As emotionally draining the lockdown and pandemic have been for people around the globe, the economic repercussions have been far more alarming. Right from households to businesses, everyone has suffered a setback to an extent.
The time has been particularly tough for companies that have seen a sharp fall in demand for their products and services and have been unable to supply their items in the market. But as the popular adage goes, ‘this too shall pass,’ and when it does, this is how you can prepare your business to grow after the lockdown.
Plan your business’ cash flow
The most vital aspect of a business is its capital. Most enterprises have suffered heavy financial losses due to the pandemic. Applying for a business loan online can help you cover all probable costs. Women can also consider opting for a women entrepreneurs loan. With comfortable tenures and competitive interest rates, you can ensure smooth cash flow to your business and ensure its growth as soon as markets reopen.
Make a list of your needs
You may have to make several modifications to the way you ran your business before the lockdown was imposed. It is highly likely for some states to remain closed for such an extended period; some may open partially, and some might be fully functioning.
You must make a list of all your suppliers, employees, distributors, etc., and check how many members of your staff will be available to work post lockdown. If you find any missing links, you need to start looking for backups immediately. People are essential cogs of your business operations. Without them, it would be practically impossible to function and grow your business.
Take advantage of government schemes
You are not alone in your struggle. Most other small and big enterprises are suffering heavy losses right now. Thankfully, the government has taken active steps to ease some of these problems. For instance, the finance minister announced a Rs 20 lakh crore stimulus package for micro, small and medium enterprises (MSMEs). In addition to this, the government has also announced collateral-free quick business loans. Keep an eye out for these schemes and see if your business can benefit from them.
Maintain a virtual presence
Some businesses are taking online orders and keeping the buzz around their products high, even during the lockdown. Your business’ online presence on social media, advertising, etc., can be a great strategy to keep the demand for your products and services flowing. You can start with deliveries nearby and move to the city or nation-wide deliveries as restrictions ease out. A loan for business can help you create and maintain your online presence without any financial worries.
It may take some time for things to return to normal. As long as you are well prepared, you will not have much to worry about. The more important thing here is to utilize this time and come up with a business plan that can help you grow your profits and cover-up for the previous months’ losses. And you can always opt for Tata Capital business loan to get your operations back on track. Minimal documentation, attractive interest rates, flexible repayment terms and tenure, etc., are some benefits you get when you apply for business loan from Tata Capital.
Additional Read: Benefits of using a Business Loan after Lockdown ends