Strategies to Grow Your Manufacturing Business in Kolhapur Using Loan

Manufacturing is a core part of any product chain right from its inception to its consumption. Identifying the current market requirements and catering to these needs make a manufacturing business grow seamlessly.

In this respect, starting a manufacturing business in growing cities like Kolhapur emerges to be a prominent prospect. Additionally, its location alongside the Panchganga River enables transport facilities. However, setting up any business requires an initial investment. This is where a Business Loan in Kolhapur from reliable financial institutions like Bajaj Finserv comes to the rescue.

How do business loans help?

Every venture, irrespective of its genre, needs the following components:

• A working capital

• Stack of inventory

• Payments of employees

• Uninterrupted flow of raw materials

So, until a business reaches its Break Even Point and makes profits, a business loan in Kolhapur helps in sorting out these monetary needs. Moreover, one can also avail pre-approved loan offers on business loans, home loans, personal loans and other financial products and services from Bajaj Finserv.  

Not only does this scheme make the process of availing financing easier, but it also saves considerably on time. One needs to furnish a few basic details and check out one’s pre-approved offer.

Note: Before availing finance, compare the business loan interest rate offered by multiple organisations. Choose the one who provides with competitive interest rates and also allows applicants a flexible repayment tenor.

Strategies to grow your business in Kolhapur

Be it Kolhapur or any other place, effective business growth depends on a planned approach and exploiting any market volatility. So, have a look at the following strategies that can initiate your business growth.

1. Innovation is your foundation:

Any manufacturing business needs to innovate and modify their products over time to match customer needs. However, the fault lies in limiting innovation only to the production segment. Rather, one must upgrade one’s production unit as well as one’s employee base using the business loan in Kolhapur.

Subsequently, advancement of manufacturing technologies and equipment is also crucial in increasing productivity.

2. Accept customer feedback:

Customer feedback plays an integral part in improving the quality of the manufacturing process. Going for a prototype model and making desired changes in each step helps a team in securing the perfect product.

On the other hand, identifying faulty product performances and making immediate modifications also help manufacturers achieve smart growth of their venture.

3. Niche is identity:

Often ventures, in an attempt to secure markets, take to multiple product genres. While this increases production scope, it may hamper quality as well. On the contrary, utilising your business loan in Kolhapur to attain perfection in a single niche may prove beneficial in the longer run.

4. Start recycling:

Production of ample waste products from a manufacturing plant is not surprising. However, the trick lies in recycling these wastes to enhance business prospects.

• Selling off the wastes to concerned manufacturing plants can yield a better annual turnover.

• Besides space management and reusing wastes as fuel for production also serves to be a wise move.

Note: In 2015 alone, global waste recycling went up from 12% to 22% resulting in an average growth of 13% in fiscal turnover of many ventures.

5. Opt for collateral free business loan:

Availing a collateral free business loan is a crucial step. Being devoid of assets, there’s no chance of going bankrupt and ending up losing your asset to the lending organisation. Also, a collateral-free loan provides you with freedom of expenditure as well.

However, check for the business loan eligibility before signing up for one. Usually, an applicant’s age must be between 25 and 55 years, and his business must have a minimum 3 years of vintage.

Other than this, one should file IT returns for at least the previous one year. So, be it Kolhapur or any other city, apply for a business loan and give your venture the necessary boost to witness your investments turn into profits.