Keeping track of the latest industry news and trends is key to developing a solid long-term business strategy. As a small business entrepreneur, you also want to stay abreast of the general startup and new business landscape. After all, you can learn innumerable lessons from how other businesses operate and the challenges they face. Implement these learnings in your own company and you can set it on the path to success!
Here are some small business facts you need to know, no matter the type of company you run.
1. Most small businesses don’t market their product digitally
Both WhatsApp and Facebook enjoy a large Indian consumer base of 410mn and 530mn people, respectively. Yet, only 6% of businesses use such platforms for marketing and promotion.
Through digital marketing, you can connect to large numbers of your target audience. Even if a small fraction of people become paying customers, your ROIs increase dramatically. So, do you use social media to market your product already? If not, start immediately.
2. Manufacturing and service firms were the most impacted during the pandemic
The manufacturing and service sectors employ large numbers of people from all around the country. During the pandemic, scores of people travelled back to their hometowns in lieu of the lockdown and physical distancing measures. This disrupted the supply chain and manpower, especially in the manufacturing and service sectors, ultimately leading to major losses.
If you’re planning to grow your business in these directions during these pandemic times, keep this in mind.
Additional Read – Starting A Business? Here Are 5 Things You Must Have in Place
3. Small B2B businesses prefer online government marketplaces
Here’s a statistic that will interest you. Over 23% of small businesses surveyed by FedEx were more likely to sell their products on a Government e-Market Place. The reason? They were more trustworthy, secure and a better fit for their business.
As an entrepreneurin the B2B space, you have a better probability of finding your company peers here over any other platform.
4. Many small businesses struggle with cash flow
As a small business, you can face cash flow issues at any point, due to a variety of reasons beyond your control. One way to avoid this situation is to observe the cash flow trends of your business and create a budget accordingly. Doing this helps you anticipate ebbs and flows, helping you build your financial reserves via a business loan or other means.
In fact, the Ministry of Micro, Small & Medium Enterprises rolled out a laudable initiative in 2018 for giving small businesses quick access to credit. Under this scheme, businesses can apply for loans of up to Rs. 1 crore easily, via the 59-minute loan portal. All you need to do is go to the digital portal, enter your details and submit the required documentation. The loan is then disbursed straight to your account in 59 minutes or less.
Additional Read – Why should you apply for a small business loan?
Knowing the latest trends in the small business landscape will help you respond to impending shifts and prepare for them. And if you need financial assistance at any step, apply for a loan with a trusted lender.
So, why wait? Secure loans from Tata Capital and get the most attractive business loan interest rates in the market, along with easy to meet eligibility and structured EMI plans. Use our business loan EMI calculator and select a plan suited for you today!