Breaking barriers to redefine the New Normal by SMEs
Every cloud has a silver lining. Just as this popular phrase suggests; in every difficult situation, we will always find a ray of hope that will guide us through.
During the pandemic, a large number of SMEs were negatively affected from tight lockdown measures while the consumers cut down their spending that resulted in a heavy decrease in revenue , while some were even bankrupt! This pushed them to close down their physical stores while in the meantime had to terminate contracts of full-time employees.
But this didn’t stop them, their creative minds were put into action. Some new-born entrepreneurs and start-ups have been more opportunistic during the pandemic, repurposing their businesses and utilising the existing knowledge and skills to cater to the emerging needs and wants of the customer. From start-ups and individuals producing and selling face masks and sanitizers to transport services turning into grocery delivery companies reminded us how innovation and the need for survival could breakthrough the norms built around the New Normal.
On the flipside, as many of the employees lost their jobs, some voluntarily resigned to start their own home-based business while taking care of their loved ones and to avoid the risk of contracting the virus. The creative senses were put into play very effectively to bridge gaps in the market of home baked cakes and other delicacies, cloth masks, clothing while giving rise to home-based fitness coaches, content creators, bloggers and many more.
Repurposing is not without its challenges. Many of these entrepreneurs come from different knowledge domains without prior experience, especially in forms of digital and many tend to judge their trustworthiness and legitimacy while the downturn in the economy significantly increased the risk of doing the business. However, the main limiting factor that the owners are facing is lack of finance and a reliable pillar of strength to assist them through the rollercoaster ride of entrepreneurship.
Hence it is with no doubt that HDFC will provide you with their extended support and utmost protection for all the bold entrepreneurs to fight the odds with an array of financing options to choose from with a comfortable repayment structure designed just for you! So why wait more to make your dreams come true?
