The world is not what it used to be since the Coronavirus outbreak. The virus has distorted the daily lives of millions of people across the globe. Social distancing, travel restrictions, work from home – are becoming the new normal. To gain customers’ trust, companies should understand the buyers and their requirements in this unprecedented environment.
Why is maintaining customer relations essential?
Good customer relationships can help a company to grow. As with personal relationships, creating and nurturing customer relationships is essential as well. When organizations develop strong customer relationships, it can lead to loyal customers, positive word of mouth, and higher sales.
What are the customers expecting from you?
For your company’s long-term well-being, you should put the needs of your customers first. Customers will always prioritize their safety and that of their families. They expect businesses to understand their shopping style, keep essentials well-stocked, be treated as a valued customer, and get benefits even in these hard times.
How to maintain customer relations in the pandemic?
- Maintain hygiene: The safety of the customers should be the priority of any business concern. Therefore, businesses should keep their stores thoroughly sanitized. When a customer goes to the store, there should be provisions for social distancing and contactless operations to reduce the risk of contracting the virus.
- Communicate with the customers: In the wake of the pandemic, everyone is in distress and fear. In such times, if a company can keep communicating with its customers, they will feel considered and cared for. By maintaining contact with its customers, the company can also stay informed about the customers’ needs and wants through feedback, thereby stocking inventory accordingly.
- Make them feel special and valued: By storing customer information such as important dates, companies can surprise their customers with gift vouchers, coupons, gift hampers for special occasions such as birthdays and anniversaries. They can even send over medicines for the aged family members of the customers. Such little things can increase customer loyalty.
- Understand what customers are looking for: Businesses can identify the needs and wants of its customers through research and surveys.
- Added benefits: In these hard times, companies can give their customers free masks and sanitizers with the items they purchase.
It is important for a company to bear in mind the immediate needs of its customers during the Coronavirus crisis. By maintaining strong customer relationships, companies can ensure sustainability and brand loyalty while running their businesses in these challenging times.
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Time is money. No phrase proves this statement better than when you own a growing business.
As you strive to achieve your business aspirations, juggling responsibilities and managing activities end-to-end sums up a typical work day. You simply cannot afford to compromise on any of the processes at hand, because it might have a profound impact on the growth of your venture. The trick is to focus your productivity on the limited resources you have in a time-efficient manner till you can confidently handover the heavy lifting to experts. Successful businessmen will tell you the same, but in two words: time management.
Here are our favorite tried-and-tested time management tips for small business owners to save you time and make running your business easier.
1. Fix a Schedule and Stick to it
The best way to accomplish a productive day is to show up at work with a clearly defined set of goals and tasks, preferably hand-written. A disorganized schedule leads to ineptness and wasted hours, eventually leading to a loss of focus on business objectives. Account for every hour of the day, from the time needed for meetings and document review to travel and shopping. Create your schedule with three categories- one for the responsibilities that need to be completed that day, another for those activities that require your attention but can be put on hold and a third with minor tasks that you can work on if you have extra time. Know your downtime- you can use this for short breaks.
2. Focus on ONE Task at a Time
Multitasking might seem like a clever way to do many things within a short amount of time, but it divides your attention among the responsibilities at hand. Being a budding enterprise, this is not a risk that you want to take now. Instead, you can try the ‘Pomodoro technique’. This involves setting your timer for a specified time and focusing wholly on one task before the timer goes off. Repeat this after taking short breaks of 5 minutes between tasks. An efficient way to structure your time, this technique ensures that you devote time for a specific activity regularly.
3. Delegate Work
All small businesses are a one-man army early into their business operations. But your growth journey to becoming a larger enterprise begins when you start delegating responsibilities to expert personnel. Hire people who are dependable to manage tasks you don’t have time for or you are not suitably skilled for. This will give you more time to work on things that you are best at and need your personal attention. Keeping in mind that most growing enterprises might not be sufficiently funded to hire the right people, Capital Float offers Unsecured Business Loans to support the recruitment needs of these businesses.
4. Avoid Distractions
Any means of distraction is harmful for the growth of your business, as the work you do is very different compared to those of your employees. If you think your team members are wasting time on social media, set up a URL blocker on your system. You can forward calls, set up caps on answering emails or designate others to perform repeated tasks, if these are causing you to deviate from your daily schedule.
As you get busier, more people demand your time. Reducing distractions implies training the people around you to respect your time. Your employees tend to consume your time with constant problems or through attempts to garner your attention. Take steps to identify the major time-wasters and keep them at bay.
5. Prioritize difficult tasks
An effective time management hack is to start your work hours with the most challenging task at hand. Despite varying individual notions of productivity, mornings are accepted as the time of the day when you are at your optimum performance levels. This leaves the rest of the day to handle repercussions or developments, and you can work on other priorities with a relaxed frame of mind.
6. Watch out for ‘Shiny Objects’
Many a small business that has just entered the economic space face the ‘shiny object syndrome’ early into their growth phase. Shiny objects, or seemingly bright opportunities, keeping popping up from time to time and they tend to distract you from your business objectives. You can eliminate such time-wasters by asking for agendas before attending any business proposition and comparing new prospects with the value of opportunities at hand.
7. Organize your Work Space
There is no bigger demotivating factor than coming to a cluttered workspace every morning. Not only does it create an unorganized mental space, but according to recent surveys, makes you stay at office longer. Documents categorized into inbound and outbound piles, color-coded filing cabinets, scanning forms onto Outlook, and similar techniques will save you the trouble of rifling through scores of paperwork to find information.
8. Evaluate and Improvise Consistently
The worst thing to do to your business is to continue implementing processes that do not benefit your cause. Most small business owners might be busy with specific projects to spend time analyzing their business models. This is where a quarterly evaluation becomes the most significant of time management tips and strategies. A quarter, or three months, is relevantly sufficient amount of time required to determine the effectiveness of a strategy or a business relationship. Carrying out evaluations at the end of every quarter gives ambitious entrepreneurs better process insights and a chance to move in the right direction.
9. Measure Big Successes & Failures
One of the critical time management skills that a small business owner must possess is goal setting. Define scalable weekly business goals with an emphasis on a particular aspect of your business that you want to focus on, and evaluate the big wins and losses at the end of the week. What makes this strategy so productive is that here, failures are treated as important as successes, as early analysis saves the time that your team might have continued working on them.
10. Leverage Technology
Most small business owners spend more time running a business than growing it. Tasks like staff rotas, invoicing, payroll and tax consume more than 30 hours of productive time every month. With the infinite number of apps and services available online, technology can be used to fill the gap in your current business processes. Automating repetitive tasks such as these will help you save a lot of time to focus on activities that directly impact the growth of your business.
Oct 24, 2018
Unsecured small business loans are considered as one of the safest ways to raise short-term finance for meeting the working capital requirements or urgent funding needs of a business. The safety feature is attributable to the fact that these unsecured small business loans do not require any collateral or security in the form of assets of a business. Most small businesses do not have adequate assets to offer as collateral. The elimination of the need for collateral makes it possible for such businesses to raise loans.
Recent years have witnessed the launch of new-age lenders and the introduction of products that have revolutionized unsecured business loans in India. This is not merely via the easy access to funds, but also offering customized solutions for different businesses and tying the repayments to the accounts receivables or inflows from credit card sales of a business.
Ensure uninterrupted business operations
Often small and medium enterprises (SMEs) need funds for their daily operations to ensure the smooth functioning of their business. Funds may be required to purchase raw materials, pay wages and salaries, clear utility bills and meet unexpected expenses. SMEs may also need immediate funds to grab a business opportunity or take advantage of a seasonal upswing in the demand for their products. These funds are required before a business services its customers and raises invoices. The lack of availability of funds at this time can threaten the very survival of a business and, at the least, could throttle any growth opportunities.
This is when unsecured small business loans come to the rescue. SMEs are able to sustain their businesses with the help of such funding options.
The main reason behind the increasing popularity of unsecured small business loans in India is their easy availability. Only a few years back, businesses had no other option but to approach banks and other traditional financial institutions to raise funds. Even if a business could satisfy the stringent eligibility criteria for loans, it could take months before the funds were disbursed.
With the emergence of FinTech lenders, it has become possible to secure funds in a matter of days. Such lenders use the latest technology to assist the loan approval process, making the sanctioning and disbursal of loans swift and easy. Such loans are safe because they are easily available and ideal for preventing any disruption to operations.
Protect Your Bottom-Line
Most SMEs are unable to meet the eligibility criteria put forth by traditional financial institutions. In fact, it was impractical to approach banks for urgent liquidity needs, given their long-drawn approval processes. Thus, most businesses were left to the mercy of unorganized money lenders who would charge steep interest rates.
FinTech lenders now offer loans that are easy to access, with faster approval processes and more affordable interest rates. With these solutions in place, businesses can protect their bottom-line by raising unsecured business loans without paying exorbitant rates of interest charged by unorganized moneylenders.
Flexible Repayment Options
Unsecured business loans come with flexible repayment options. The term of the loan could range from six months to three years. The repayments can be on a daily, weekly, fortnightly or monthly basis. Some products like Capital Float’s Online Seller Finance and Merchant Cash Advances link repayment to the operating cycle or receivables and credit card sales of the business. This flexibility puts a business in a better position to make repayments. Since the repayment is a specific percentage of the monthly sales, there is no added pressure on the borrower to repay the loan. This also ensures that the borrower is not stressed about repayments when business is slow.
No Restriction on Use of Funds
When a business takes an unsecured short-term loan, the lender does not impose any restriction on how the business deploys these funds, unlike in the case of secured loans. The borrower can use the loan amount to fund daily operations, purchase raw materials, pay utility bills or market its business.
Flexible Loan Size
In the case of a secured loan, the amount that a business can borrow is determined by the value of the collateral. In the case of unsecured business loans, the amount can be determined by the need for funds. With Capital Float’s Merchant Cash Advances, a business can borrow any amount ranging between ₹1 lakh and ₹1 crore. Although the amount is correlated to the credit/debit card payments to a business, the loan can be as high as 200% of the monthly card settlement.
Defaulting on Repayment of Unsecured Small Business Loans
Unlike in the case of secured loans, a lender cannot seize any assets of the business in case of a nonpayment of the loan amount. However, defaulting on a loan can have serious consequences. A business may not be able to take another loan once it has defaulted in repaying one. The failure to meet repayment obligations could end in a lawsuit.
Prior to taking such serious measures; however, lenders would offer options to make it easier for a business to repay the loan. If a business is unable to repay a loan as per the scheduled timeline, the best thing to do is to contact the lender to explain the reasons for default and to set a revised repayment plan.
In fact, most experts advise SMEs to build a long-term relationship with the lender. Unsecured loans can be taken on a recurring basis, making money available exactly when a business needs it and planning repayments when the business is expecting an inflow of funds from customers.
Oct 24, 2018
Are you an online seller looking to optimize and grow sales? Given the highly competitive nature of e-commerce, it’s always advisable to have a cash flow option handy for successful expansion. Furthermore, you wouldn’t want to lose out on market opportunities due to the lack of convenient financing options. And that, is where Capital Float comes into the picture.
In the cut-throat world of e-commerce, having a lucrative financing option at the right time is likely to translate into a significant competitive edge. There are three key occasions, wherein, an online seller may require rapid financing:
- Respond to an increase in sales by purchasing inventory
- To be prepared for seasonal fluctuations in revenue, and bridge short-term gaps in liquidity.
- To widen product portfolio by diversifying into other product segments or to widen reach by operating on a new marketplace
Here are a few compelling reasons as to why you must apply for Capital Float’s Online Seller Finance to maintain your competitive advantage in the business:
- Flexible loans that are customized to your need
The exciting features at Capital Float’s Online Seller Finance ensure speedy expansion for your business in a simple manner. As an e-commerce vendor, you can raise funds from INR 1 Lac up to 1 Crore, depending upon your cash requirements. Furthermore, we provide you with effortless repayment modes for a loan tenure between 90-180 days. Our partnerships with multiple, leading e-commerce platforms enables you to acquire our e-commerce seller loans to operate and expand across different online marketplaces.
- A quick, hassle-free process
a) Minimum documentation
To apply for our eCommerce seller loans, you need not furnish a heavy stack of documents. All we would need from you are your bank statements of the last six months and KYC documents credentialing you and your business.
b) Zero collateral
We provide unsecured loans, meaning we don’t take collaterals as guarantee for loans. You won’t be asked to pledge your property or vehicle to avail a loan from us. Our loans are bereft of the anxiety that are often associated with loans against collateral.
c) Loans against marketplace sales
Our motto is to help businesses to ‘Break Limits’. We understand that many a time, businesses with potential are hampered by the lack of finance. We are committed to change that. You can avail Online Seller Finance on the basis of your proven sales on e-commerce marketplaces, receiving up to 150% of your average monthly sales.
- Apply anywhere, any time
While financial institutions like nationalized banks, private banks and traditional NBFCs not only take weeks to sanction a loan, but they also have tedious application procedures, Capital Float ensures immense flexibility in the process. We have designed a handy mobile app through which you can apply for a loan from anywhere, as long as you are connected to the internet. The four-step online application procedure is not only user-friendly, but allows you to raise funds without losing on precious time.
External financing is an excellent tool for you to grow as an online vendor and keep operations smooth. Capital Float’s sole aim is to bridge the current gap in the market with innovative and flexible credit products for online enterprises like yours. That said, Online Seller Finance is just the product you need to fulfill your finance requirements in a smooth, hassle-free manner.
Wait no more. Take your online business to the next level with our online seller loans. Click here to apply.
Oct 24, 2018