If you are planning to start a business any time soon, we are here to help you with the complete details about MSME registration from basics to advanced!

Introduction

MSME industries are the backbone of the economy of a growing country like India. When these industries thrive, the nation’s economy as a whole develops and thrives. These businesses are also referred to as SSIs or small-scale industries. The MSME act enables registrations for either the manufacturing line or the service line, regardless of the company’s area of business. Although the government has not yet made this registration obligatory, it is advisable to do so because it offers several advantages in terms of taxation, business setup, access to credit, loans, etc. The MSME act was founded in order to support, assist, and increase the competitiveness of micro, small, and medium-sized businesses.

However, due to a maximum revenue threshold established by the government, not all businesses are eligible for MSME Registration. To be considered an MSME, a company must meet the eligibility for MSME registration.

Eligibility For MSME Registration

The Micro, Small & Medium Enterprises Development Act of 2006 states that MSMEs can be classified as part of the manufacturing sectors if they meet the following criteria:

• The investment doesn’t exceed 25 lakhs in the case of Micro Enterprises.
• The investment exceeds 25 lakhs but doesn’t exceed 5 crores in the case of Small Enterprises.
• The investment exceeds 5 crores but doesn’t exceed 10 crores in the case of Medium Enterprises.

For the service sectors, the eligibility for MSME registration is as follows:

• The investment doesn’t exceed 10 lakhs in the case of Micro Enterprises.
• The investment exceeds 10 lakhs but doesn’t exceed 2 crores in the case of Small Enterprises.
• The investment exceeds 2 crores but doesn’t exceed 5 crores in the case of Medium Enterprises.

Annual turnover has been introduced as a new component to the MSME definition by the Indian government, which also revised the investment requirement.

According to the revised definition, the eligibility criteria are as follows:

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Customer Loyalty and Your Brand

Whether you retain customers or lose their business greatly depends on how professionally your firm responds. Maintaining your company’s reputation and brand health should be one of your primary business objectives.

By offering subpar customer service, it’s simple to lose clients. Some customers won’t bring their complaints to your customer support team, while others won’t think twice about spreading negative feedback online or on social media. Customer loyalty is severely harmed when subpar products and poor customer service are combined.

It’s critical to address customer concerns as soon as possible and provide constructive answers in order to preserve your brand’s reputation and foster loyalty. Making sure clients have easy access to customer service is one approach to get people to positively review your company. Your brand and customer loyalty will certainly suffer if such support is challenging to get during the day or unavailable online or by phone at night.

Customers cite good customer service as one of the primary factors in their decision to do business with a firm again. Customers that receive excellent customer service frequently share their experiences both online and in-person, just as they do when they receive poor customer service. Building your brand effectively can be accomplished by utilising social media sites and online review sites.

Putting Customer Complaints to End

Your objective, when faced with a legitimate complaint, is to fully satisfy the client. There are numerous approaches, but the following actions can most effectively diffuse the circumstance and may even tip the scales in your favor: Do not forget that it is not personal. 

• You must be completely detached from any personal feelings you may have regarding the criticism or the unhappy feelings of the customer when handling their complaints. You’re not the target of their complaint, so keep your distance.
• Pay attention to what the client says. When the client has finished explaining their reasons for being sad, pay attention without interjecting and ask for more information.
• Recognize the sentiments expressed by the client. To let the client know you are paying attention and taking their concern seriously, it can be beneficial to repeat what they have said. When you acknowledge the customer’s frustration with the situation, you are letting them know that you intend to resolve the issue.
• Recognize what the client desires. Consider carefully whether the customer wants to cancel a contract, receive a refund, acquire a replacement, or pursue other options.
• Provide a resolution. If you own a hotel and a customer complains that the staff was unfriendly and the construction was too loud, you could want to provide the customer a coupon for a free night’s stay to make them feel heard and encourage them to remain at your establishment again. Coupons, discounts, replacements, and refunds go a long way toward customer satisfaction.
• Explain to the customer you’re apologetic. Apologize if you gave the customer subpar goods or services—sometimes that’s all the customer wants. Sometimes a customer requests both a refund and an apology, but you shouldn’t undervalue the impact of a simple apology. If you accept that mistakes were made but worked to make them right, your customer service may receive glowing ratings.
• Follow up in writing. You can check to see if the client is satisfied with the solution by sending a letter or calling a few days later—or even the next day. A recognition of the client’s grievance can be included in your letter. Inform the client that you are investigating the issue and taking preventative measures to ensure that it doesn’t happen again.
• By driving you to evaluate your products and customer service, complaints from customers can actually help your brand and increase customer loyalty. When regarded in this light, complaints can be seen as valuable business lessons that can help you develop your enterprise, safeguard your reputation, and preserve your brand.

Always Address Customer Complaints

Even though receiving bad reviews might be difficult, every grievance presents a great chance for your business to advance. Aim to respond to customer complaints in a considerate, sympathetic, and upbeat manner. By intelligently responding to customers, you may enhance the reputation of your business one customer at a time with the help of intelligent customer service automation software. Contact Edu-Visor now to take your business to the next level!