a team of lawyers and / or sell NPA to ARCs to get rid of such accounts. They will get capital from the Govt.

But for entrepreneurs having an NPA, it is the mega problem for them. Their other good accounts will get affected; no one will lend them, they will be at a risk of selling of property mortgaged to the bank. It’s a very stressful situation. Mostly most small NPAs are not willful but ignorant NPAs.

Most entrepreneurs are financially illiterate. They can do good business, but can’t read financial statements. They can’t understand the implication of debt, cash and cash flow.

First draft my next ebook Dangerous DEBTWhat every entrepreneur must know himself is ready. I am looking for a few beta readers who can give me feedback about the book.

Please express your interest by dropping your email ID in response to this post to receive a soft copy of the manuscript.

Thank you.

Sunil Gandhi

E & Y Fraud Study and The Fifth idiot

“Young players play with a great deal of fairness and sportsmanship. Once they learn how important the game is to adults, they will learn how to cheat.” Dr. Ron Quinn, Professor of Sports Ethics at Xavier University.

Cheat to win is the mindset we adults have developed and that is spoiling our children too. The recent study on fraud conducted by E & Y indicates about 70% of the Indian executives would indulge in unethical business practices to achieve the targets.

Parents’ expectations are the biggest CRISIS in our society. Be it winning in sports or getting top ranks in schools or studying the course of interest of parents and even marrying the partner of their choice. Fulfilling parents’ dreams make children do unethical things and study the subjects of their least interest. Parental pressure and expectations are the biggest stress for the children.

Parents’ are indulging in unethical practices in their workplace too not only to please their bosses but also to earn their bonuses. This Win by any Means behaviour they master at workplaces, they pass it onto to their children.

We have mastered the art of becoming parents, but when it comes to parenting there is no formal training or classes or coaching. Therefore, we do it in an untrained manner. Most of us fall into the following category: Over parenting, bad parenting, careless parenting and show parenting.

I believe that my role as a coach is not to prepare my players for success in today’s game, but success in all their games, throughout the game of life. – John O’Sullivan, Founder & CEO, Changing the game project. 

Isn’t it also the role of every parent too?

To correct the workplace unethical conduct we badly need The Fifth idiot in business. This can have a positive cascading impact, virtuous cycle. Ethics at workplace will bring back ethics at home and ethic in parenting.

Sunil Gandhi

The common link between Ki & Ka, The Fifth Idiot and a Ted Talk

Ki & Ka, the movie by R Balki was released this Friday on 1st April. The movie is about swapping of the roles of House Wife and House Husband. The movie conveys the message in quite an interesting way.

Ki & ka

But the moot question we all must understand is the mindset of the character Kabir, played by Arjun Kapoor in his usual serious ‘2 States’ like style.

His thinking is in a rush to achieve higher post in corporate hierarchy; we spend our lives and end up retiring with multiple diseases. Finally, after retirement while taking a treatment of disease, we have acquired through high-stress jobs, in an expensive hospital, we think it’s good that I have done all this slogging so that now I can afford expense treatment.

First, we rush and stressed out for mindless rush for growth and post and then we suffer our rich retirement while treating multiple diseases. The thinking is quite captured in my book The Fifth idiot. You may refer my blog The Journey of the Fifth Idiot.

This mindless stressful life in the corporate world is going out of fashion quickly and people inside have started realising there is something wrong the way we run our organisation.

Ki & Ka is not just about beginning of house husband role swapping, but it is also about big PAUSE and thinking about endless slogging in the name of loyalty, promotion growth or security to the extent of dying in the process. & Cost of stressful jobs is not only diseases we acquire in the process, but also the opportunity cost of ignoring our dreams, ignoring our family & loved ones, spending finite years of our life in just earning money so ignoring our hobbies. Finally, donating most of our earned money, which are left out after expensive treatment we could afford for our body. Isn’t it a time and PAUSE to take a distant and detached view of our life which has very finite years left?

Listening to Ted Talk What makes a good life? Lessons from the longest study on happiness by Robert Waldinger would be a valuable investment of 12.47 minutes of your life.

Sunil Gandhi

Free Ebooks – Welcome to download

Welcome to commence the new financial year with the brand new thinking. Let customer experience index and employee happiness index become the part of the Annual Report and see the transformation of business performance.

I am happy to invite readers to download two of my ebooks from Amazon. It can be downloaded on Kindle App or Kindle device. Free download ends on 4th April 2016.

The Fifth Idiot:

This is a story about a women CEO and her passion for workplace happiness. The book has received praise from readers and industry practitioners.

 The Fifth Idiot

The book is praised by;

“A great read that can be finished in one sitting..”
Ritesh Agarwal, Founder and CEO, OYO Rooms

“…What a wonderful read, I couldn’t stop! So inspiring…”
Richa Anirudh, TV, Radio Journalist, Host – Zindagi Live

“…An interesting and remarkable story….”
Prof. Anupam Sibal, Group Medical Director, Apollo Hospitals Group

“…It is contemporary, insightful and makes you think…“
Ninad Karpe, Managing Director & CEO, Aptech Limited

The Bread is Moving

Social Media is ruling our world. The spread of social media is so fast and widespread that customer experience NOW is not only necessary to flourish the business but even for the survival of the business.

 bread cover-01

The book is praised by;

“The book is written in a simple to read and ready to execute format. I am sure, you will enjoy reading this book. And without wasting any time, you will start designing your organisations CX.”

Govind Shrikhande, Customer Care Associate & Managing Director, Shoppers Stop Limited

“This book is very apt and timely for Indian market. Especially for hospitals, customer experience is critical and the book tells almost A to Z of it.”

Joy Chakraborty, COO, Hinduja Hospital

“I am impressed with how simply Sunil Gandhi has explained one of the most important aspects of Customer Experience (CX). Citing Indian examples he drives home the point very clearly and I am sure readers will be able to embark on a CX improvement journey right way.”

Manan Choksi, Director, RE/MAX Gujarat, Director

Welcome to download, share this post so your friends and colleagues can also download the same. & Yes do post your reviews on Amazon. This will help other readers in their buying decisions. Customer (readers in this case) experience rules even the literary world.

The free offer will start from 12 noon on 1st and will continue till 12  noon on 5th April 2016.

Sunil Gandhi

Do you know your account could be the next NPA?

The whole India is debating about Vijay Mallya. But he is sitting somewhere in the world and addressing his high debt worries. On the other extreme, there are farmers committing suicide, due to unbearable debt exposure.

In between there are SME borrowers who are the most vulnerable to the debt crisis. Most do not know the implication of debt – its short-term and long-term usage, cash flow mismatch, interest impact and in the case of default all other implications that comes with NPA status.

To understand the dangers of debt, one must understand the intricacies of business finance. Entrepreneurs are happy when they could raise finance from banks or institutions. But the money that comes for business growth, comes at a cost.

Cost is not just interest but the cost of inability to pay interest and debt. The cost of invocation of personal guarantees, liquidation of security and the tag of NPA means untouchable status by all banks and institutional finance. This is a huge cost so much so that people are committing suicide, gone under depression and lose their self-confidence.

Entrepreneurs are by nature enterprising and optimistic. These qualities are important in business. But unreasonable optimism also sometimes kills. Many times when entrepreneurs are advised by finance professionals about their heavy debt exposure and weak financial ratios but the advice is sidetracked under the pretext of undue optimism.

Last week, Mint published Interest Coverage ratio of some of the large companies having huge debt exposure.

Company Interest Coverage Ratio
Jayprakash Associates 0.65
Jindal Steel & Power 1.09
Lanco Infra 0.24
GMR Infra 0.23
Bhushan Steel 0.72
GVK Power 0.31
UB Holding 0.52

Note: Interest coverage (EBIT/Interest)  below 1 indicates they do not have sufficient profit to pay interest on the debt. All borrowers own to the banking system thousands of crores.

When we act in the initial stage, we can salvage and even turn around the business. But at the death bed, salvage and turnaround is very difficult and even if that becomes possible it comes with huge toll. Whether its business or it’s a disease, early action prevents more damage and chances of survival.

In the case of Satyam, Govt acted swiftly and the company was salvaged successfully, but the same yardstick of swift action was not applied in the case of Kingfisher and the promoters were allowed to sink the boat.

For SME entrepreneurs, they have their residential flats at stake, whether mortgaged or not due to their personal guarantees given to the lenders.

To stop fooling around and survive on the basis of mere hope, SME entrepreneurs must make true and fair balance sheet. One cannot be said fit based on fake and manipulated medical reports. The world can be fooled. But own body can’t be fooled by the manipulated reports. Likewise, rating agencies and banks can be fooled, but the biggest casualty of the NPA is the entrepreneur himself and not the banks.

Forget Rs.9000 crs of Kingfisher, but imagine Rs. 90 lacs or Rs, 900 lacs defaults by an SME and the flat & factory are mortgaged to the bank, sister concerns are good accounts, but casualty it will face due to one NPA account in the group company.

Therefore, timely action is critical to save the account from becoming an NPA account. That will start with knowing true and fair Balance Sheet and P & L Account. Financial statements are the results of entrepreneurs’ action so knowing the problems with the financial statements, going into the causes of the problems to address the same.

To a give simple example, know your net worth by subtracting dead stock and not receivable debtors / loans and advances. This is the reality.

Camouflaging to deceit lenders most of the times boomerangs.

Sunil Gandhi