One of the primary ways to reach out to new customers is with proper marketing and advertisement of your activities. However, Chartered Accountant firms in India are prohibited from doing the same, which leads to finding out other options and tips to grow their venture.
Today, more than 20% of the Chartered Accountants of the country own private firms. Such competition forces them to stay ahead of others and find new ways of drawing in new clientele and stand out from other CA firms.
These alternative ways of attracting new customers and maintaining the existing ones require large funding. That’s why many self-employed professionals opt for a business Loan for CA.
These loans are tailor-made for chartered accountants. Such advances come without the need of any collateral, along with affordable interest rates and flexible tenure with instant approval and disbursal. A CA loan often becomes the ideal way to finance the growth of a chartered accounting firm.
Here are some tips to grow your firm with a business loan for CA:
Finance your CA firm’ daily operations:
Any business needs to balance their assets and liabilities. If your CA firm is in need to increase its working capital, you can easily finance it with the help of a loan for chartered accountants.
- • You can pay the day to day expenses – You can easily stay ahead of your firm’s overhead expenses with the extra funds from a business loan for CA. You can also hire an experienced workforce to boost your efficiency and cater to your clients effectively. This will give you a positive reputation in the market. Also, your existing clientele will refer new customers to your firm for a better service.
- • You can maintain a positive working capital – A loan for CAs can also help you maintain a steady working capital to keep your business running without any hick-ups. For example, if you have a solid working capital, you can hire additional accountants to assist you during the time of tax filing. You will be able to cater to your customers faster and earn more revenue in the process.
- • You can also consolidate your existing debts with the funds. Loans can keep piling up over time, and the lender can seize your business assets if you miss out on repayments. However, you can consolidate multiple small debts with a business loan for CA that may amount up to Rs. 35 Lakh.
Finance your CA firm’s expansion:
Every business requires substantial capital to finance its growth. A business loan for chartered accountants can provide the necessary funds at times of expansion.
- • Opening a new office – A new or a branch office comes with several advantages. The geographical location allows you to grab a new client base. It makes your practice more scalable and gives a massive boost to its growth. However, setting up a new office requires several expenses. You have to pay for the infrastructure, furniture, and fittings, computers, etc. CA loans are the smartest alternative to finance the move without reducing the working capital.
- • Purchase assets – You can use the funds to pay for new equipment like new computers, accounting tools, top accounting software packages, etc. Using the latest technologies in your practice will allow you to serve your clients more efficiently. A loan for chartered accountants provides enough capital to purchase or renovate all your existing assets at once.
With these tips, you will be able to give your CA firm the necessary boost to reach out to a wider audience and turn them into your clients. With the help of such Loans for Chartered Accountants, you can achieve your desired growth without depleting your personal savings.