Digital transformation involves integrating digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. For small to medium-sized enterprises (SMEs) like yours, digitizing operations can lead to increased efficiency, enhanced customer engagement, and a significant competitive edge. However, making this digital transition comes with challenges, including the initial costs and the learning curve that organizations must undergo to fully take advantage of the transformation. This is where a business loan product like Maya Flexi Loan can be instrumental.
Powered by Maya Business, Maya Flexi Loan can provide your SME with access to up to PHP 2 million in credit. For a hassle-free loan experience, you only need to sign up for Maya Business and open a Maya Business Deposit account. Once your business banking loan is approved, the money will be deposited directly into your account, ready to be used for your digitalization and digitization endeavors. What’s great about the Maya Flexi Loan is that it comes with borrower-friendly fees, unlike high-interest loans from other banks or predatory loans from dodgy lenders with astronomical interest rates.
Business banking loans from a trusted financial institution like Maya Business can help you overcome barriers to digital transformation by providing the necessary funds to invest in technological solutions. Below are six ways SMEs can wisely use a business loan to boost their digital transformation.
1. Assess Your Digital Transformation Needs
Before getting into the complex decisions of which technology is right for your business, it's crucial to understand where your business stands. Start by assessing your current digital capabilities and identifying areas that need improvement. Are your operations bogged down by manual processes? Is your customer engagement lacking?
It’s important to pinpoint these pain points to set clear and achievable goals for your digital transformation. After all, this initial assessment will serve as the foundation for your entire strategy, ensuring that every dollar of your loan is used effectively.
2. Create a Digital Transformation Plan
With a clear understanding of your needs, the next step is to develop a comprehensive digital transformation plan. This plan should outline your goals, the steps and resources needed to achieve them, and the technologies required.
Prioritize your investments based on potential return on investment (ROI). For example, investing in a customer relationship management (CRM) system might offer immediate benefits in terms of customer satisfaction and sales efficiency. Another example of a tech suite to invest in are online and offlline payment solutions, which should help optimize your payment transactions,
A well-thought-out plan will not only guide your digital journey but also make your loan application more compelling to lenders.
3. Invest in Technology
Getting a business loan Philippine businesses like yours can confidently repay is made easy with Maya Flexi Loan. However, making the most of this loan is the real challenge. Upgrading with the right technology is a smart investment that pays off in the long run. Take for example the earlier example about online payment solutions, which you can adopt for both your physical and digital stores.
For your physical store, you can upgrade to modern credit card terminals like the Maya Terminal or the Maya Terminal Lite. These devices can accept modern cashless payments such as digital wallets and QR Ph codes, in addition to traditional credit and debit cards.
Meanwhile, you can drive sales through your e-commerce store by updating your online checkout process. To encourage seamless checkouts and high conversion rates, consider implementing a reliable and secure payment gateway like Maya Checkout.
Much like the Maya Terminal unit, Maya Checkout enables customers to pay through modern cashless methods. With easy-to-install plugins for websites built on the Shopify and WooCommerce platforms, there’s no need for advanced coding skills. You can get your payment gateway running within minutes.
If you’re implementing an omnichannel strategy that includes digital platforms other than e-commerce sites, you can also take advantage of Maya Payment Links. It’s a payment solution that lets you use a unique link that you can send to customers via messaging apps to collect payment for services or purchases. This payment link offers a user-friendly interface that accepts the same cashless payment options as other Maya products.
4. Enhance Your Digital Marketing Campaigns and Strategies
In the digital age, effective marketing is crucial for business growth. Use part of your loan to enhance your digital marketing efforts. After building a professional, user-friendly website, employ strategies to ensure your site ranks at the top of Google search results.
Next, invest in digital marketing tools such as email marketing platforms, social media management tools, and online advertising campaigns. These tools can help you reach a broader audience, engage with customers more effectively, and ultimately drive more sales. With a well-executed digital marketing strategy, you can significantly boost your brand presence and customer loyalty.
5. Conduct Staff Training
Investing in the latest technology is only part of the equation. To fully realize the benefits of digital transformation, your staff must be proficient in using new tools and systems.
Allocate part of your loan for training programs that will help your employees adapt to new technologies. Consider hiring digital experts or consultants to guide your team through the transformation process.
Fund Your Business’s Digital Transformation with Maya Flexi Loans
Get your SME ready for the digital age by incorporating new technologies into your operations. Let Maya Flexi Loan bankroll your digitalization and digitization project by first signing up for Maya Business. This is your initial step to digitally transforming your business.
By setting up a Maya Business account, you can also open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. What’s more, you can send money to your partners and suppliers for free via InstaPay and PESONet. This means more money to fund your various projects.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months. This additional capital will open doors for your business’s digital transformation. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Finance your business upgrades using Maya Flexi Loan today!
