Author: Editor's Desk

Categories
Finance

How to Do Cost and Benefit Analysis in Business

??Introduction

  • Are you facing difficulty in taking a decision?
  • Do you know the importance of Cost Benefit Analysis?

In any business or in your personal life, decision making plays a very important role. A decision can lead you to prosperity or failure.

Often, you would have come across questions like whether to change the house or not; whether to change the job or not; etc.

But the question is ’How to take a decision’?

Herein comes the concept of Cost and Benefit Analysis, which is essentially a great decision-making tool. It includes the analysis of Cost (the amount of money, effort, and time spend to perform an activity) and Benefit (the Outcome associated with that activity).

Cost and Benefit Analysis Definition

Cost and benefit analysis is an economic evaluation in which the non-financial cost should be considered as a financial cost and non-financial benefits should be considered as financial benefits.

For Example:
?

Many BPO, IT and Non-IT companies give an increment of only 5% in salary but add other small benefits like- Pick & Drop facilities, Snacks during break time or in the evening, etc. 

Actually, many big companies try to touch their employees’ nerves or play with their mindset through cost and benefit analysis by giving a high level of comfort so that they cannot think about switching anywhere else.

In other words, the employees in these companies are not able to do the Cost and Benefit Analysis and hence, not able to take a decision to give a boost to their career growth.

’It is better to join a small startup, where you’ll get the high opportunity of Learning, Leadership, Salary, and Growth.’  

– Jack Ma (CEO, Alibaba)

Evaluate the Economic and Non-economic Cost

Brainstorm all the costs and all the benefits-

First, add cost and then measure benefits

COSTS
–   Add value of (Direct Cost + Indirect Cost + Opportunity Cost + Tangible Cost + Intangible Cost) 

Vs.

BENEFITS
– Add value either in monetary terms or in terms of increased or decreased efficiency (Production + Employee Safety + Team Unity + Sales + Customer Goodwill + Brand Equity + Environment Protection + Turn over + Efficiency + Errors + Client Satisfaction + Enthusiasm + Global Expansion + New Markets + New Partners + Enjoyment)

  • Now check which one is more
  • If Cost is more than Benefits- Don’t take the decision.
  • If Benefits are more than Cost- Take the decision.

Example

Suppose you need to purchase machinery- 

Add the following costs-

Costs
– (Price of Equipment + Transportation Cost + Manpower Training Cost + Electricity Cost)

Vs.

Benefits
– (Efficiency of Manpower+ Utilization of Time + Increase in Production + Morale of Employees)

If Cost is more than Benefits- Don’t Purchase that Machine.

If Benefits are more than Cost- Purchase that Machine.

Categories
Motivational

How to Develop Positive Attitude in Life

Introduction

  • Is your negative attitude a hurdle in your growth?
  • What is the role of a positive attitude in your growth and success?
  • Do you want to develop positive attitude in life?

Attitude plays a vital role in our growth and success. Attitude comes from the seed of the flow of desire that we have developed.

The higher you go in an organization; people use 90% attitude and 10% skills.

However, if you go lower in an organization, people use 90% skills and 10% attitude.

For Example:

The CEO of an organization always uses attitude but less skill whereas a carpenter or shopkeeper uses more skills and less attitude.

So, for your growth, it is necessary that you develop positive attitude towards your life and career.

Seed Pattern and Flow of Desire
You have multiple types of seed patterns and the flow of desires that form your attitude.

Let us study the creative thinking patterns of replacement.

According to the Shloka 2.59 of Bhagavad Gita:

viṣayā vinivartante

nirāhārasya dehinaḥ

rasa-varjaḿ raso ‘py asya

paraḿ dṛṣṭvā nivartate

Lord Krishna says that you have to develop a higher taste to discard the lower one. This is called alternative thinking philosophy.

You have different seed patterns. So, you can choose a seed pattern.

Life is the result of choices you made.

For Example:

If you give sweet dishes to a pig, he will not eat it. But, if you give him feces to eat, he will like to eat it. This is because he has not developed a higher taste.

Similarly, we also develop certain lower mental patterns, we get conditioned with them and we develop a belief system about them.

But we are not an animal; we have a possibility to choose a new seed pattern.

How can we do so?

We can do so by developing a higher taste and discarding a lower one.

Question arises-

How to develop a higher taste?

Whenever you get into a negative situation, do not get dumped too easily.

You should create new roots, new options, new choices, new creations, and new alternatives for yourself to develop positive attitude in life.

You should choose positive roots, positive options, positive choices, positive creations, and positive alternatives.

A shloka related to this is as follows:

vitarka badhane pratipaksha bhavanam

It means that whenever a negative thought acts as a roadblock in your life, develop a positive thought.

Do not get stuck into a circle of difficulty, better to develop a circle of possibility.
Allow yourself to think differently, in a new creative pattern, and have a new flow of desires.
You can develop positive attitude in life by adopting the following steps:

#1: See the Pattern of Your Existing Desire.

How you react in a particular situation?
In a particular situation, you behave in a particular manner and you repeat this behavior when a similar situation occurs in the future.
You need to find out about this situation and your behavior in this situation.

#2: Take a Decision to Process and Dissolve this Existing Pattern.

So as to develop positive attitude in life, first, you have to believe that you are ready to change. Then, allow yourself to change.

#3: Replace and Reinforce a New Pattern.

  • First, replace your old pattern. Then, reinforce the new pattern and consciously hold on these new positive thoughts.
  • Start thinking from a new perspective.
  • Cultivate a new seed and your new life will be started from here.

When you take a new action, new behavior develops. This new behavior turns into a new attitude. In this manner, you can develop positive attitude from negative attitude.
Categories
Motivational

How to Deal with a Difficult Boss

Introduction

  • Do you keep on switching your job?
  • Do you know how to deal with a difficult boss?
  • Are you not satisfied with your job?

If YES, then here are a couple of magical tips pertaining to how to deal with a difficult boss that is going to be your support system in your job journey.

Tip #1: Connect, Convey & Convince

For dealing with a difficult boss, you need to apply the technique of Connecting, Conveying, and Convincing. If you are connected with your boss, then even if you convey less to him, he will be more convinced. But, if the case is opposite, no matter how much you convey, the boss will not be convinced at all.

But, connecting with the boss is not easy.

The 2nd tip will help you how to deal with a difficult boss by developing a connection.

Tip #2: Needs, Interests & Concerns

  • Are you an employee, who speaks his needs, interests, & concerns to the boss? or
  • Are you an employee who listens to his boss’s needs, interests, & concerns?

As your growth is directly linked with your boss’s growth, learn to dealing with a difficult boss by-

  • Understanding his needs, interests, & concerns
  • Understanding his top three priorities
  • Understanding his top three goals in the present year

Seek to understand first, then to be understood!

Tip #3: Listen, Acknowledge, Clarify, & Explain

If your boss is an insecure person, then-

  • Try to make your boss feel more secure.
  • Listen and acknowledge your boss’s ideas, his difference of opinion rather than explaining your concerns first.

Do not listen to your Boss to clarify or respond but listen to him to understand & acknowledge his concerns.

Tip #4: Give Your 110%

Are you giving 100% in your job?

If YES, then even that is not enough. So, start giving 110% as this little 10% extra is the key to influence, inspire your boss.

Tip #5: Develop a Loving Relationship With Boss

Even the most difficult boss is still a person, not a position.
  • Boss is also seeking for right employees around him.
  • Boss is also looking for a more secure relationship with employees.
  • Your good intent will automatically give rise to good content along with improving your credibility. So, always remember-

“If you don’t distinct, you will extinct.”

Tip #6: Never Equate Your Potential with Salary

  • Your salary may be X but your potential may be 100X. Because you are equating yourself with your salary right now, therefore you are not performing well.
  • Some people say-

“Raghupati Raghav Raja Ram, Jitni Tankhwah Utna Kaam”

“रघुपति राघव राजा राम जितनी तनख्वाह उतना काम”

  • Even some people believe in the Principle of-

“Do bar Punch, Ek bar Lunch, Life hai Tunch”

  • Despite being manifold talented, people are not able to justify their position or role in the organization. If you are also one of them, who are equating an existing potential with salary or who do not want to explore his potential, leave this tendency.
  • Try to become Navratna of your boss. Be the one who works beyond potential, who is different, who works to work not just to earn.

“Unleash your potential right now, be the creator of your own destiny.”

Implementing these tips on how to deal with a difficult boss in your professional life will help you understand his concerns and excel in your career as never before.

Categories
Strategy

10 Tips on How to Create Monopoly in Business

??Introduction

  • Do you have an entry barrier in your business?
  • Do you know how to create monopoly in business?

Replicating a successful business idea of others is an old-fashioned way of doing business, which may not every time give you expected results. A business should be so unique and powerful that no one dares to enter into it. 

You should create a monopoly in the market create an entry barrier for competitors entering into it. 

Now let’s understand how to create monopoly in business with given 10 tips-

Intellectual Property Protection

You can create a trade secret of your business that no one knows in the market except you.
 

For Example:
?

1. Coca Cola created a trade secret of their beverage that no one could copy in the market so far. Coca Cola didn’t reveal the method of preparing their beverage, which prevented others from producing it.  

2. KFC also created similar trade secret with their recipe for making a chicken burger, which created an entry barrier for others and scaled up their business across the world.

Patent and Licensing

Patenting and Licensing gives you special right that prevents your competitors from making a similar product.

For Example: ?

In the pharmaceutical sector, two types of medicines are produced- Generic and Molecule. Generic medicines can be made by anyone without any patent rights.

Whereas, molecule medicines are those specific medicine made by a company through their research and development. 

It gives you a monopoly over pricing as it is produced by you only while barring others from entering into the market.

Distribution Network

A strong distribution network gives you an upper hand over your competitors in monopolizing the market.

For Example:
?

Though Nokia’s had a huge distribution network across the country, it didn’t build good relations with retailers, as it gave them very less margin which made their survival difficult. 

When retailers were unsatisfied with Nokia, Chinese manufacturers Oppo and Vevo made a remarkable entry in the Indian market and snatched the tag of the largest distribution network from Nokia. 

Retailers became loyal to Oppo and Vivo as they gave them the highest margin in the market, which automatically became an entry barrier for competitors.

Exclusive Rights

Getting exclusive rights to sell an international product automatically creates a monopoly in the market by creating an entry barrier for others. 

Flipkart and Amazon have exclusive rights to selling products of some of the biggest international brands in India, which disrupts the business of others.

For Example:
?

Flipkart has 70% exclusive rights of selling international products, while Amazon possesses 30% exclusive rights of such products. Only they get exclusive rights of special sales and deals in India.

Economies of Scale

Another powerful method to monopolize the market is increasing your sales so high that it automatically finishes the competition in the market. 

Although it reduces your margin, it increases overall profitability massively on the sale of products.

For Example:
?

Walmart, DMart and Big Bazaar work on this model, where they purchase a huge amount of inventory on heavy discounts, and sell it at very lower prices, without decreasing their profitability. This method gives them an advantage over others, who don’t work on economies of scale.

High Capital Investment

This technique is used by conglomerates to monopolize the market through massive investment in innovative products.

For Example:
?

Reliance Jio used this technique by investing 2.5 lakh crore on new technology which incumbents didn’t have. It left competitors working on old technology out of business.

Jio monopolized the mobile networking market so extensively, that, it led many companies to merge with each other’s to save their existence, reducing the total number of mobile networking companies from 13 to only 3.

Proprietary Technology

The problem-solving technology that only you have in the market, without significant efforts make you only in the market.

For Example:
?

With a 90% gross margin, Bill Gates’s Microsoft Windows has 90% market share in the world.  Nobody could make windows that could compete with Microsoft for decades.

Excellent Customer Service

Domino’s Pizza, with more than 60% market share in the organized industry, has emerged as an excellent customer service provider through its ’30 minute or free’ offer in India. 

This excellent experience by Domino’s created an entry barrier as no Pizza company could compete it so far. 

Brand Equity

Synonymous branding is a unique way of registering your product’s image into the customer’s mind that it comes up first when they talk about that particular product.

For Example:
?

M-Seal, although its product’s name is epoxy compound, became massively popular among customers as M-Seal, through ad campaigns that its name became synonymous to product type.

Loyalty Beyond Logic

In some particular region or community, loyalty beyond logic can be created by providing the products and services that connect with their belief system.

For Example:
?

The health care company Hamdard became so famous among practitioners of Islam in Hyderabad, that they never used products of other companies, even when they sold at discounted rates. 

Once when Hamdard stopped making products due to strike, although they began using products of Baidyanath, returned to Hamdard as soon as it restarted manufacturing products due to their loyalty beyond logic.

Implementing the above given 10 significant tips on how to create monopoly in business will certainly help you become king of the market by creating an entry barrier for competitors.

Categories
Motivation & Mind Control

Understand the Power of Your Thoughts

Introduction

  • Do you want to bring positive changes in your life?
  • Do you know the power of your thoughts?

A powerful thought has the potential to change your entire life in a fraction of second.

Your actions are the result of your thoughts brewing up in your mind. It means that your actions are governed by the power of your thoughts.

’Your life is directed where your thoughts go. Wherever your actions go, your life goes.’
Life-changing actions are first born in one’s thoughts.

The Way you think Determines Your Actions

The Indian scriptures to proclaim the power of your thoughts which reflects in your actions.

According to the Bhagavad Gita Chapter 8 Verse 6:

yam yam vapi smaran bhavam tyajaty ante kalevaram

tam tam evaiti kaunteya sada tad-bhava-bhavitah

Here, Lord Krishna explains the power of thoughts to Arjun at the battlefield of Kurukshetra saying that, ’The way you direct your thoughts, so, will be your actions.’

  • One’s actions depend on the thoughts going inside his/her mind.
  • Thoughts are the first step before performing anything in the physical world.
  • Whatever you see in the world like big skyscrapers, powerful gadgets, airplane, bridges, cars, bikes, ships, and streamers, everything which is created on planet earth by human being actually first came in the mind of a person and then they are able to make these things.

Change Your Thoughts to Change Your Life

  • Your thoughts make your words, and your words get converted into your habits; your habits make your actions and your actions make your character and your character will take you to your destiny.
  • You become what you think.  Hence you have to watch your thoughts to change your destiny.
  • The transformation in your attitude begins with a change in thoughts.

Power of Your Thoughts

  • Anything which is created outside within the cosmic manifestation was also created before in somebody’s mind. It was first created in the mind, before taking the shape of a tangible thing visible to everyone.
  • If you make a bridge or a flyover without having a clear map in front of you, you might end up doing a lot of mistakes. Similarly, when you make a big mall, it is created twice, first in mind and then in the physical world.

The power of thoughts and feelings is immense. We need to understand it and use them as a tool to get success in life.

Success is not by Chance, It’s by Choice

  • Success is never achieved by chance, it is achieved by choice.
  • You can choose your success by choosing the right thoughts.

The power of thoughts and feelings will help you to succeed in life.

Greatest inventions in the world were created first in the thoughts than in the real world.

 

Watch Your Thoughts

  • You can change your life by changing your thoughts.
  • You can creatively and consciously choose your thoughts.

When the being improves, the doing improves, when the doing improves, results improve.

If you want to change your life, don’t change it by changing your actions, but by changing your thoughts.

 

Categories
Sales

What are the reasons for decrease in sales revenue

जीडीपी
जीडीपी

??Introduction

  • Is your sales graph decreasing?
  • Do you know the reasons for decrease in sales revenue?
  • Do you want to increase your sales?

All the top brands are successful today because they have adopted the Problem Solving Product (PSP) Formula. This formula helps them to increase their sales automatically. 

In PSP formula, you study the four main reasons for the decrease in sales revenue.

Reason #1: People Don’t Like to be Sold

It is one of the reasons for low sales.

Remember, people generally don’t believe on strangers. So, if you suddenly go to people and start selling your product forcefully, they will not buy it.

People don’t like to be sold, People like to be helped.

Don’t sale only Product to Customer
?; Try to Help your Customer
?.

You can help your customers by either solving their existing problems or helping them to achieve their goals.

Reason #2: You Didn’t Dig Enough about the Customers’ Need

You cannot help a person forcefully. You need to identify what the person actually wants. This is also one of the reasons for low sales.

Let us understand it with the help of the following example.

For Example:
?

Teacher to his student
– Why you came late in the class?

Student
– Sir, we are helping an old woman to cross the road but she was not ready to cross the road. That’s why sir 🙁

So, the moral is
– ’Don’t try to sell your product forcefully.’

Identify the customers’ needs and then find out how you can help him in satisfying his needs. This is called Consultative Selling.

Once you identify the customers’ needs and solve their problems in various aspects related to the product, then the customer will buy your product.

Reason #3: Identify Your Key Decision Maker (KDM)
 

When you are selling your product to a customer, you should determine whether the person has the ability to take the decision or not. Sometimes, you are talking to the wrong person. This is also one of the reasons for decrease in sales revenue.

There are five types of person, who can purchase your product-

1. Initiator || 2. Influencer || 3. Decider || 4. Buyer || 5. Consumer

Now, you need to determine whom you are targeting to, who is your key decision-maker and according to your business which should be your target.

For Example:
?

1. If you are selling toys, then do not target the child. Target the decider (mother) or the buyer (father, mother or guardians) because they are the people who will purchase your product.

2. In B2B sales, the purchase manager is your buyer but he is neither the influencer nor the decider. The decider is the boss of the purchase manager.

So, try to find out your Key Decision Maker (KDM). This will help you to increase your sales in many folds.

Reason #4: Unclear about Budget Brackets

Unclear about customer budget bracket is one of the reasons for low sales.   

Based on the budget brackets, the customers are categorized as follows: 

A. Customers having Money ? and Want to Purchase the Product ?

These are your Perfect Customers. You can easily sell your product to them.

B. Customers having Money ? but Do not Want to Purchase the Product ?
  

These are the customers’ needs that have not identified correctly. Try to know their needs.

C. Customers who do not have Money ? but Want to Purchase the Product ?

These are the customers whom you should provide solutions so that they can buy the product. 

D. Customers who neither have Money ? nor they Want to Purchase the Product ?
  

Do not consider these customers to sell your product.

The abovementioned points are the reasons for decrease in sales revenue. A businessman or salesman needs to take care of these points to boost their sales.

Categories
Process & Business Expansion

Product Positioning Strategies to Grow Your Business

Introduction

  • How to introduce a product in the market?
  • What should your company or product be known for?
  • What is the positioning of the product?

The first rule is to identify your perfect audience because you cannot sell the product everywhere at different prices.

Whether you are an Entrepreneur, a Businessman, a Start-up or a Sales-executive, everyone wants to know the best product positioning strategies for their company or products in the market.

To position your products effectively, you should use the product-quality matrix. In the product quality matrix, there are primarily four product positioning techniques.

You can position your product in any of these markets depending on the type of product.

Let’s study these four quadrants, i.e. the product positioning strategies in detail.

Quadrant #1: Value for Money Market

In this market, companies sell good quality products at a low price. Such products are value for money.

Let us study some of the product positioning strategies examples of value for the money market.

For Example:
Suzuki’s car is considered as value for money because not only it’s resale value is good but also runs smoothly.

Another example is Relaxo; their slippers are long-lasting as well as pocket-friendly.

Quadrant #2: Opportunistic Market

  • In this quadrant, prices of the products are high but their quality is low.
  • There are no regular or repeat customers and products. Therefore, the vendor’s sole intention is to make as much profit as possible like the market at the Railway station, Highway or at Cinema halls.

Let us study some of the product positioning strategies examples of opportunistic market.

For Example:

Every day new tourists visit the Taj Mahal in Agra. So, shopkeepers’ or vendors’ priority is to make a maximum profit not to provide high-quality products or services.

Remember, in a defined category, if you are offering products at a high price with low quality, then your business will not survive.

An opportunistic market can only survive in limited space; hence you should carefully position your product.

Quadrant #3: Chinese Goods Market

  • In this quadrant, both the price and quality of products are low.
  • Here, buyers usually price-sensitive; therefore, sellers dump their cheap products in such a market for a better return.

Let us study some of the product positioning strategies examples of Chinese goods market.

  • You must have seen Chinese toys; their shelf-life is very short as the product is of low quality but the price is very competitive.
  • Here, the financial value becomes your proposition, for instance, Chinese lights on Diwali, Road-side toy seller, etc.

Quadrant #4: Premium Market

  • In this quadrant, both price and quality of product are high.
  • Branding and positioning of the product are done in such a manner that high-quality products can be sold at a very high price.

Let us study some of the product positioning strategies examples of the premium market.

 

For Example:

Brands like Versace, Louis Vuitton, Gucci, etc. are selling purse, bags, clothing lines, and accessories at a premium price.

A good quality bag which can be bought at ? 7000, they are selling similar products at over ? 70,000 – 80,000. They have positioned their products in such a manner that they sell selected products at a premium price. They have a limited market but huge margins.

Similarly, the actual price of Apple’s phone may be ? 30,000 but they sell the product for over ? 70,000 and get huge margins. Apple has created high aspirational value for their product so much that even a common man is willing to buy it on loan.

Generally, brands stick to one of the four quadrants but there are some organizations who use different product positioning strategies to launch their products.

For Example:

Relaxo’s brand, Flite comes under value for money quadrant but its Sparx brand is positioned under premium quadrant.

Similarly, Maruti Suzuki has positioned its Nexa in the premium segment. For this, the company had opened a separate Nexa showroom because they were not able to sell the product at premium prices.
If you will try to move into a different quadrant with the existing brand or without creating and positioning the new brand, the market will drag you to the lower quadrant again.

Therefore, to create a different brand, as done by Relaxo, you have to change the positioning of the product completely.

Categories
Powerful Personalities

Motivational Tips by Dr. Vivek Bindra

Introduction

  • Do you know the benefits of getting motivated?
  • Do you want to know how to get motivated?
  • Do you want to know the business motivation tips?

Motivation is a zeal that can change your life and your business drastically. Dr. Vivek Bindra has conducted a motivational training seminar in Lucknow, Patna, Raipur, Indore, and Bhopal.

Here are the motivational tips by Dr. Vivek Bindra discussed in the seminar:

  • If you want to increase your earning, then first you should grow your learning.
  • Focus on your unique quality that is not with any other person.
  • The problem that you have in your life is not actually a problem. Considering a problem as a problem is a bigger problem.
  • You are an average of five people you keep yourself in your life around. Always choose a better association.

If you try to be the best, you will be the number one.

If you try to remain unique, you will be the only one.

Handling Rumors

There are some people in your organization that spread rumors. You can’t even imagine the power of a rumor to damage.

For Example:
?According to news, a procession of 25,000 people was going in the Middle East. A rumor was spread that there is a bomb in the procession.People got panic and started leaving the place. In that scenario, around 2,500 people died.

Later, it was found that the bomb was a small cracker that children used to play with during Diwali. If this bomb was blasted, even 2.5 people can’t be injured but 2,500 people died just because of the rumor.

Always reject the rumors, don’t allow them to spread. This is one of the motivational tips by Dr. Vivek Bindra.

There are some people in the organization who will always say bad words about you even if you are doing something good for them. Don’t worry about such people. It is one of the business motivation tips.

For Example:

Once a wife asks her husband to make breakfast. Husband does so and brings it to her wife. But she said, ’You will never learn, I need omelet, not boiled eggs.’

Next day, again wife asks to cook breakfast, husband again does so, But she said, ’You will never learn, I need boiled eggs, not omelet.’

On the third day, when wife again asks her husband, this time he cooks an omelet and also boils some eggs. He is assured that now his wife will not scold her. But when the wife saw the breakfast she said, ’You will never learn, you have boiled those eggs that should be used for omelet and cooked the omelet of those eggs that should be boiled.’

So, there are some people, who will never praise your effort.

There is a saying in our holy scriptures:

vidyā-Vinaya-sampanne

brāhmaṇe gavi hastini

śuni caiva śva-pāke ca

paṇḍitāḥ sama-darśinaḥ

The true knowledge enables you to see all the people with equal vision whether he is a learned and gentle Brahman, a cow, an elephant, a dog or a dog-eater.

  • All the success stories when they are raw they prove to be the failures but it is their ability to bounce back from failures and become successful.
  • No matter how many failures you experience, just bounce back with more and new effort.
  • You have to practice bounce back from failures in your life. This is one of the business motivation tips given by Dr. Vivek Bindra.
For Example:
?Thomas Alva Edison fails 9,999 times before he discovers the bulb. When he was asked how you deal with so much failure, he said that I have never failed; I have learned 9, 999 ways through which I can’t make a bulb.

A disciplined life is an assured way to almost zero-defect life. It is also one of the motivational tips by Dr. Vivek Bindra

For Example:

In the first joint venture between IBM North Americans and Japanese, when the first order of 9,960 packets was given by IBM North Americans to Japanese:

North Americans to Japanese: ’You can give three defects, no problem.’

Japanese: ’We are zero-defect country and Zero Defect Company.’

But, North Americans again said that you can give three defects.

After six months, the Japanese company sent the consignment.

The consignment includes two lots of packets ’ one lot contains 9,957 packets and the second lot contains 3 packets. They also sent a letter with the consignment that says:

’It is difficult to work with North Americans. We are unable to understand why you need three defects. We were not able to make three defects. So, we made three defected products separately.’

When there is discipline in your organization, it will lead to zero defects.

Categories
Motivational

How to Achieve Goals in Life?

Introduction

  • Do you want to achieve all your life goals?
  • Do you change your goals frequently if not achieved?

You definitely have some dreams and aspirations in life and have also put in relentless efforts to achieve these aspirations.

But still, you don’t know how to achieve goals in life.

Now What?

You abandon and change your Goals. Isn’t it?

But, you do not have to change your goals frequently. Rather you have to direct your efforts in a proper direction and achieve your goals.

In this article, we will discuss 5 important steps to achieve goals:

1. Hold on to a Conscious Goal

When you are unable to achieve your goal after relentless efforts, you change it, and let your dreams die consciously.

99% of people either don’t set their goal or change it after one failure.

Rather than changing your goal repeatedly, change your strategy and hold on to your conscious goal.

Don’t Change Your Goal, Change the Strategy…

2. Set Unusual Reminder Mechanism

Setting an unusual reminder is one of the most significant steps to achieve goals. 

After choosing your goal consciously, you should create unusual reminders amid your day-to-day activities, to achieve your goal. 

You need to put some awkward signs and indicators around you, which don’t let you forget your goal.

99 percent of people do not hold on to their goals. Either they do not make any goals or change their goals frequently.

But the question arises, ‘How to set unusual reminders’? 

Here are 5 ideas through which you can set unusual reminders.

A. Wear your wristwatch on a different hand

If you wear a wristwatch on your right hand, then start wearing it on the left hand. It will perplex you whenever you try to see time on your right hand. This will remind you of your goal repeatedly.

B. Disturbing Sign Post

Put disturbing signposts on your way so that every time you go there, you get disturbed by these posts and recall your goal.

C. Cover Your Bathroom Mirror by 89%

When you will cover your bathroom mirror by 80% with cloth or paper, you will face difficulty in seeing a mirror while shaving and combing hair. This will make you feel uncomfortable.

Now in order to see in the mirror properly, you will move here and there or bend down, which will remind you about your goal.

D. Unusual Wallpaper on your Computer and WhatsApp

In order to achieve your goal, you need to put very unusual or strange background wallpaper on your computer desktop that makes you feel awkward while working on it and reminds your goal. You can put a similar kind of wallpaper on your WhatsApp.

The more you get reminded of your goal, the more you move towards it.

If you practice your goal for 66 days and convert it into an actionable behavior, it will become your habit. This process is called Hedonic Adaptation.
Psychologists say that ’when you perform the same thing repeatedly, it loses its enthusiasm and happiness.’
For Example
When you get a hike in salary, you feel happy for the first 2 months, afterward, it becomes usual for you.
Similarly, when you purchase a new car you feel awesome for the first few months, and then it becomes normal.

3. What Will I Do and When Will I Do?
 

To understand the better ways of how to achieve your goals in life, first of all, you just need to identify at least 5 Critical Success Factors that can lead you towards your goal.

Second, you need to define timelines and practice these Actionables daily.

4. Constant Review Mechanism with the Scoreboard

It is the mechanism to review your progress in achieving your goal on the basis of Effort Score and Result Score.

  • It keeps you on track, and don’t let you deviate from your goal.
  • It will tell what you have to achieve, what are your gaps and how to fill them.
  • Prepare a review mechanism on the basis of the critical success factors and their results.

Effort Score is how much hard work you have put in, while the Result Score is the output of your hard work.

For Example:

How much you run on the treadmill is your Effort Score, and how much weight you lose is the Result Score.

You have to control your Efforts Score to control Result Score.

5. Your Accountability Structure

Among all, it is the most important step to keep yourself moving on the path of success.

You have to make yourself accountable and answerable to someone in order to be focused on the goal. It can be your friend, mentor, guide, counselor, teacher, coach, or partner.

  • You must have a mentor in your life that you can trust.
  • You can share your review structure with him every week. 
  • Every week you have to report your accountability structure along with effort and result score with him.
  • He should be trustworthy enough to share your achievements and failures.
  • You must listen to him and follow his advice.

If you follow these steps, it will your quench your thrust to knowing how to achieve your goals in life and realize your dreams.

Categories
Sales

3 Powerful Techniques to Sell a Product

?Introduction

  • Are you facing the following problems?
  • Stagnation in sales
  • No customer / No retention
  • No new customer / No growth
  • Customers are asking for Discounts / Schemes

Are you looking for perfect techniques to sell a product?

Whether you are an Entrepreneur or an Organizational Leader, one mistake you may have committed in your life – by trying to sell your product or service to customers outside your target audience.

Sometimes, we don’t really pay attention to the fact that every product or service has a specific (focused) customer/client base and a successful entrepreneur/ leader is the one who is able to identify it.

Here are a few powerful techniques to sell a product:

Tip #1: Identify Your Perfect Customer and Target Audience
       

The first important selling technique is to identify your perfect targeted audience.

Think about your product/service you are offering.

Write about ’ who should be your target audience and what should be your perfect customer’s age, income, gender, economic background (rural or urban), and social status (employee, businessman, student, housewife, senior citizen, etc.) 

This will help you in positioning your product/service better and will be the first step towards ensuring that you are on the right track.

Tip #2: Identify Your Right Product Mix

Selling your product to everyone isn’t the right decision, without identifying their product preferences. 

After identifying the perfect customer, find out what is your Right Product Mix. It will help you in designing and developing products/ services specifically for your perfect customer. 

There is no intelligence in pushing a wall, it will not move and you will get tired. Similarly, there is no intelligence in making various products.  So, do not try to make everything. Focus only on what your perfect customer requires.

Sometimes, you will also have to work on Low Focus Products, which is a range of supporting product line along with the main products. 

Low Focus Products are not essentially required by your perfect customer but still are required to bind the customer so that he doesn’t go anywhere else to buy them.

No Focus Product is your dead stock. Remove it completely from your portfolio.

You can make your business strategy through RISIMIS (Ritual of Sixty Minute Solitude) method. 

RISIMIS is a method, wherein, you sit in solitude for 60 minutes every day to churn out ideas and strategies from your subconscious mind, which is impossible during the business of day-to-day life.

Tip #3:  Identify your Value Proposition
 

You’ve identified your right customer and the required product. Now, you need to make the right marketing and communication strategy and selling techniques to sell your product. 

Identify what value your perfect customer will need in the product.

There are 4 quadrants in which the products/services can be positioned’ Emotional | Performance | Financial | Relational. These 4 quadrants are 4 significant techniques to sell a product/service you offer. 

Emotional Value
is created when customers get emotionally bound with your product. This happens if your product becomes aspirational or belief for the customer and he starts taking pride in buying the product. 

Performance Value
is created when your customer is completely satisfied with the performance, quality, durability, and reliability of the product/service he’s buying.

Financial Value
is created by different techniques to sell a product like discounts and schemes to your customers. The product/service may not be aspirational or best in quality and class but people buy because of the discounts and schemes that come along. 

Relational Value
is created when out of your relationship with a customer, you make some customization in the product, or make the product available much before the given timeline, or create delight to your customers by adding some extra features or service benefits.