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How can Non-Corporates & Small Businesses Reach New Heights in 2020?

3 Mins read

How can Non-Corporates & Small Businesses Reach New Heights in 2020?

Many successful non-corporates and small businesses possess the ability to envision a bigger picture for tomorrow. These small enterprises scale through several challenges and obstacles before achieving any milestone. 

Therefore, entrepreneurs need new strategies and adequate business funding like the MUDRA scheme to expand their ventures in today’s competitive market. 

  • SMEs comprise 95% of the country’s total industrial units. 

If you target to reach new heights, there are several tips and strategies which can catapult your enterprise to its success. 

How can a non-corporate or small business grow?

  • Invest in digital presence 

As recent statistics show, the demand for various products has increased among digitally influenced buyers who research, shop and review their purchases online. Even for services, customers look online to decide on a reputed and reliable provider. 

  • According to Google India and BCG’s survey, the impact of digital influence on consumer durable sales will be 63% by 2023 in India. 

Therefore, one of the most effective ways is to boost your digital presence. Invest in a user-friendly and responsive website that acts as your online brochure. Maximize the potential of social media to engage with customers. 

For B2B business, you can adopt email marketing for reaching out to clients personally. Know how to run a successful SEM campaign and create an effective marketing plan as per your business niche.

Note that enhancing a company’s digital presence is an on-going process that also involves a significant investment. Here, loans under the MUDRA scheme can aid in catering to these requirements.     

  • Automate operations using advanced technology 

The role of technology is unparalleled in almost every business. Integrating the latest technology not only boosts productivity but cuts down on expenses as well. Entrepreneurs should keep up with new and changing technologies, which can help them make better and precise decisions based on real-time data. 

Whether you install new technology or upgraded equipment, ensure to have sufficient funding as this can be expensive. Plan and opt to submit your MUDRA loan application accordingly for timely financing. 

  • Recruit fresh talents

No business can run smoothly without an efficient team. So, invest in recruiting new talents and encourage existing employees with lucrative incentives. 

Training programs to enhance your employees’ skills, quality, and productivity can also take the business to newer heights in the future. Additionally, there are various other things that small businesses should avoid doing. 

  • Research and market survey fuels growth 

Thorough research and market survey are necessary to penetrate newer avenues or launch better products and services. Besides extensive research, you need expertise, strategy, and a robust business plan. 

All these initiatives, however, require adequate financing from reliable sources. The Indian government has launched several schemes in association with financial companies to support non-corporate and small businesses. One of the most feasible initiatives is the Pradhan Mantri MUDRA Yojana (PMMY) or MUDRA loans.    

Financing a business with MUDRA scheme

MUDRA loans are collateral-free advance, created explicitly for non-corporate and non-farming companies. The program is divided into three categories signifying the growth stage of businesses – Sishu, Kishor and Tarun. 

  • Borrowers in the Sishu category can avail up to Rs.50,000.
  • The Kishor category can take up to Rs.5 lakh
  • The Tarun category can seek loans of up to Rs.10 lakh.

PMMY loans come at affordable rates and zero to a nominal processing fee. Borrowers can approach reputed financial organizations to submit their MUDRA loan application.

Additionally, you need to provide some essential documents depending on your relevant category. 

These include account statements of the preceding six months, details of purchased machinery, IT returns, balance sheet, articles of association, proof of address and identity, etc. 

Being a government initiative, the rules are slightly astringent, along with other terms and conditions. If your venture requires high-value funding over Rs.10 lakh, opt for business loans from trusted lending organizations. 

How can business loans help reach newer heights?

Unsecured business loans are usually available up to Rs.30 lakh to cover diverse expenditures without any hassle. Besides organizations, self-employed professionals and self-employed non-professionals can apply for the customized credit against simple eligible criteria. 

Prominent leaders like Bajaj Finserv also bring exclusive pre-approved offers for existing clientele. Borrowers can avail pre-approved offers on business loans, personal loans, home loans, and on various financial products. These offers ease the loan availing process and save time for borrowers. Check your pre-approved offers by providing a few details only.

Transforming your goal into a profitable non-corporate or small business is enthusiastic but challenging. As an entrepreneur, familiarising with certain tips and the latest industry trends can ease the job. So, create a solid business plan and execute it with comprehensive financial support from the MUDRA scheme.

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