Bajaj Finserv Addresses the Top 3 Challenges Faced by SMEs in 2019

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20 March 2019, Pune, Maharashtra, IndiaBajaj Finance Limited, the lending and investment arm of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 21 million customers across the country.

For any owner in the SME sector, the biggest challenges of running a business stem from availability of finances and talented manpower. The last five decades has been one of change with new technology and increasing FDI boosting opportunities in India. In order to do justice to your firm and drive revenue, here are the 3 biggest challenges faced by SMEs in India and how you can address them.

Accessing new technologyWhether it is ERP software or data, improving and enhancing your technological support system can make or break your business today. To improve efficiency, data security, analysis, management and productivity, you rely on software technology as well as AI-equipped machines and tools. However, SMEs find it hard to access new technology due to lack of finances and awareness.

While you stay abreast with the latest tech updates in your field, you can buy the latest equipment you need by utilising the Equipment and Machinery Loan from Bajaj Finserv. With funds up to Rs. 30 lakh, you can buy or lease all that you need and have money left over for training your staff and even addressing repair and maintenance.

Overdependence on existing clientsSME fail to maintain a stronghold in the market due to over-reliance on one or two big clients. Small changes like reduction in orders from a single entity or the loss of one client can then topple business fortunes. To keep this from happening, increase your marketing and customer retention budget, so that more firms know about your goods and services and your existing clients continue working with you.

From social media and content marketing to bold branding exercises, print media and more, you can use a variety of methods to diversify your client base. Use funds from the SME Loan from Bajaj Finserv via the Flexi Loan facility to address your marketing needs in regular installments. Borrow as you go from the Flexi facility and pay interest only on what you use from your total sanction. This will help you save money and address frequent needs for capital successfully.Achieving growth without compromise on qualitySME’s looking to grow have an uphill task to ensure that their quality, which is often their USP, remains the same during and after their expansion. Hiring skilled talent with the right experience, evolving hand in hand with new technology, and establishing brand are essential for growth. For all this to work in conjunction, you may need to outsource or hire HR recruiters, ITeS and branding professionals which may hit your finances. You can maintain a healthy cash flow with a collateral-free Working Capital Loan from Bajaj Finserv. Like the other loans devised for business owners, this too can be applied for conveniently online and has simple eligibility criteria that you will find easy to qualify for. Additionally, when you can also avail it via the Flexi Loan facility and even choose to pay interest-only EMIs and repay the principal at the end of the tenor. This way, you can reduce your EMIs by up to 45% and manage your cash flow more efficiently.