In the midst of this pandemic, there are many challenges that must be faced in running a business. One of them is the financial challenge. As an entrepreneur or entrepreneur, the following question may cross your mind, "Is applying for a business loan during a pandemic like this a wise thing?"
As an entrepreneur, of course, you understand very well that business capital is important for the sustainability of your business. There are many ways that can be done to overcome the lack of capital. One of them is applying for a business loan during a pandemic through a financial institution, such as a finance company.
However, not infrequently there are still many entrepreneurs or entrepreneurs who are worried that they will be in debt when they decide to apply for a business loan. Especially in the midst of a pandemic like now, when all financial decisions must be carefully considered.
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1. Advantages of Applying for a Business Loan During a Pandemic
Reporting from KoinWorks, here are the reasons why the decision to apply for a business loan during a pandemic for business purposes is a wise thing to do!
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1.1. Innovation
As an entrepreneur, innovating is one of the keys so that your business can continue to grow and be up-to-date. These two things are considered important because they have a good impact on the sustainability of your business in the future.
By applying for a business loan during a pandemic, later the funds you get can be used to experiment, conduct business research, and find innovations to develop products or services needed in the midst of a pandemic like now.
Not only that, but a business loan during a pandemic is also of course very useful if you have a potential business idea and want to be realized, which idea has been long overdue due to a lack of funds.
1.2. Maintaining Equipment
Business loans can also be used to maintain or add business equipment. Thus, your business operations can run more efficiently. Especially if your business has been running for a long time, with the support of the latest technology, your business efficiency will be better.
1.3. Smooth Cash Flow
In the midst of this pandemic, the reduced production supply and customer quantity have more or less affected your cash flow. Especially if you still have a lot of expenses that have not been covered since the beginning of running a business. With a business loan during a pandemic, you can use it to cover certain expenses. Also, make sure the funds obtained are used as well as possible!
Also read: Business Tips; Signs You Need a Business Capital Loan
2. Tips for Maintaining Business During a Pandemic
Here are some tips for maintaining a business during a pandemic that you can try.
2.1. Obtaining Business Loan Funds
As previously discussed, applying for a business loan during a pandemic is perfectly legal to do. Because this can save your business from bankruptcy. Therefore, do not hesitate to apply for a loan.
Make sure you choose a financing company that is legal and supervised by the Financial Services Authority (OJK), one of which is BFI Finance. A trusted financing company with fast, easy, and safe disbursement of funds. Ready to help you in overcoming financial problems.
2.2. Manage and Evaluate Cash Flow
Pandemics are closely related to anxiety. Not everyone is sure when the Covid-19 outbreak will end and the situation will return to normal. This uncertainty needs to be addressed by business actors by reviewing financial records and measuring business capabilities.
Business actors can change their business model to survival mode after knowing the latest financial position. In other words, companies need to achieve cost-effectiveness in business activities that are quite costly.
Some of the things you can put off are business expansion, large-scale campaign projects, and minimizing your business branding costs.
2.3. Creating and Implementing a New Marketing Strategy
Of course, the main strategy you need to implement is to use various online marketplaces as a means of marketing your products. But that doesn't mean you can solve all business problems. This is because the competition in the market is getting tougher.
Thousands of small and medium enterprises (MSMEs) gather to sell their products in various markets, from large companies that already have physical stores. The tight competition between business people in the online market makes marketing strategy a determining factor. At this point, business actors must be wise in triggering consumer purchasing decisions.
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2.4. Maintaining Consumer Loyalty
Attracting consumers is not easy during a downturn. Consumers, on the other hand, are an important factor in keeping your business running. However, there are still gaps that can be overcome to maintain customer loyalty.
Consumers seem to be more loyal to products that show social sensitivity and concern for this pandemic, rather than spending excess money on promotions. Your brand or product is very likely to be noticed by consumers if the entrepreneur can handle public sensibilities well.
According to a Harvard Business School study, the Covid-19 pandemic crisis has prompted consumers to educate themselves about the impact of the pandemic on businesses. Companies can address this situation by avoiding communications that create fear and concern about a crisis without providing solutions or hope to their customers.
Not only that, companies can also let consumers know that they can access and buy the products and services they need in the event of a crisis. This communication effort is considered important for consumers during this Covid-19 pandemic.
In addition, companies need to meet the trend of capture that their target customers need. It is clear that we need to design services and products that meet the needs of our consumers. Assumptions without clear evidence are not enough to find out.
During this time, companies need to rely on reliable data rather than assumptions and rumors. Therefore, conducting market research is an important key to opening more opportunities in this time of crisis.
This pandemic crisis is not the end of the business trip. There are many new business moves and strategies that you can apply to keep your business afloat in the face of this crisis. Innovation, market research, and customer loyalty are ways businesses can quickly adapt to this new situation.
BFI friends, that's our review of applying for a business loan during the pandemic. There are many advantages that you get when you apply for a loan. Try to balance it by wisely managing existing funds. If you need a business loan in the form of capital or other loans. BFI Finance can be the right solution.
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