Are you an MSME entrepreneur who is about to begin a new trading or services venture or considering expanding your existing business? Then there is no better time for it than now as the festive season is around the corner. India is about to embrace the peak festive season without the constraints of Covid-19 for the first time in three years.
Here are 3 ways small business owners in India can grow their businesses during the festive season.
1. Use online payment methods as well as online purchasing and delivery options.
People prefer cashless transactions as a result of the pandemic. So, MSMEs should register with online payment gateways with different payment alternatives to ensure a safe payment method and provide a smooth customer experience.
Festive season is a wonderful time when everyone is working on preparations for the celebration. Hence, many people prefer to shop from the comfort of their own homes. So, MSME entrepreneurs should plan ahead of time to sell their things online or partner with existing e-commerce websites to host their products. To get a competitive advantage, MSMEs can also provide services such as same-day delivery and free delivery.
MSME traders can also register with MSME Global Mart, a Business to Business (B2B) portal that facilitates marketing support for MSMEs by way of greater visibility, connecting buyers and suppliers, trade leads, and keyword-based limitless tender alerts to accelerate their business online. By delivering value-added services and relevant information, MSME Global Mart's services are designed to serve MSMEs at every stage of the business cycle and increase the visibility of products on a global scale.
2. Get the Right Financial Help
Funding is necessary for any organisation, particularly those that require huge sums of money or have a poor cash flow. Every small business requires financial assistance from time to time in order to function correctly. It could be working capital, an asset purchase loan, or other business loans, including festival loans, for a short or long-term financial need.
Getting the proper financial assistance at the right time might help a company grow swiftly and reach new heights rather than stagnate for an extended period of time. MSME entrepreneurs can use the loan amount to purchase machinery, renovate their stores, stock up on supplies, etc. It will increase their productivity, sales, and income, especially during the festive season.
3. Hiring Seasonal Workers
You would require hiring temporary, seasonal workers to help meet the increase in customer demand. Determine how many employees you'll need to manage all operations efficiently, and then employ seasonal workers to make up the difference. Before the festive shopping rush, skill up your staff to provide festival shoppers with a hassle-free experience.
Grow your MSME with collateral-free business loans
Importance of Celebrating festivals in India
According to the YouGov Diwali Spending Index, the spending intent among Indian consumers in 2022 was 94.45, up from 90.71 in 2021 and 80.96 in 2020, indicating a speedy recovery from the pandemic.
India has multiple festivals that are celebrated in various regions of the country. The rich and vivid events exemplify our diverse customs and culture, which revolve around Lord's birthday, traditional mythology, seasonal changes, relationships, and so on. Festivals are celebrated throughout the country bringing people together and strengthening the human bond.
People welcome the festive season by painting and decorating their homes, dressing up in ethnic clothing and jewellery, visiting loved ones, and indulging in sweets, gifts, and crackers. People also purchase or replace automobiles, household appliances, furniture, and electronics during this auspicious time. This will lead them to visit different stores or shops to buy the best gifts for themselves and their family.
Hence, this is the ideal moment for MSME traders to begin their business journey or modify the existing one as festivals provide a frantic chance for businesses to reach new customers, expand into new markets and increase revenue. They can motivate their customers through special offers, promotions, and financing options.
Festival season is very important for Indian MSMEs as it is an excellent opportunity to gain more sales and profit. By following the above three points, MSMEs can achieve more growth, and success and take their business to new heights. Adopting an online payment method will ensure safe payment and a smooth customer experience. By providing special discounts during the festive season, MSMEs can upgrade their businesses and reach several people within no time.
Small business owners can avail of funds through various business loan festive schemes from any NBFCs in the country like Kinara Capital with sufficient funds. Kinara Capital, an RBI-registered Systemically Important Non-Banking Financial Company in India, is one option to explore when looking for an unsecured loan. MSME entrepreneurs can apply for collateral-free business loans from Kinara with loan amounts ranging from Rs. 1 lakh to Rs. 30 lakh to expand their businesses to a wide horizon. MSME owners can rapidly determine loan eligibility by using the myKinara app and apply for quick small business loans that can go from approval to disbursement in less than 24 hours.
- MSME traders
- small business owners
- festive season
- festival loan