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Motivational

11 Powerful Quotes Of Indra Nooyi On Leadership Success

11 Powerful Quotes Of Indra Nooyi On Leadership Success
11 Powerful Quotes Of Indra Nooyi On Leadership Success

From a quiet young girl in Madras (known as Chennai today) to becoming a ferocious leader in the boardroom, Indra Nooyi is the former Chairman and CEO of PepsiCo. Her journey showcases her persistence, passion, determination, and her hunger to achieve something big in her life that led to her huge transformation.

Here are eleven powerful quotes from the “Dragon Woman” Indra Nooyi that will help you become a successful business leader:

1. As a leader, I am tough on myself and I raise the standard for everybody; however, I am very caring because I want people to excel at what they are doing so that they can aspire to be me in the future.

2. I’m very honest – brutally honest. I always look at things from their point of view as well as mine. And I know when to walk away.

3. I pick up the details that drive the organization insane. But sweating the details is more important than anything else.

4. The distance between number one & number two is always constant. If you want to improve the organization, you have to improve yourself and the organization gets pulled up with you.

5. The one thing I have learned as a CEO is that leadership at various levels is vastly different. As you move up the organization, the requirements for leading that organization don’t grow vertically; they grow exponentially.

6. CEOs and leaders have to be life-long students. Not just students in the sense of attending courses or reading a book. You’ve got to learn how to read widely, walk the market, look at the trends in the marketplace, and make connections that don’t seem obvious. And start painting pictures of what the future could be. Then watch the consumer behaviors.

7. Most importantly, we want to create a company where every employee can bring their whole self to work.

8. Please help others rise. Greatness comes not from a position, but from helping build the future. We should pull others up.

9.  Take a stand. Be known for your courage and confidence.

10. Bring together what is good for business with what is good for the world.

11. Whatever anybody says or does, assume positive intent. You will be amazed at how your whole approach to a person or problem becomes very different.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. To know more about our courses, visit: www.badabusiness.com

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Motivational

4 Ways To Teach Your Kids To Become Entrepreneurs

4 Ways To Teach Your Kids To Become Entrepreneurs
4 Ways To Teach Your Kids To Become Entrepreneurs

Does your child have entrepreneurial skills? Here are four ways to teach your kids to become entrepreneurs.

While some kids have to be groomed, some kids are born with a natural entrepreneurial spirit. Most often, we have seen that some kids perform better at fairs and fates because of their creative bent of mind. By the time they hit nine or ten, they can be seen selling sports cards, pencils, candy, and gum to their classmates during recess.

By the time they hit their teens, they can be seen making the most of social media by monetizing reels for money. If you have ever seen the spark in your child’s eyes, then you must nourish their skills and make them ready for the future. Join our FREE-TO-ALL Webinar ‘Art of Parenting & Success Mantras for Kids’ by Dr Vivek Bindra—India’s best motivational speaker. The webinar will be conducted on July 10th, 2022.

Here are four ways to encourage your children to become entrepreneurs:

1. Assist them in identifying opportunities

Entrepreneurs have an eye for details. They do not miss an opportunity and always find ways to approach a challenge with a creative solution. In cases where there is a problem that is not acknowledged, entrepreneurs spot them and find a way to resolve them. In cases where the problem and its solution already exist, entrepreneurs find distinct ways to make the solution better.

With your smart parenting skills, you can teach your kids how to recognize opportunities that lead to entrepreneurs creating a product or a service.

2. Teach Them Real-World Applications

The only constant thing is change. And a lot of times, people find changes to their distaste. Of course! Now, no one likes to compromise with their comfort zone. However, life is all about making things better. So, if your children express their dissatisfaction with something, encourage them to think of better ways. Start simply. If they come up with ideas that already exist, appreciate them, nonetheless. Just like you use your parenting strategy in business, teaching your children to spot opportunities and act on them will contribute greatly to the probability of their future success.

3. Let them solve problems.

To protect them, most parents often hold their children back. They often do not allow their children to think and make decisions. Instead, they take charge of making decisions, rushing to fix any problems their children may encounter and protect them from harm. But entrepreneurs often have to make decisions that are sometimes very difficult. So, children who are not used to making their own decisions might feel lost. Hence, let your kids face adversity so that they can make decisions independently.

4. Develop Patience, Acceptance & Resilience

Life is not a bed of roses. Instead, it is like a roller coaster where you will experience ups and downs. Because no one has ever learned to walk without falling, one should know that kids are eventually going to fall. What’s important is that they should know how to get back on their feet.

You must teach your children that failure and disappointment are parts of life. Every successful entrepreneur gets knocked down at least a dozen times in their life. They taste delightful success only by turning losses into victories. No matter if you are an adult or a child, entrepreneurship entails resilience.

Though there is much debate on whether entrepreneurial traits are the result of nature or nurture, research does show that encouraging cognitive thinking in kids will help them cultivate entrepreneurship.

If you want to train your children for a brighter tomorrow, do not forget to join our FREE-TO-ALL Webinar ‘Art of Parenting & Success Mantras for Kids’ by Dr Vivek Bindra—India’s best motivational speaker. The webinar will be conducted on July 10th, 2022.

Register Now For Free Webinar: https://www.badabusiness.com/art-of-parenting/?pp_code=BHBB000078&ref_code=SocialMedia

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Business motivation

5 Facts About Business Coaching That Will Surprise You

5 Facts About Business Coaching That Will Surprise You
5 Facts About Business Coaching That Will Surprise You

Are business coaches for entrepreneurs the ultimate saviors of your business? Do they have a magic wand that can fix anything? Find all these answers right here.

When it comes to hiring a business coach or working with one of them, entrepreneurs often find themselves on a two-way street. The reason behind their dilemma is very simple: their inadequate knowledge of working with a mentor.

Many entrepreneurs often believe that they know the business world inside and out. However, when they encounter challenges, they realize that nothing can replace the experience and guidance that a business mentor brings with him/her.

Since nobody has proper information regarding the role that a business mentor plays professionally, most people often think it is a waste of money. However, this couldn’t be farther from the truth.

Here are five of the most common misconceptions we see:

1. Hiring a coach is only for failing businesses

One of the most common misconceptions that many entrepreneurs with stable businesses have is that coaches are only for businesses going downhill. This unfortunate belief keeps many business owners away from learning some of the most key business lessons.

Business coaching can turn a good company into a great one. Take a look at successful companies, and you might believe that they are doing great. However, they too have challenges. While some business owners have a solid business model, others struggle because they just don’t know how to grow. Here, a business coach for entrepreneurs can play a key role in helping company owners realize their potential.

2. Business coaching is therapy

Small business owners often believe that coaching is a way to improve their business. But to treat, a therapist should be distant and objective. But a client is not a patient, and a business coach has to work side-by-side with entrepreneurs to guide them through their challenges.

A business mentor needs to be personal, curious, and invested without getting involved. A coach has to be subjective enough to connect and understand while maintaining enough objectivity to see and understand the path an entrepreneur needs to take.

3. A Business Coach is Like a Cheerleader

People often think it is the job of a business mentor to stand on the sidelines and cheer their clients on. Sure, a business coach is happy for their clients’ success, but coaching is about accountability first and foremost. Also, while every coach likes to pump up their clients with motivation and inspiration, their key role is to see and reflect on what their clients need to do to grow and improve their business needs.

4. A Business Mentor does all the hard work for you

If you think that working with a business coach means that you can simply sit and relax, you will be highly disappointed. A business mentor is more interested in helping you to achieve your goals and create a thriving business model. You can’t bring the desired changes to the organization unless you do everything on your own.

5. Business coaching is a quick fix to all the problems

Coffee is a quick fix as it can surely uplift your mood, but your business needs consistent guidance and support to grow. So, while many think that working with a mentor can grow a business overnight, let us burst the bubble of sweet dreaming. Business coaching is a development process. To achieve your goals, you will have to take the necessary steps. A business coach can show you the path, but you will have to walk down the road on your own.

A business coach talks about your company, its vision, products, and services. He or she looks at your company as a whole and not just at a single attribute of it. It takes a lot of work. So, pick the right business coach for your startup and work towards your goals.

The idea of managing a business is easier said than done, and we completely agree with you. This is why, to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with foundation courses, specialized courses, and value-added courses.

To Know More, Visit:  https://www.badabusiness.com/

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Startup

Launch Your Startup With These 5 Financial Tips From The Experts

Launch Your Startup With These 5 Financial Tips From The Experts
Launch Your Startup With These 5 Financial Tips From The Experts

According to a report published on Inc42.com in 2016, the primary reason behind many startup shutdowns was due to lack of funding. In 2017 lack of market demand was the primary reason for the startup shutdowns.

Starting your business venture can be a daunting but rewarding process. While a great business plan is imperative for entrepreneurs, financing is one of the most crucial elements that help a startup succeed. Many entrepreneurs often take help from a business coach to receive fundraising guidance.

Securing funding to launch a startup can be difficult. More often than not, entrepreneurs use their savings to start their businesses. Another report by NASSCOM states that around 25% of Indian startups shut down untimely due to failure to raise follow-on funding rounds beyond Pre-Series. A good and effective management of finances can make a massive difference between a business that keeps climbing the ladder of success and one that falls at the very first challenge.

Here are five financial tips that would help every entrepreneur or small business owner manage their finances better:

1. Create a Dedicated Emergency Fund

A contingency or an emergency fund to provide financial security in desperate times. This fund helps an organization meet significant expenses in unforeseen circumstances. Ideally, one should have six months of living expenses as a contingency fund.

If you own a business, it is suggested to create a larger emergency fund if your company has seasonal cash-flow fluctuations. It is best to build such a fund and invest it in a mutual debt fund as it will give far better returns than a savings account and help you encounter unforeseen challenges.

Having an emergency fund will also give you peace of mind, and you can make more confident decisions for your business. A good business mentor will help you how to create a dedicated emergency fund.

2. Avoid Expensive Credit Loans

Credit is the lifeblood of any business, especially for startups. Hence, entrepreneurs need to keep their credit scores high. Always pay your bills on time. When it comes to financing your business, the cost of credit is a critical factor, especially in the initial months of operation.

In the beginning, when the business has not even reached the break-even point, the company’s financing should be done by keeping the interest cost at the bare minimum. This will reduce cost and attain profitability. Never miss a payment or delay the payment date, even if you face a financial crunch.

Also, keep your credit utilization ratio under consideration. The credit utilization ratio is the percentage of your available credit limits that you borrow during the month. Keeping your credit utilization ratio below 30% will help you maintain a better credit score.

3. Keep personal & business accounts separate

It is wise to keep your business and personal bank account separately. It will provide the benefit of easier accounting at the end of the financial year for tax purposes and eliminate the cash crunch situations in business caused due to withdrawals for personal expenditure.

4. Bad Debts

Debts that cannot be recovered are called bad debts. When credit sales are not recovered, bad debts are created. Entrepreneurs should eliminate the situation of a fund crunch in business due to withdrawals for personal expenditure. Instead, these debts should be repaid in the next year so that a healthy financial position of the company can be showcased in front of potential stakeholders. You can also take guidance from a best business coach to plan your finances.

5. Develop Financial Goals

Keeping the in-flow and out-flow of your finances is extremely important. Planning a year for significant expenses in advance can help small business owners to reduce the financial burden. If your future business goals involve expanding and launching new products or services in the market, it is essential to plan everything related to finances.

If you are not sure how to manage your finances or ensure a solid financial future, you can also take the help of a certified financial planner. A financial advisor can also help you build a strategy to meet your business objectives.

Instead of investing all your profits back into your startup venture, save for your future by investing your funds into multiple investment schemes. A wide array of investment schemes is available, from stocks to mutual funds. You do not have to invest every last penny into your business; save for your future.

If you can improve your finances with a better emergency fund, a solid credit score, and a robust retirement savings portfolio aside from the equity you own in your business, you can run your startup with a more focused and peaceful mind.

And for business owners, who are some of the busiest people in this world, having financial security is genuinely priceless. Are you planning to launch your dream startup business but worried about managing your finances?

Do you have any other financial tips for our entrepreneurs? Please share them with us in the comment section below.

The idea of managing a business is more straightforward said than done, and we agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more, visit www.badabusiness.com.

Categories
Education

9 Business Terms Every Entrepreneur Must Know

9 Business Terms Every Entrepreneur Must Know
9 Business Terms Every Entrepreneur Must Know

Summary: Starting a new startup business? Here are nine business terms everyone should know.

Running a startup business involves constant learning. Whether you are starting a business for the first time or have a more established small business, knowing a list of financial terms can help you grow your business.

Being an entrepreneur also means being a learner throughout your life because there is always a new market trend, a new tool to explore, a new challenge to overcome, and a new vocabulary to understand.

Many entrepreneurs often work with the best business motivational speaker and feel they don’t need to equip themselves with the business terms. However, knowing these financial terms will help you understand and negotiate.

Here is a list of business terms and finance terms that will help you find your way to successful small business funding:

1. Accounts Payable

Accounts payable is a financial term representing your small business’s obligations to pay debts owed to suppliers, lenders, and creditors—depending upon the type of credit provided to the company by the lender. It is sometimes referred to as A/P or AP in short.

2. Accounts Receivable

Accounts receivable represents money owed to your small business by others for goods or services rendered. These accounts are labeled assets because they represent a legal obligation for the customer to pay you cash for their short-term debt. They are also known as A/R or AR.

3. Bookkeeping

Bookkeeping is a method of accounting used to time record all financial transactions for the business.

4. Capital

Capital in business terms refers to the overall wealth as demonstrated by its cash accounts, assets, and investments. Often called “fixed capital,” it refers to the long-term worth of the business. Capital can be tangible, like durable goods, buildings, and equipment, or intangible such as intellectual property. Understanding these terms can help you navigate better financial deals even if you are working with the best corporate trainer.

5. Working Capital

It consists of the financial resources necessary for maintaining the day-to-day operation of the business. Working capital, by definition, is the business’s cash on hand or instruments that you can convert to currency quickly. It should not be confused with fixed capital; working capital is another business finance term.

6. Cash Flow

Maintaining tight cash flow control is essential to any small business, especially if it is new since ready cash can be limited until the company begins to grow and produce more working capital.

The business finance term and definition of cash flow refers to the amount of operating cash that “flows” through the business and affects the business’s liquidity. Cash flow reports reflect activity for a specified period, usually one accounting period or one month.

7. Depreciation

Depreciation occurs due to wear and tear. So, the value of any asset can be said to depreciate when it loses some of that value in increments over time. Various depreciation methods are used by businesses to decrease the recorded value of assets. You can also learn a few essential industry-related terms from your business coach.

8. Fixed Asset

A fixed asset is a tangible, long-term asset used for the business and not expected to be sold or otherwise converted into cash during the current or upcoming fiscal year. Fixed assets are furniture, computer equipment, equipment, and real estate.

9. Intangible Asset

Non-physical business assets are considered intangible. These assets can be items like patents, goodwill, and intellectual property.

Whether you are an entrepreneur or not, the business terms mentioned above are essential for everyone. They will help you to understand the diverse concepts in the business world.

The idea of managing a business is more straightforward said than done, and we agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more, visit: www.badabusiness.com

Categories
Finance

5 Smart Ways To Help You Settle Business Loans Quickly!

5 Smart Ways To Help You Settle Business Loans Quickly!
5 Smart Ways To Help You Settle Business Loans Quickly!

Summary: Is your business running in losses? Are you losing your investors because of the debt? Do you want to take your small business out of debt?

Rising interest rates and high corporate debt levels are giving sleepless nights to lots of investors and small business owners. It is impossible to predict the future, and with the latest happenings in the world, the period of consistent declines in the GDP of India, it is challenging for small business owners to run their business operations with the guidance of an expert.

Though most entrepreneurs begin their startup by arranging funds through debt funding, equity funding, loans, or other less formal sources like friends & family, the experience of being in debt can be scary and overwhelming. To avoid making drastic mistakes at the initial stage, many entrepreneurs also hire the best business coach in India.

If managed smartly, borrowing funds can help you accomplish your goals; if mismatched, it will affect your financial well-being and cause mental stress, especially to small business owners that are worse affected due to the Covid-19 pandemic.

The Indian government launched many loan schemes to offer relief to MSMEs in subordinated debts, collateral-free loans, and equity infusion through its Fund of Funds (FoF) scheme in 2020. This scheme proposes to purchase up to 15% growth capital in high-credit MSMEs.

You can work with a business coach who can help you manage funds more efficiently. Also, if you have a well-thought financial plan, you can solve the cumbersome process of taking your business out of debt, just like others. Here is how you can chart your way out of debt:

1. Reorganize the Debts 

The first step that will take you closer to managing your debt is to organize all the details of precisely what you owe. Make a list of your debts with EMIs, interest rates, and tenures. This will help you recognize the costliest obligations.

2. Pay Urgent & Costliest Debts First!

After sorting out your debts, pick the costliest one! If not paid on time, expensive debts will extract the highest interest. This can drain your finances. Hence, settle your costliest debts on a priority basis. Take help from the best business coach for strategies that will help you pay your debts.

3. Make Monthly Budget

One of the most vital debt management techniques is planning a monthly budget! Make a list of your income & expenses while deciding on your monthly budget. This will allow you to think about ways to reduce your daily expenditure. Having details of monthly cash flow can help you save money that you can use to clear your debt.

4. Consolidate Loans

Sometimes keeping track of all the loans can be difficult. If you have too many loans, it can be a good idea to consolidate them into one. This will leave you with just one EMI. Business loans, personal loans, and credit cards provide you with this option. It will remove various debts and leave you with just one loan to track. Consult with a business motivational speaker today to understand your finances. 

5. Protect yourself Against Economic Shocks 

The future is uncertain, and it is wise to protect yourself from uncertainties you might be exposed to. For E.g., a loss of a job could lead to delayed EMIs. So, to avoid such situations, create an emergency fund to help you sustain yourself during a bad phase. Ideally, this fund should be 3-6 times more than your current monthly income.

Repaying loans is a moral, legal, and also a financial obligation. With intelligent and effective debt management strategies, you too can get your business out of debt. Learn how to manage your debt with the top-industry leaders from our Problem Solving Courses.

Categories
HR & People Management

Build High-Performing Team With These 4 Simple HR Practices

Build High-Performing Team With These 4 Simple HR Practices
Build High-Performing Team With These 4 Simple HR Practices

Companies that invest in their human capital achieve their business goals and promote a positive culture. A study by Darwish, T.K., Singh, S., & Mohamed, A.F. (2013) and Huselid, M.S., Jackson, S.E., & Schuler, R.S (1997) published in Forbes indicates the importance of aligning human resource strategies to achieve business goals and improved business performance.

Your business may face severe consequences because of the lack of skills and knowledge. But it is entirely unrealistic to build a successful business without building people, especially in a startup.

So whether you are a solopreneur, an entrepreneur, or a wantrepreneur, if you want to create a professional and efficient culture in your company, here are three best HR practices that will guarantee a more productive culture in your organization:

1. Find the Right Fit for the Right Role 

Wrong hiring can harm an organization in the long term. Along with the essential skill set and a positive mindset, it is also crucial to consider the cultural fitment of the candidate.

Hiring the right candidate with a positive approach can help to create a culture in the organization where everyone feels welcome and participate.

Ensuring that the purpose of the position is met with the desired candidature of the job applicant is very important. It provides personal and professional aspirations are being met. Select people who are self-motivated, goal-oriented, talented, and driven by passion and also share your vision. An improved and enhanced team will remain motivated. This will eventually accelerate your business growth.

2. Build Employee-friendly policies

The employees should be empowered to mold their work environment within the defined boundaries. Also, a set of policies that limit the border within which it is to be carried out should be defined clearly.

The Policy or the handbook forms the foundation of the agreement on service conditions with the hiring candidate. This needs to be signed during the acceptance of the offer, and every time the request is amended. You also consult with a business motivational speaker to keep your team inspired.

Looking for a bit of expert advice on building a high-performance workforce? Click here:

3. Create a Performance-driven culture 

Business owners who invest in their employees, in turn, invest back in the business. Performance drives the success of any organization.

An agile and motivated man force is every organization`s biggest strength. Whether you are an entrepreneur or an HR working in a large organization, it is necessary to ensure that your staff members are delighted with their role in the organization. You can conduct a training session from time to time and a session with the best motivational speaker in India, Dr Vivek Bindra, to increase your team’s productivity.

Employees should clarify their current job role and growth opportunities as ambiguity can lead to non-performance. Encourage your employees to do self-evaluation. Try to nip the problems at the early stages.

As an entrepreneur, you must retain good employees and promote growth within the organization by making the entire staff skilled. An employee’s development could be vertical as well as horizontal. Make your employees trained and more capable.

One of the most standardized and joint initiatives that entrepreneurs can implement is new employee orientation. An orientation program will inculcate a sense of commitment in the employees and encourage a sense of ownership.

4. Conduct Systematic Performance Review  

If the business size is small, it is advised to have a systematic performance review. A quarterly performance check would make more sense in a startup. If you want to scale up your business and promote its growth, be honest about the performance.

The idea of managing a business is more straightforward said than done, and we agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more, visit: https://www.badabusiness.com/

Categories
Startup

5 Effective Ways To Raise Funds For Your Startups Without Investors

5 Effective Ways to Raise Funds for Your Startups Without Investors
5 Effective Ways to Raise Funds for Your Startups Without Investors

Summary: Want to raise funds but can`t find investors? Here are four ways in which you can raise funds without investors.

Establishing a business from the scratch is not so easy. It is quite difficult when it comes to strategizing, managing, and thinking about different segments of the business. And to build it without the initial capital investment from the investors can be even harder.

Though the process might seem time-consuming, starting a startup in India without the burden of investors can yield benefits that outweigh the cons. If you are an amateur, you can take help from a motivational speaker.

Here are 5 ways in which you can do fund-raising for a business without investors:

1. Keep Your Job as Side Hustle

Since starting a startup business in India without investors can leave you with a lack of funds, it is always a cool idea to continue with your day job. This will give you the advantage of saving your salary.

2. Make the Most of Government Loan Schemes

Whether you want to start your business without an investor or are unable to find one, you can still fulfill your entrepreneurial dream, thanks to government schemes. To focus on ‘Make in India’, the government has started a few loan schemes.

Schemes like CGTMSE, MUDRA, and Stand-up India can provide you with collateral-free debts and can get access to low-cost capital. To get expert guidance, you can work with the best motivational speaker of India.

3. Use your Revenue to do Fund Raising

Not all startups are pre-revenue generators. Many startups have customers and monthly revenue, so why not plan smartly and use that money to grow faster. A Revenue Based Loan can turn your revenues into growth capital and can help you to do fund-raising without an investor.  To know step by step process of fund raising, watch here:

4. Go for Crowd Funding

You can also raise money through crowd-funding. Crowd-funding refers to the funds from a large number of people who contribute with a small amount of cash. The process of crowd-funding is typically done via online platforms.

5. Do Everything for Your Business

A business is just like a baby! Hence, be ready to give all your time and attention. Not just that, you must be willing to make sacrifices to free up your time.

As an entrepreneur, you may want to taste success as soon as possible. However, patience is the virtue that makes any business successful. You may feel challenged at the initial stage of building a start-up. If not prepared, you may have to suffer losses too. Hence, get all the information and knowledge from the industry experts.

We know what you are thinking! The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer courses like Business Coaching Program, Problem Solving Courses (PSC) & Lifetime Membership (LTM).

Categories
Sales

5 Unique Ideas To Increase Your Sales This Year

5 Unique Ideas To Increase Your Sales This Year
5 Unique Ideas To Increase Your Sales This Year

Summary: Want to increase sales this year? Read for out-of-the-box ideas that will increase your sales.

The sales department is an essential aspect of a business that drives performance and growth. There is ebb and flow to it, and the longer you are in the industry, the more you start to see it in your sales. You may experience more sales during the summer season with lower sales during winter.

No matter which type of product or service you are offering, a want to increase sales around the year is expected. Entrepreneurs often think about different ways of increasing sales. They often work with the best business coach in India to get their expert advice.

If you are looking for some unique ideas to drive more sales this year, here are five innovative ideas to help you:

1. Highlight the Unique Value of Your Business 

Gone are those days when customers used to believe the advertisements. Today customers are discerning and want a value for what they are buying. They want complete information about the product they are purchasing and how it solves the problem which they might be facing currently.

So, put on your thinking cap and develop your business’ Unique Value Proposition (UVP) that tells why they should shop with you rather than with your competitors. Emphasize why your business is different than the rest and why it is a better option for your customers.

2. Engage With Your Customers

As Dr Vivek Bindra, the best motivational speaker and CEO Coach, says, “Your customer is the king” we couldn’t agree more. If you are experiencing a dip in your sales or fewer consumers in your store, it is time to think of something new.

Give a positive customer experience to your existing customers as it will bring them back to your online website or store. This will provide word-of-mouth marketing to other potential customers. Utilize the advantage of identifying possible pain points and strengths by engaging customers online or in person. Once you have figured out where you excel and need improvement, you can implement strategies to make necessary changes.

3. Use Super Creative Marketing Language

Who are your potential customers? What helps them to make their purchasing decision? What are the challenges that they are facing? While conducting market analysis, you consider all these questions and when you develop marketing strategies, always consider the language that your customer base generally uses.

Figure out if your target base is a more mature generation who connects with more serious advertising or a little younger who are more used to memes and puns. Depending on the demographics of your customer, add a little humor, engaging imagery, or relatable language to leave a lasting impression.

4. Share Your Startup Story

Why have you started your startup business? What made you establish it? What triggered the idea? Why did you choose to sell your products or services? A genuine business story intrigues the customers and allows them to feel connected. They understand why you do what you are doing. Customers see who, what, and where your business is. Understanding what you are doing allows them to determine how like-minded they are with you and your company. You can hire the best business coach to understand the consumer`s journey.

5. Thank Your Customers

People like to feel appreciated. A thank you to your customers is an excellent way to let them know you enjoy their visit with you. This way, you can develop an ongoing relationship with them. This small gesture determines how grateful you are for their business. Make your customers feel special by giving them a personalized experience.

Not every unique idea guarantees success. However, failure of a few ideas shouldn’t stop you from experimenting. Instead, get back to the drawing board and brainstorm a few more.You can boost your sales quickly with the proper guidance from a business expert.

Learn to generate high-revenue earning products for sales with our Business Coaching Program. To know more, visit www.badabusiness.com.

Categories
Startup

6 Steps To Perform Competitive Analysis For Your Startup Business

6 Steps To Perform Competitive Analysis For Your Startup Business
6 Steps To Perform Competitive Analysis For Your Startup Business

Summary: Looking to carve a niche in the market? Here is how to conduct a competitive analysis for your startup business.

Being a startup, it is difficult to make a mark in the business world where the competition is exceptionally high. However, conducting a competitive analysis helps you size up your competition by identifying its strategies, strengths, and weaknesses.

Conducting an analysis gives you an idea about your competitors and how receptive the market is to your products and services. To grow your startup business, it is essential to understand what works or does not work for your business.

Competitive analysis can help you learn from your competitors’ mistakes and discover trends you can implement into your practice. If you want a professional guide, you can also hire a business coach for your startup.

But as a new business, you must learn how to conduct a competitive analysis as it is an integral part of your startup process.

Want to learn how to do a competitive analysis? Here are six steps to do it successfully: 

Step 1- Identify Your Competitors

The first and foremost important step is to find your competitors. There are two types of competitors- Direct and Indirect.

Direct Competitor: A brand selling similar products or services to the same customer base as your business is your direct competitor.

Indirect Competitor: Your indirect competitor is a brand that sells a similar product but to a different customer base or sells other products to a similar customer base.

If you work closely with the best business coach for entrepreneurs, they can help you narrow down your competitors’ list.

To find these businesses, you can do a web search or use specific tools available on the internet. Find as many direct and indirect competitors as possible to understand who you are up against. 

Step 2- Analyze the Online Presence of Your Competitors

Today, everything is digital! From food to clothes, healthcare to travel, every brand is trying to build its online presence. So, once you have identified your competitors, assess their online presence by evaluating their websites, social media accounts, and how they are engaging with their audience.

Along with good digital marketing strategies at the forefront, an excellent opportunity to stand out is to have a website that offers an excellent user interface, robust design, and a solid plan to engage with your customers on social media.

Step 3- Check Online Reviews

Customer feedback can give an insight into the customer experience a company is providing. Hence, visit sites such as Google, Facebook, Twitter, Instagram, or any other platform where your competitor is present. Consider how it is replying to the customer’s queries and negative comments.

Whether it is a negative review or a positive review, you can understand a brand’s operation, where a negative review can help you know where these brands are lacking and how you can prevent similar situations. Positive feedback will help you identify what your competitor is doing right and how you can improve.

Step 4– Talk to Your Competitor’s Customers

As you read online reviews, please note people whom you would like to speak to and reach out. Talking with customers and understanding where they face challenges helps you understand why they had a bad experience. Make them believe that you will fulfill their unmet business needs. In the end, thank them for their time and offer a solution through your business. Hire a business coach for professional guidance for your business.

Step 5- Identify their Strengths & Weaknesses

Once you have accumulated all the essential information, compile it in one place and conduct a SWOT analysis. You can use this information to improve your own startup business and focus on the area that needs improvement.

Step 6- Use Research Tools

Conducting analysis is crucial to establishing your brand in the market; it can be incredibly tedious and time-consuming. Luckily, various tools available online can make the process easier and more efficient. You can use those tools to identify your competitors, track their content and analyze the results.

If you want to build strategies for your startup business, you should perform a competitive analysis by following the steps mentioned above. You can also consult with the best business coach in India– Dr Vivek Bindra. To know more, visit www.badabusiness.com.