Successful Growth of Online Car Portal Droom Knows No Bounds (Content Princess – SEO)

The successful growth of Droom has become one of India’s greatest start-up stories, and it has now officially been named as the biggest online car portal site in India, both regarding its income and the number of users and traffic visiting the platform itself.

On the way to achieving the Unicorn Status

The story doesn’t end there, however, as the CEO and founder of Droom – Sandeep Aggarwal has huge plans to take the company to unicorn status, which means a startup firm worth 1 billion dollars – at the end of this financial year. He is already well on the way to achieving his ambition.

Currently, Droom is reaching around $400 million per year and is already achieving a traffic level of 15 million per month to its website. This online car buying and selling platform is also home to well over 105,000 car dealers, and it is on track to grow rapidly. The company is set to end March 2018 at $1.2 billion.

To add to its business accolades, Droom is the fifth biggest E-commerce company in India, and while the general E-commerce market in India is growing around 20 percent each year, Droom’s growth is at a staggering 350 percent every year.

The Secret of its Success

So how did the company achieve such tremendous success so quickly? The company has always had a strong customer service ethic, regularly adding in numerous features and additions to the platform which have made it incredibly popular with all of its users and led to this extraordinary growth.

Droom has also kept up-to-date with all the latest technology to ensure its online car portal works super efficiently and meets all of the expectations for both buyers and sellers using it.

Customer Confidence is Key

The sellers are big fans of the unique pricing algorithm utilised by the site which ensures that all vehicles are priced appropriately and justly. The Orange Book Value (OBV) as they call it, is unique to Droom and provides a fair market value for all the vehicles listed.

This policy has led to a real sense of trust among the users of this online car site and this confidence, in turn, has created a reflected belief among investors, with the company already receiving $45 million in the past two years, and plans for $50 million more on the cards.

What’s New and on offer for customers at this online car portal?

More recently, the company added in another unique service which will no doubt please those looking to buy their vehicles from the online car trade site as it makes the whole purchase process seamless on the portal.

Droom Credit is their brand new credit platform, which enables buyers to secure loans for their vehicle purchase on the site. It was launched very recently and is the first service of its kind in India – offering an entirely automatic vehicle credit marketplace.

With a loyal following of both buyers and sellers, an active investment base and a very ambitious CEO, the future of online car portal Droom looks bright, with unicorn status firmly in sight. Not bad for a company which was only started three years ago and has just 167 employees.

LSI Keywords:  online car portal, online car site, online car trade, online car buying and selling platform, E-commerce company, E-commerce market, vehicle purchase, car dealers,  startup firm, unicorn status,  buy their vehicles,  credit platform, secure loans,  vehicle credit marketplace

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Chance to buy shares in Tech Company Stripe completely ruled out by CEO (Content Princess – SEO)

If you were hoping to buy and sell shares in tech company Stripe, then you will face disappointment today as CEO Patrick Collison has completely ruled out taking the firm public anytime soon.

Going Public might not be that great, says Collison

He is bucking the trend of other tech companies who have been rushing to go public recently, including MuleSoft and Snap. However, Collison was speaking at a conference and said he was concerned that many tech firms faced great difficulties when first going public.

Stripe has been running for around seven years and made its success by offering an online and mobile payment platform to businesses and individuals. It has been valued previously at over $9 billion.

But its founder believes that making an IPO at this time could cause problems for the company such as reducing opportunities to move forward at the present rate and to take the kind of risks he had in the past.

A new service from the Tech Company to help Start-ups

Apart from the payment platform, Stripe has also recently launched a new toolkit to help startup businesses get going. This reason is another one the CEO gave for not wanting to go public.

Stripe Atlas is the name of the new toolkit which aims to help new startups and entrepreneurs to get their online businesses up and running within days. It pulls together all of the legal, admin and other information in one place to help make life easier. Around 62 per cent of those using this system are not first-time starters of companies, which shows just how much the entrepreneurs welcome this service.

But supporting startups is another reason the CEO has given for not taking Stripe public at this stage. He explained that he feels Stripe is very early on down its business path, and now it has this extra service helping other startups. As the clients are starting their business paths, there is a real affinity between the companies.

Won’t follow Biggies like Amazon

He explained that going public would only be an option if the business reached a plateau in its growth trajectory. But that time has not been reached yet.

People have been comparing the success of Stripe, with that of Amazon, which became a public company after just three years. However, Collison always quotes that while it is hugely successful now, Amazon had to get through a few years of the struggle initially and he is not ready for that with Stripe.

Going strong since the start

He certainly has had no problem attracting investors to Stripe after raising around $150 million last year, with General Catalyst Partners and CapitalG, which altogether doubled the value of Stripe compared with 2015.

The online payment company is believed to have around 300 employees currently and is on track to grow further in 2018 with the successful launch of Atlas. But anyone wishing to jump on the bandwagon and make money with shares in this tech company could be in for a long wait. With Stripe, it’s a case of watching this space carefully over the next few years.

LSI Keywords:  tech company, tech firms, mobile payment platform, online payment company, payment platform, public company,  going public,  startups,  investors

 

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KYB: KYC compliance for businesses, a vital new tool (Content Princess -SEO)

We’re all aware of why KYC is necessary. For companies concerned with their image, and for whom moral probity is an essential part of the corporate DNA, ensuring that you’re dealing with individuals who aren’t going to tarnish the brand is critical.

Effective KYC ensures that businesses who want to operate the right way, avoiding fines and building a strong and trustworthy brand can do so. Effective KYC is achieved by verifying that customers, vendors, agents and otherwise have the right stuff, aren’t susceptible to bribery and don’t leave the corporate body open, knowingly or not, to be being used for money-laundering, fraud, or any other damaging criminal activity.

KYC? KYB

If the criminal activity can affect a corporation as large as HSBC, it can affect anyone. In a varied and fast-moving corporate world, it is increasingly difficult to know with who you’re dealing. The internet offers a degree of anonymity unthinkable a generation ago. KYC compliance is essential.

But your organisation will be dealing with as many businesses as it is for individuals. It’s important to use the same levels of rigour and due diligence when dealing with an organisation as it is when dealing with an individual.

A complex global marketplace

Standard KYC protocols exist to prove that people are who they say they are. But the world market these days is so impossibly complex that it’s not always easy to establish that companies are who they say they are, let alone individuals.

The opacity of offshore dealings, the privacy laws of tax havens and complex webs of shell companies created for tax purposes can make it difficult to prove that you’re dealing with credible, genuine businesses. In particular, property and financial services are notoriously difficult to police offshore.

Domain names can be registered anywhere on earth and could be a front for anything. But it’s important for the credibility of your corporate brand that you know who you’re dealing.

Prevention’s better than cure

What’s necessary is a vigorous, root and branch approach to company identification which can take place in real-time. Your business needs to be positioned to validate the business you’re dealing with as fast as possible. Commercial imperatives dictate that you don’t want to be dragging your feet waiting to see if you can deal with them, but nor do you want to act too hastily, and find your brand associated with something unsavoury. Fraud and corruption take a long time to sort out, and it’s just plain bad business to be wasting time and resources resolving a problem which could have been prevented.

Learn and evolve

KYC services need to keep evolving to stay a step ahead of fraudulent businesses, as tech companies have to keep learning to stay ahead of hackers. Here at ThisIsMe, we think that KYB is the next battleground and one which only a speedy and dynamic process which, crucially, keeps learning can keep your business clean, compliant and hassle-free.

Keywords:  why KYC is important, trustworthy brand, KYC compliance, due diligence, KYC protocols, global market, genuine businesses, corporate brand, commercial imperatives, fraudulent businesses, hassle-free.

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Knowing your seller: the process of identity verification for business (Content Princess – SEO)

Know your customer (KYC) procedures

Financial institutions around the world, from New York to London, to Johannesburg, are required under the regulations of their country, to adhere to KYC procedures. In South Africa, the law is known as the Financial Intelligence Centre Act (FICA). Such institutions include banks, foreign exchange dealers, stockbrokers, attorneys and real estate agents.

The procedures are in place to ensure due diligence on the part of such organisations, so that they are not inadvertently complicit in criminal activity, for example, money laundering, smuggling, poaching, and theft of precious metals, which could lead to substantial fines. By ensuring that they have rigorous procedures in place to be compliant with such laws, companies help to minimise the risk of being involved in such activities and coming under the scrutiny of authorities.

Customer Due Diligence (CDD) measures

CDD measures are often carried out by banks and other financial institutions to ensure that they are compliant with KYC laws; such measures usually include verifying identity using documents and data from a reliable and independent source, as well as gathering information on the nature and intent of the business relationship. Such procedures can be time-consuming and costly for the firm, especially if carried out on an individual-by-individual basis.

It can also involve repeated scanning or fax the documents. However, it is often part of standard bank policy; by minimising supplier risk, their costs are lowered in the long term. They also reduce the risk of adverse damage to their reputation and credibility if high profile clients were to be discovered to be involved in the illegal activity; such a revelation could result in negative media coverage, sanctions or blacklisting.

The release of the Panama Papers in 2015 mainly brought the concept of ‘dirty money’ into the public spotlight around the world, and a large number of companies and individuals suffered reputational harm as a result.

KYC for businesses

Whatever industry a company is involved with, it will invariably be associated with a vast network of vendors, suppliers and intermediaries, making it tricky to exactly know who one is doing business with at all times. As it is illegal in many jurisdictions to conduct significant transactions with an entity known to be involved in criminal activity, it is of the utmost importance for companies to engage in robust, due diligence procedures to ensure compliance with federal requirements. Also, many banks need to make sure that their clients are properly engaged with appropriate compliance programmes.

KYC regulations, such as South African FICA or the US PATRIOT Act, apply both to individuals and to corporate entities such as sole proprietorships, close corporations and listed companies. There are checklists which must be completed depending on the type of client one is dealing with, being compliant with regulations. The records usually involve providing reliable documented evidence of the registered business name, head office address, operating address, tax and VAT reference numbers, plus personal details of persons who are connected to the company, such as members, agents, shareholders, beneficial owners, etc.

LSI Keywords: KYC, supplier risk, identity verification, regulation, due diligence, procedure, checklist, bank policy, shareholder, compliance, requirements

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What Your Colors are Telling Your Customers? (Content Princess – SEO)

Simultaneously intuitive and complicated, colour choice shows your customers a lot about you. The colours you choose and how you combine them are sending your customers messages, of which you may not be aware.

Color choice

The design of any space sets the tone for the interactions that take place there. This includes everything, even the colour you choose. A few spots of vibrancy are bold and uplifting, while softer colours and shades of white give a sense of space and tranquillity, according to ezibuy.com.

Leatrice Eiseman, executive director of the Pantone Color Institute, says that “Paint colour is an expression of your personality,” and this holds true for everything you find yourself designing. According to realsimple.com, colours such as yellow and orange (and all of their many variations) present you as being cheerful and welcoming. Blues, lavenders, and green are associated with nature and give your clients a sense of tranquillity and calmness.  

Colours associated with precious gems (think sapphire, topaz, and ruby) say that you are creative, outgoing, and creative. If this is your choice of colour scheme, you send the message that you are skilled at creating intimacy in an imposing space. If neutrals such as beige, ivory, and grey appeal to you, you are presenting yourself as practical and steady.

Color combinations

Use combinations of colours to your advantage. While there are many ways to combine colours when designing something, knowing a few of the fundamental aspects allow you to focus on a particular aspect without overwhelming your guests.

The simplest colour scheme is that of complementary colours. Some examples are combinations of blue and orange, yellow and purple, or red and green. According to freshome.com, using a neutral background with these combinations allows you to draw the eye to a particular aspect of what you’re designing. If you’re looking to accentuate a particular view or piece of art, centre it in these colours! It won’t be missed.

In contrast, you could choose an analogous colour scheme. This allows you to have similar colours throughout the room. Think of a combination of red, orange, and yellow to create a warm, glowing environment. This is a slightly less jarring take on the complementary colour scheme and gives your space a more relaxing feel.

You can also have a monochromatic colour scheme. This would be a combination of black, white, and grey to give your space a sense of calm. What you are looking to achieve in your space determines the colour scheme you choose.

Designing your space

We have barely touched the surface in designing basics. As you can see, even the colour you want is meaningful and conveys a message to your clients. It also serves as the basis of your corporate identity.

Let us help you create the message that you want to send. We create logo designs and presentations, and can even help you build your entire brand if you’d like! Never pre-made and always authentic, we deliver professional designs that sure to catch the eye.

Keywords –

Color

Design

Combination

Space

Scheme

Environment

Sense

Message

Identity

Create

 

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Here’s Why Customer Onboarding is More Than Just Customer Acquisition

Customer Acquisition is essentially gaining new customers which involves convincing consumers to buy a company’s products and services.

Customer onboarding is a phrase used to describe the method users go through from the beginning of the journey to becoming a customer and beyond it. While both are interrelated customer onboarding goes a lot further than customer acquisition.

Customer Acquisition

Customer acquisition management points to the methodologies and systems used for handling customer potential and inquiries. Many marketing methods generate them, which need strategy and forethought. The process:

  • Potential customers are identified through mailing lists and call centres. Consumers and businesses who already use or show an interest in similar products to those of your business are determined.
  • Companies assess the needs further, using research methods. If the prospect of getting this new customer seems viable, his status is elevated, and he is assigned to a salesperson.
  • Most customer acquisition programs then involve establishing an association with potential consumers to determine their need and how the offered products relate to those needs.
  • Staff will attempt to ascertain unstated needs determined by interactions and continuing conversations with the prospects.
Word of Mouth – For Customer Acquisition
Word of Mouth (W.O.M.) continues to be the most successful marketing channel

for acquiring new customers and leads. In a Bright Local survey, 28% of participants indicated that W.O.M. is the most effective of 12 online and offline channels. The next three most effective were online marketing channels. SEO is the most successful marketing channel according to 1 in 5 respondents. 15% cited online local directories and 10% email marketing. Word of Mouth is still the most frequently cited expressions in marketing.

Customer Onboarding

Successful customer onboarding results in your customers becoming enthusiastic about your product or service. It gives the consumers useful information and engagement to ensure they get the most from their purchases.

Some advantages are:

  • Revenue – If your customers are onboard, they will stay with your product or service and continue doing business with you. This will improve total conversions and lessen customer acquisition costs.
  • Recurrent Business – It’s a considerable loss to lose regular revenue when you have secured a customer. Customers who have gone through a robust “out-boarding” process are more likely to stay with you.

20% of existing customers can contribute to 80% of a corporation’s future income (Gartner Group). However, research has shown that most B2B companies allocate only 20% of promotion efforts towards retaining customers.

  • Word of Mouth – Your customer’s experience successful outcomes with your product or service and are happy with the quality thereof. They’ll want to speak to their contacts about you.

 More than 92% of consumers base their purchase choices on peer reviews. Word of mouth is promoting, and referrals can direct serious revenue to your business.

  • Reduced Customer Service Load – Your customers are better educated on gaining success from your product or service. They are less likely to have issues in the early adoption stages.

All Your Teams Can Be Involved in Customer Onboarding

It involves:

  • Marketing
  • Customer Service.
  • Technical Support.
  • Sales and Account Management.

Customer Onboarding is a more intensive and a longer process than the initial customer acquisition. It also involves all the teams in the business. Digital Customer Onboarding is a top priority for 2017 according to 80% of 200 attendees in a recent Digital Account Openings webcast.

Primary Keyword: Customer Onboarding.

Secondary Keywords: Customer Acquisition, potential customers, word of mouth, recurrent business, revenue, research methods, future revenue.

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Working Capital For Industries That Never Stop Working?

Working capital is something no industry can do without at some point or the other.

A primary measure of the Working Capital is Working Capital per revenue, defined as the measure of working capital required to generate one unit of sales.

Electronics and electrical component manufacturing firms show themselves to be in the top 100 users of working capital for the past decade consistently. These industries alone account for close to 5% of working capital users in the US.

They also show favorable ROI almost across the board and on average required <20% of Working capital per sales unit, as calculated by NYU Stern as of January 2018, (343 firms out of 7247 surveyed across all industries).

But it’s requirement and effects are probably best demonstrated in the electronics and electrical components industries for the following reasons:

Endless Applications and Users

Take a look around your living room, office or even your car.

Almost anything you see from your lights and wireless routers to your TV and computers is made out of hundreds of individual components. On a larger scale, these can have up to thousands of electrical components, from aim-assist and target acquisition on a tank to geological cameras and horizon scaling imaging devices on weather satellites.

We often only see this larger picture since the constituent elements are so varied and complex in their own right.

Vast Inventory Catalogue

Everything from solenoids to start cars, a circuit board for a transformer to RAM chips for your computer are likely to be manufactured, imported and sold by local and major electrical concerns in varying amounts.

Where the complication arises is – these aren’t always on an order-basis, that is, they need to maintain minimum stocks of these at all times. Otherwise, they risk ending up with the unsold inventory at the end of the lifetime of the product – especially in an industry so fast-moving.

PWC has also attributed the noticeable increase in Net Working Capital (NWC) in the electronics sector (the first since the 2008 market crisis) to these same industry conditions as per a 2015 report.

Lucrative Options For Small To Mid-Tier Firms

With a varied catalog of services ranging from flexible tenure and repayment options to EMI-based loans, working capital loans ensure that even a small to medium-sized business can maintain essential inventory while continuing to innovate in this rapidly-evolving, competitive industry.

With firms like Flexiloans and ICICI offering benefits like low one-time processing fees and zero collateral options, emerging companies, and established concerns are further incentivized to pursue a working capital loan from such institutions.

As per David Clayton of BlueVine Capital Inc., Working Capital is absolutely essential to growth for new firms of firms in the small to mid-tier, especially if they are going up against much larger, established concerns.

Fast-Paced Industry

Studies show that instead of making better phones that last longer, the industry is edging towards revolutionary new products that consumers, casual or “techie,” upgrade almost annually.

This could range from your smartphone and wearables to even your laptop – updated on average, every 3-5 years in the US for even casual users.

Smartphones see annual updates amongst large segments of their user base, the best example of them being Apple’s iPhones. As per a PEW research poll, 96 percent of American adults lacking broadband at home are still smartphone users, showing proving the market is continuing to skyrocket despite lacking infrastructure for broadband and wireless.

Great Option For Component Manufacturers

Another good example is the specialized materials and cabling infrastructure in the new routers you’ll need to support high internet speeds. These can go over 1 GB/second and are making their way into developing markets as well.

With revolutionary new technology from the advent of fingerprint sensor-unlock to Apple’s new FaceID, manufacturers constantly have to update their stocks of components and materials.

Specialized Raw Materials and Parts

Speaking of Apple, did you know that your average iPhone contains fractions of a gram each of palladium, silver, and platinum? This isn’t even taking into account the sapphire crystals on its cameras (the newer models have two lenses at that, so double the sapphire).

Balancing efficient inventory (all/mostly sold before becoming outdated or downright obsolete) and efficient supply chains is difficult. Especially in the electronics industry with such specific and often expensive parts that can be hard to source.

Ideal Users?

This is one of the primary reasons electronics and electrical companies are ideal candidates to apply for working capital loans.

Especially since constantly updating inventory, maintaining spares and older parts for repairs and managing a company of any scale – particularly start-ups, can be expensive.

More importantly, the need for capital is often more specific and inconsistent than say, construction or legal firms, where financing requirements are usually more predictable.

LSI Keywords used: Working Capital, electronics and electrical companies, revolutionary new technology, Specialized Raw Materials and Parts

 

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The Need For Working Capital Loans By The Electricals And Electronics Businesses

A strong and secure capital is the foundation of any good business. Small to medium scale businesses should be especially careful about their working capitals and where they acquire it from. 

Loaning working capitals has recently been appreciatingly welcomed in the market, especially by SMEs including electricals and electronics businesses.

Why Do You Need A Working Capital Loan?

  • Loaned working capital can effectively eliminate problems of regular cash flow
  • Businesses have recorded increased profits and greater sales margins
  • The credit limit for loaning out working capital to SMEs is relatively higher, with a lower interest rate
  • Many loan providers provide customized working capital loans to specific ventures such as electronic and electrical market which allows features like collateral-free terms

Management Of Working Capital For Electrical and Electronics Market

Like any other business, the electronics and electrical businesses need to source their capital from various places. Along with that, methodical management of finances is a necessary driving force for the success of any venture.  

Working capital loans or liquidity loans are mainly categorized as:

  1. Short-term liquidity loans: these last for a minimum period of three months to less than one year. Short-term working capital loans mainly function as turnover funds.
  2. Medium-term Working Capital loans: with a loaned period of 1-3 years, these funds are primarily used as turnover funds for day-to-day production and operation in a company.

Most electronic and electrical businesses depend on initial bulk capital, profits, and fixed assets for the functioning of the business. But what you must keep in mind is that this field of business is a day-to-day affair which requires regular sourcing of cash. In such a scenario, working capital loans tend to benefit an SME business owner to a great extent.

Understanding Working Capital Loans

A Working Capital loan is the capital your company requires for short-term goals and investments. The company’s assets and liabilities that hold for a short-term count as its working capital.

For example, if your electronics company requires several bills to be written every day, a billing machine would be a better alternative to save money and time. The acquisition of a billing machine would thus require working capital.  

Loaning Working Capital will not only ensure that your businesses run smooth but will also allow you the repayment of short-term debts and fulfilment of current expenses. Management of inventories, short-term assets and liabilities, and payable accounts is of utmost importance while running the company on working capital. 

Working Capital Loans For Small Businesses 

While working capital can serve the needs of large-scale ventures, small and medium scale businesses have markedly performed well in the market with a loaned working capital. The only difference is their market footprint size. Businesses that deal in electronics, electrical appliances, hardware appliances can greatly benefit with loaned working capital. Retail business also requires regular cash flow and will perform excellently well with loaned working capital. 

There are many banks both private and public that provide businesses with working capital loans. The ICICI Bank Working Capital Finance, HDFC Working Capital Finance, and the Channel Financing Program by YES Bank are some well-known working capital schemes amongst Small to Medium Scale Business owners. 

The HDFC Working Capital Finance provides capital regarding cash credit, letter of credit, and term loan.  All in all, if your business requires regular cash flow, availing Working Capital might be a good option for you.

LSI Words: Loaning working capitals, electricals and electronics businesses, Why Do You Need A Working Capital Loan, loaned working capital, customized working capital loans, Management of inventories, short-term assets and liabilities, repayment of short-term, Loaning a working capital, Working Capital Loans For Small Businesses, loaned working capita

 

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The Need For Working Capital Loans By The Electricals And Electronics Businesses

Building and running a business isn’t an easy job to do, and those brave enough to venture into entrepreneurship face a multitude of problems every day. One of the prime problems faced by business owners is the requirement of capital and dearth thereof.

That is where business loans (or working capital loans) come to the rescue of business owners, and there are a variety of ways in which businesses, especially those dealing with electricals and electronics.

  1. Constructing Advanced Infrastructure

Working capital provided to electricals and electronics businesses enable them to build offices and infrastructure that can aid the smooth functioning of the same. For example, using funds from working capital, the business owners can build better workstations for workers, better offices for other employees and improve the overall environment of the workspace that could directly result in improved productivity.

  1. Hire Competent and Skilled Workmen

Running a successful business requires having an efficient workforce. This becomes truer still for electricals and electronics businesses due to their critical relationship with the safety of the workers involved in their manufacturing as well as the customers who buy such products. Working capital loans allow employers to hire skilled workers and employees, without any financial constraints.

  1. Purchase State-Of-The-Art Machinery For Manufacturing Purposes

Working capital provides business owners to invest in technologically advanced machinery and equipment that workers can utilize to increase productivity and produce a quality product. Equipment and machinery pertaining to the latest technology increases the quality of the product, which in turn helps the business grow due to the positive feedback provided by the target customers.

  1. Better Preparedness

 Working capital helps business owners be slightly better prepared for any and all unforeseen circumstance that may arise in the future. Such circumstances may include any emergency payments that may need to be made to employees, and any expense relating to repair of machinery, upgrade of machinery and the like.

  1. Support for Transactions

Businesses require cash in hand for several transactions that they deal with on a daily basis and not all of which can be settled through online mode of payment. Working capital provides owners of such businesses with cash in hand that they can use to settle regular payments with workers, raw material providers/ service providers, and customers.

While over 80% of loan requests from small businesses are currently not approved due to their inability to provide collateral, companies like Flexiloans come to their rescue in such situations.

  1. Speculation Opportunities

Working capital also helps business owners widen their horizon by providing them with enough money to invest in other opportunities that may help expand their business reach. Such expenses include the purchase of new stock of products, investing capital in the production of other products apart from the usual products manufactured by them. Flexiloans also offers a line of credit facility, which allows clients to withdraw money as and when they require them.

Working capital loans help business owners to invest in better quality raw materials for their products, which not only improves the overall quality of the product but also improves the safety quotient associated with the same. It results in improvement in customer satisfaction, and of course, positively impacts the business.

LSI keywords: electricals and electronics business, business owners, working capital, working capital loans

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Rapid Urbanization Leading To Demand Growth In Steel Detailing Market

With the construction of skyscrapers and iconic structures mushrooming around the world, employing large quantities of steel in developments has been a rising trend seen in the densely populated developed cities. Currently, over 50% of world’s steel production is used in construction.

Moreover, as the global population is expected to reach 8.6 billion in 2030 and 9.8 billion in 2050 along with rapid growth in urbanization, the demand for buildings and infrastructure will rise globally. Building high-rise towers is one of the solutions that most nations are adopting to address the future need for housing.

Also, since buildings are reported to be responsible for around 20% of global greenhouse gas emissions, the need to minimize consumption of natural resources is becoming vital for future sustainability.

Constructing sustainable, as well as extraordinary structures have become a norm in most metropolises, who want to set them apart from the rest. The world’s marvel structures like The Eiffel Tower – Paris, The Brooklyn Bridge -New York, Burj Khalifa -Dubai, Taipei 101 in Taiwan and numerous other projects across the globe are erected using tons of steel that provides design flexibility and the endurance to a structure. Steel is recognized as a green product for been wholly recyclable, and its ease of maintenance makes it an attractive building material.

Steel is strong enough to resist any damage caused by natural disasters including tornadoes, hurricanes, and earthquakes. It is also preferred the choice of the architects who get more flexibility in designing buildings and homes, creating more great spaces with steel.

Hence, both in the developing and developed nations, there is a significant growth potential for use steel in construction and manufacturing. This, in turn, provides steel detailing companies to become an essential part of the sustainable construction solutions, enabling development of low-carbon-neutral buildings.

Steel Detailing Aids In Development Of Engineered Steel Structures

With the high-paced growth in the development of incredibly engineered steel structures, the field of structural steel detailing services is becoming technologically innovative, thus performing the job more efficiently and cost-effectively.

Structural steel detailing is divided into two parts: first is the structural steel shop drawings or detail drawings that provide all information necessary for the steel fabrication process. It includes information like materials used, component sizes, dimensions and all other information concerning to the fabrication of each component.

The second is about the erecting drawings consisting details about erection and fitting of the steel components, i.e., information about the position of each part, the requirements for installing them, and all the associated field works.

Another essential area of steel detailing services is steel design, connectivity diagrams areas, anchor setting plans, shop bolt summary, BoM (Bill of Materials), and more.

With all the essential detailing information provided beforehand for standard sections, steel bolts, and welds, etc., the builders can then picture their proposed steel building structure and build up efficient construction systems.

Technology Driven Steel Detailing

The development of steel structures is done under controlled industrial processes. With the advancements in software technology such as computer-aided design (CAD), steel detailing and the structural design that was earlier completed manually with hand drawings is now prepared using software, making the task easier, quicker and very proficient. Use of mechanical aid as part of its structural design has made the transition from imagination to reality was quite beneficial.

Structural Steel Detailing Facilitates Flawless Developments

Steel detailing services furnish a precise image of each structural element, its position, connections with other parts and exact dimensions, thus being instrumental in proper assembly and flawless development, which is a growing need in the urban communities.

Pre-engineering of steel structures makes these constructions affordable and low-cost. It also allows measuring the longevity of a project, taking into account the physical, environmental and economic factors before the actual engineering is done.

The construction industry across the world has thus seen a surge in steel detailing companies that offer expert and experienced engineers for accurate and cost-effective detailing services.

Tekla Steel Detailing Enhances Works Performance

While traditional detailing methods have been supporting the industry over several years, the visual representation of structures through the BIM (Building Information Modeling), intelligent 3D model-based detailing software such as Tekla Steel Detailing has made the process of erecting buildings more accurate, reducing the likelihood of errors.

Therefore, city developers are increasingly looking at enhancing their structural steel detailing process using 3D modeling programs that reduce the chances of costly surprises and reworks, permitting total process optimization, ensuring that delivery is error free and on time.

Thus, the structural steel detailers using the advanced 3D detailing and modeling options assist the engineers, fabricators, constructors, and builders across the construction process, as it is impossible to build any structure without using detailed drawings, reports and plans that illustrate various phases of the construction process.

Steel Detailing Challenges

The primary challenge for the industry stakeholders is that 3D modeling software programs costs/training is higher and the process is far more complicated – so it requires specialized expertise.

Therefore, only an expert steel detailer that knows about the various types of steels and materials and architectural details will be capable of giving accurate information.

This makes the presence of high-quality steel detailing companies a vital part for any urban city development across the world, for they aid in planning city’s buildings and model structures like flyovers, bridges and various other types of buildings residential and commercial buildings, factories with the highest level of precision.

LSI Keywords: steel detailing, structural steel detailing, steel detailing companies, tekla steel detailing, Steel structures, 3D modelling software programs, 3D modelling programs, 3D detailing, steel detailing, structural design, steel fabrication process

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