For any owner in the SME sector, the biggest challenges of running a business stem from availability of finances and talented manpower. The last five decades has been one of change with new technology and increasing FDI boosting opportunities in India. In order to do justice to your firm and drive revenue, Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv group, outlines the 3 biggest challenges faced by SMEs in India and how they can address them.
- Accessing new technology
While you stay abreast with the latest tech updates in your field, you can buy the latest equipment you need by utilising the Equipment and Machinery Loan from Bajaj Finserv. With funds up to Rs. 30 lakh, you can buy or lease all that you need and have money left over for training your staff and even addressing repair and maintenance.
- Overdependence on existing clients
From social media and content marketing to bold branding exercises, print media and more, you can use a variety of methods to diversify your client base. Use funds from the SME Loan from Bajaj Finserv via the Flexi Loan facility to address your marketing needs in regular installments. Borrow as you go from the Flexi facility and pay interest only on what you use from your total sanction. This will help you save money and address frequent needs for capital successfully.
- Achieving growth without compromise on quality