Benefits of NBFC Business Loans

Published on: 07 September 2018 Last Updated on: 22 July 2024

Being a small-business owner, you have been putting your whole-hearted efforts to make your business venture a success. You have been working long hours, traveling for client meetings to different cities, staying away from home for days on stretch and also investing all your personal savings and assets to take your business to new heights. Now that you have put your business on the path to growth, it suddenly dawns on you that you have not been able to pay adequate attention to your financials. Now when there is a significant opportunity in front of you in the form of a brilliant idea, which will change the future course of your business, you find that you do not have necessary funds to put that into practice. You feel anguished and frustrated, but that is not going to serve any purpose. So rather than ruing your ill-luck, its better you start looking at other options that you must explore, to meet your financial requirements. One of the most obvious options is availing an Unsecured Small Business Loan.

What is an Unsecured Small Business Loan?

Business Loans that are available to small business owners for their desired purpose without any requirement of collateral are called Unsecured Small Business Loans. These loans are extended by all financial institutions in India, private sector as well as public sector. You are free to utilize the loan amount for any purpose you may deem suitable including the purchase of machinery, upgradation of infrastructure, renovation of office premises etc. There are two types of unsecured business loans in the market NBFC business loans and Bank business loans. The repayment of these loans is to be made in monthly EMIs.

Advantages of Small Business Loans

Small business loans offer a flexible source of funding for you to meet your urgent financial requirements. There are various advantages provided by small business loans such as: –

No dilution in ownership :

When you take a small business loan from a financial institution, you need not provide any collateral and are free to utilize the money in any way you want for your business purpose. The lender does not have anything to do with the way you have spent the money, as long as you repay your EMIs on time. This ensures that the ownership of business stays with you and is not diluted. This is a better option compared to other sources as venture capital or personal borrowing, where you must give up a part of your ownership of your business in lieu of money.

Taxation Benefits :

Small business loans are to be repaid in monthly installments, which comprise principal component and interest component. The interest that you pay on loan is allowed as an expense, and you can claim tax benefits against the same. This, in turn, reduces your tax burden, and the loan in effect costs less in practicality. No other source of funding offers this option.

No Collateral required :

If you do not have any collateral to be hypothecated with the financial institution, then unsecured business loans are your only option. This is an ideal situation for new businesses or start-ups who have a great idea but do not have any collateral to be mortgaged. If required by the lender, you can get a guarantor on board.

Lower Interest Rates :

Unsecured small business loans have a more moderate rate of interest as compared to various other sources of finance such as credit cards or private money lenders. Lower interest rates mean lower EMIs which translate into a lesser burden on your finances. In some cases, the government also offers subsidies on unsecured business loans to help small business owners have easy access to credit at lower interest rates.

No stress on working capital :

When you are able to avail an unsecured business loan, you get spare money at your disposal, which can help you in getting better deals from your suppliers and vendors. Moreover, this ensures that you need not withdraw money from your working capital and thus you can meet your daily expenses conveniently. Also, as the EMIs are to be paid on a monthly basis only, you do not have to put pressure on your cash cycle by withdrawing huge sums together.

Flexibility in Repayment :

some NBFC business loans come with the option for EMI holiday or flexible repayment options, where you only need to pay interest on the loan as your EMI for a specified period, in the beginning, this way your EMI payments, in the beginning, is reduced and you get time to manage your financial position. The principal amount for this mortarium period is adjusted over the remaining period of the loan.

Unsecured small business loans offer a lot of benefits for you. But you must conduct proper research and analysis before you take a final decision regarding the loan.

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Small Business

Building a Brand for Your Small Business

One of the most essential aspects of building a business, no matter how small it is, is establishing an effective brand—especially if you want to make an impression in today’s highly competitive market. But what really does branding mean? And what does it take to create a brand that truly defines what your business really is? Defining Your Brand Think of your brand as your promise to your customer. Its purpose is to deliver a message to your audience, which includes what you have to offer and how your products and services differ from your competitors. Basically, it describes who you are and the image you want people to perceive you to be. However, defining your brand may be easier said than done. After all, it is a journey to your business’s self-discovery. Specifically, it involves defining your company’s mission, your offerings, your reputation, and your qualities. You may have to do some research to find a branding that truly represents your business. Creating Your Visual Brand While a brand is more than just your company’s logo, you’ll want to establish the look of your company by choosing the right image, colors, fonts, and tagline that perfectly represent your ideals. Failing to establish defined brand guidelines is one of the most common mistakes small businesses are doing, which eventually puts all their branding efforts down the drain. Following these guidelines to build a visual brand invokes consistency and gives your brand a clear direction moving forward. Knowing Your Audience If you’re in a rut in developing your brand, you may be failing at getting to know your audience. According to Carfused.com marketing head, Matthew Creole Rees, it is essential to first determine what resonates with your target market before trying to develop a brand. Know your audience by finding out their wants and needs and understanding their habits. This is especially a must for start-ups that are still trying to get their brand across their customers. Using Social Media Social media is a great way to market your brand and to reach out to your target audience, especially for start-up businesses that are still on a tight budget. In this digital age, people spend most of their time on social media, and if you fail to build a consistent social media presence, your business basically does not exist to many. Once you’ve established your presence, the next most crucial thing to do is to maintain it. Being consistent in showing your presence creates a positive impact on your brand’s perception. Your company’s brand dictates the language of your external and internal communication. The people of the marketing team in your company need to know exactly what the company’s brand is so that they can always integrate it in their campaigns and look for better ways to raise the consumers’ awareness of your brand. Going beyond Your Logo Your brand’s logo may create a significant impact on your audience at first glance, but a brand has to go beyond the visuals in order for it to become effective. In the end, it’s not just about what you do but more about why you do it that makes a brand more impactful. A brand should reflect your culture. For example, if you are keen on maintaining a drug-free workplace, get your workers to understand your cause before administering blood drug tests. This way, they will understand the implications of such health requirements, especially in occupations and industries where safety is of the highest priority, such as in operating machinery. Building a brand may seem like an overwhelming phase—and you may think that getting started is already difficult as it is—but it’s maintaining that brand that’s actually more challenging. Read More: How Personal Branding Online Can Help Your Job Search Top 5 Graphic Design Trends For 2017 5 Most Common Challenges Faced Bye Commerce Businesses Toda Tips For Creating Effective Portable Trade Show Displays Source: customlogocases.com

Which One Should You Pick? Cloud-Based Call Centers Vs. On-Premises Call Centers

In today’s fast-paced world, businesses constantly seek ways to improve efficiency while reducing operational costs. One of the most significant changes we've seen is the shift from traditional on-premises call centers to cloud-based solutions. This is no longer just a trend—it’s a strategic move towards higher profitability and smoother operations. Cloud-based call centers have become an essential organizational plan for businesses that value high profitability and low operational costs. More and more businesses are moving from on-premises call centers to cloud-based call centers. If you, too, are considering a change, know the reasons to confirm your decision. Why Choose Cloud-Based Call Centers? The following reasons show you the difference between cloud-based call centers and on-premises call centers: 1. Installation The installation process in the on-premises call centers was time-consuming. You had to plan the hardware, get licensing, set it up, install software for the systems, and more. Cloud-based call centers are easy to install. You don’t have to maintain hardware or ensure it operates efficiently. You don’t need to assemble different devices and start off with your process. 2. Operational Costs The cost of managing an on-premises call center is huge. It takes a lot of money to set up and buy hardware such as computers, phones, headsets, and more. You also need licensing and office space to accommodate all your employees. Due to improving technology and regular software upgrades, the costs of replacing an installation are also high. Options like Cisco's customer journey platform show how little investment can go a long way. These processes don’t cost much money but require a good internet connection. Everything is saved on the cloud and billed on a usage basis. This is one way to decrease your operational costs. 3. Easy Management The hardwired and software systems of the on-premises call center make the process tougher and strenuous. It requires more supervision and includes regular licensing, maintenance, upgrades, and more. Cloud-based call centers need little management and eliminate the maintenance of hardware systems. The support comes from digital engagement, reducing on-premises IT charges and other complexities. 4. Flexibility When you install the on-premises call center, it is tough to customize it according to the number of agents. The number fluctuates, and there is less flexibility in the workflow. Maintaining hardware is tough, and you need to modulate the systems, headphones, and so on. In this traditional system, the customer agents don’t work remotely. They are stuck at their desks all the time, receiving calls. This disrupts the company’s ability to deliver quality customer service around the clock. Cloud-based call centers are responsive to the scalability according to the requirement. Cloud systems are offered based on subscriptions, so adding and removing users is like blocking a subscription. The cloud-based system helps agents work from the comfort of their homes. They just need a good internet connection. They offer 360-degree customer support irrespective of where they are. 5. Scalability You will need more staff when you see an expanding business in your on-premises call center. The scalability levels of the on-premises call center system are slow because you need to spend money on aspects ranging from architecture to hardware. Cloud operations offer an efficient software system that depends on data servers. These are what mark their scalability, and there are no extra investments needed. 6. Reliability The quality of phone calls on the on-premises system is great. However, it is usually broken through many systems and that affects the customer's experience. Cloud operations depend on a strong network. You need great internet facilities to promote better customer service. From the points above, we can assume that the future of cloud-based call centers is bright. In every way, it is a better option compared to traditional call centers. Now you know all the reasons to shift to a cloud-based call center, choose the best organization for the services. Which Office Should You Choose as an Employee: On-Premises vs. Cloud-Based? On the other hand, if you’re trying to decide between a more traditional on-premises call center or a modern cloud-based one, it’s important to think about the pros and cons from an employee’s perspective. Here are a few things to consider: Flexibility and Work-Life Balance One of the most attractive benefits of a cloud call center is its flexibility. You can work from home, your favorite coffee shop, or anywhere else with just a reliable internet connection. It’s much easier to fit work around your life, which is incredibly useful. Whether you’ve got a busy lifestyle or just need to prefer a more fluid schedule where you’re not tied down to being in one location. Career Growth Opportunities Cloud-based call centers typically adopt new technology trends. This means you will get exposure to next-generation tools and digital platforms. Your expertise in cloud technology could be in high demand since businesses are moving their solutions to the cloud. On-site call centers tend to stick with outdated processes and technologies. Therefore, exposure to current industry trends may not always be possible. Work Environment and Culture The traditional office space has a lot going for it – team collaboration, immediate access to team leads, and a routine. If you are someone who likes more of a hands-on approach with your coworkers, an office may be the choice for you. A cloud-based work environment is heavily communication-based and autonomous. If you can self-motivate yourself to work on your own time, then a cloud-based workplace would be ideal. Stability and Job Security On-premises call centers feel more stable because they have fixed infrastructure in place. Not to mention the fact that they’re just offices you can go visit. If your CRM goes down or there’s a power outage, somebody physically located near you can fix it. However, while cloud-based solutions may require an internet connection to access, they certainly don’t shut down in bad weather (in fact, “the cloud” is often where they store information on such storms). Hardware failures or physical office closures are unpredictable occurrences that you should be wary of. Final Note Cloud-based call centers are the way forward as more and more businesses embrace digital transformation. They will increase in functions, quality, and applications. Are you a business owner or an employee still sitting on the fence? Decide quickly which side of the divide you want to belong to because cloud technology is here to stay! Read Also : Top 4 Creative Team Building Ideas For A Call Center Industry This 2016 5 Informal Team Building Activities To Break The Ice Among Co-Workers 5 Team Building Activities to Inspire and Enjoy

The Best Methods To Build Strong Customer Relationships

Despite the plethora of advertising resources available in the digital marketplace, one key issue still has not been resolved - how do you build strong customer relationships? As a direct link between you and your customers, an email address will allow publishers to build a personal connection with an audience. Below are further marketing tips that can be used to develop a stronger client relationship using email marketing. The Best Methods To Build Strong Customer Relationships 1. Move The Social Media Audience To A Direct Channel By Gaining Their Email Address: To strengthen your target audience relationship, you should reconsider how you view Facebook. You cannot connect with a target audience on a platform where all algorithm tweaks reduce its reach and take you further from your potential customers. Instead of playing "cat and mouse" using Facebook's algorithms, it is recommended that you utilize the social platform as a channel for acquisition. Making use of social media platforms CTA features will help you support your email newsletters to the target audience and lead the social audience to your company's email list. From this point, you will be able to engage with them without any interference from the social platform. 2. Using Email Capture Apps To Connect With The Site Visitors In An Inbox: When visitors arrive on your website via an organic search or from social media, they are likely to leave the site as soon as they arrive. By utilizing onsite capture resources to collect their email addresses before they leave, you will be able to set up a direct and long-term form of communication with the audience. Not only will email subscribers build up more lifetime website visits than visitors from Facebook, but they also tend to view more site pages during their session. To maximize the email conversions, it is recommended that you utilize active capture widgets with a contextual newsletter offer. This is likely to convert passing visitors to the website into lifetime subscribers. In this way, you will be increasing the likelihood of engaging users in the long-term and nurturing these subscribers with new content. 3. Building Strong Reading Habits With The Audience Via Newsletters: In the traditional text publishing world, the typical delivery of publications builds reading styles with their target customers. The newsletter via email is the option most similar to that traditional form of publication and habit-forming print media. By sending a constant street of relevant content to the audience's inbox, you will engage the audience continuously; thereby, demonstrating the value of paying for your website's content. You can deepen this engagement through cross-promotion and encouragement of the audience to subscribe to additional newsletters. The quality of newsletters is why the New York Times found that people are more likely to pay for a subscription if they first subscribed to their newsletter; therefore, the email newsletter is the ideal resource for building relationships necessary in the digital publishing environment. Before online transactions and exchanges became the norm, brands were responsible for fostering physical and in some cases emotional connections with their clientele. This resulted in a strong and loyal brand audience, repeat purchases, and other immeasurable value for the business. In today's society, the majority of brands will opt for social media and social marketing to engage with consumers and substitute human interaction. Understanding that humans require relationships in their personal lives and when purchasing items, businesses acknowledge the need to build relationships with consumers, form user engagement, and drive more beneficial sales. While some companies engage with their consumers well using online measures, not all brands are as fortunate. So, how can we stand above our rivals when trying to engage with a target audience? There are several ways in which a smaller company can drive more sales by building strong online consumer relationships. 4. Surveying The Consumers And Gain Their Opinions: Providing your consumer with exactly what they want is potentially the best method to make sales, increase trust in the company, and gain repeat customers. It is the ideal situation and is a building strategy that can help a company get its way with almost any customer. The question remains, however, how do you discover what a consumer's needs are and how do you meet them? Simple, find out what they want by sending them surveys. Before marketing became digital, practical market research was performed via traditional questionnaires or surveys. The original question of how much you agree with a statement would find out if the person strongly agrees, strongly disagreed, or was somewhere in the middle. Regardless of the standard of error metrics that tend to bore the average person, this technique can provide companies with good insight into their consumer market. Customer feedback and surveys can now be conducted using email, via social media platforms, or on different websites. One of the survey platforms available allowing companies to send targeted surveys to consumers through social media and emails is SurveyMonkey. Companies can also gain insight from consumers using Qualaroo as they provide information as soon as the consumer visits the website. 5. Using Email To Communicate: Forming an email list is potentially one of the most significant methods a business can remain in contact with its consumers, build trust, and make sales - unless you are a spammer. If all emails you send are "sale-sy", then you are engaging incorrectly and will more than likely be considered spam. Emails should provide valuable information for the customer to share and once you have provided content to address their needs, you can build rapport and foster the digital relationship to be successful! They can also act as promotions later with the help of a Houston search engine marketing firm. By creating an aesthetically pleasing and informing sales copy to go along with your email, it can make a great impact! Real-Time Video Chat For Consumer Support Real-time video chat is considered one of the hotter topics with businesses that are looking to build relationships with online customers. In late 2017, Amazon implemented the "Mayday Button" - a new feature on the Kindle Fire to allow a user to receive video communication with a client support agent. Never before had this type of online support been available and the user is now able to speak with a representative in an innovative manner. Today, Amazon notes that consumers can use video chat in under 15 seconds and this is much better than waiting on the telephone for a new customer agent to take your call. Read Also: Not All Customers Are Always Right How To Write And Design An Article That Attracts New Customers To Your Business 5 Steps On How To Market Your Business Using Social Media

Benefits of NBFC Business Loans

What is an Unsecured Small Business Loan?

Advantages of Small Business Loans

No dilution in ownership :

Taxation Benefits :

No Collateral required :

Lower Interest Rates :

No stress on working capital :

Flexibility in Repayment :

How to Boost Traffic to your Small Business

8 Tried and Tested Secrets of a Productive Home Office

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Building a Brand for Your Small Business

Which One Should You Pick? Cloud-Based Call Centers Vs. On-Premises Call Centers

The Best Methods To Build Strong Customer Relationships

Benefits of NBFC Business Loans

What is an Unsecured Small Business Loan?

Advantages of Small Business Loans

No dilution in ownership :

Taxation Benefits :

No Collateral required :

Lower Interest Rates :

No stress on working capital :

Flexibility in Repayment :

Share this Article

How to Boost Traffic to your Small Business

8 Tried and Tested Secrets of a Productive Home Office

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related