Focus more on your business through NeoGrowth loans

On his 9th birthday, a father gifted a magnifying glass to his son. With full enthusiasm, he tried to light up a paper with it using the sun rays coming from his window. He kept moving the glass in the hope that it will light up the paper faster. After few minutes, his patience wore off and felt frustrated.

On watching this, his dad approached and told him “Focus to not move and you will get it work”. He tried again without moving and with a smile on his face the paper finally lighted up!

Focus more on your business through NeoGrowth loans


NeoGrowth Credit Pvt Ltd can help you get business loans. For more information refer here : https://www.neogrowth.in/applyNow/

You can also download NeoGrowth-business-loans PDF file for your reference.

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

Get the strength and support for your business through NeoGrowth loans!

A boy along with his father were in a sports shop. The boy saw some dumbbells in the shop which some buyers were lifting and checking it. His curious mind asked his father-

“Can i lift this dumbbells, like this people do?”

His father responded –

“ If you use all your strength, then you can”.

The boy pumped himself, took a deep breather, closed his eyes and with all his strength he tried to lift a dumbbell placed on the lowest shelf. He tried desperately and finally he gave up. Filled with sadness, he asked his father –

“You told me i could lift it!”.

His dad gently smiled and said,

“I told you to use all your strength. You never asked for my help.”

The boy understood, and giving a slight smile, both lifted the dumbbell!


Your strength is not only yours but your support system too!


Get the strength and support for your business through NeoGrowth loans!


NeoGrowth Credit Pvt Ltd can help you get business loans. For more information refer here : https://www.neogrowth.in/applyNow/

You can also download NeoGrowth-business-loans PDF file for your reference.

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

How NeoGrowth helps SMEs to get access for working capital

SMEs are gathering strength and showing massive growth levels and (future) potential in today’s economic scenario. However, despite this being the case, in a good number of countries in the world, gaining access to and managing working capital continues to be a major obstacle that SMEs have to contend with.

“Working capital”, in the simplest terms, refers to the liquid capital (i.e., cash or funds) that SMEs can use to match the growth rate of the business. And, currently, the major hurdles SMEs have to face (and work with) are the huge gap that exists between the funds required by SMEs and the funds actually available, and efficiently managing the lean capital that they do have access to.

Challenges That SMEs Face

Why this gap between available funds and required funds exists in the first place is because the very nature of SMEs makes most banks and financial institutions hesitant to pour funds into them. (On the flip side, though, many SMEs, even when they do qualify for financial aid, also do not find the available schemes and loans suitable for their requirements.)

Here are some of the challenges that cause this scenario:

  • Low Revenue, High Cost Requirements of SMEs: SMEs often follow a business model where the revenue they gain per customer is pretty low in comparison to the startup’s cost of production, distribution, and manpower. And this in turn makes credit risk a high probability, which consequently makes banks hesitant to invest in such enterprises.
  • Lack of Entrepreneurial Experience: SMEs are mostly run by first-time entrepreneurs who lack experience and references in their fields. Hence, they often find it difficult not only to manage their available finances, but to also to raise more capital from investors when they need it. And sometimes, even if they do know how to manage their finds well, they still won’t have enough references or backing to convince the investors to pour more funds in the business.
  • Lack of Financial Records and Books of Accounts in SMEs: Lack of financial books and credit history is another major reason why investors are hesitant to aid SMEs. As most SMEs use cash transactions and don’t maintain proper books of accounts, it becomes difficult to analyze and see a firm picture regarding the financial status and potential of the business. And this, in turn, makes SMEs a high credit risk.
  • Lack of Credit History and Conventional Banking Standards: SMEs often have little to no credit history thanks to their lack of official financial records and cash transactions. Plus, SMEs concentrate more on their business model than establishment. And both these factors make it hard for banks to analyze the business’s credit reliability, which consequently makes banks and other financial institutions steer clear of such investments. Plus, in the Internet age, SMEs have even leaner establishment boundaries and logistics, which aids their business’s growth. However, conventional banking standards still don’t consider these factors and can only see a credit risk in the lack of elaborate establishment of the business. Hence, banks (again) are not willing to risk pouring funds into SMEs.

Managing Working Capital

Working capital management refers to managing the assets and liabilities that SMEs already have. And effective working capital management is more or less what stands between a startup remaining solvent or going insolvent. So here’s what should be looked out for in order to implement the effective management of working capital in SMEs:

  • Educate SMEs on Effective Working Capital Management: Even if the working capital of a small business is lean, effective management of those funds can be stretched for maximum use and productivity within the business. And, since many new entrepreneurs lack experience here, they should first and foremost be educated on effective financial management practices.
  • Keep an Eye on Cash Management: Careless cash management can ring the death knell for small businesses. Hence, keeping a careful eye of the management of funds and cash usage in day-to-day business transactions is vital. Maintaining regular, clear, and detailed financial records and books of accounts is a good first step to efficient working capital management.
  • Adopt New Technologies: Depending on the type of business, SMEs should not be shy to adopt relevant innovations and technologies into the business. Especially include technologies that reduce costs as well as help SMEs keep track of their finances.

Getting Access To Working Capital

SMEs, in spite of the challenges they face, can still gain access to working capital, even if not as quickly or as much as they require. Here’s how:

  • SMEs should maintain clear financial records. For, information asymmetry is one of the main reasons banks and financial institutions are deterred from investing in SMEs.
  • The Government has already put into effect various schemes and benefits that SMEs can avail. However, most SMEs are not aware of them. Becoming aware of these schemes would give SMEs easier access to the much-needed funds they require for growth.
  • Delayed payments in the course of business should be strictly supervised and reduced as much as possible.
  • Choose NeoGrowth Credit Pvt. Ltd. which will help in securing working capital and empower businesses.

Governments have mostly already started working towards closing the gap between the available funds and required funds for SMEs. However, more still is left to do. On every side though – the banks, the Government, as well as the on the SMEs’ side – improvements in organization, management, and adoption of new innovations and technologies are necessary to close this gap and help SMEs gain access to the required working capital.


NeoGrowth Credit Pvt Ltd can help you get business loans. For more information refer here : https://www.neogrowth.in/applyNow/

You can also download NeoGrowth-business-loans PDF file for your reference.

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

What Are The Alternate Ways Of Funding SME?

business-loan

Inability to find a sustainable funding source to keep one’s business growing has probably killed more dreams than anything else in the business world. While it is comparatively easy to find a business idea, it is highly difficult to look at the cash flow forecast and realize that all the money that you have might soon run out – completely.
There is a definite importance that SMEs hold in a nation’s economy. However, the traditional belief is that there are only banks available to help fund the SMEs. In fact, financing the amount of cash that you want is often difficult. This is evident from the fact that around 60 percent of the SMEs do not end up getting the amount of bank loans that they really want.

Funding Options For SMEs

Bank loans are not the only funding options for the SMEs and this is one of the most important things to know for people who operate small businesses. Since bank finance is increasingly becoming difficult to access, SMEs should take inspiration from business giants and large companies to find appropriate funding methods.

 

NeoGrowth Credit Pvt. Ltd. is one institution that provides working capital to SMEs without any hassles or long procedures. You can opt for NeoGrowth or from the multitude of funding options available for small firms and businesses. Some of the alternate ways of funding the SMEs are discussed below.

 

  • Angel investors: These are a group of individuals who are willing to provide funding in lieu of convertible debt or equity. Personal mentoring and one-on-one support are two of the biggest advantages associated with this form of funding. However, angel investors might not necessarily have deep pockets like any other funding source.
  • Cash advances: There are a number of finitech firms that provide a multiple of services and a quick access to cash. One such example is that of a Swedish finitech firm called iZettle. In addition to providing sales software, the firm quickly scrutinizes the sales history of the SMEs and based on the analysis, offer quick loans. In addition, finitech firms provide an option to pay back the amount in regular instalments based on the volume of future sales.
  • Crowdfunding: Crowdfunding has evolved to become one of the most popular alternate ways of funding the SMEs. It allows organizations and individuals to fund the SMEs in return of equity. Crowdfunding allows the SME to collect small sums of money from a huge number of people, rather than to get huge amount of money from a few people. It helps expose the business to a huge number of people and SMEs are able to raise large amounts of money in the shortest period of time.

 

Alternate External Financing Techniques

Apart from the solutions described above, there are additional external financing techniques that the SMEs should target for. Some of these techniques are:

  • Asset-based lending (ABL): This technique refers to any form of lending secured by an asset. Under ABL, four types of asset classes are secured – inventory, accounts receivable, inventory and real estate. The amount that the SME can borrow depends on the value of the selected assets, rather than the overall worth of the firm. The ease of selling the assets in case the SME is unable to pay the loan is also put into consideration.
  • Hybrid instruments: This financing option combines the features of debt and equity in a single vehicle. Some of the common examples of hybrid instruments include silent participation, convertible debt and warrants, subordinating debts and participating loans. In case of convertible debts and warrants, the investor has the power to convert debt into stock, thus reflecting an increase in the overall value of the company.
  • Alternative debt: In case of alternative debt, investors in the capital market fund the SME, rather than the banks. This is one of the major differences between alternative debt and traditional lending. Alternative debt includes direct tools such as corporate bonds and indirect tools such as covered bonds and securitized debts. Alternative debt is considered to be one of the “innovative” financing options for the SMEs and small-scale business owners.

Providing appropriate funding to small- and medium-sized enterprises are an important step toward a strong national economy. Since a majority of small business owners might believe that there are only a limited number of financing options available to them, it is important to remind them about a multitude of alternate financing options that they could apply for. Moreover, SMEs can choose from the available financing options that suit their requirements and needs in the best possible way.

——–

NeoGrowth Credit Pvt Ltd can help you get business loans. For more information refer here : https://www.neogrowth.in/applyNow/

You can also download NeoGrowth-business-loans PDF file for your reference.

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

How Technology Is Changing The Way We Do Business In The Banking World?

digital-technology-banking

Technology has changed banking and its associated activities forever. Moreover, this change is a continuous process. Despite being one of the oldest forms of business in the world, the advent of technology has changed how this form of business works.
For example, the first bank was opened in Italy in 1472 and it operates till date. That means that the bank must have had invested millions of dollars to keep up with the speed of changing technology and remain relevant in the life of its customers.

Effects of Technology on Business

There is one thing that is common among all forms of businesses – everything that speeds up the production or attracts more customers is always welcomed. A majority of such things is a result of technology. That is the reason why businesses tend to change their infrastructure time and again and adapt to the changing technology.
A number of businesses, in fact, a majority of them are now conducted on computers or smartphone. Technology has offered people millions of software, databases, personal schedules and stuff to make things easy for them while conducting their business.

The Way We Do Banking Now

Banks and its branches still remain integral to the customers, just like before. However, the way banking conduct business now has changed for sure, majorly because of the changes in technology.
Earlier, banks were not open at all days of the week. The cash counters used to close almost two hours after the lunch and people could only get information about their bank account and the balance cash by visiting the bank branch and filling a small strip of paper before handing it over to the cashier.
But the situation is a lot different today. People can have a 24X7 access to their money stored at the bank and they do not need to visit the bank anymore. While some may still like to visit the bank, but millions of people today now prefer to download the mobile phone app to make payments, check balance and apply for a credit card or a debit card purchase.
Moreover, a majority of banking-related queries are now cleared up over Facebook, email, phone, Skype or Twitter. That is, people do not have to queue up at the bank like their fathers and grandfathers to book an appointment with the manager or to talk to the cashier.

4 Ways Technology Has Changed Banking

 While technology might have changed the way we conduct business in the banking world in a million ways, there are a few major identifiable aspects that have indeed made a big impact in the banking world. Some of these aspects are discussed below:

(1) Banking On-the-Go

Ever heard of banking without banks? Well, this has actually become true with the advent in technology. Now, a person hardly has to visit a bank. Just open an account and the rest of the things are taken care of online, even when the person is travelling. Moreover, banks are willing to provide door-to-door service for practically every service that they provide. For example, people can request for a new cheque book or file a credit card request and all the banking material would eventually arrive at their doorstep.

(2) One Tap Payment

Just about a decade ago, people literally had to walk up to telephone exchange and powerhouses, stand in queue and wait for their turn before they could pay the bill. Now, everything can be done through a single tap on their phone. People no longer need to stand in a queue to make payments. Technological innovations like Google Wallet allows users to store their personal banking information such as debit card details and credit card number on their phones, that too safely. This contactless technology has invaded the banks too.

(3) Reduced Customer Service

 The introduction of mobile banking and online banking means that banks no longer need to provide an extensive face-to-face service for features that are majorly being used by the customers through their smartphones and computers. The elimination of generic customer service has paved way for a more specialized personal service that is tailored according to the needs of the individual customers. This is particularly important as a customer phones the bank for some query or personally visits the branch.

(4) Biometrics

People no longer need to remember their passwords for authentication. They can simply take advantage of the relatively new form of authentication that uses biometrics. Banks all over the world have started to welcome the use of biometrics for authentication. Techniques such as fingerprint and palm identification and facial and voice recognition have become relatively common now. Moreover, these are considered to be relatively safe forms of customer authentication.
Adapting to the changing technology has, in fact, become one of the most important transitions for banks around the world. In the wake of getting a competitive advantage over its rival, banks have now become relatively open to new technologies and new innovative ways through which banking is now conducted. NeoGrowth Credit Pvt. Ltd. which gives businesses funds or working capital is one institution that has matched its steps with the technological up-gradations.

It would be an understatement to say that it is yet to be seen how the banking would evolve in the future or whether the adaptation would be enough to keep up with the changing needs of the customer.

For more info refer: https://www.neogrowth.in/applyNow/

You can also download NeoGrowth-business-loans PDF file for your reference.

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

Savings Solutions: 5 Ways To Save Your Small Business Money

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There is a very old proverb that says one should cut one’s coat according to the cloth, meaning one should plan things according to one’s resources which is really a sensible approach to adopt in every sphere of life. It holds great universal value but is most suited for a small business. Why? Well, such businesses are hard-pressed for resources and work in a volatile economic environment, marked by intense competition, which makes them quite vulnerable to failure and collapse.

To head off these setbacks, small scale enterprises need to follow a prudent approach. They need to be supervised minutely so that they can face the challenges and reach the milestone without any injury. And nothing can safeguard them better than savings which has always been hailed as the hallmark of prudence.

Savings- Importance and Benefits

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For a small business, savings are as important as making profits. They are like those trusted old friends that stand by you in your hard times and help you sail through. You can count on them to take care of the emergencies that often come uninvited. Apart from this, savings are important because:

  1. It comes across as a good business habit that not only makes you more efficient but also helps in optimum utilization of resources. Financial discipline is a virtue for any business but for small enterprises, it is a necessity as it gives you better control and encourages risk-taking to expand your operations.
  2. It helps in further wealth creation. You can invest more in your enterprise with the savings you have made. You can hire more and better staff, purchase superior equipment, take more risks and also deal with bigger clients.
  3. It is easy to begin with and once you get into the groove, it becomes a part of your business ideology that guarantees quick access to liquidity in crucial times and also acts a safety net.

 

The Savings Tips

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Savings are easy to make as there are various ways to cut the costs, without hurting the operations or compromising with the quality of your work. Here are five wonderful tips:

  1. Collaborate with competitors for supplies – This will help you get the discounts on bulk purchase like big businesses without having to place big orders. Most of the time, competitors have same needs in terms of supplies and it makes for a good savings strategy to check out in advance and bargain together. It can be for equipment, stationery, internet connection or just about any requirement that you have in common.
  2. Side with second-hand stuff – A fabulous savings measure, buying second-hand equipment/furniture lets you save big. There is no point in investing in a fancy coffee maker or chairs or computers when you can make do with used ones. So, go for the second-hand stuff but make sure they are in good shape otherwise the repair cost will render all the saving efforts null.
  3. DIY (Do It Yourself) – A very popular savings measure, DIY is also a skill that helps you cut down day-to-day expenses without much ado. As a small business owner, you will regularly encounter tasks which require you to hire people with small skills. For ex, repairing the loose wiring or tweaking images with Photoshop. If you take the rein in your hands you won’t have to pay the electrician or the designer. There are numerous YouTube tutorials to help you out in this endeavor.
  4. Offer low-cost incentives to high-performing employees – Employees are a huge asset for any small business. But it is quite challenging to keep them engaged through high salary and bonuses, which is very easy for big businesses. So, it makes sense to offer flexible working hours, recognition/reward, and business shares as incentives because they do not cost anything and bring great returns. They are not just popular with employees but also foster commitment and motivation.
  5. Outsource – A highly effective, popular and prudent cost-cutting strategy is outsourcing and it has helped many businesses. Instead of hiring full-time staff for every work, it is a smart approach to hire part-time or freelancing staff. For ex, you can deal with a digital consultant for social media marketing as an alternative to hiring a social media executive. It helps you save on salary, bonus, insurance and other overheads related to employees. Also, it brings you better expertise and varied experience.

 

Conclusion

Savings are the soul of every small businesses without which you cannot expect to flourish and find fulfillment. Practiced since centuries, it is a surefire success recipe that will always keep your business on track. Of course, it demands caution and homework on your part but every effort is worth it. By doing proper research, planning and micromanaging, you can easily build your safety net and growth engine.

 

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

 

Business advice for Entrepreneurs

Entrepreneurs are people who spot pain points in the way we go about our daily routines and launch businesses to fill these gaps, thereby giving rise to a business model. Entrepreneurship involves taking a lot of risk to create something new from scratch. However, entrepreneurship comes with its own unique set of hard challenges. The uncertainty of miscalculating an opportunity could lead to a situation when unfortunate events occur. Further other risks associated with being an entrepreneur include building a brand with no established credibility and failing to innovate or keep up with the needs of your target market, misguided marketing strategies, bad hiring decisions and the pressure to maintain a steady flow of customers.

The path to stabilizing a business and being successful goes through a series of slip-ups and mistakes. However the difference between letting go and riding the toughest times can be taking inspiration from people who have successfully gone through these phases. Some of these successful people include Bill Gates, Mark Zuckerberg, Steve Jobs and Carlos Slim.

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Bill Gates dropped out of Harvard and a year later co-founded Microsoft, the Company that would eventually make him the world’s wealthiest man. Bill Gates says entrepreneurs need to have a keen eye for detail and never lose track of his team. Gates believed that as the scale of operation of your business grows, more employees will come on board and it is essential to keep a close eye on the team and the Company’s output. Bill Gates also puts a lot of importance on criticism, which if taken correctly can turn into an area of strength for your business. Criticism from customers and clients is vital to moving a business forward and helps companies improve their product offerings.

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Mark Zuckerberg, who has built Facebook into one of the world’s leading internet businesses, opines that it is essential to think long term and to understand that one cannot tackle all the problems by themselves. It is imperative to find and build a team with the right set of people who can complement you and focus on different sets and different scale of problems. Zuckerberg also believes that entrepreneurs should go after the hard problems and not to lose sight of that target and settle for something easy in the process. If the business solves a fundamental problem, it would be worth the time and effort that people have put in it.

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One of the foremost and greatest entrepreneurs of our time, Steve Jobs, the man who built Apple into the most valuable company in the world was a firm believer of perseverance. According to Jobs, the differentiating factor between the successful and non-successful entrepreneurs is purely based on how well one persevered.

An entrepreneur can think of and have the greatest idea in the world, but it is his perseverance and persistence that takes him a long way towards achieving what he dreamt of.  Also, according to Jobs, the more you love your dream and make it your passion; the more likely it is that you will succeed in your endeavours. He believed that success for an entrepreneur is dependent on how determined you are in attaining your dreams.

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Carlos Slim, one of the world’s richest people, has been an entrepreneur since a very early age.  According to Slim, it is the essential things that add value to any proposition. So, more focus should be placed on these essentials, rather than on factors that tend to slower the pace. These road blocks will surely not add any value.

He firmly believes that when an entrepreneur and organization has a clear and focused growth strategy supported with strong execution infrastructure, they are bound to taste success.

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India’s richest man, Mukesh Ambani, believes that it is essential to dream big and focus on growth. Growth through focus is the right strategy to adopt when you are growing your business. Having a dream and working towards it is the most essential thing for any business. This also helps entrepreneurs overcome obstacles that come in the way of achieving their dream and growing. He believes that there is no substitute for hard work and there are no shortcuts to success.

So there it is – five bits of advice from some of the most successful entrepreneurs in today’s world. Follow them and internalise them in your respective business systems – success is bound to follow!

 

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

 

Business loan #NeoGrowth

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NeoGrowth offers loan upto Rs.75Lacs* for businesses accepting credit/debit cards

 NeoGrowth loan comes with unique features like :-

  • Door Step Service
  • Minimum Documentation
  • Quick Approval
  • Automatic Repayment

You can use this loan to add more stock, modernize your store, implement better technology, market your business and eventually grow your business manifolds.

***For applying for our business loan, please contact your executive by filling our application form:

https://www.neogrowth.in/applyNow/

 

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NeoGrowth offers loan upto Rs.75Lacs* for businesses accepting credit/debit cards.

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Mumbai, Delhi, Pune, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Jaipur & Chandigarh.

 NeoGrowth loan comes with unique features like :-

  • Door Step Service
  • Minimum Documentation
  • Quick Approval
  • Automatic Repayment

You can use this loan to add more stock, modernize your store, implement better technology, market your business and eventually grow your business manifolds.

***For applying for our business loan, please contact your executive by filling our application form:

https://www.neogrowth.in/applyNow/

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NeoGrowth loans better than business bank loans!

NeoGrowth offers loan upto Rs.75Lacs* for businesses accepting credit/debit cards

 NeoGrowth loan comes with unique features like :-

  • Door Step Service
  • Minimum Documentation
  • Quick Approval
  • Automatic Repayment

You can use this loan to add more stock, modernize your store, implement better technology, market your business and eventually grow your business manifolds.

***For applying for our business loan, please contact your executive by filling our application form:

https://www.neogrowth.in/applyNow/

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