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Mon, 20 May 2019

Northeast Today

How Small Businesses can Use Technology to grow their Business?

How Small Businesses can Use Technology to grow their Business?
May 15
21:54 2019

NET Bureau

Manipur, often called the “Switzerland of the East”, has witnessed a rise in economic growth in the last decade. In the Financial Year 2018-19, the GDP was a record Rs 231.67 Crore, while exports grew by around 4 times to rise to Rs 200 Crore. The North-Eastern state has a healthy power-generation potential of up to 2,200 MW thanks to hydropower.

This has led to a rise in the number of local small, medium, and small-medium enterprises. In turn, it has led to many small businesses seek a business loan in Manipur. By mid-2018, many new companies started operations in major cities of the state like Tamenglong, Imphal, and Churachandpur. These are also hubs of the local silk industry, growing by almost 10% every year.

If you own an enterprise in Manipur, you can consider availing a small business loan to help your enterprise prosper and eventually across the whole of North East India.

How to use technology for business growth

Technology is used on all levels of all types of businesses. In a small or mid-level business, it can help reduce costs and increase productivity and revenues.

However, using the latest technologies can be expensive, which is where the idea of a business loan comes in.

Here are some basic areas in which technology comes in handy.

  • Go paperless: Most modern businesses have a paperless environment. It helps conserve funds that are used to buy office supplies and is also environment-friendly. Manipur is located in an environmentally-fragile zone, and the eco-friendly aspect cannot be overlooked. You can back up all files in the Cloud, get rid of storing lots of space that is otherwise used up for storage, and even set up a mobile office. Thanks to the feasible business loan interest rates available, it means that you can now avail extra funding and repay easily in monthly EMIs.

 

  • Invest in hiring local professionals: Manipur has no shortage of qualified professionals from all disciplines. Most of them have excellent educational qualifications and vocational skills obtained via government schemes like the National Skill Development Corporation or NSDC. It saves extra cost burdens, and helps your firm acquire a firm footing in the state.

 

  • Invest in creating a customer-friendly app: App development is one area which most small and medium-sized businesses overlook. Since a vast majority of people in India and across the world use smartphones, using your own app creates brand awareness. Besides, there is no need for using third-party services for surveys and marketing campaigns: your app collects all the data you need on your clients. You can invest the amount obtained via the business loan in Manipur to create separate apps for Android and Apple operating systems. It is an opportunity to achieving smart growth in a short time.

 

  • Use the latest software for filing tax returns: The introduction of the Goods and Services Tax (GST) has transformed the Indian economy into a single and boundaryless market. You can invest in the latest GST-specialised software. ERP software packages are also a smart option. A digital filing system saves you time.
  • Improve marketing strategy: The concept of marketing has shifted a lot in the last few years. Nowadays, a proper social media engagement plan has to be in place. You will also have to invest in hiring specialised advertising agencies and selecting the right ways to fight the competition. Constantly working and improving on a marketing strategy is one of the factors that determine the financial success of your company.

You must check your business loan eligibility criteria before you approach a financial institution.

Avail a loan for business today

With easy repayment options, a business loan in Manipur can help accelerate the growth of your enterprise instantly. There are several minor errors that medium and small enterprises make when availing credit; you must avoid them. Always settle your previous debts on time, never take too many loans simultaneously, and keep business and personal expenses apart from each other.

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