When is the Best Time to Get a Business Loan
One of the basic mantras of success in business is the steady infusion of finance. For businesses, judging the right timing for funding is crucial to the success of a venture.
With the recent boom in the MSME sector in India, small business loans have emerged as the financing mode of choice for many business owners Read on to know when is the best time to get a business loan.
· When Expansion is Imminent
It is important to note that in the changing economic scenario of India, small business have ample opportunity to expand. For this, a business owner should have adequate financial resources at his disposal. Companies like Bajaj Finserv are offering small business loans with a line of credit facility to address a wide spectrum of requirements, including expansion of business operations.
· Economic Opportunity
Cashing in on the right opportunity presented by economic situations reflects business prudence. For instance, the demonetisation drive undertaken last year saw a surge in digital payments. As expected, several firms took the opportunity and invested in upgrading their financial transactions to digital mode, offering discounts and coupons for orders placed and paid for digitally. As this led to an increase in business for many of these firms, they required a corresponding increase in their working capital so that they could keep up with the market’s demands.
· Infusion of Talent
In his book, Good to Great: Why Some Companies Make the Leap… and Others Don’t, Jim Collins has said, “Great vision without great people is irrelevant.”
The success of a business depends on its workforce. Time and again, business owners need to infuse new talent in their existing pool of resources to remain competitive.
Successful businesses invest consistently in acquiring talents and up skilling the existing workforce. With growing relevance of new technologies like Big Data, Analytics etc. It is important that business owners recruit personnel expert in these fields to stay competitive in the market.
· Buying Fresh Stock
Sustaining a business in the present digital eco-system requires the maintenance of an optimum level of inventory. While being overstocked is not recommended, business owners should have enough funds at their disposal to invest in fresh inventory, when the market conditions are right.
With our collateral-free small business loans, business owners can buy new inventory ahead of a busy season. This will help them adequately stock up to meet customer needs.
- Technological Upgrade
A modern business thrives on technology. So, business owners need to be on a continuous lookout for new equipment and systems to stay technologically competitive. For example, currently we are witnessing a shift towards automation of business processes.
But these upgrades are a costly affair. Often, businesses need to avail loans to fulfill their needs for upgrades. Our small business loans give business owners the funds to fulfill their technological needs.
Research & Development
Product and service space of the modern economy is very dynamic. New products and services are replacing the old ones at an ever-increasing pace. So, to cater to the changing customer needs and preferences, a modern business needs to invest significantly on research to develop innovative product and service offerings. A small business loan may help to a large extent in funding such research projects for businesses.
As a business owner, a small business loan availed by you should take the financial worries of future off your shoulder and not add more to it. At Bajaj Finserv, we offer small business loans of as high as up to Rs. 30 lakhs. They are collateral free to avoid the small businesses from pledging their crucial assets. Moreover, the facility of online account allows you a hassle free and seamless access to all the loan related information, as and when required. Talk to our loan experts today!