Tag: Coronavirus lockdown

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Sales Startup

December 2020 Shubh Muhurat Dates: Auspicious Dates Which You Can Refer to Before Starting Your Business or Setting Up a Factory

Shubh Muhurat
Shubh Muhurat (Photo Credits: File Image)

Mumbai, December 4: Indians believe in doing any important work be it marriage, opening a shop, setting up a factory or starting a new business, by looking at the auspicious timings which are referred to as the Subh Muhurat. It is usually believed that if you follow these dates, your work will go smoothly and you won’t face any hindrances.

Setting up a business is a big task and many businesses have been forced to shut after they faced losses and were unable to operate. 2020 has been one of the most difficult years owing to the coronavirus pandemic. There have been job losses, factories were shut and people were shown pink slips due to the COVID-19 induced lockdown. As the economy shows signs of revival with respective states easing their restrictions, people are slowly starting their own businesses. Diwali 2020 Shubh Mahurat: Auspicious Time and Dates to Open New Shop, Office and Factory This Festive Occasion.

In case you are wondering to start your business, here are a few auspicious dates which you can consider in the month of December 2020:

Auspicious Dates For starting a new business:

December 5 2020, (Saturday)

December 9 2020, (Wednesday)

December 10, 2020 (Thursday)

December 11, 2020  (Friday)

December 17, 2020 (Friday)

December 24, 2020 (Friday)

December 27, 2020 (Sunday)

Here are some auspicious dates for Bhumi poojan:

December 5, 2020 (Saturday)

December 10, 2020 (Thursday)

December 11, 2020 (Friday)

So these are some of the auspicious dates which you can follow as per your convenience. Here’s hoping the day on which you plan to start your new venture turns lucky.

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Startup

Coronavirus Disruptions to Hamper MSME Recovery Prospects, Challenging Operating Environment to Remain For the Rest of 2020, Predicts Moodys

Ministry of MSME
Ministry of MSME (Photo Credit: PIB)

Mumbai, September 18: Credit rating agency Moody’s Investors Service on Thursday said that coronavirus disruption will hamper the recovery prospects of India’s micro, small and medium enterprises (MSMEs). According to an Economic Times report,

Moody’s stated that economic and property market disruptions due to coronavirus will lead to higher delinquences by MSMEs. This will hit the companies’ asset-backed securities (ABS) over the remainder of the year and hurt their chances of recovery.

The credit rating agency expects India’s economy to contract 11.5% percent in the fiscal year ending March 2021. The coronavirus induced lockdown has severely impacted the economy of several countries including India. There have been job losses, businesses have been shut and many SME businesses have also stalled. Moodys informed that demand for SME’s goods and services has fallen along with job and income declines.

The report further states that the government of India’s stimulus measures like guarantees on loans to MSMEs will partially help to alleviate liquidity pressures in the sector but it not help the sector to avert a downturn.

The rating agency further elaborated that they expect the challenging operating environment for SMEs to continue for the rest of 2020, which will also be increasing the risk of loan delinquencies.

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Business motivation Startup

IITs to Help Indian Agarbatti Sector Become Atmanirbhar, 4-Point Agenda Drawn Up by Centre to Extend Support to the Incense Stick Industry

Incense Stick (Photo Credits: Needpix)

Lucknow, September 7: In order to help the agarbatti (incense sticks) industry, the Centre has decided to rope in IITs to extend their support. According to an IANS report, the Micro, Small and Medium Enterprises (MSMEs) Ministry has expanded its reach and support to artisans, involved in making agarbattis, as well as to the industry, by its new guidelines issued on September 4.

The Centre has drawn a 4-point agenda for extending support to the industry, which it believes will help in strengthening India`s MSME sector. The Ministry is working to  The centre has decided to continuously support the artisans through training, by providing raw material, marketing and financial support.

It has also worked on all aspects of this product, like innovation in the fragrance and packaging, use of new or alternate raw materials like re-usable flowers, coir pith, and supply of bamboo sticks by closely working with the Ministry of Agriculture to help the industry flourish.

What is the Centre of Excellence?

A `Centre of Excellence` is also being set up in the Flavour and Fragrance Development Centre in Uttar Pradesh`s Kannauj, which is known to be India`s fragrance capital.

The Centre has also decided to set up 10 clusters with proper marketing linkages under SFURTI (Scheme of Fund for Regeneration of Traditional Industries) scheme of the MSME Ministry at a total cost of about Rs 50 crore.

The Centre believes that these projects will give a boost to the agarbatti industry and help in further building indigenous capability in all areas of agarbatti manufacturing with increased exports, and enhanced employment opportunities to the artisans and entrepreneurs. This is expected to benefit about 5,000 artisans for their sustainable employment.

The Khadi and Village Industries Commission, one of the statutory organisations under the MSME, will implement the programme and will “handhold the artisans” with proper backward & forward linkages and support, the Centre claimed.

 

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Finance

MSMEs in Maharashtra: State Government Mulling Relief Package For Lockdown-Hit Sector, Says Industries Minister Subhash Desai

MSME (Photo Credits:
Emergency Credit Facility Under ECLG for small businesses hiked from Rs 25 crore to Rs 50 crore by NCGTC. | Representational Image.

In what is believed to be a move to revive the Micro Small and Medium Enterprises (MSME) sector in Maharashtra, the state government is planning to provide some relief to the sector which has been severely impacted due to coronavirus lockdown. Maharashtra industries minister Subhash Desai was quoted in a TOI report saying that the MSME sector has asked for relief which includes interest subvention, relief in electricity duty and support for wages to be dispensed during the lockdown.

Desai said that the state government will consider providing a relief package to MSME sector after this issue comes up in the cabinet. The state has 20 lakh units registered as MSMEs, of which, six lakh are in the manufacturing sector, while the others are in service sector.

Indian Merchants Chamber president Rajiv Podar said that the biggest challenge for MSMEs is a fund crunch and a large chunk is blocked by PSUs. “In addition, 65% of MSMEs are below the investable grade and are therefore, not able to access the Centre’s relief package,” he said. Podar said the RBI’s interest rate transmission has not trickled to MSMEs adding that the government will need to stimulate demand in the economy.

Meanwhile, Anant Singhania, director of J K Organisation and CEO of J K Enterprises was quoted in the report saying that the Centre’s Atmanirbhar package catered more to MSMEs, who were already borrowers, to able to borrow more. He said the rest got excluded from the package and are in need of help. “The industrial sector on the whole, “faces a funding challenge since cash flow has come to a grinding halt,” said Singhania, adding that the industry is functioning at a sub-optimal level, facing a lack of demand and lack of workers.

Further, Singhania said that the governments had to give some assurance to the large number of migrants who left the cities so that they would return. “There also needs to be some monetary infusion in the market from the government and public sentiment needs to change on the ground,” he said.

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Process & Business Expansion

Business Continuity Plan during Corona virus lock down

Business Continuity Plan during Corona virus lock down
Business Continuity Plan during Corona virus lock down

“is your business falling due to Coronavirus Outbreak?”

Coronavirus Lockdown in India has changed the way businesses think and operate. Planning for operational flexibility is of extreme importance during such a global crisis. Here are 5 key steps that can help you create a Business Continuity Plan during Coronavirus and create strategies and a framework to face such disasters.

1. Know your key Business products or Services

As an Entrepreneur/Business Owner you should rank your business priorities in order of importance. For e.g.

  • Which area of business contributes most to the revenue?
  • Devise a plan of these critical activities and distribute responsibilities to employees on how will these critical functions be managed during Corona Virus Lockdown
  • Analyze how long can you continue with the existing resources. Look into cash flow management and financial implications.

2. How to reduce the negative impact of COVID-19

  • Your Business Continuity Plan during Coronavirus outbreak has to revolve around the people and your stakeholders
  • Protect the health of staff
  • Develop a communication strategy for employees, customers, and suppliers
  • Create a Standard Operating Procedure Guideline so that efficiency is maintained and core functions are carried out smoothly
  • Create a CoronaVirus Outbreak Team that will look into critical functions and will ensure the protection of employees with their preparedness
  • Consider flexible working options- remote working, work from home, alternate working days

 

BUSINESS CONTINUITY DURING Coronavirus OUTBREAK

Teamwork is essential. It will improve coordination and increase productivity. Show you care for the employee and everyone will work towards achieving the goal

3. Supply Chain Management during Coronavirus Outbreak
  • Identify operational and revenue impact
  • Check on feasibility of sourcing goods from other suppliers or perhaps multiple suppliers
  • Make sure that your supplier also has a Business Continuity Plan during Coronavirus in place.
4. Alter your product/value offerings
  • Since direct customer contact will not be possible during Coronavirus lockdown, it is wise to modify you product offerings to match what the consumer wants during this time.
  • For E.g. some businesses can look at digital offerings during COVID-19 lockdown or you can also divert existing employees from a dormant function to the customer service vertical to keep the customer satisfied by offering them better service during Coronavirus Lockdown in India.
  • In this way you might be able to retain existing customers and can utilize the workforce effectively.
5. Communicate and Prepare for the future
  • Devise clear communication strategies for internal employees and for external stakeholders
  • With a slowdown due to Coronavirus outbreak in India and across the globe, utilize the time to think about the future and how to make up for this slump
  • Periodically review your plan and amend if need be according to the external situation
  • Self-learning is a continuous process, hence learn from the challenges thrown at you
  • The Coronavirus outbreak will prepare us for the next global epidemic or slowdown, if it happens.

These 5 steps will help you prepare a Business Continuity Plan for your organization and help fight through the Coronavirus Lockdown. Insights, tools and structured business processes will help entrepreneurs and their businesses geared for pandemic planning.