Impacted by The Pandemic? 7 Steps MSMEs Should Consider to Boost Businesses

–  By NET Web Desk

Micro-small-and-medium enterprises (MSMEs) are still feeling the impact of the COVID-19 pandemic. The lifting of sanctions reopened trade routes and made it easier for goods to move between places, improving supply chains, but customers’ buying power has been drastically diminished as a result of the pandemic’s negative economic effects, forcing them to spend more cautiously. The silver lining of Covid-19 is that consumers and industries have adapted and evolved the digital times.

NBFC business loans are a safe and quick solution to help MSMEs grow and bounce back from the pandemic-related setback.

Why should MSMEs be promoted?

In terms of job creation, the MSME sector is second only to agriculture. In addition, it accounts for 48% of India’s exports. The sector supports large businesses and their supply chain by providing strong and dynamic forward and backward linkages. In addition to this, it also plays a crucial role in the development of Atmanirbhar Bharat.

Let’s have a look at some steps MSMEs can follow to boost their business:

  1. Choose a reputed, RBi-registered NBFC to take a business loan from.
  2. Use the loan amount to renovate your business premises to attract more customers.
  3. List your products on B2B and B2C websites.
  4. Create a Google Map Location, so that the customers can easily locate your business.
  5. Get digital bookkeeping software to keep track of your accounts better.
  6. Diversify your products and create a digital catalogue so customers don’t have to meet you in-person.
  7. Provide GooglePay/PhonePe and multiple other payment options.
  8. Use working capital loans to finance the day to day working of the company and provide the business with financial flexibility.
  9. Use asset purchase loans to purchase old or new machinery. Having better machinery and equipment will improve the quality of the products and hence increase the number of orders and customer satisfaction.

 

The NBFC industry is critical to the growth of the country’s core infrastructure. These institutions are facilitating nationwide growth by providing faster funds and credit to the MSMEs. Big companies, start-ups, and MSMEs are extremely reliant on the funds provided by NBFCs. As these small businesses expand their operations, they would need more skilled and unskilled labour to keep up with the demand.

MSMEs should only seek loans from reputed NBFCs like Kinara Capital. It is registered under RBI. They can provide loans within one day and do not have lengthy documentation requirements and procedures. Moreover, their loan officers get in touch with you to provide assistance in your regional language. With highly personalised customer service, small businesses can rely on them for a variety of business loans for their expansion needs. Visit their website and get a 1-minute eligibility check done.

Small business entrepreneurs who avail of loans from Kinara Capital record an average income increase of 20-25%, as well as a boost to their business growth due to improved manufacturing capacity, higher revenue and turnover, and the opportunity to recruit more workers.