Steps for an MSME to Scale Up a Business Online

How to manage loan repayment

Our fingers often find their way to the apps that make our lives easier. Be it for ordering food online, shopping online, or even availing a business loan online. Digitisation has made living easier and it is essential to stay with the trends to remain relevant.

The undeniable effects of the pandemic on MSMEs are very visible even after a year. However, the positive turning point that has come out of this pandemic is MSMEs turning digital and setting up their business online. It could be a step as little as accepting online payment. While the pace can be decided by the business owners, the benefits are very visible.

So, let's talk about the different ways through which, MSMEs can shift their business online.

    Use ‘Google My Business’

         Google My Business is a feature that lets you connect with your customers easily while providing you with multiple benefits. These benefits include posting pictures, setting up easier customer access by adding a contact number, email ID, and location. The feature also lets you analyse statistics to understand how many customers are clicking, calling, or engaging with your business profile.

Businesses with an online presence tend to generate higher revenue as it increases their business visibility. It enables the customers to gain access to your business anytime, depending on their convenience. They can also seek information and contact you even if your business is not currently open.

    Setting up online orders/payments

         The option of online payment is a direct open door for small businesses to generate higher cash flow as it is easily accessible, faster, and takes minimum effort. Moreover, businesses are considered more reliable and trustworthy as online payment provides traceable invoices and security. This feature also brings more sales due to the spontaneous behaviour of the customers. Receiving orders online is a beneficial feature as consumers are more likely to browse and order online. It could be something as simple as placing the order on WhatsApp or SMS for convenience.

    Online cash flow management

          Khatabook is an app specially made for micro, small, and medium businesses to manage their finances. The app enables the business owner to log in details of their customers and manage a systematic payment record for each of them. You can also add details of the transaction like the date, the amount paid, and the purpose. Other important features of this app are sending payment requests to the customers, sending reminders through Whatsapp and SMS, creating your business card, and having an accessible QR code for customers.

To know more about the apps that can help you, read our blog - Five useful apps for MSME owners!

How can digitising a small business be helpful?

The best time for an MSME to embrace the digital era is right now. According to a survey conducted, small businesses that digitise see an average revenue gain of at least 26%.

Some of the benefits of digitisation are:

Impressive customer service -
Most consumers now use digital platforms to perform their tasks. Operating online could provide you with an upper hand as it can streamline the process of orders, payments, and invoices.

Transforming products and services -
Features like Google My Business and other apps enable consumers to give you honest feedback about your goods and services. This insight can secure a business’s longevity by meeting the customer’s expectations with required improvements.

It can also have other benefits like preventing errors and increasing accuracy, growing efficiency, automating data collection, and staying on par with the competitors.

It is important to remember that there is only gain and no loss when you embrace the shift to digital media.

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