● Engineering industry is growing rapidly in India
● Implementing new technology have a positive effect
● Revamped infrastructure ensures maximum productivity
● Monitoring and training of employees is necessary
The electronic and engineering manufacturing business in India is at a huge inflection point. The industry is one of the fastest growing sectors in the country as reflected by a Compound Annual Growth Rate (CAGR) of 9.88% in 2015. The corresponding size of the industry is estimated at $94.2 billion.
The central and state governments have also announced various incentives for setting and establishing engineering and electronic manufacturing businesses in Indore. These include up to 25% capital subsidy on capital expenditure, rebated cost of property, reimbursement of central and state duties, income tax exemptions on setting up in special economic zones, assistance in skill development etc.
However, starting a new business can be a challenging endeavor. Establishing an engineering manufacturing firm may require huge capital costs and financial obligations. There can be numerous concerns like volume expansion, client lists, floor plans, updated machinery, hiring and training of staff etc.
Banks and Non-Banking financial companies (NBFCs) provides Business Loans in Indore that can be prudent for expansion and growth of your engineering manufacturing firm. Here are few tips that can be of help in growing the business in largest city of Madhya Pradesh.
Diversify Your Business
It’s always beneficial to diversify your business to increase the customer base. Resulting diversity can help in sustaining growth even when there is a dull period. It will be helpful to integrate your manufacturing business with other firms. You can organize a production exhibition around commercial areas in Indore like Vijay Nagar or Bicholi Mardana.
Implement New Technology
Monitor and implement modern technology to increase the productivity. Adoption of automated production techniques can result in removing human errors and enhancing the throughput ratio of production. Even though a new technical innovation can be costly in terms of initial set-up, it may have a positive long-term effect on your business.
Upgrade Your Infrastructure
Sagging infrastructure can become a major roadblock in success of your engineering manufacturing firm. Replace or upgrade your equipment and revamp the infrastructure to make best use of resources and ensure maximum productivity. Engineering firms are looking to construct solar panels to use alternative power source.
Manage and Train Your Employees
The front-line employees or engineers plays a vital part in industrial development. They require monitoring and efficient training to improve productivity and ensure growth of your business. Building a capable and experienced set of engineers is obligatory for a engineering firm to thrive.
Borrow Money When You Need
As you begin to build machines, renovate the infrastructure and employ modern techniques for manufacturing, you will need funding. Whether it’s buying inventory or acquiring land in commercial areas of Indore, your business will require access to adequate finance. NBFCs like Bajaj Finserv provides Business loans at affordable interest rate to meet your financial obligations and expand your engineering manufacturing business. Minimum documentation and no collateral means you can get access to your working capital in real quick time. You can check your eligibility and apply online.