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Finance

5 Smart Ways To Eliminate Debt & Grow Your Small Business

5 Smart Ways To Eliminate Debt & Grow Your Small Business
5 Smart Ways To Eliminate Debt & Grow Your Small Business

If you ask any small business owner or entrepreneur to name their foremost hardest challenges that don`t let them sleep in the night, they will say without a second thought- money!

Paying off debts, growing business, increasing profitability, and achieving financial freedom are a few challenges that SMEs and MSMEs often face. This was true before the pandemic, but after it, it has become even more crucial for entrepreneurs to overcome money challenges.

According to a survey published in Forbes, “95% of businesses surveyed said the pandemic had affected their bottom line, and 53% estimated that 2020 revenue would drop by more than a quarter.”

Even the best business coaches often come across questions like ‘how to get my business out of debt’ or ‘how can I repay my loan as soon as possible’ by small business owners.

Most entrepreneurs begin their start-up by arranging funds through debt funding, equity funding, loans, or through other less formal sources like friends & family. But the experience of being in debt can be scary as well as overwhelming.

If managed smartly, borrowing funds can help you accomplish your goals. On the other hand, mismanaged business debts can not only affect your financial wellbeing but can also cause mental stress, especially to small business owners that are worse affected due to the Covid-19 pandemic.

There are many government schemes to help small business owners with loans. The Indian government had offered relief to MSMEs in the form of subordinated debts, collateral-free loans, and equity infusion through its Fund of Funds (FoF) scheme in 2020. This scheme proposes to purchase up to 15% growth capital in high-credit MSMEs.

You can watch this video by Dr. Vivek Bindra on “How to Pay Off Your Loans”:

If you have a well-thought financial plan, you can solve the cumbersome process of taking your business out of debt, just like others. Here is how you can chart your way out of debt:

1. Manage Your Debts

The first step that will take you closer to managing your debt is to organize all the details of exactly what you owe. Make a list of your debts with EMIs, interest rates, and tenures. This will help you recognize the costliest debts.

2. Settle Costliest Debts First

After sorting out your debts, pick the costliest one! Costly debts, if not paid on time, will extract the highest interest. This can drain your finances. Hence, settle your costliest debts on a priority basis.

3. Plan Monthly Budget

One of the most vital debt management techniques is to plan your monthly budget. Make a list of your income & expenses while deciding your monthly budget. This will give you a clear picture to think about ways to reduce your daily expenditure. Having details of monthly cash inflow and outflow can help you save money that you can use to clear your debt.

4. Consolidate Loans

Sometimes keeping a track of all the loans can be difficult. If you have too many loans, consolidating them into one can be a good idea. This will leave you with just one EMI. Business loans, personal loans, and credit cards provide you with this option. It will remove various debts and leave you with just one loan to track.

5. Insure Against Economic Shocks

The future is uncertain and it is wise to protect yourself from uncertainties that you might be exposed to. E.g. a loss of a job could lead to delayed EMIs. So, to avoid such situations, create an emergency fund to help you sustain yourself during a bad phase. Ideally, this fund should be 3-6 times more than your current monthly income.

Repaying loans is a moral, legal, and also financial obligation. With smart and effective debt management strategies, you too can get your business out of debt. Learn how to manage your debt with the top-industry leaders from our Problem Solving Courses.

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Finance

5 Key Things Entrepreneur Should Know Before Applying For A Small Business Loan!

5 Key Things Entrepreneur Should Know Before Applying For A Small Business Loan!
5 Key Things Entrepreneur Should Know Before Applying For A Small Business Loan!

In a report published by Economic Times, “the Indian economy is expected to be a $5 trillion economy by 2025 and the MSME sector is expected to play a very crucial role in this growth story.” The MSME sector in our country has been the backbone of the economy. It contributes around 30 percent to the GDP and employment generation.

With the government`s ‘Make in India’ initiative, this sector is set to play an important role in supporting domestic companies and foreign multinationals to set up manufacturing units in India. Till now, 83 startups have entered the elite Unicorn club which has made India the third largest startup ecosystem in the world after the US and China.

But not every startup joins the Unicorn club. Some struggle to sustain themselves due to the lack of funds. And for an entrepreneur, the constant lookout for sources of working capital is like a nightmare, especially for those who run a small and medium-sized enterprise (MSMEs) with limited assets or collateral, finding different ways for fundraising.

So, if you are an entrepreneur and want to take a loan from a bank or a non-banking financial company, here are 5 things to improve your chances of getting a business loan from a bank or a non-banking financial company:

1. Maintain a Healthy Credit Score

A credit score symbolizes the creditworthiness of a person or business. It is assessed based on the payment history of the individual or business. So, the personal credit score of a person or a business is collected from the multiple institutions that maintain the records of the payments. These records can significantly affect the business’s eligibility for a loan.

If you pay your EMIs regularly and on time then you will have a healthy credit score which indicates that you are financially disciplined and are unlikely to default on repayment. Although the credit score that is required to take a loan varies and depends on the lender, a credit score above 700 will enhance your credibility.

2. Maintain Adequate Cash Flow in the Business

When you apply for a small business loan, the financial lender will investigate your business cash flow (past and future projections). An adequate cash flow will determine if the size of the loan that you are seeking is appropriate. Your previous loan history and existing debts will also be analyzed to determine whether you will be able to pay the loan`s monthly installments without defaulting. To ensure your loan approval, maintain the adequate cash flow in the business.

3. Keep all the Documents Required for Loan Application

One of the most important steps is you keep all the necessary documents ready when applying for a business loan. Keeping all the documents ready and in place will streamline the process and will make things smooth for you as well as the lender.

The following is the list of documents for verification:

  • Identity proof
  • PAN card
  • Address proof
  • Proof of business
  • Business and personal bank statements (last six months)
  • Business and personal tax return records
  • Business’s financial statements
  • Business’s legal documents such as commercial lease, and franchise agreement.

4. Be Insured

Being an entrepreneur involves a lot of risks. Hence, personal or business insurance is a must so that the loan can be paid off in case of any unfortunate event. Your probability of getting your loan approved is directly related to the risks associated with you and your business. The less risky your business is, the higher the chances of your loan getting approved.

5. Know the Best Time to Apply for a Loan

Many entrepreneurs often waste their time contemplating the ideal time to apply for a loan. However, there is no best time to apply for a loan, as the time of applying has minimal effect on the chances of your loan getting approved. Many business owners believe that the best time to apply for a loan is when your company is in the need of finances.

Many startups have to close their operations due to a lack of funds. But with a business loan, you can ensure that your business sustains in the market. There are many government schemes as well that offer business loans at nominal interest charges. So keep the above-mentioned points into consideration when applying for a small business loan.

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Finance

5 Key Factors Beginners Must Consider Before Choosing A Mutual Fund

5 Key Factors Beginners Must Consider Before Choosing A Mutual Fund
5 Key Factors Beginners Must Consider Before Choosing A Mutual Fund

Whether you are a novice, an experienced investor, or a trader, mutual funds are among the most popular investment options. All one needs to know is the basics and zeal to build their knowledge base to make smart, informed choices.

But what exactly are mutual funds?

A mutual fund is an investment scheme made up of a pool of money collected from many investors to invest in various securities. The fund manager then uses these funds by investing them to purchase various securities including gold, stocks, bonds, etc. Each mutual fund will have a certain objective and different returns.

So, when is the best time to invest in mutual funds- when the market is up or down?

It is both. Many people often get confused about the best time of investing in mutual funds. But investing in mutual funds needs in-depth analysis, discipline, and practice. Irrespective of the market fluctuation, these funds tend to provide decent growth over some time.

However, before you decide to invest in mutual funds, you need to be aware of a few things that will ensure you get better results and a rewarding experience.

Here are 5 things you must know before investing in Mutual Funds:

1. Mutual Funds have Different Risk Levels

Every mutual fund category is different and hence, they possess a different level of risk. However, there is no common platform based on which you can determine if a particular mutual fund category has a high risk or low risk.

For instance, direct equity has a higher risk when compared to equity mutual funds. However, it offers higher returns than other funds. So, the risk associated with every mutual fund category is different. Hence, before investing in any Mutual Fund, you should check how many risk factors it contains because every scheme has a risk assigned to it, and how much you are willing to take.

2. Find Your Objective

Before you decide to invest in mutual funds, you must know your objective. For instance, you can invest in equity funds, if you have long-term financial goals, but if you have short-term or medium-term financial goals, you can invest in debt funds.

So, before choosing a mutual fund, the first step is to decide the goal. The time frame you are looking for, and the returns that you are expecting will help you choose a fund that is best suited to your objective.

3. Check the Expense Ratio

For the proper management of your funds, a commission is charged which is known as the expense ratio. As an investor, you need to figure out how much expense ratio a particular fund is charging, as it is calculated across the investor`s total portfolio and will have a significant impact. Hence, always pick a mutual fund that comes with a lower expense ratio. The higher the AUM, the lower the expense ratio.

4. Consider the Taxes Your Investment Attracts

How much income from a fund will be taxable is something every beginner must consider. The returns from equity mutual funds are taxed based upon the holding period and the applicable tax rate. Mutual funds are often efficient in terms of post-tax returns. For instance, long-term capital gains are taxed at 10% over and above the exemption limit of INR 1 lakh while short-term capital gains are taxed at a rate of 15%.

5. Don`t forget to check the Track Record of the Mutual Fund

From checking the investment time to AUM, it is crucial to check the track record of a particular Mutual Fund scheme before investing. As an investor, you should opt for a mutual fund house with a larger AUM. i.e. Assets Under Management.  It not only withstands the sudden redemption pressure from major investors but also offers a lower expense ratio.

Also, check the investment style of the fund manager before putting money in a mutual fund. Opt for a mutual fund where the fund manager shows consistency irrespective of the market cycle.

Mutual funds are subject to market risk, which is why doing a fundamental analysis of a particular investment scheme becomes paramount. But, do know that no matter how good a fund performed in the past, it won`t guarantee that the mutual fund would do well in the future.

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Finance Strategy

5 Common Mistakes Beginners Make While Investing In Stocks

7 Best Tips You Should Consider Before Investing In Mutual Funds
7 Best Tips You Should Consider Before Investing In Mutual Funds

Invest in the stock market—-this was the millionth time Rahul heard this suggestion from his friend Sridhar when he asked about wealth creation. Trading, mutual funds, long day, short day, intra-day, and many other terms were thrown at him by Sridhar that amazed Rahul.

Rahul asked Sridhar how to invest in stocks and his dear friend asked him to open a Demat account. And as eager as he was Rahul begins his trading journey by investing in cheaper stocks without doing fundamental analysis.

Result? He lost INR 5000 in 2 days. Though Sridhar showed a great way to wealth creation, he should have told Rahul to avoid making hasty decisions. Investing in the stock market can be tricky, especially for amateurs. And for a new investor, it can be an alluring place.

For those who are new to this world, it might seem like gambling where people make and lose fortunes. But with the right approach and fundamental analysis of stocks, one can create wealth. The investment process has become hassle-free these days.

However, even with the fundamental knowledge of stocks, you can make these 5 mistakes as a first-time investor:

1. Not Understanding the Fundamentals of Stock Market

Ignoring the basic facts about the stock market can result in you losing your hard-earned money. Understanding concepts like ‘Going Long’, Going Short’, ask price, bid price, bid quantity, offer quantity, and stock price changes, PE ratio, PB ratio, dividend yield, a margin of safety, and many other factors.

To know everything about Share Market from the scratch, watch here:

2. To Not Have a Proper Investment Plan

Before you start investing, as a new investor you must have a proper investment plan. Being an amateur every stock and share will look promising. This can often make you lose direction by unplanned investments. Hence, it is very essential to understand your objectives and your financial goals. The investment objective is not subjective and every investor has their own financial goals.

3. Unaware About Risk Factors

The Share market is full of risks. So another mistake that first-time investors often make is that they do not decide how much they are willing to take risks. Investors who have a low-risk appetite may consider investing in stocks that have a low-risk appetite that provides stable returns and is less impacted by market volatility.

4. Wrong Risk Assessment

The stock market is exposed to high market volatility. So while trading online for the first time, it is best to strike a balance between unnecessary risk-taking and calculative risks. Sometimes beginners fail to know the margins they are willing to push while taking risks. Hence, understanding your risk-taking ability is of paramount importance.

5. Not Making a Diverse Portfolio

Many investors who trade online often fail to diversify their investments. They often fail to understand that investing in a single company or investing in only a single type of investment is never a profitable idea. A market crash or a single negative market movement can result in huge financial losses.

An ideal portfolio must comprise of stocks from different companies, along with investment in futures and derivatives.

Talking about money and growing it by investing in multiple stocks and companies may seem daunting at first. But with in-depth research and fundamental analysis of each stock before purchasing can give high returns.

So whether you are a beginner who has set goals and wants to invest in stocks to fulfill them or a professional who is aware of all the ups and downs of the market, if you don`t do enough research, you will end up raking in losses. The above-mentioned mistakes are probably common because often people ignore the basics. Keep these factors in your mind and be a smart investor.

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Finance

Financial Policy Normalization Likely To Begin By The End Of FY22

Financial Policy Normalization Likely To Begin By The End Of FY22
Financial Policy Normalization Likely To Begin By The End Of FY22

With the interest rates continually declining, the Reserve Bank of India may start tightening the monetary policy. The gradual normalization of the policy is likely to begin by the end of this financial year.

While the CPI inflation moderated marginally to 6.26 percent, the retail inflation declined in June but remained above the 6 percent threshold for the second consecutive month.

A Kotak report noted that a peak in inflation may provide comfort to MPC.

“Softer-than-expected CPI inflation along with broad-based moderation in core inflation is expected to provide relief to the MPC to continue with the pro-growth policy guidance in the near term. While much depends on the incoming data, we expect the onset of gradual policy normalization towards the end of FY2022,” it said.

Core inflation (CPI excluding food, fuel, and pan, tobacco) moderated to 6.2 percent, with flat sequential momentum following a surge of 1.5 percent M-oM in May. After a broad-based increase in the components of core inflation in May, prices have risen a lot lesser in June across all categories except transport and communication.

“We expect core inflation to average 6.1 percent in FY2022 (5.3 percent in FY2021) amid pass-through of global commodity prices and pickup in demand across various services sectors through FY2022,” it said.

While the headline inflation remains elevated above MPC’s upper threshold of 6 percent, the June print suggests that inflation may have peaked and the trajectory in 3QFY22 will moderate towards an average of 4.7 percent.

“We expect RBI to continue to maintain a pro-growth bias in the August policy focus given that a large part of the increase remains supply-driven and, hence, transitory in nature,” it said.

However, as economic activity begins to normalize with progress in vaccination, RBI’s room to ignore the inflationary risks, as well as a closing of the negative output gap, will be restricted, prompting gradual monetary policy normalization from October, although much will depend on the evolution of the pandemic, vaccination, and data, it said.

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Finance

Govt Keeps Small Savings Rate Unchanged For 2nd Successive Quarter Of FY22!

Govt Keeps Small Savings Rate Unchanged For 2nd Successive Quarter Of FY22!
Govt Keeps Small Savings Rate Unchanged For 2nd Successive Quarter Of FY22!

To provide relief to common man from lower saving earnings amid the pandemic, the Central Government has kept small savings rate unchanged for the July-September quarter.

As the interest rates are falling all across financial instruments, the government has widely expected to cut rate on small savings too.

Previously, the Centre withdrew a decision to cut rates for previous April-June quarter too as they feared backlash from savers.

The decision on rate cut was withdrawn in the middle of voting for Assembly polls in West Bengal and Assam.

“The rate of interest on various small savings schemes for the second quarter of the financial year 2021-22 starting from July 1, 2021 and ending on September 30, 2021 shall remain unchanged from the current rates applicable for the first quarter (April 1 to June 30,2021) for FY 2021-22,” a finance ministry office memorandum issued late on Wednesday night said.

With the status quo, savers would continue to get 4 per cent interest on small savings during the July-September quarter as well. The 1-year time deposit rates will also remain at 5.5 per cent and so will the 5-year recurring deposit at 5.8 per cent.

Public Provident Fund (PPF) will also continue to get 7.1 per cent rate while Sukanya Samriddhi Yojana (SSY), National Savings Certificate will get interest rate of 7.6 and 6.8 per cent, respectively.

The interest rate on Kisan Vikas Patra was decreased to 6.9 per cent and the instrument will mature in 124 months.

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Finance

FM Rolls Out Loan Guarantee Scheme To Revive The Worst-hit Travel & Tourism Sector

FM Rolls Out Loan Guarantee Scheme To Revive The Worst-hit Travel & Tourism Sector
FM Rolls Out Loan Guarantee Scheme To Revive The Worst-hit Travel & Tourism Sector

Due to the Covid-19 induced pandemic, the tourism sector across the globe has been affected badly. Not only it has been downhill since 2020 due to imposed guidelines and travel restrictions, but it is still on its knees trying to find its balance.

The Finance Minister of India Nirmala Sitharaman, on Monday, announced a new 100% guaranteed loan scheme that will be provided to registered tourist guides and other travel and tourism stakeholders who are facing a financial crisis.

Tourist guides who are registered at the regional or state level and are licensed can get loans up to INR 1 Lakh with a guarantee. A total of 10,700 regional level tourist guides are recognized by the Minister of Tourism and state governments would benefit from the scheme.

Loans with an upper limit of INR 10 Lakh would be available with a 100% guarantee to travel and tourism stakeholders such as travel agencies. Around 904 stakeholders are recognized by the Ministry of Tourism who are eligible for this loan guarantee scheme.

The Finance Minister said that under the new loan guarantee scheme for Covid affected sectors, working capital or personal loans will be provided to people in the tourism sector to discharge liabilities and restart businesses impacted due to Covid-19.

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Finance Process & Business Expansion

Food Processing Becomes The Most Preferred Sector For Investment In UP

Food Processing Becomes The Most Preferred Sector For Investment In UP
Food Processing Becomes The Most Preferred Sector For Investment In UP

The food processing sector in Uttar Pradesh has garnered attention and has become a preferred sector for industrialists when it comes to investment.

The major reason behind this welcoming change is due to the ease-of-doing-business that this sector offers in the state.

Various industrialists from India and abroad have set up their food processing units in Uttar Pradesh. These industrialists have submitted proposals to the government to set up 139 food processing factories, for Rs 9105.58 crore, out of which 101 food processing factories have already started production, according to the government spokesman.

These food-processing factories were established at the cost of INR 4,074.02 crore and have generated around 20,176 employments opportunities.

The other 38 factories are under construction, and they are expected to start operating by the end of 2021. And with an investment of INR 5,031.31 crore, these factories will generate employment for an additional 21,111 people.

This is the first time when such a huge investment has been made in the history of Uttar Pradesh. To promote the food processing units in the state, the Yogi Government implemented the ‘U.P. Food Processing Industry Policy -2017’.

The policy not only ensured a fair price but also provided a rebate in capital subsidy and interest in all the facilities that were given to the small and big industrialists.

Following the relaxation provided in the food processing policy, the state received many proposals for the construction of cold storages, onion warehouses, pack houses, and the establishment of flour mills.

The companies that have invested in Uttar Pradesh include Patanjali Ayurveda Limited in Gautam Buddha Nagar – Rs 2,118 crore, Pepsico in Mathura – Rs 514 crore and Haldiram Snacks Pvt Ltd in Gautam Buddha Nagar – Rs 490 crore, SLMG Private Limited in Lucknow – Rs 300 crore, Khattar Edibles Private Limited in Rampur – Rs 150 crore, BL Agro in Bareilly – Rs 160 crore, and Organic India Private Limited Plant in Barabanki – Rs 55 crore.

The government is also contemplating revising the existing food processing policy so that Uttar Pradesh can become India’s top state in this sector and further accelerate the establishment of new units of food processing in the state.

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Finance

Pradhan Mantri Mudra Yojana Business Loan Scheme: How to Apply for Mudra Loan Online/Offline?

Pradhan Mantri Mudra Yojana | Representational Image (Photo Credits: File Image)
Pradhan Mantri Mudra Yojana | Representational Image

Micro Units Development and Refinance Agency (MUDRA) is a loan scheme for small businesses initiated under the Pradhan Mantri Mudra Yojana (PMMY). Under this scheme, the non-corporate, non-farm small/micro enterprises can get a loan up to Rs 10 lakh. The loans are provided by private banks, RRBs, Small Finance Banks, MFIs and NBFCs. In this article, we will discuss the process of applying for MUDRA loan online and offline. MUDRA Loan: Eligibility Criteria And Documents Required.

PMMY is classified into three loan categories, named Shishu, Kishor and Tarun. Under the Shishu scheme, one can get a loan of up to Rs 50,000. Under the Kishor scheme, one can get a loan from Rs. 50,001 to Rs. 5,00,000. Under the Tarun scheme, the loan can be between Rs 5,00,001 and Rs 10,00,00. MUDRA Loan Explained: All About Pradhan Mantri Mudra Yojana Loan For MSMEs.

How to Apply for MUDRA Loan Online?

To apply for a mudra loan online, applicants need to visit the official website of a private sector bank, NBFC, commercial and Co-operative bank, RRB and MFI.

Download the mudra loan application from the bank’s official website.

Fill the form and submit it along with the required documents.

Wait for the bank’s representative to call and complete the required formalities.

Once the application and attached documents are verified, the loan shall be disbursed by the bank.

Online application for Mudra loans can also be submitted on the Udyami Mitra portal (www.udyamimitra.in).

Steps to Apply for Mudra Loan Offline:

Applicants are required to visit commercial or private sector bank

The applicant should submit a self-written business plan

Submit the loan application along with all the required documents such as address proof, identity proof, company’s address, etc.

Once the application form and documents are verified, the loan shall get approved.

The Pradhan Mantri Mudra Yojana was launched by Prime Minister Narendra Modi on April 8, 2015. Those eligible to borrow from MUDRA Yojana are shopkeepers, small manufacturing units, Artisans and Fruit and vegetable vendors.

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Finance

India Attracts More Than $72 Billion FDI In The First 10 Months of FY21

Growth in FDI | Representational Image (Photo Credits: Pixabay)
Growth in Revenues | Representational Image (Photo Credits: Pixabay)

Despite the worldwide outbreak of COVID-19 pandemic and subsequent lockdown, India managed to attract over $70 Billion worth of foreign direct investment between April 2020 and January 2021. During this period, an inflow of $72.12 Billion was rerecorded in terms of FDI, around 15 per cent higher from the amount received during the corresponding time in previous financial year. The country received a sum of $62.72 Billion between April 2019 to January 2020. 3 Top Investment Schemes in India to put your money at!

The Foreign Direct Investment’s equity inflow also increased during the same duration as compared to the corresponding period in financial year 2019-2020. “The trends show that the FDI equity inflow grew by 28 per cent in the first ten months of F.Y. 2020-21 ($54.18 Billion) compared to the year ago period ($42.34 Billion),” said the Ministry of Commerce and Industry. “These trends in India’s Foreign Direct Investment are an endorsement of its status as a preferred investment destination amongst global investors,” it added.

Out of the total FDI inflow, Singapore accounts to over 30 per cent.”In terms of top investor countries, ‘Singapore’ is at the apex with 30.28 per cent of the total FDI equity inflow followed by USA (24.28 per cent) and UAE (7.31 per cent) for the first ten months of the current financial year 2020-21,” said the Ministry of Commerce and Industry. Japan is also one of the leading FDI investors in India.Yes Bank Targets Startup Sector, Ties Up With GVFL To Support the Growth of Indian Startup Ecosystem.

As per the data, the consultancy service sector attracted the maximum foreign direct investment of around 21.80 per cent of the total. In the second spot Computer Software and Hardware services received 15.96 per cent, followed by service sector with 13.64 per cent. “The Computer Software & Hardware has emerged as the top sector during the first ten months of F.Y. 2020-21 with 45.81 per cent of the total FDI equity inflow followed by ‘Construction (Infrastructure) Activities’ (13.37 per cent) and ‘Services Sector’ (7.80 per cent) respectively,” it said.