MSMEs suffer from a lack of funds every day, preventing them from digitising and scaling up. Luckily, with the range of flexible loan options available today, MSMEs can stay afloat with financially sound business practices.
In an era where digitisation is no longer optional, the MSME sector faces significant hurdles such as insufficient capital compared to their large-scale counterparts. This is especially true of new businesses emerging in turbulent financial times.
However, thanks to MSME loans, which you can apply online, you can bring yourself out of this rut with the necessary capital. Many MSMEs have unpaid invoices due to insufficient funds, preventing them from breaking even. With a loan, they get immediate access to cash and can begin paying their dues. They can then invest this cash inflow into digitisation that scales up their business.
Why should MSMEs digitise?
Going digital today is very easy and relatively cheap. Additionally, being a part of the internet opens doors to a much wider audience, offering more significant scaling opportunities. This can give your business the boost it needs to survive in an increasingly digitised world.
If you are worried about the cost of digitisation, MSME loans have you covered. Go to your preferred provider and check your MSME loan eligibility today so you can get a loan and expand your online presence. By cementing yourself in the digital ethos, you can avail of its numerous benefits, such as:
- Better, more efficient customer service with chatbots, AI, etc.
- Greater profit generation with advanced technologies and higher-quality products
- Improved data insights about customer preference
- Lower production costs with predictive business analysis and machine learning
- Lower risk of errors by minimising human error capabilities
While the initial cost may seem daunting, you can quickly scale up your business through digitisation with a good loan provider. Additionally, you can use these funds to shift from a purely physical model to a hybrid model that takes advantage of the many virtual capabilities.
How to Digitise Your MSME Effectively?
Taking your MSME online should not be a difficult decision. The real work begins only after you make this choice. You need to plan every step of the digitisation process so you stay prepared for anything. Consulting with experts in the field can also help you make a well-educated decision.
Here are a few steps to get you started on the digitisation process.
Website Design and Development
You cannot make your mark on the digital landscape without a website. Think of the website as your company’s home base that everything else links to.
For a good website, you need to buy a domain name and maybe a template. Getting a loan for your business can help cover these expenses while giving you massive creative control over your company’s online image. With a unique website, you are sure to attract many customers.
Website Optimisation and Content Creation
For potential customers to find you, you also need to optimise your website for the search engines, i.e. you need to develop a search engine optimisation (SEO) strategy. Having an effective SEO strategy increases your rank in the organic search engine results pages (SERPs).
Many companies tie-up with external agencies that specialise in SEO, allowing them to focus on selling their product. Once you have the funds from your MSME loan, you can quickly begin scaling up and increasing visibility with high-quality, optimised content for your website.
Social Media Management
No digitisation is complete without social media. Alongside your SEO strategy, social media helps you regularly update what your company is doing to a massive platform. The addition of paid campaigns further helps amplify your voice to more potential customers.
Using an MSME loan helps you meet these requirements easily. Once you begin scaling up, the funds also come in, and you can begin repaying your loan while ensuring you do not have any other overdue invoices. This keeps your business afloat and ensures much better financial security.
Many MSMEs begin haemorrhaging cash when they try scaling up. With Fullerton India, you do not need to worry about this happening to you. We provide MSME loans within 24 hours to eligible applicants since we understand how fickle business opportunities can be. Combined with our flexible loan facilities and no collateral options, you can scale up your business successfully!