Time is money in business.

The outcome of any business depends on various factors but one factor that unarguably tops the list is how well you manage your business. While the capital invested, quality of goods purchased, location of your store and the craft of salesmanship matter a lot, what really matters is the time you invest in nurturing your business. Truth is, you need to concentrate on every aspect of the business and you have just 24 hours, like everybody else.

In such a scenario, when every day and every passing second is to be invested in the business you’re already running, how do you even think of expanding? Or learning something new? Or taking the path less travelled?

It’s a digital world.

Gone are the days when you would need to be physically present to ensure something had to be done. Today, a click of the button or a tap on the screen is all it takes to be wherever you have to be. Right from attending classes to making work presentations, from being a part of events to joining important celebrations, everything happens digitally.

Why should it be any different for businesses?

Managing vs expanding

You too can expand your business and set foot into the e-commerce world without having to move an inch. To start with, all you need is the required knowledge on e-commerce and support from experts who will help you step into the digital world.

The Walmart Vriddhi Program

The Walmart Vriddhi Program is a FREE online training program developed for Micro, Small and Medium enterprises, like yours. A highly recommended training program, in association with global
e-commerce giants including Walmart and Flipkart, the Walmart Vriddhi Program helps businesses go digital. Here’s how. Firstly,
upon registering for the program as an MSME, you get access to the curriculum and a network of MSMES which helps you connect and understand the current market scenario and relevant challenges. The program also offers key features like on-demand learning, personal advisory and the availability of a mentor when required, making it both educative and exciting,

Training apart, the program offers one key feature which makes it easier for MSMEs to join the bandwagon of digital business. It helps you onboard on Flipkart – right from the documentation to photoshoots and everything in between, the Walmart Vriddhi program ensures you are guided all the way till your start selling on Flipkart. And continues to support and assist you, even after that.

Here’s why you PROFIT from the Walmart Vriddhi Program.

It’s absolutely FREE.

In the world of business, nothing comes free – not even a piece of cloth. However, the program, which not only offers a structured curriculum but also connects you to a network and promises personal advisory, is free. Which means, no registration charges, no hidden charges or no joining charges. Absolutely nothing.

It’s online.

Juggling with too many things can do more harm than good and that’s applicable for your business too. Thankfully, with this
program, you can focus on your existing business and yet learn, connect and grow simultaneously, as the course is online and easy to adapt to. All that you’ll ever require is a little time in your hands and a smartphone in your pocket. For those who have the luxury and space, a laptop isn’t a bad option either.

Learn at your own pace.

The course, the curriculum and the teaching; they’re online and offer pre-recorded sessions which allows you to go through them in great detail based on your availability. This means you will not have to
miss out on the curriculum or anything crucial. One key benefit of learning at your own pace is that you have nothing worrying you while you are learning and this is essential to understand and grasp things quickly. Which is what you require to grow your business to the next level.

Access to Walmart and Flipkart’s expertise.

Onboarding on Flipkart is a key benefit of the program and it helps you go digital in the most effective way. Another key benefit of the program includes gaining access to the expertise of e-commerce majors including Flipkart and Walmart. This access helps open new doors of possibilities and lets you understand the business and its challenges from an e-commence perspective.

Connect to a network

Very often, while the knowledge and experience is gained, somewhere we falter. Here’s when the advantage of a network comes. Because, sometimes, all you need to stay updated or grow is a valuable network. The Walmart Vriddhi program, as part of the course, gives you the advantage of being part of and staying connected to a network of MSMEs who collectively bring with them diverse and valuable ideas, suggestions and experiences.

Advice to improve profitability

Nothing succeeds like success. And in business, profitability is the only way to gauge success. The Walmart Vriddhi program offers dedicated and customised advice, through its panel of experts, who bring in years of experience. This helps you not only grow your business but also helps improve the profitability of your business.

In today’s world being omni-present is a possibility. Thanks to the digital revolution we are all witnessing. It goes without saying the revolution has been a springboard for many business owners globally who’ve worked it to their advantage and have catapulted their businesses to great heights.

And your story is no different.

Be a part of the digital bandwagon and go digital with your business. Without having to compromise on your existing business.

When a new firm is launched, one of the first things that company owners must focus on is developing a strong internet presence for it. The same is true for solopreneurs and company leaders looking to progress professionally; one of the most important aspects of building their professions is how they design their personal brand and present themselves online.

What is personal branding?

Personal branding is sometimes referred to as the professional or career brand. It is how you show yourself to coworkers and connections both online and offline. With the rise of LinkedIn, blogging, networking sites, and the widespread use of browsers, it is critical to present the brand in a good professional light. You should perform the same thing that a firm does to separate itself from its competition by finding and expressing its unique value proposition. Taking a constructive attitude to the personal brand can help one’s career.

Of all, there are so many possible factors involved in personal branding that deciding where to start can be daunting. Luckily, there are certainly practical, real actions you can take to establish your personal brand efficiently online. Please keep in mind that everything here might not apply to every industry. Understanding the needs of the industry is of utmost importance before applying these tips.

Why spend time on personal branding?

Personal branding is crucial because it lends respect to a person. It’s never been more difficult to get a new job or earn a paycheck. With more people developing online personal brands, you must put yourself out there to get seen. Personal branding may make it easier for employers to identify specialists like you, particularly if you’ve been blogging for a while. If you’re applying for a higher-level position at a new firm, you may highlight critical statistics such as the number of supporters you have, the amount of traffic your website receives, or other important metrics that will offer you a strategic advantage over other applicants.

Tips on creating an online presence:

1) Show your authentic self: Creating a personal brand is introducing oneself to the target audience and getting to know them. This method is conveying the target audience the narrative so that they understand your brand in the way you want them to. You may tweak your tale to make it more appealing to the audience, but you must remain authentic. It is critical to demonstrate something that makes you stand out to capture the attention of the audience. Present something to the audience and be consistent in order to keep their attention. This will create a sense of familiarity, and familiarity leads to a greater brand presence. For example, some influencers have a certain quirk that makes them stand out in the huge pool of influencers on social media.

2) Consistency goes a long way: Make it obvious what you and your brand stand for. What can your audience reasonably anticipate from you? Be clear about the process, service, and values that you offer, as well as how they are communicated to the target audience through the brand. Then stick to your guns. It entails spreading the word about your company through various sorts of content on social media.

3) Provide value for the audience: The concept of value may appear to be highly unclear. It is critical to learn how to move around with whatever product you are presenting. However, constant product promotion will lose the target audience’s interest in the brand. As a result, it is critical to seek creative ways to promote the merchandise. A meal delivery service, for example, cannot devote its whole feed to discussing its delivery procedures and the restaurants from which it serves. Instead, they may post movies on the origins of various food products, talk about their staff, and make use of social media tools such as Instagram polls.

4) Blogging for the win: While it may appear to be a time-consuming task to develop blogs for the company on a regular basis, it is one of the most productive strategies to get the attention of the target audience. You might publish blogs on the speciality of the product or brand you own. You might put these blogs in your website’s blog category.
You might also write blogs for other publications in the same niche as your product. This will assist you in quickly gaining a large number of followers, which you can then monetise through increased sales.

5) Interact along the way: Personal brands cannot be developed in the absence of human connection. Of course, many influencers ultimately reach a point when they communicate with their audience less frequently. However, if you’re just getting started with self-branding, you’ll undoubtedly want to reply to comments from the followers. It’s just beneficial to the company. Take the time each day to communicate with your online audience.

6) Speak on many platforms: Be present on as many platforms as you can. Amplify yourself as much as you can by being present on every social media platform. Make sure that there is a variety of content that works well with the type of platform you are putting it on. Understand the different types of audience on different types of social media platforms and then based on their preferences curate the content. If you are trying to speak about the brand on Instagram, a well-curated video of 30 seconds might work better than a long write up.

7) Watch out for yourself: Understand that branding is anything that you put out there – a name, a logo, or maybe just any value that you put across. So, it is very important to monitor your brand. This would involve taking down any old social media post that goes against your brand name. It is necessary to be mindful when you are venturing into popularising your brand name. As much as attention from the audience is a great thing, it is very important to understand that along with it comes scrutiny. Even if you try your best to avoid any type of scrutiny, it is impossible to eliminate every type of scrutiny. So when that happens, communicate and rectify without letting it affect your brand name.

It’s also important that one takes care of their personal brand without comparing it to others. Learning new things is always necessary, but try to focus on who you are and what you are putting out rather than focusing on the process of some other enterprise. Everyone has their own process for developing their personal brand.

What happened to MSME during the Pandemic?

The Covid-19 pandemic is by far the most significant economic phenomenon in our lives. The pandemic has disturbed socioeconomic life and continues to harm nations and individuals alike. According to the International Labor Organization, the situation has already deteriorated into a financial and labour force disruption, hurting not only supply but also mandate.

As we all know, the business has changed, maybe irreparably, with the largest impact on people’s lives. According to the ILO, approximately 400 million people in India’s unorganised sector are at risk of poverty due to the coronavirus’s unknown duration and severe financial consequences, with unique security issues in the arena of low-skilled jobs, where lost revenue would have a particularly damaging impact.
MSMEs, the bedrock of India’s inclusive growth story, have had a massive impact and significant disruptions as a result of the coronavirus disrupting their cash cycles. The situation of MSMEs is extremely alarming since they are an essential component of both local and international supply networks.

However, the crisis has driven small businesses and other sectors to adopt a strategy that necessitates higher efficiency and accelerates modernization. In some respects, Covid-19 is a watershed moment that might pave the path for speedier business change in India’s massive MSME sector. While there is no silver lining in this predicament, the reality of the situation has forced businesses to investigate all options for adapting and thriving. The pandemic has acted as a wake-up call in India to accelerate change and growth. According to McKinsey, a coordinated reform program may significantly enhance economic fundamentals by raising productivity in a variety of industries and creating the 90 million nonfarm employment India needs by 2030.

Factors responsible for the vulnerability of MSMEs

1) Capital Shortage – MSMEs in India are exceedingly unstructured; the vast majority of their transactions are handled in cash and are not effectively recorded in accounting records. Because of a lack of exact data records, these businesses do not earn the needed credit score and find it difficult to obtain lines of credit from the organised sector.

2) Heavy Transaction Cost – Because MSMEs’ transaction volumes remain low in most cases, trading costs remain expensive, both in online and offline payment channels. This has a significant influence on the company’s long-term profitability.

3) Banks’ and financial institutions’ risk assessments – In the lack of a good credit score or collateral, most banks perceive MSMEs as risky clients. This problem is compounded when the customer is a new business. Even if banks are convinced to lend, interest rates will continue to be higher than usual. Various MSMEs have variable revenue requirements based on the size of the organisation, working capital structure, and supplier agreements. All of this necessitates tailor-made services and goods.

4) Cybercrime – MSMEs are more vulnerable to dangers and hackers due to a lack of sufficient awareness and understanding of online banking and transaction operations.

Managing the crisis:

MSMEs must do an immediate examination of their financial status and security. The government may give soft loans with longer payback terms and increased credit ceilings to support MSMEs during a pandemic crisis. MSMEs must rethink their whole value approach by, among other things, improving product dependability, extending distribution networks, and employing new advertising techniques. In order to broaden market reach among buyers and suppliers, a robust digital ecosystem must be built.

The Government of India developed an e-marketplace(GeM) to increase the involvement of MSMEs in government tenders. A market ecology that is digitally active has the ability to reduce costs, increase labour efficiency, promote product invention, and improve employee safety. Collaboration with research institutes, tech start-ups, and established multinational corporations may be an effective business strategy for MSMEs seeking to develop a low-cost manufacturing base and access the Indian market. The Indian government’s assistance programs for MSMEs, such as the Emergency Credit Line Guarantee Scheme, low repo rates, e-market links, and PF and EPF support for both firms and employees, have begun to yield positive results.

The Reserve Bank of India has issued a notice that allows banks to deduct funds provided to new MSME lenders from their gross demand and time obligations. This implies that banks are excluded from maintaining a cash reserve ratio for loans given to first-time MSME clients from January 1 to October 31, 2021. Furthermore, the RBI has permitted Non-Banking Financial Companies (NBFCs) to get bank funding through Targeted Long Term Repo Operations (TLTRO) in order to stimulate incremental lending.

Looking forward:

The most recent changes send a strong message in favour of making it easier to conduct business, balancing competition for local firms and entrepreneurs, widening the community of beneficiaries, and boosting transparency. However, given the extent of the challenges, it is vital that the government reinforces its reforms and executes certain industry-changing measures.

Unresolved or late payments to MSMEs should be accelerated in terms of capital availability. TReDS payments to MSMEs should be rigorously controlled at the central level. The government is now encouraging MSMEs to join the TReDS platform since it allows them to cut bills and seek short-term funding from banks to handle their delinquent payments problem instantly. MSMEs should be encouraged to go digital and pay all invoices in TREDS to alleviate the liquidity impact on their working capital.

The sector will benefit if a strategic approach is taken and reforms are made to make credit and capital more readily available to MSMEs. As a result, the lending environment must be simplified and improved by utilising digital technologies for a more efficient loan procedure and analysing the creditworthiness of potential borrowers.

Micro, small, and medium-sized companies (MSME) are one of the important components that have contributed to the growth of the economy and the country. MSMEs provide job prospects for around 111.4 million individuals in the country.

Despite their contributions, MSMEs in India face a number of challenges.

They must always keep up with rapidly changing technologies or risk becoming irrelevant. They also face high finance expenses and are sometimes unable to identify their key competitive advantages in order to maintain product standards and quality. MSMEs must also address the issue of intellectual property protection as well as a labour shortage. Finally, MSMEs research has identified the availability of financial channels and access to these channels as the most crucial determinants in fostering MSMEs’ growth in emerging economies.

At each step of their life cycle, MSMEs encounter plenty of problems. In a study conducted on understanding financial challenges faced by MSMEs, it was found that companies in both the start-up and expansion stages evaluated each finance issue as difficult. During the survival stage, businesses did not see infrastructure, labour, labour law compliance, or enterprise registration to be barriers to receiving credit. At this level, businesses have access to appropriate personnel and infrastructure.

The most prevalent obstacles experienced by firms in the start-up and survival stages in receiving funding were difficulties in providing collateral or a guarantee, delayed loan processing, and a lack of awareness about available program.
The main barriers to receiving funding throughout the expansion stage were a lack of awareness about existing schemes, expensive service costs for processing credit applications, difficulties producing collateral, and high-interest rates. Enterprises wanting to broaden and grow into additional markets may have distinct financial demands, and they may be looking for short-term financing that may be obtained at more economical pricing.

Different types of financial sources for MSMEs:

• Venture capital:

  Venture capital is growing as an essential source of funding for small and medium-sized businesses, particularly for startups and progress. An entrepreneur often begins a firm using his funds as well as money borrowed from a bank. It is during growth that they struggle to raise financing. Traditionally, MSMEs have relied on bank financing for expansion and operational capital. However, bankers have recently reduced lending to SMEs due to the increased risk of non-performing assets (NPAs) during a downturn. As a result, even though many MSMEs have profitable initiatives and development plans, they may find it difficult to obtain financing for their projects since bankers may be unwilling to support high-risk ventures.

  Apart from classic VC industries such as information technology (IT), VCs are increasing their reach into fields such as clean energy, healthcare, pharmaceuticals, retail, media, and so on.

  In the past few years, government-controlled financial organizations have taken significant and constructive steps to give MSMEs access to financing at acceptable and affordable charges and without the normal barriers. Venture capital financing institutions have been established to induce funds at a reasonable cost, share risk, and give management and technological up-gradation assistance to these firms. Government-funded program are available at both the national and state levels.

  The largest public financial institution participating in VC funding activities is the Small Industries Development Bank of India (SIDBI).

• Factoring:

  Factoring is a type of receivables financing in which a firm sells or designates its accounts receivable (i.e. invoices) to a financial institution (a factor) at a cost in return for instant cash to finance ongoing operations. The delay in the repayment cycle by SMEs’ big scale clients harms their operational aspects and funds recycling activities.

  Factoring is a method of financing working capital for MSMEs. However, unlike typical forms of working capital finance, factoring entails the factor of purchasing the accounts receivable altogether rather than collateralizing a loan. Factoring offers working capital loans to small and medium-sized businesses (SMEs). Unlike typical forms of working capital finance, factoring entails the factor of purchasing the accounts receivable altogether rather than collateralizing a loan. The benefit of factoring in a bad business situation is that the factored receivables are excluded from the seller’s company’s debts and become the asset of the factor.

Government finance sources:

Given that banks are India’s primary source of credit, the Reserve Bank of India has included micro and small companies on its list of prioritised lending segments. Banks have also been encouraged to achieve a 20% year-on-year increase in loans to micro and small businesses, as well as a 10% year-on-year increase in the number of microenterprise clients.

Some of the government announced schemes for the development of MSMEs:

• Pradhan Pradhan Mantri Mudra Yojana (PMMY) scheme was launched in April 2015. This program offers loans of up to ten lakh rupees to non-corporate and micro-enterprises. Under PMMY, such loans are classed as MUDRA (Micro Units Development and Refinance Agency Limited) loans.
• The Prime Minister’s Employment Generation Programme (PMEGP) is the combination of two schemes: the Prime Minister’s Rojgar Yojna (PMRY) and the Rural Employment Generation Programme (REGP). This program aims to provide youth and conventional artisans with self-employment prospects via micro-enterprise firms in the non-farm sector. Khadi and Village Industries Commission (KVIC), which serves as the national nodal organisation for this initiative.

  Banks that offer MSME loans: Many MSME loans are offered without collateral by banks. Some of the banks which offer different loan schemes are State Bank of India, HDFC Bank, ICICI Bank, Axis Bank etc. Some of the financial institutions that offer loans to MSMEs are NBFCs, Small Finance Banks (SFBs), Regional Rural Banks (RRBs) and Micro Finance Institutions.

  Accounting depicts a company’s financial performance. Verifying financials and updating accounting records to keep track of the firm’s financial status may be a time-consuming procedure for any small or medium-sized organisation. Accounting information involves several complex situations, large operating budgets, and massive ledger data. Whether a firm is little or large, it has inadequacies in handling enormous account books and playing with sufficient instruments and other functions are helping enterprises from smaller towns to interact with the country’s mainstream growth. Practising good financial recordkeeping and utilising the best accounting software results in a flexible and effective accounting approach.

• Tally:

  Tally is one of the best accounting software in India for small businesses, with a market share of more than 75% and 2 million company customers. As recent revolutionary reforms enter India’s financial accounting system, Tally leads the list of accounting software taking GST statutory laws under consideration. Tally has error detection features that reduce the likelihood of GST return rejection.

• Zoho books:

  The Zoho Books Accounting Software is the most recent addition to the accounting software market. It is a cloud accounting software, which can be visited from any device that has Internet connectivity. Zoho Books is GST compliant, automates corporate operations, controls financial accounting, and aids in departmental management from a specific source. Zoho Books is among the most popular accounting systems for expanding businesses, according to financial experts.

• Marg:

  Marg, which was founded in 1992, delivers customised solutions based on the needs of each sector. Marg is an India-based GST-enabled inventory and accounting software that simplifies GST billing and reporting. Marg is a trade-specific solution that is both inexpensive and configurable in terms of functionality. The program is simple to deploy and allows you to construct functionality for business assistance with over 2500 software configurations and 500 training videos.

• Vyapar:

  Vyapar is the best accounting software for small enterprises in India. Accounting software is a free application that helps to keep track of invoices, transaction data, manage books of accounts, and track daily business operations all while concentrating on the company’s development rate. Vyapar is an effective option because the majority of small businesses require a digital update. Vyapar is GST compliant, allowing for error-free tax filings while avoiding mistakes caused by human computations. Vyapar is in charge of controlling individual company units, creating personalised invoices, and automating payment reminders.

With over 500 million internet users, India is one of the biggest and fastest digital consumer marketplaces, but corporate participation is inconsistent. As digital capabilities increase and connection becomes more accessible, technology is set to rapidly and dramatically alter practically every area of India’s economy. This is expected to have a substantial economic impact as well as affect the nature of labour for millions of Indians.

How did turning digital help brands?

Let’s start by looking at one of the major names of the digital entertainment industries that turned itself into a big-league company that has over 8.5 million new subscribers. Of course, it is less than half of what Netflix acquired during the first quarter of last year when the COVID-19 pandemic began and lockdowns around the country forced people to find alternative forms of entertainment. Netflix had around 16 million subscribers at the time.

So what did Netflix, a DVD rental company that used to send their customers DVD’s over mail, do differently in the competitive entertainment industry? The answer is simple! It looked ahead of the curve at a time where the internet era was just developing and used digital platforms to curate its services according to the needs and preferences of its users.

1) Slurrp Farm:

Meghana Narayan and Shauravi Malik co-founded their organic baby food business Slurrp Farm in February 2020. Within weeks, that ambition was dashed when India imposed curfews to halt the spread of the coronavirus. As income dropped to near nil, the two entrepreneurs were forced to change and modify their strategies to stay in the market.

They began with two goods, cookies and infant cereals, and have now expanded to 17, selling in over 600 outlets across several cities and online. Slurrp Farm’s products also include packaged healthy meals and mixes for pancakes and dosas, etc. Until that moment, their revenues were evenly split between offline stores and e-commerce platforms. They felt it was time to change their strategy and sell mostly online.

Slurrp Farms is taking advantage of these developments. The company’s revenues are now double what they were before COVID-19, their cake mixes are popular, and they just concluded a fundraising round with Fireside Ventures, an early-stage investor specialising in consumer products. Slurrp Farm has also begun selling in Singapore and Europe in recent months and has sought a certificate from the US Food and Drug Administration to sell in the US.

2) Bata:

Bata is a Czechoslovakia based multinational footwear and fashion accessory manufacturer and retailer formed in 1894. However, it has since spread all over the world, operating 40 production firms in 26 countries, operating 4,600 outlets that serve around 1 million consumers every day, and employing over 40,000 people globally.

Bata India’s net profit fell to Rs 37.60 crore in the three months to March from Rs 88.26 crore in the same period last year, owing mostly to the lockdown-induced slowdown in operations.

Bata will improve its online presence to grow sales, as the business anticipates that more consumers will turn to e-commerce in the coming months. According to India CEO Sandeep Kataria, demand for the company’s online store Bata.in is increasing.

As part of its efforts, Bata has diversified its products on Amazon, Flipkart, and Myntra, and has also brought out WhatsApp shopping across the country. Customers may shop from home via WhatsApp conversations with Bata stores in their area.

3) Miniso:

Japanese Value retailer, Miniso, which launched in India in 2017, has grown in popularity as thrifty Indian buyers have welcomed its low-cost items such as accessories, purses, storage containers, stationery, fragrances, and so on, with the majority of them costing less than Rs1,000. As a result, it has launched in India’s main cities as well as tier-two cities such as Jalandhar, Kanpur, and Howrah, among others.

According to the firm’s India president, the company has established a partnership with Noida-based Achhacart, a B-to-B online distribution company that would offer the retailer’s items to other e-commerce platforms such as Paytm, Amazon, and Flipkart as a reseller.
Miniso backed out from the plan of opening 800 stores in India to just 60 and chose to move digital and grow its own franchised stores.

4) Goldmedal electronics:

Goldmedal Electricals, situated in Mumbai and with a turnover of Rs 1,400 crore, began establishing its own IT staff four years ago and is now working on its ERP system.

The firm has its application, via which all dealers may log in and view their financial transactions with the organization. Dealers get access to all the data, including inventories, purchases, payment, and agent schedules, at the touch of a button. Goldmedal intends to build another application that will link dealers with the site’s approximately 40,000 electricians to enhance the segment.

Why should MSMEs embrace digital?

Digitization is the process of converting information into a digital format using digital technology. However, when used in the actual world, digitization has the potential to convert humanity into a domain that no one could have envisioned a century ago.

Because of government efforts such as Digital India, Skill India, and the JAM trinity, our country’s digital participation has skyrocketed. According to numerous indicators, India is well on its road to becoming a digitally active country. India already has one of the largest and quicker bases of digital consumers, due to the decreasing cost and increasing ease of access of smartphones and high-speed connectivity, and it is digitising faster than many developing and advanced countries.

MSMEs can search within themselves to determine what their company’s primary goals should be. This might include producing money to sustain and extend their business, delivering value to consumers, establishing a challenging environment for their goods, generating income to support and grow their businesses, and information protection. These goals can be attained on digital platforms easier than the offline markets. Since everything including registration to managing the financial aspects has turned digital it only seems fitting that MSME Digital Transformation is the way to go!

Moving towards a cashless experience:

A cashless economy has a fairly greater advantage in today’s scenario. It reduces money printing costs and eliminates counterfeit cash fraud. It is tough to track down cash. Cash can also be used for illegal operations such as tax evasion, misappropriation of funds, and so on. As a result, becoming digital with all transactions encourages a cashless economy. The government has launched several plans and programmes to encourage digital payments in small enterprises. Digital transformation for SMEs involves learning ways of going digital and learning tricks of managing finances online.

Generates revenue:

Documents saved in digital format and on the cloud significantly reduce costs. There is less need for office space, and stationery expenditures are lowered. Printing, processing, and storing use a great number of working hours and raises the cost of the output.

Overall productivity enhancements occur on a huge scale. All vital data is now immediately accessible on a device, so the organisation and its workers may access it at any time and from nearly any location. Storing data is one of the major issues that MSMEs face. This data might range from detailed financial information on stock prices, market data, effective contact with clients, and up to field employees who can transmit any changes immediately. SME digital transformation involves moving the enterprise data to digital platforms and making use of software that is compliant with government regulations.

Reduces security threat:

When interacting with tangible papers, there are several vulnerabilities to consider. Sophisticated current security constraints to secure data function extremely effectively across all businesses worldwide.

Digital transformation of MSMEs is not a goal in and of itself, but rather a means of improving business management and increasing efficiency. Currently, digitalization is not a choice, but rather a need if you want your company to be successful and profitable. The market has fundamentally changed as a result of the continual and rapid technological revolution. Consumers’ habits, wants, desires, modes of communication, and consumption have all altered. If you can’t read and grasp this new environment, no amount of money spent on the greatest technology and apps can help your firm.

India has one of the world’s largest MSME bases. The sector contributes considerably to the country’s GDP, exports, and also offers a large number of job possibilities. However, until now, financial institutions neglected this area because of significant risks, despite their demonstrated development record. As a result, more than 60 percent of the MSMEs had turned to unstable informal funding sources. Considering that banks and other traditional financial institutions demand a credit history, extensive documentation, and evidence to evaluate a loan applicant’s reliability, a considerable number of entrepreneurs and small company owners missed out on loan chances.

Change in the scenario:

The introduction of fintech tools, particularly digital financing, has been a game changer for MSME financing in India in recent years. MSMEs accounted for roughly 17 percent of year-on-year growth last year, owing to a favourable regulatory system and change in government measures. However, a big portion of the market with digital lending potential remains untapped. According to studies, digital lending to MSMEs would rise 15 times by 2023 as a result of increasing digitalization and access to simpler, cheaper finance provided by digital lending organisations.

When compared to traditional forms of financing, digital lending is gradually gaining favour among MSMEs due to the convenience of access and hassle-free methods of receiving a loan. To determine loan eligibility, NBFCs and major digital lending businesses rely on data about business development and financial health.

Loan requests were traditionally reviewed based on different forms of financial information and paperwork provided to a lender, such as tax returns, credit reports, payment history, bank statements, and so on. With the rising digitalization of this data, digital lenders can swiftly assess the sort of loan and rate of interest under which the applicant is qualified. Digital information administration and powerful analytics enable digital lenders to process loan applications more quickly.

The rise of FinTech lenders has been a boon to MSMEs because the lending procedure is now done digitally. This implies that financing is simple because the documentation is low, if not non-existent. The top Indian digital lenders providing smooth finance to MSMEs are listed below.

1) Indifi Technologies:

Indifi is a significant non-banking financial company for MSME lending in India. It is an end-to-end digital financing solution that collects and analyses data from multiple sources about small companies, deriving critical data such as their history and current characteristics in terms of the sector to which they belong. The portal then evaluates the creditworthiness of these enterprises and, if approved, forwards the applications to numerous lenders. In this way, Indifi helps businesses who previously had next to no provision to bank loans or professional finance organisations by offering them a straightforward, easy, immediate, and inconvenience free experience to manage their pressing financial difficulties and continue on their ongoing development.

2) Capital float:

Capital Float is a financial technology trendsetter in India, founded in 2013 has demonstrated expertise in MSME financing. The speed and ease with which loans may be obtained have long been a source of frustration for Indian borrowers. Capital Float is a loan firm that focuses on MSMEs and assists them in scaling up. Capital Float provides flexible, short-term loans to online retailers, small-scale manufacturers, and beginning B2B service providers.

3) Clix capital:

Customers are being empowered by the digital lending NBFC with quick and easy loans for all of their private and business demands. Clix Capital provides a comprehensive range of financial solutions across five industry segments: corporate finance, asset finance and leasing, MSME finance, consumer credit, and housing loans.

Pramod Bhasin, creator of Genpact and former CEO of GE Capital India and Asia, and Anil Chawla, former CEO of GE Capital India and Asia’s Commercial Finance Business, co-founded the firm.

4) Lendingkart:

Lendingkart has created technological solutions based on big data analysis that helps lenders analyse customer creditworthiness and deliver other relevant services. Lendingkart Finance Limited (previously Aadri Infin Limited) is an Indian non-deposit taking NBFC that specialises in SME financing. The Company’s goal is to change small business financing by making it easier for SME financing in India. To evaluate the creditworthiness of small companies quickly and correctly, the firm uses technology and data analysis tools that analyse big quantities of information from various databases.

5) Neo growth:

NeoGrowth offers small company owners financing to help them achieve their goals for growth. The no-hassle loans are enabled by technological advancements and make use of the digital payment environment. NeoGrowth offers retail and supply-chain financing to a variety of businesses. In the previous seven years, the organisation has granted business loans to various clothing sector traders across India, assisting them in growing their businesses or developing them further. Some of the primary benefits of NeoGrowth business loans are personalised repayment solutions, no collateral need, doorstep assistance, and simple top-ups.

6) SME corner:

SME corner is a new generation FinTech lender that provides collateral-free business loans in 24 hours to SMEs in India. By combining unique technology and data science to address the complicated SME financing problem, SME corner is helping overturn the challenges in SME financing. To create a consistent and speedy consumer experience, the firm employs a proprietary web platform that blends machine learning, data analytics, and AI.

SME corner has 10 billion in assistance from sponsors such as IDFC First Bank, Ambit, Fullerton India, Northern ARC, and DMI Finance. Lenders such as HDFC Bank, SIDBI, AU Small Finance, U GRO Capital, and InCred have also financed the firm.

7) Vayana network:

Ramaswamy Iyer created Vayana Network, a renowned financial loan firm. It assists MSMEs by offering simple and low-cost finance to help them manage working capital, expand their businesses, and generate jobs. It has formed alliances with a number of banks and financial organisations to handle these loans for businesses.

8) Coin tribe:

Amit Sachdev, Manish Chaudhari, and Rohit Lohia launched CoinTribe, an online loan platform located in Gurugram. It joins small scale business entrepreneurs with banks and other non-bank financial institutions (NBFIs) to allow rapid and easy loan acceptance, as well as risk and credit evaluation tools.

With the increasing number of internet users in the nation, digital lending platforms have the potential to become the preferred route for unsecured SME applicants. It will not only offer the SME industry a much-needed boost, but it will also help to develop a strong fintech environment that will support the potential development of other sectors.

How to set up an online grocery store

Groceries account for the largest and most consistent portion of every Indian family’s budget. As a result of the pandemic and the consequent lockdowns, people do not want to spend hours shopping at their local grocery store and prefer to do their grocery shopping online. Therefore, online food market has been seeing tremendous growth in the last few years. The increasing internet penetration rates and the rise in smart phone use are also some of the main reasons for the growth of online grocery selling sites in India. Because the potential for growth is so great, many foreign corporations are investing in this sector.
Therefore, now is the perfect time to venture into this field of business and sell grocery online in India.

Here are the steps to follow while setting up an online grocery store:

1) Registration

Once you have made the decision to start an online grocery store, you should start with the registration process. You can either register your food store as a sole proprietorship or a partnership. It is advisable to contact tax consultants or chartered accountants to help you finish the registration process effectively.
To start an online grocery store in India, you’ll need the following licenses and permits:
Food Safety and Standard Authority of India (FSSAI) Licence and Registration, Shop Act registration and GST registration.

2) Determine who your target audience is

Determine the food habits of the residents in your area of operation. It will assist you in identifying high-demand items and stocking them ahead of time. The number of homes with young and educated members is another essential information that will help you in your business. Determining your target audience will also help you come up with innovative grocery business ideas that will help you stand out from competitors.

3) Inventory management

It is critical to work on inventory management when running an online grocery store. There are two methods for keeping track of your inventory.
a) Store goods in your own warehouse
or
b) partner with local grocery retailers and wholesale suppliers

The warehouse can be used to store things for which you may receive online orders. It should be as close as possible to your operational area.
There are many MSME food processing training programs which will give you the necessary guidance to effectively manage inventory.

4) Financing

Grocery stores typically operate on thin profit margins, ranging from 2 to 5%. As a result, your funding capital should be sufficient to cover all expenses. Because you have to transport the things to customer’s homes, you have to additionally account for delivery fees. Food processing training programs are very helpful as they provide the necessary guidance on how to manage finances if you are an MSME.

5) Set up an online grocery store

To set up an online store, you can create a website or join an eCommerce platform like Flipkart. Picking up and delivering items is easy with Flipkart’s 200+ pick-up and delivery hubs and 10,000 delivery agents. Flipkart collects data on an array of topics to help you figure out what products are in high demand, industry trends, which products sell better, and so on.

The main objectives of MSME Entrepreneurship Development Programs in India

All efforts by individuals, organisations, state governments and the central government to promote entrepreneurs’ growth and start new businesses are referred to as entrepreneur development programs or EDPs.

The main goals of entrepreneurial development programs are to teach new entrepreneurs about the basics of running a business and to help them become successful entrepreneurs.

These programs aid in the training of young entrepreneurs and pave the way for the development of a more advanced society. They are also helpful in fostering positive thinking and lend strength to new business owners in times of need.

These are the main objectives of all entrepreneur development programs

1) To encourage new entrepreneurs

Usually, people who venture into entrepreneurship do so because they have a family history of running businesses. They have the necessary knowledge and practical know-how of running businesses. Therefore, they tend to make more informed decisions and can run successful businesses. The same cannot be said about first-generation entrepreneurs who lack these resources. MSME entrepreneurship training programs help them iron out these kinks by providing them with the necessary information and guidance.

2) To create resource awareness

Raw materials, labour, processes, and technology, among other things, are available in all parts of India and other countries. However, due to a lack of sufficient information, they are underutilised or even ignored. Entrepreneur development programs strive to educate people about these resources so that they can make the best use of them.

3) To encourage the growth of small and local businesses.

The main goal of entrepreneurial development programs is to inspire people to start small, local businesses by utilising resources available in their immediate surroundings and in locations where they have connections. Utilising local resources helps MSMEs save costs in manufacturing and increases turnover.

4) To spread the word about Government Plans and Programs

The government of India has introduced many self-employment schemes. MSME entrepreneurship development programs aim to spread awareness and information about these government schemes. These programs inform entrepreneurs on where to get reliable information, and which departments will provide information and assistance with finances, techniques, and technologies, among other things.

5) To provide valuable know-how on operating businesses

Entrepreneurial development programs also attempt to give training for the successful operation of businesses. Entrepreneurs are taught how to run a business, how to interact with other parties, how to form cordial relationships, how to maintain a balance between various components of the business, and how to deal with problems that arise while running businesses.

MSME entrepreneurship development programs also provide market intelligence to aid in the marketing of goods. The tactics used to overcome competitions and how to face different challenges are discussed.

6) To erase doubts and provide solutions

Entrepreneurship skill development programs, like the Walmart Vriddhi Free Training program, are intended to alleviate worries and recommend solutions to challenges and shortcomings that one may have while setting up a new business. To achieve these goals, specialists from many fields conduct mentor programs in which prospective entrepreneurs are asked to meet with them for training sessions, allowing them to have their problems identified and solutions recommended.

5 Reasons why training and development programs are essential in the Garment Industry

Providing training for workers is critical for the success of all apparel businesses. Since the garment industry demands labour-intensive work, adequate training is essential for the smooth sailing of businesses. In today’s ever-changing economy, textile training programs are crucial as they are essential in maintaining a competitive edge in the industry. There are many entrepreneurship development programs in India which will help entrepreneurs grow their business.

Here are 5 reasons why your garment business needs a training program

1) Professional growth for the employees

Employees are human, and the vast majority will have weaknesses or gaps in their professional abilities. Textile industry training and development modules will help them grow as professionals. Having a high-quality and comprehensive employee training and development program allows you to improve the abilities your workers already have while also filling in knowledge gaps.
A training program will raise all your employees up to a higher level of competency, allowing your entire team to share a common set of knowledge and skills. Training and development in garment industry will strengthen any weak points in your organization and distribute workload more fairly across your employees.

2) Raising efficiency

Improving the cohesion between the employees and raising their efficiency will in turn improve the overall efficiency of the organisation. It also helps enhance the quality of the services and products offered. It will ultimately help in improving the turnover and cost control. Training and development programs like the Walmart Vriddhi Free training program provide new entrepreneurs with valuable guidance and insights on how to efficiently run a textile business.

3) Human resources management

Training for garment industry will give insights into the skills and performance of the employees. This will allow you to roll out new and effective appraisal techniques. These insights will also ultimately help you overcome issues like skill and labour shortage. Entrepreneur training programs will help you deal with such problems more efficiently. Effective training is the best protection policy against all the unanticipated changes and needs that will inevitably develop in your business every now and again.

4) Keep up with the times

In the world of fast fashion and rapid technological advancement, it is essential for the workforce to be up to date on the trends in the industry. Entrepreneur training programs help MSMEs catch up with the changing market trends. If you sell dresses online in India, these training programs will be of great help in growing your business. They will also help businesses onboard the best online platforms for selling clothes in India.
Employee training programs provide the employees with the tools they need to respond to technological advances that may impact their job requirements. Training modules will also help employees adapt to organisational restructuring.

5) Improved workplace environment

Employees will perform more effectively in the job if they receive consistent training. This creates an environment in the workplace that encourages all employees to feel appreciated and accepted. According to studies, organizations that invest in employee training have highly engaged staff and see 24 percent more earnings than companies that do not focus on training. In another study, employees cited a lack of training and development as the top cause for leaving a company.

How to start an online home appliances business

India’s home and kitchenware business has been on a growth trajectory in the recent years. This growth can be linked to India’s ongoing urbanization and the rise in the number of nuclear households. Nuclear families spend 30% more per capita than joint families. The increase in per capita income and consumption plays a crucial role in the industry’s expansion.
More people experimented with cooking during the pandemic-induced lockdown, which led to more people purchasing cookware and other home appliances online, bolstering the sector. Though the lockdown has ended, the trend this continues. Therefore, now is the right time to start a home appliances business.

5 Steps to set up a home appliances business online

1) Finding your niche

A business niche is a defined group of people who share certain preferences and whom you can cater to. If you want to sell home appliances online, you can choose to specialize or ‘niche down’ if you have a particular passion for a certain type of appliance. Small businesses can start with a specific product that stands out in the market and then expand their catalogue after making a name in the market. However, it is entirely up to you whether to narrow down or not. Starting with a wide catalogue is also advantageous because it will help you cater to the many changing demands of customers.

2) Construct a business plan

A home appliances business plan will allow you to conceptualize your business on paper before investing any money. The planning stage is crucial because it is during this time that you will decide who you want to sell to, what you will sell, and where you will sell it.
You will also have the option of selecting your business model. If you are not a manufacturer yourself, you can either keep an inventory or use a drop shipping approach.

3) Get suppliers

If you are not a manufacturer of home appliances, you will have to get suppliers on board.
If you want to dropship your appliances, you will need to hunt for reputable vendors who can provide your consumers with the items you sell. While they are in charge of getting the products to your customers, you are in charge of making sure they are the right ones.

4) Product list

You must conduct thorough research to determine which of your products you wish to market. You should spend time studying the products through customer reviews, product user films and, if necessary, physical testing, while putting together your home accessories business ideas.
This research will aid you in advertising and persuading clients to purchase from you. Product research is a vital part of launching an online home decor business since it allows you to eliminate products that are not long-lasting or have low customer satisfaction.

5) Become an online seller

There are several ways through which you can sell kitchen appliances online. You can set up a website or get on an online selling platform like Flipkart. Flipkart’s 200+ pick-up and delivery hubs, as well as 10,000 delivery agents, make picking up and delivering things a breeze.
If you are keeping inventory, you will need to photograph all of your items. These are the images that will be used to populate your online store.
Flipkart gathers data on a variety of topics to help you understand what products are in great demand, what are the latest industry trends, which products sell better, and so on. You can utilize this data to make appropriate stock changes and boost your revenue.