The textile mills have played a significant part in the country's economy during the most crucial years. But due to changing times and globalization, it has become difficult for the textile mills to sustain their existence. Owing to the outdated technology, high electricity bills, and unskilled workforce; maintaining the productivity along with reasonable profits has become a daunting task.
Accordingly, if you own a textile mill, the coming days are going to take a toll on you unless you don’t do something about it immediately. What you need now is a viable strategy that can help you reduce the cost and boost productivity to yield higher returns. If you are confused, below are a few things you can do.
Secure funding to materialize your plan: The first task is to secure adequate funding from legitimate sources to pay the cost of the below-mentioned activities. You can take an engineer loan from a reputed bank or NBFC and fulfill the requirement.
Update your outdated machinery: Outdated and obsolete machinery one major reason for low productivity and higher electricity bills. Thus, you need to update/upgrade the machinery and equip your mill with the latest one. You can use the capital borrowed from engineer loan to buy the new machinery.
Train your staff: The value and productivity level of a skilled labor is twice the value of an unskilled worker. Therefore, you can utilize a small amount of the available funds and conduct a workshop to train your staff.
Promote your business: Only promoting your business is not enough, the key is to know how to and where to promote alongside effectively managing the cost. The cyberspace is emerging as one of the most economical and effective space for business promotion. So, you can either employ a team or manage your promotion activities yourself.
Accordingly, if you own a textile mill, the coming days are going to take a toll on you unless you don’t do something about it immediately. What you need now is a viable strategy that can help you reduce the cost and boost productivity to yield higher returns. If you are confused, below are a few things you can do.
Secure funding to materialize your plan: The first task is to secure adequate funding from legitimate sources to pay the cost of the below-mentioned activities. You can take an engineer loan from a reputed bank or NBFC and fulfill the requirement.
Update your outdated machinery: Outdated and obsolete machinery one major reason for low productivity and higher electricity bills. Thus, you need to update/upgrade the machinery and equip your mill with the latest one. You can use the capital borrowed from engineer loan to buy the new machinery.
Train your staff: The value and productivity level of a skilled labor is twice the value of an unskilled worker. Therefore, you can utilize a small amount of the available funds and conduct a workshop to train your staff.
Promote your business: Only promoting your business is not enough, the key is to know how to and where to promote alongside effectively managing the cost. The cyberspace is emerging as one of the most economical and effective space for business promotion. So, you can either employ a team or manage your promotion activities yourself.
Also Read : 5 Major Challenges Faced by Textile Mills Today
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