Jodhpur is a city steeped in culture and tradition and it tourism in the city is high. The city is home to many forts and palaces and the history of the city speaks for itself. It is also one of the cities in Rajasthan that has a number of cottage industries that are keeping the local art and heritage alive. SMEs and MSMEs in Jodhpur revolve around much of these small industries but that does not mean they do not have scope for further growth. There are many leading banks and NBFCs like Bajaj Finserv operating in Jodhpur today that are providing business loans in Jodhpur and helping many small businessmen realize their dreams.
Here is how to use the loan money to its best advantage:
Renting better Premises:
Jodhpur has a good tourism industry and so to make one’s presence felt, it is important for the business to be in a strategic location. You never know who might visit your shop or office and open new doors for you. A business loan can be utilized to invest in larger and better premises for the business and this is sure to have a positive outcome.
Hiring Skilled Staff:
Since most of the SMEs in Jodhpur deal with craft items and are handmade, it means a lot to have skilled workers in one’s business. However, one also has to pay the workers for their superior work and some often take payment in advance. A business loan can be put to good use in this regard and one can stay ahead of others in business by having better workers at their disposal.
Buying better Raw Materials:
Most SMEs and MSMEs deal with production directly. The quality of the raw materials can affect the final outcome in a huge way. A business loan from Bajaj Finserv with low business loan interest rate can be applied to buy better raw materials and quite obviously, they would be also be sold at a higher price. Customers usually do not mind paying more if they find that the products they are buying are of superior quality. Once the sales begin, the loan can be easily paid off and the company would still end up making a profit.
Running a cottage industry can be tricky, especially if the business deals in handcrafted goods which is already time consuming. However, certain equipments can be bought that will speed up the process. It will also help in the enhancement of the workplace. That will make the workers content and in turn, influence them to work with a new zeal. No one likes working in a dilapidated workplace and with backdated equipments. Opt for a loan to upgrade your equipments and workplace and the benefits would soon come in the future.
Digitalizing the Business:
One of the easiest ways to gain exposure for one’s business is to digitalize it. Many small businesses are now opting for digital platforms. This has helped them to reach a wider circle of clients faster than they could have ever expected. Today many SMEs are even delivering their products abroad. All thanks to the marketing through social media and other digital platforms. A quick business loan can be opted for to invest in marketing and to build one’s app or website.
Maintaining Cash Flow:
There are many aspects of a business which have to be kept up and running even when sales are slow. One can opt for a business financing to run these backend needs till the peak season arrives again. Once the sales have picked up momentum, the loan can be repaid. The slow period will be not effect one’s personal reserves at all.