At the beginning of 2020, most businesses came to a standstill. As months passed by, several businesses leveraged the situation and slowly began flourishing again. The current scenario for most global markets, including India, is challenging but is gradually gaining traction to get back to pre-COVID-19 times. If you are someone aspiring to entrepreneurship the situation also presents an amicable opportunity for expanding your business.
The coronavirus has forced businesses to look for newer ways to improve their sales. Brands are taking diversification seriously, or are looking to optimize their inefficient processes to survive and expand.
Current business scenario in India
India, like every other country, has been walloped by the pandemic. Such was its impact, that auto sales in the country hit zero during the first two months. Even before, India’s economy was slumping for seven straight quarters with exports and investments barely making their presence felt.
With uncertainties looming large, the government has come up with several measures to intensify the clawback process and instill confidence in the investors.
The current adversity is the perfect time for multi-dimensional businesses to seize the opportunity and expand. With support from the government, the bleak times are slowly starting to fade. If you head one of those businesses, it is time to hit the fourth gear and get serious about expanding your business.
Strategies for expanding your business
The pandemic may have pushed your implementation of expansion strategies by several months. But given the government’s stimulus packages, it can be the perfect time to grow and expand your business in the upcoming months by acquiring various types of business loans.
Here are some business growth tips that would help you grow and expand –
Recapturing existing customers
Retaining existing customers is much cheaper than trying to gain new customers. If the pandemic caused your market share to shrink, the best way of expanding your business is to try to recapture existing clients.
People are increasingly becoming cautious of the brands they associate with, and it presents you an opportunity to pitch them the right products to boost your sales. If they had a positive experience before, they are more likely to pay heed to your marketing trysts and come back.
Diversification is the key to sustenance
These are challenging times, and if you are looking for ways to expand your existing business, diversification can be an able strategy. You can focus on building new products/services that are related to your existing ones.
Alternatively, you can look for new market segments that have similar characteristics, to those whom you already serve. For example, Puma and several other lifestyle brands expanded to making protective face masks during the pandemic to cater to its audience. Most smartphone manufacturers are fast diving into lifestyle products and are also expanding their current portfolio of gadgets.
Expand your reach
A practical approach to expanding your business is to extend your reach. With more people shifting to online purchases, it is imperative for you to scale up your online presence. You can resort to influencer marketing or multiple collaborations to ensure more people know about you.
Similarly, expansion strategies for improving reach would be opening stores in new areas, using target marketing to woo new customers, or encouraging more unique uses for your existing products. These business growth tips are more likely to help you become stable once again.
Conquer a niche market
If diversification does not seem feasible to you, you can try expanding your business in a niche market. It would allow you to lend all the energy on to a small line of products/services, giving you higher chances of succeeding.
To grow, look for niches with a broader reach and having enough opportunities for prominent sales figures. After that, position your products at the point where you can survive even with occasional lower sales.
Ways to finance your business expansion
If you are looking to expand, you will require funds to finance your business. With pandemic curtailing our savings, you may have to resort to loans to suffice your business needs. People generally take short term loans like overdraft and personal loans to meet their business capital requirements. A short-term loan is mostly an unsecured loan which means no collateral is pledged against the loan amount and is repaid usually in a short period of time like a year or two. However, since these loans are unsecured, the rate of interest is considerably higher to pay in a short period of time. This factor makes short-term loans a risky option to fund your business expansion.
Why taking a gold loan is a better option
We know that when it comes to business working capital needs immediately your mind goes to getting a business loan. However, we will explain why taking a gold loan is better for your business.
A gold loan is a secured loan where the loan amount is granted against your gold jewellery as collateral. The amount given depends on the purity and weight of the gold which is determined during the gold loan evaluation process. Availing a gold loan at Rupeek is a great option as we offer the highest value for each gram of gold. This means you will be able to cover your business expansion needs by just pledging the gold jewellery locked away at home. Rupeek is one of the best places to get a gold loan because,
- You can avail cheap and instant gold loans
- It is an RBI-certified NBFC
- you can avail gold loan within thirty minutes of confirmation
- We offer the highest per gram gold rates in the market
- 100% door-to-door insurance
- Feasible interest rates starting from 0.79%.
Our repayment options are flexible and ensure that the loans are affordable to the borrowers. Click here to access our services and contact our experts today.