Saving, investing and making money with technology

Tag: finance

3 Tips to Maximize Compensation in an Accident Injury Claim

If you’ve been in a road accident that resulted in personal injury, you know the challenges of dealing with such a situation—overwhelming medical bills, immobility, disruption in personal life, loss of employment, loss of personal property, and continued emotional suffering.

While going through the trauma of dealing with severe injuries or losing a loved one to an accident, you should not have to worry about your finances, which is why it’s important to avoid mistakes that could jeopardize your fight for fair compensation.

Ensure that your injuries are well documented

Many times, unless the injuries in a road accident are severe, victims tend to avoid seeking medical treatment. In such cases, it becomes extremely difficult for them to claim compensation should an internal injury or health problem surface later because of the accident.

Don Ernst from ErnstLawGroup.com explains that the best way to receive compensation from an accident is to have your injuries documented by a doctor. Self-documentation does not work, and your medical insurance company will most likely deny your claim in the absence of proper medical records.

To protect your right to receive lawful compensation for your suffering, it’s essential that you visit a qualified doctor immediately after an accident and maintain proper medical records, including bills, prescriptions and test results. In addition, avoid telling the doctor that you feel fine, as this might work against you in case of a claim. Instead, allow the physician to examine you and order any tests they may find necessary.

Hire an experienced road accident lawyer

Having access to sound legal counsel can make a tremendous difference in the way the insurance company handles your claim and the amount of compensation they end up awarding to you. An attorney who specializes in personal injury claims arising from traffic accidents will have the knowledge and expertise to investigate your case and collect evidence, develop a strong case, and do everything to maximize the compensation due to you.
Whether your claim ends up in an out-of-court settlement with the defendant or goes to trial, working with a good personal injury advocate will ensure your rights are protected and the guilty are brought to book.

Don’t accept a settlement that appears generous but really isn’t
Often, accident survivors or victims’ families tend to settle for the first amount offered by an insurance company so that they can move on with their lives. This usually happens because, even if the sum offered may not be fair, it appears generous enough or meets the victim’s immediate medical and other costs.

In the absence of legal advice, personal injury victims fail to take into account future damages such as loss of work due to prolonged recovery period, emotional damages, loss of personal property such as cell phone or laptop damaged in the accident, cost of travel to medical clinic, and many

Continue Reading

Fund Your Dreams: The Best Place to Get a Personal Loan Online

When you need to get a personal loan, it can feel like an isolating and stressful experience. But the truth is that you are not alone, as personal loans in 2018 amounted to over $120 billion dollars in the United States.

No matter what you need your personal loan for, there is a personal loan for everybody, regardless of your credit or your reasoning behind the loan. Dive into this personal guide to find the best place to get a personal loan.

Best Place to Get a Personal Loan

There are a number of personal loans on the market, with enough out there to cover any need or credit rating. You will find that if your credit score needs some work, you can still get a personal loan.

Sometimes even just looking into small personal loans will help improve your credit score. But if you need a little help with your credit score, learn more about understanding your credit score and how to improve credit ratings before you apply.

Personal loans online are divided into a number of categories, and this is usually dependent on your credit score. You will find that personal loans come with lower interest rates when you have good credit, and with poor credit, the lender takes a higher risk and generally offers a higher interest rate.

Some of the most common personal loans online are from Prosper, Wells Fargo, and Lending Club. These lenders are more useful to those with better than average credit scores.

Types of Personal Loans

For excellent credit, places like Freedom Plus and Earnest offer personal loans as well. Peerform and Avant help those with average credit.

And websites such as OneMain and BadCreditLoans.com are there for those that need help with their credit scores.

Discover the best type of loan for those with poor credit.

The most common reason for getting a loan is to consolidate your high-interest debt, but they can be taken out for anything. Adoption fees, medical bills, house repairs, wedding, car issues, or any sudden need for cash can be your reasoning.

A general rule of thumb is that you are likely to get a higher personal loan when you have good credit. But even average or poor credit can get you a personal loan if you shop in the right place.

Best Personal Loans for Good Credit

The best personal loans if you have good credit are from places such as Lending Club and Wells Fargo. Here you will find lower interest rates and a higher potential for the amount of a personal loan.

Interest rates for those with good credit can be as low as 6.95 percent, but even those with good credit might see a high-interest rate at 35.89 percent. Read the fine print on the applications, as you may pay a fee just for applying.

Even so, with good credit, you could get a loan as high as $40,000 and a term as long as five years to pay it back. Wells Fargo may offer even higher personal loans up to $100,000 if your credit is very good.

Best Personal Loans for Average Credit

If your credit isn’t in the best shape, you will find that you don’t have many options when it comes to personal loans. Or at least, your options are slimmer.

You may not have the option of shopping around for interest rates and may get a smaller loan as a result.

Even so, there are many lenders today willing to help out. They will earn your business through a higher interest rate, making it a win-win for everybody.

Personal loans for average credit can still offer interest rates around 5.99 percent but can go as high as 35 percent.

Places such as Peerform and Avant are known to be extremely helpful in offering personal loans. These personal loans can go as high as $35,000 depending on your exact credit situation and need for a loan.

You are likely to find that there is a small processing fee for the application.

Best Personal Loans for Bad Credit

If you have a credit rating under the 600 mark, you may be considered a risk by lenders. But credit scores are evolving, and the more you work to improve your credit score, the faster it will improve.

Don’t sweat it if you need a personal loan and have bad credit. Websites such as BedCreditLoans.com and One Main can help you.

You won’t necessarily be stuck with a high-interest rate either. Some loans offer interest rates as low as 5.99 percent.

You may not get a high personal loan amount, but it could be a start in the right direction if you are rebuilding your credit.

At One Main, higher personal loan amounts are available for those with bad credit. These can go as high as $30,000, but you may be paying interest as high as 35.99 percent as well.

Before you apply for personal loans online, check your credit rating, and see if there are any errors. Clean that up before you apply.

If your credit score is lower than 600, you may be better off applying for a personal loan.

Do Your Research

Personal loans are a significant component of the economy, comprising 1.5 percent of consumer debt. Personal loans can be used for anything from credit card consolidation to home repairs or even a vacation.

It is estimated that 60 percent of personal loan applicants using the funds for credit card debt. Do your research to prepare yourself for approval before you apply.

There are 19.5 million outstanding personal loans in the United States, totaling billions of dollars. When you are looking for the best place to find a personal loan, know that you are not alone.

There is a personal loan out there for everybody, regardless of need or credit score. Don’t let one denial stop you.

As many as 24 percent of American applicants will receive at least one denial on their quest for the best personal loan. Before you search for the best place to get a personal loan, empower yourself with these 4 tips on reaching your financial goals and dreams.

Continue Reading

Top 8 Financial Trends to Watch Out for in 2019

In a last few years, we have seen digital-based services booming in online banking and financial industry. The technology trends in 2018, such as instant payments through mobile wallets, social networking with customers, plastic money, apps for investment tools, have taken a leap to bring many more such innovations for 2019. Below we have listed the latest financial trends that can take the 2019 year by a storm.

1. Micro-Financing and Peer-to-Peer Loans

There are several private finance companies that have opened up unique ways of funding the financial needs of people in 2019. Micro-finance or small amount funding is usually not done by traditional banks. Thus, micro-financing companies are one of the ideal choices for people who need quick money for a short-term.

Also, peer-to-peer loans are becoming easily available. The P2P platforms allow borrowers and fund-providers to communicate amongst each other on their websites to borrow and lend money, removing the strict regulations, process, and eligibility criteria posed by banks and NBFCs.

2. Business Credit Ratio

There is a growing hunger among the mass to become entrepreneurs. The government has also taken proactive steps to fund start-ups to its best with lucrative loan offers. Thus, more banks and NBFCs are leveraging the unsecured business loan product. The interest rates earlier were higher, and now they start at 12% only. Government and private funding to existing and new businesses are also encouraging young entrepreneurs to try their hand at self-business, more confidently in 2019.

3. Rise of Fintech Firms

Customers are not only preferring mobile banking, but finding new ways to access financial products under a single platform. FinTech firms are the ones that offer people such freedom. They give customers opportunity to refinance loans, borrow money from banks for the first-time, and access top NBFCs and banks for funds, crowdsource, and a lot more.

4. Increase in Investments in Fixed Assets

With global market volatility, young and amateur investors are looking towards investments in fixed assets such as insurance policies, real estate properties, gold, fixed deposits, PPFs, and similar products. However, this has also given rise to need of wealth managers and investment advisors who can help people select the right investment tool and grow their investment portfolio. As the global and national economy stabilizes, people shall take on to risk-taking investment options as well.

5. Growth of Blockchain Technology

Blockchain is the technology leading to digital currencies such as Bitcoin. It is an open distributed ledger and efficiently keeps a record of transactions between two parties, which can be verified. The tech community is now finding ways to optimize blockchain technology, as it is one of the most secure and safe for trading anything from ideas, royalty fees, money, and a lot more. It does away with middlemen, who were earlier required to ease these transactions, which can now be completed virtually.

6. Hiring of Financial Experts

While customer support team in financial companies earlier were crowded with professionals with educational background in non-finance field, things have become stricter today. Now, only those with relevant experience in company-focussed financial product/service are selected for the job. They go through intensive training and are expected to make as minimum errors as possible, as customers demand for a more accountable customer service, making financial firms to tighten the shoelaces.

7. Travel Finance

Group-travel to destinations is not a thing of the present, but an activity which people engage in from years together. However, travel finance has never been as accessible as today. In 2019, we can expect airlines, banks, credit companies, and private sponsors to fund trips of diplomats, and people who wish to travel the world for educational purposes. There has been an increase in research-purpose travels and banks easily fund travellers for a trip, if they have sufficient repayment capacities.

8. Chatbots and Digital Assistants

Chatbots can reply and engage in conversations with people in natural language, which combines the understanding of a company’s service/product, and input of data set. These can aggregate requests that are location-specific, synchronize phone conversations, improvise on customer support experiences, take specific requests, spot repetitive problems, and a lot more.

These are the future of technology in 2019 and have already replaced customer support processes. Now, one can type to and talk with chatbox to resolve basic issues, access a service, etc. These are also used to create personalized content, which required human interference earlier.

The above-given financial trends are the latest for 2019. As we step into the year month-by-month, more such trends will lay foundation to what we can expect in the finance industry a year thereafter.

Author Bio: Satchit Hasabnis is a Chartered Financial Analyst who has more than 10 years of experience in the finance industry. He co-founded, Loanbaba.com, which provides quick and easy loans like Personal loans, Education Loan, Business Loans, and Gold Loans etc to people of different economic backgrounds.

Continue Reading

Best savings Options to Choose from Between ELSS and PPF

A suitable savings strategy will guide you to a stable future from all aspects. One of the principles to follow for such outcomes is to save first, from your salary or any other income, before making an expenditure. Every 3 out of 5 Indians, do not maintain a savings account balance or emergency fund beyond Rs 5,000. You need to select the best savings options from a variety of choices to ensure a strong conclusion.

According to a recent study, literate females in India constitute a total of 64.6%, while the male literacy rate stood at a staggering 80.9%. The gender literacy disparity has had a massive impact on household planning and population stabilisation endeavours in India. Savings schemes such as PPF and ELSS has been effective in bridging this gap and other socio-economic inequalities.

Understanding Public Provident Fund and Equity Linked Saving Scheme

1. PPF – Like the Employee Provident Fund, Public Provident Fund helps an individual to save tax and eventually lead to a lump sum of funds post-retirement. The minimum amount for investment is Rs 500 per month. The maximum admissible investment is Rs 1,50,000 over one year.

PPF is popular as one of the best savings options, especially for low-salaried employees.

The minimum lock-in period stands at 15 years. The account holder receives the investment amount constituting of interest. The current PPF interest rate is at 8%. You cannot withdraw from the fund until 15 years. However, you can avail loans or partial withdrawal after the completion of 7 years.

The significant benefits of PPF can be summed up as follows –

a) Risk-free interest rate – As the government plays a major role in the public provident scheme, there is no risk of loss in this investment.

b) Tax exemption – Investors in PPF entail tax deductions under Section 80C of the Income Tax Act up to Rs 1.5 Lakh per annum.

c) Maturity extension – Account holders can extend their maturity period by one block consisting of 5 years. To save more, you can prolong your investment period.

2. ELSS – It stands for Equity Linked Savings Scheme, which is directly related to the performance of the equity market. It is a type of mutual fund which is elgibile for tax exemptions under Section 80C of the Income Tax Act of up to Rs 1.5 Lakh for one finanical year. Equity Linked Savings Scheme comes with a lock-in period of 3 years. Due to the presence of the risk-return tradeoff, an individual can consider this as one of the best savings options.

The advantages of investing in an ELSS are as follows –

a) Higher returns – ELSS provide higher returns than PPF or a Fixed Deposit, as it has a direct relationship with the stock market. If the stocks do well, the ELSS taken is bound to do well.

b) Shorter lock-in period – As compared to a PPF, the equity linked scheme has a shorter lock-in period of 3 years.

c) Tax deductions – Similar to PPF, the ELSS scheme has tax benefits under the Income Tax Act, 1961. The returns from this medium are tax exempt till Rs 1.5 Lakh per annum.

PPF and ELSS are good investment options to secure your future. However, you may require an immediate lump sum of funds to meet unforeseen difficulties. Access to quick and pre-approved credit financial institutions can help in such situations.

You need to look out for the best savings options, which not only meets your retirement objective but also plays a vital role during your employment. If you wish to live stress-free in the future, you need to save beforehand today. Be aware of your liquidity requirements and the lock-in period of the scheme to be availed.

An employee should be aware of best monthly income scheme available in India to invest in and choose the most suitable one as per their financial portfolio. Remember not to put all your investable corpus in one fund, and instead diversify among various schemes for better returns.

Continue Reading

What is the Best Type of Loan for Someone with a Poor Credit History?

It doesn’t take much to get into financial difficulties; an unexpected family crisis or losing one’s job could easily put a person into a position where they are unable to meet their multiple loan repayments. Of course, making late payments or missing them altogether can have a negative impact on your credit score, and while there are many finance companies that would reject any loan applications, there are some that specialize in helping those with a less than perfect credit history to obtain a loan.

Debt Consolidation Loans

If a person has 3 or 4 loan repayments to make every month, they typically fall on different dates, which can be a real challenge to juggle, and one way to resolve the situation is to take out what is known as a debt consolidation loan. This works by borrowing an amount that would pay off all outstanding loans, leaving you with a single, affordable monthly repayment. Of course, this only works if the borrower can afford to make the single monthly repayment, and with online brokers who can arrange unsecured personal loans with bad credit, the outstanding debts can be cleared.

Fast Approval

If you approach the right online loan provider, things can be settled within a few days, and without the need for a personal meeting, many clients receive the funds on the same day they apply. Traditional banks and finance companies are very reluctant to lend to someone with a poor credit history, and it might take weeks to find out the application was rejected, yet there are thousands of Australians who are now debt free, thanks to a debt consolidation loan.

Online Solutions

The solution to the problem could literally be a few mouse clicks away, and with 24/7 live chat, you can discuss your circumstances with a professional, who can advise you accordingly, and with no fix – no pay, you will not be saddled with a bill for an unsuccessful loan application. Rather than having to visit the finance company’s offices, everything can be handled online, and provisional approval usually takes but a few minutes. The provider would make sure that the repayments are affordable, and when the consolidation loan is paid off, you can begin to look at investment opportunities.

Nothing to Lose

You have nothing to lose and everything to gain by approaching an experienced online loan provider, preferably one that specialises in helping those with a bad credit history, and while every person’s circumstances are different, the financial expert would make you aware of the various options and help you to make an informed decision. Many people have approached such a company, thinking it is a waste of time, yet were accepted for an unsecured personal loan, even with a bad credit rating.

Some loan providers understand how easy it is to get behind with payments and they don’t see why the past should be taken into account when trying to arrange debt consolidation. Everyone deserves a second chance, and statistically, most of us experience financial difficulties at some time in our lives, yet with professional help, a seemingly hopeless situation can be cleared within a year or two, and with no black mark against their name, they can forge ahead with their goals and objectives.

Continue Reading

Outsourcing Can Save You Money – We Show You How

Outsourcing – the practice of hiring third parties outside of your business to do some of the tasks that are required for you – is expensive. It’s a waste of time. You can do it all, and if you can’t, you can learn. Or you can delegate to staff members who can also learn what to do. Isn’t that the case? Won’t you be saving money by doing this?

The answer is not necessarily. If you outsource the right tasks to the right people, you can actually save your business money. Read on to find out how this seemingly impossible statement could be true for you.

Hiring People Costs Money

When you first start your business, you might assume that, at some point further down the line, you will need to hire people. It seems like a natural progression from being a sole trader to running a company that has a variety of staff members. Hiring people, however, can be an extremely expensive thing to do. You need to pay for:

  • Advertising the position
  • The time it takes to read resumes and interview people
  • Fees to recruitment agencies
  • And eventually salaries and the tax implications that go with this

You are also responsible for other people’s financial well-being because you need to make sure they are paid each month without fail. If the business has a difficult patch or is seasonal, this can be difficult.

When you outsource, you only need to pay for the time you use, which means that you can put the work on hold, or even do it yourself (assuming you have the skills) if money is tight. You can’t do that with someone’s salary.

Training Takes Time (And Money)

Training up your staff so that you can delegate tasks to them might sound like a good idea, and in some cases, it will be if that member of staff can then use those skills to improve the business. If the task they are being asked to do is a one-off or rare thing, the time taken to train them up will far outweigh the value of the task itself – it will be less expensive to outsource these specialist tasks, which could include PCB making using CircuitStudio, gathering market information, creating a logo, or even adding signage to your storefront.

You Won’t Lose Focus

When you have a thousand different tasks to do, you can easily become overwhelmed and lose focus. This, sadly, costs your business money because you end up getting nothing done at all, or you start to cut corners in order to complete jobs and move onto the next. This can easily ruin your company’s reputation and have a major negative impact on sales.

Although delegation is hard, as businesswomen Jessica Jackley says, “Deciding what not to do is as important as deciding what to do.” That is, knowing what you should be outsourcing so that you can focus more on the tasks you are able to do well is crucial – do this, and you will grow your business, even if you are paying an outside company for their particular skills.

Continue Reading

How to Quickly Start Your Real Estate Business?

As you are getting started with your real estate business, it is vital that your strategies will help you make money. You need to have sufficient cash in the bank for your real estate business to thrive.

When you are starting a real estate business, you have to develop your business from scratch. You may still need the guidance and support of the real estate experts. The determination and self-control have to come from you.

You should also remember that every walk-in is possible compensation. Do not turn your nose up at any kind of possibility as you would surely regret it. One of the biggest mistakes you must never make when you are still starting out is to ignore a person with filthy and broken clothes. That person might be a proprietor of a local garbage hauling business.

What are the Other Strategies to Consider to Get Your Real Estate Business Started Quickly?

Pass the Broker’s Exam

Before you can become a qualified real estate agent or start your real estate business, you need to pass the broker’s test required by your state. If you become a qualified broker, you canopen your own practice. From there, you are licensed to hire other real estate agents to work for you. You can start your own agency and gather commission from your agents who are working for you.

Locate Cash Investors

All-cash investors who are actively purchasing properties are your best deal to make quick cash. These investors are well-informed and undaunted. Even though some investors could give you reduced deals that are tough to get approved, their capacity to gather cash will give the seller the assurance of not needing to wait for a bank to accept the loan. It could give you the closing table faster. It suggests that you make money.

To bring in these capitalists, you might have to bring them a benefit. One instance is to offer them properties that no one knew yet. If there are off-market properties to reveal them, it could be a means to attract them in.

Consider Fix and Flip It

If you thought about getting a house, repairing it up and then marketing it, this strategy is known as flipping. Numerous real estate agents rely on house flipping or assisting customers to flip their houses to create an extra income stream.

Do not believe what some TV shows are showing you that you can make $100,000 when you flip a house. Keep in mind that it is rare to earn that much through this method. The actual cash is not flourishing with one flip. Instead, you can make a lot of cash as you flip several properties.

There a great deal of danger associated with flipping houses. For this technique to work, you have to purchase a house listed below market price and you have to know how to precisely approximate the price of fixings. Experience will help you out.

The foreclosure market is one excellent place to discover houses that you could flip. There are sites that can help you look for foreclosure houses. Obviously, it could be an open market depending on where you reside.

Prior to purchasing a property, ensure that you understand the “After Repair Value.” You will most likely have to get the help of a real estate agent to know more about it. However, you could have an initial idea by taking a look at the current sales worth of houses in the same community.

You do not need to fix the house, as well. You could purchase wholesale cost and afterward, offer it as swiftly as possible. You could make approximately $5,000 each offer, with hardly any effort and work.

Work an Open Home

It is a matter of argument whether or not open houses are beneficial when selling listings in the market. What is not disputed is that they could be a great place to fulfill potential customers.

For example, if you want to deal with the apartments for rent with utilities, find out if an agent will allow you to assist in working his open house. If he will, you can meet any client that comes through the door. If he is not currently dealing with somebody, you could take him as your customer and offer him mutual cooperation. Even though not all the attendees fo the open houses are the determined customers, they have the intention of purchasing or renting.

Produce Leads Through Direct Mailers

It is a traditional approach that still works equally well today, particularly if you focus on your preferred target audience. It returns the same ROI as social networking marketing.

Direct mail marketing surpasses any digital networks. It is also competitive as regards to cost-per-acquisition. But not all straight marketing is created equal. The layout can play a huge function when it involves reaction rate.

The only drawback to this method is how challenging it is to monitor where leads are originating from. It is also tough to track where they see your ads the first time. The good thing is that there are ways to monitor direct mail. It could take a bit of effort but it is worth it. However, fewer companies are utilizing it to target their clients. It implies there is a chance for you to attract attention and get hold of your potential client’s interest right from the beginning.

Make Use of Your Connections

Another way to help you get started quickly with your real estate business is to use your connections. Your business is still brand new. Thus, you cannot rely on past customers to assist you in earning a living.

However, you can make use of individuals that you currently know as your source opportunity. Working your network to find out if any individual you know is considering offering or if any individual you recognize knows of a person who is prepared to negotiate. You could use that link into a fairly fast paycheck.

Conclusion

These strategies may or may not work for you. However, they give you an idea of how you could start your real estate business quickly.

Continue Reading

Investors Win Big In GDPR-Era

In light of recent changes to data regulations, 60% of respondents said GDPR has significantly changed their organizations’ workflows for collecting, using, and protecting personal information. While investors, startups and established tech companies alike are having to adjust to the new world created by the introduction of the General Data Protection Regulation, they shouldn’t necessarily be worried about the changes. Investors, especially, are seeing increasing shifts in the amount of power they now have when investing in companies that have taken to implement these changes in a swift manner.

How GDPR Changes Tech

The GDPR requires companies to clearly outline where consumer data will be used and also ensures that the data will not be used for inappropriate purposes. The difficulties that are being reported have been in regards to the fact that GDPR still contains many uncertainties, making it difficult for investors and companies alike to understand whether one is considered non-compliant. The biggest blow to the tech industry has been the imposed sanctions that companies are seeing, as regulators are able to either issue warnings or simply permanently ban non-compliant potential investors. This change particularly affects marketers, with some companies are already beginning to close their European operations due to the fact that the regulatory environment is not favorable to certain business models.

Changing the Way Investors Invest

Investors who haven’t done so already should inspect their current and future investment portfolios for GDPR compliance, as failure to comply could impact their financial gains. To avoid costly fines and embarrassing sanctions, investors have begun to ask in-depth GDPR-related questions as part of the investment process, leading smaller tech companies and startups to scramble in order to meet requirements. As a component of this change, investors have also begun to assess the impact of GDPR on customer behavior in regards to how it will affect the viability of a potential business model.

Emerging Benefits of Data Protection

In a survey conducted to assess the reception of GDPR, 61% of respondents said they believe that GDPR has its benefits beyond just implementation. Of those, 21% expected significant benefits, including competitive advantage, improved reputation, and business enablement. As more and more companies begin to adapt marketing strategies, workflows and general business practices, they will begin to view the regulations in a more positive light that will allow them to attract top investors who are interested in investing in a compliant company that will withstand the test of time.

Investors Don’t Need to Worry

As GDPR becomes more and more understood in the world of tech, companies and the people investing in them will either adapt to current data requirements in order to be compliant or find creative, legal ways to outsource their data. While it might seem that investors win big in this situation, companies that work hard to alter their strategies in order to meet compliance regulations will also reap big benefits in the long run, as will their users.

Continue Reading

2018 Supply Chain Management Trends

Introduction

Technology often affects supply chain management structures. One development in the past 10-20 years shaping the way supply chains operate is the increased use of Internet shopping. Will wholesalers and retailers keep up with SCM Changes?

Overview of Supply Chain Management

A supply chain is the path that goods or services travel, which is a journey that supply chain management oversees. For tangible goods, this process usually begins in a factory where items are built and ends with those pieces in customers’ hands. Service SCM often starts at a place of business where customers will have access to help they need, and these customers also might use online or telephone communication to make service requests. Some businesses choose to have an internal team handle SCM, while others hire outside experts.

Latest Trends in SCM

Because of the increase of online shopping, companies now strive to make delivery times as short as possible for as inexpensive as they can. This initiative involves the use of visualized data for tracking orders and shipments. To shorten delivery times, some businesses also have planted factories and warehouses closer to where customers live.

Along with data visualization and localized manufacturing facilities, current SCM practices seem to demand the use of the Perfect Order Index indicator. A company with the best POI is the one who ideally ships all orders on time with no damage or loss occurrences — or at least does ship perfect orders nearly 100 percent of the time.

Artificial intelligence technology including the use of drones, which also can speed up delivery, is another new SCM trend. Automation of purchases and orders works in conjunction with this recent SCM development. In some cases, this includes automated transaction procurement at both the business-to-business and business-to-consumer levels. It may also include automated invoicing along with immediate delivery of payment receipts.

Current SCM trends might seem impersonal to some shoppers. One challenge that both wholesalers and retailers face right now is providing the one-on-one customer service experience many consumers still crave. B2B clients also might still demand VIP, face-to-face service.

Conclusion

Offering the best of both worlds, which includes the efficiency that technology can provide combined with a physical presence near delivery destinations, could bring back the hometown feeling many people remember and miss from their younger days. For instance, local grocery stores delivered milk straight from a nearby farm to homes at least once a week. This took place at least until the early 1980s and is in a way happening again with online ordering being the major difference.

Combining digital order fulfillment technology along with the “mom and pop” feel of local pickup that some customers prefer could put a company ahead of their competitors.

Continue Reading

How an MSME Loan Will Help You Grow Your Small Business

How an MSME Loan Will Help You Grow Your Small Business
Mr. Murari Lal Bansal, a resident of Chandni Chowk, Delhi was an owner of an MSME enterprise. His business was going good for the last 2 years. As his business flourished with time, so the need to expand it and bulk orders from clients also increased.

For leasing out a big space to expand his business operations and to receive bulk orders from clients, he needed a big amount of money of around Rs.20 lakh. Since he had no other sources of money, he thought it would be good to sell his ancestral home, liquidate it and use the funds in the business.

On the other hand, he was also aware that liquidating his ancestral home was not a good idea in the long-run. That’s when one of this friends advised him to avail an MSME loan from a leading lender of up to Rs.30 at lower rate and longer tenor.

If you are an MSME business owner and needing to expand his/her business and for that, if you are thinking to liquidate any of your assets, MSME finance is a good idea.

What is MSME loan?

If you have Micro, Small, and Medium Enterprises (MSMEs), you may avail an MSME loan from any of the leading online lenders and borrow up to Rs.30 lakh.

These loans are popular amongst small business owners as they are available at lower rates and extended tenor so that you can repay smaller EMIs.

Why an MSME loan is a good idea to give wings to your business?

1) Finance up to Rs.30 lakh

When you can avail up to Rs.30 lakh for your business needs, you can easily focus on your business and take it in the right direction.

2) Flexi loan feature

When you avail an MSME loan from a leading lender, you also get the flexi loan facility in which you can easily borrow an amount as per your needs from the total limit. You can enjoy the benefit of paying just the interest as EMI on the used amount and nothing more. The rest of the money is adjusted at the end of the loan tenor.

3) Faster processing

Since the MSME loan is a collateral free loan facility, you can enjoy a faster processing of the loan which means your loan application is processed within 24 hours. As a result, when your loan is processed fast, you also get the money disbursement quick.

4) Wider tenor to suit your needs

You can focus on your MSME business and not bother about the loan repayment as you can seize a wider tenor ranging from 1 year and 5 years. Hence, you can pay smaller EMIs over a longer tenor and focus on your business and not the repayment.

5) Online account management 

Availing an MSME loan from a reputed lender can let you access the loan information right via the digital customer portal. It lets you track the progress of your loan right from anywhere and 24/7.
MSME loan eligibility

For availing the MSME loan, you will need to fulfil some standard MSME loan eligibility of the lenders such as:

* Applicant should be under 25-55 years

* Your MSME business should have a history of 3 years and more

* You should have filed the Income Tax Return (ITR) on behalf of your business during the last 1 year

The Bottom Line

Don’t think to liquidate your assets or take credit from your relatives when you have an MSME loan to help you cover your entire small business needs. You can apply for the MSME loan online and get started.

Continue Reading