📄 Abstract
Small and Medium Enterprises (SMEs) play an important role in economic development by generating employment opportunities, boosting industrial growth, promoting innovation, and driving regional development, especially for developing countries like India. Apart from their structural importance, SMEs face numerous challenges related to finance, such as a lack of financial planning, low profitability, ineffective cash flow management, and limited financial guidance. Looking at these critical problems, financial consulting has emerged as an essential support mechanism for guiding SMEs toward better financial performance, sustainability, and assistance. This study focuses on a case study of Ranchi City, the capital city of Jharkhand State, addressing a clear gap in localized empirical research. The research design is descriptive and exploratory, utilizing a mixed-methods approach that combines quantitative and qualitative measures for a comprehensive understanding of the subject. Primary data was gathered from 77 business owners via structured questionnaires and surveys, supplemented by secondary data from government reports and past literature. The findings highlight that SMEs receiving proper financial consulting services are more capable of managing resources efficiently, making informed financial decisions, reducing unnecessary expenses, and improving overall profitability. The study aims to build awareness among SME owners regarding the strategic value of financial consulting in achieving sustainable business growth and competitive advantage in the Ranchi district.
🏷️ Keywords
📚 How to Cite:
Mohammad Sufiyan Akhtar, Dr. Sumita Roy, Dr. Ajay Kumar , ROLE OF FINANCIAL CONSULTING IN IMPROVING PROFITABILITY OF SMEs: A CASE STUDY OF RANCHI CITY , Volume 12 , Issue 6, June 2026, EPRA International Journal of Multidisciplinary Research (IJMR) , Pages: 827 - 831 ,