If you don’t have an online presence yet, this is the perfect time to build one. Let’s have a look & understand how and why we should go online.

• Online business helps you get a wider reach and customer base as it is not restricted to any particular region. 
• It helps you to operate your business from anywhere without even having any physical branch. Your business can have its presence in multiple locations, all thanks to digitization. 
• Online business is more cost-effective as you will not have to inculcate certain fixed costs which come with a physical store like rent, labor cost, etc. 
• Marketing online helps you track your reach, revenue, and other metrics which wouldn’t be possible with offline marketing. 

Now that we have seen how it helps you grow your business. Let’s understand some ways to go about it.

How does online business help:

• If your business is new, you can set up your online store for free with multiple tools like Google my business to build a brand presence. 
• You can sell your products and services online on social media platforms like WhatsApp, Facebook, Instagram, Telegram business pages.
• If your goal is to grow your business by acquiring new customers then you can use reseller platforms like OpenStore and Dhukan where you can extend your reach. 
• E-commerce websites like Amazon and Flipkart can also help you to connect with your customers.

Now that, we have understood ways to go online, let’s see how promotion can boost up your business’s growth.

Here are some of the ways by which you can promote your business digitally:

• Social media platforms are a great way to connect with your customers. 
• Instagram is one such platform where you can create an account for your business and tools such as Instagram stories, reels, and IGTV videos which help you reach a larger audience.
• Putting clear pictures of your products and using trending music are a few tips that help to attract more customers.
• You can also promote your services by reaching out to more people in your contacts, WhatsApp story is one such method. 
• Getting feedback from your customers is the best way to understand what exactly you can work on to appeal to them and keep innovating.

Now that we have understood how and why you should take your business online, let’s see how OpenBook can help you grow it further.

With OpenBook, you can create a digital bank account that meets all your business needs. It helps in automatch, inventory management and simplifies your cash flow tracking. OpenBook is one such app where you can manage everything in one place after taking your business online.

Building an online presence isn’t just a necessity but absolutely essential for small businesses in this age & day. So, if you don’t want to miss out on these benefits, it’s your perfect time to take your business online.

A lot of these micro and small business owners simply lost much of their businesses owing to lockdowns and curfew. The overall economy shrank and due to the fear of coronavirus, most people preferred shopping online. The situation was similar across sectors be it manufacturing or retail or even service industry. 

Steps by the government to help micro and small businesses (MSMEs):

1. MSME Udyam Portal Registration Simplified: Micro and small businesses can now register online for free with minimal paperwork. This will enable a lot of business owners to take benefits from various government schemes.
2. Incentive package of ‘Aatmanirbhar Bharat Abhiyan’ for MSMEs: A relief of loan of 3 lakh crore rupees for MSMEs in the form of low-interest loans and collateral-free from PSU banks, private banks, and NBFCs. 
3. Zero Defect Zero Effect: In this model, goods that are manufactured for export have to adhere to a certain standard. To achieve this the government has launched this scheme to provide rebates and concessions for exported goods. 
4. Quality Management Standards & Quality Technology Tools: Registering in this scheme will help the micro, small and medium businesses to understand and implement the quality standards that are required to be maintained along with the new technology via seminars, campaigns, activities, etc.

With industries showing immense resilience through innovative ways during the pandemic. India now gradually making its way toward recovery, growth sustainability

What micro and small businesses(MSMEs) can do to grow their business: 

1. Digitization: I think all small and micro businesses should think of better ways to manage their business by adopting new technology. This will also enable them to reach new markets and get new customers. 
2. Agile manufacturing: Businesses need to evolve to suit the needs of end customers. This will enable them to optimize their efforts to get loyal customers and profitability in the long run. 
3. Better management of funds: Small and micro businesses need to work on ways to have better cash flow as well as profitability to ensure smooth operations in case of a rainy day. Often 
4. Better ways to manage finances: Business owners need to save their time in managing business finances by using platforms that can easily help them do so.

The current economic problems are by no means over for small and micro-businesses. But, preparing for the unknown well in advance can help them regulate it.

Manage business finances with OpenBook 

OpenBook understands the need of 6 crore MSMEs of India and hence has built a product that simplifies the way of managing a business. It is India’s first financial app that has an online bank account. It solves everything from billing, payments, banking accounting, and taxes, all in one place. 

Now businesses can save up to 20 hours every week in managing accounting or bank reconciliations. This time can be utilized well in getting new customers or ensuring supplies from vendors or even getting a credit line/loan to take the business to the next level.

So, what are you waiting for? Download the OpenBook app today and manage your business-related billing, banking, accounting, and taxes in one place. #BusinessKaroSimple