We all have suffered a setback economically during the pandemic, and we still are. There was a lockdown last year, and there is one still this year too. Are small entrepreneurs going to come up from this dip in the business? Do they have any other option rather than selling their business out to someone?
In India, if your business is registered under MSME, it is quite possible that you may sustain from this situation. MSME registration of your business will help you to fight the pandemic situation. It has no collateral fees involved, there is protection against delayed payments, and there is interest rate exemption and many others. You also have a subsidy on electrical bills.
Another thing is you can have your business with Udyog Aadhar. Udyog Aadhar helps all businesses to file and register for Udyog Aadhar number that can be used to get other services. Each type of business entity like a one-man company, partnership firm, any association of individuals can avail of the Udyog Aadhar number facility.
If one wants to increase his business in the pandemic even when health is critical, it is essential to follow some tips to pass through the storm.
Change your messages according to the times
- Communicate with your customers about the current status.
- Let your customer understand your limitations and let them know you are operating with less staff and work from home is in effect.
- Product promotion should be well planned and try to showcase the actual picture.
- Connect your customers through social media and try to find new customers too.
Improve customer relations
- Work on social media to connect with more people and update your website.
- Utilize the blog section effectively if possible.
- Work on offering some products with discount or even free.
- Try to work on giving free delivery products to your customers.
- Customer queries must be attended to on priority.
Try out on visual promotions
- Utilize the available apps to enhance your business strategy.
- Create new visuals on social networks and in actuality.
- E-Visiting cards also may help your business to grow.
Social media strategy
- In the pandemic from last year, social media has extended a great helping hand to the businesses as e-commerce kept them in the competition.
- Present the actual picture to your customer through social media.
- Promote appropriate products and do not misguide customers with false claims
- Highlight the visuals with thoughtful captions
- Declare the product safety measures while manufacturing as well as during delivery.
Improve software communication
This pandemic underlined the importance of e-communication once again. Reach your customers and new prospects through well-written e-mails. Emails must include an indicative subject line, first line, detailed matter in the email body, and suitable closing lines.
A business loan for MSME and its association with CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) can get things smooth as far as credit flow is concerned. The association catalyzes the flow of institutional credit to Micro and Small Enterprises. The Credit Guarantee Scheme was launched to ensure the regular credit flow to the MSE sector.
There is no need to panic about your business if you are going along with MSME and CGTMSE, as they have policies to ensure the small businesses do not face a block in their progress path. During the financial year 2020-21, a total number of 8.36 lacs guarantees have been approved for an amount of Rs 36,954 crore, which is a considerably huge amount. Also, cumulatively by march 31, 2021, a total of over 51.4 lacs accounts have received guarantee approval for Rs 2.59 lacs crore.