Author: Editor's Desk

Categories
Strategy

How To Use Excel Like A Pro?

How To Use Excel Like A Pro?
How To Use Excel Like A Pro?

Summary: Want to excel at Microsoft Excel? Here are some of the best tips to help you use excel like a pro.

Want to be an analyst, marketer, accountant, CA, or entrepreneur who can keep track of almost everything? Well, excel is the key. Whether you want to merge two sheets, do simple math, or want to combine the information in multiple cells. Excel can do it! There are so many shortcuts, formulas, tips, and tricks that can help you simplify your work.

The best part is that you don`t need advanced Excel knowledge to master it. So let`s begin.

What is Excel?

Microsoft Excel is powerful data visualization and great software that can do analytics. This software uses spreadsheets to organize, store, and track data sets with formulas and functions. The software is used by many professionals working in distinct profiles and departments.

Though it is primarily used for creating financial documents, it is used to store, compile and analyze large amounts of data. It removes the need to spend hours counting cells and copying them from one sheet to another.

Basics of Excel

Now when you know the uses of Excel, let`s talk about the Excel basics. If you are just a beginner and using Excel for the first time, here are a few things that you must remember:

  1. Creating a new spreadsheet.
  2. Basic computations like adding, subtracting, dividing, and multiplying.
  3. Writing and formatting column texts.
  4. Using auto-fill features.
  5. Freezing columns and rows titles as you scroll past them.
  6. Sorting your data in alphabetical order.

Documents You Can Create in Excel

You must be wondering what kind of documents you can create in Excel. You can create income statements, balance sheets, and calendars.

If you are a marketer you can create documents like marketing budgets, reports tracking marketing budgets, as well as spending, using Excel. You can also create editorial calendars in an Excel sheet to keep track of your social posts and content in advance. Excel can be used for all sorts of calculators- including one for tracking leads and traffic.

Excel Formulas

Excel has plenty of formulas that can appear overwhelming to any beginner. But, fret not! If you are just a beginner, you can rely on the following formulas that are basic, simple, and easy to remember. You can use them even to carry out some complex functions.

  1. Equal Sign: Before writing any formula, you will have to type an equal sign (=) in the cell where you want the result to appear.
  2. Addition: If you want to add the value of two cells, use the ‘+’ sign. Example- =C4+E6.
  3. Subtraction: To subtract the values of two or more cells, use the ‘-‘sign. Example: =C6-H12.
  4. Multiplication: To multiply the values of two or more cells, use the * sign. Example: = D12*F4.
  5. Division: To divide the values of two or more cells, use the /sign. Example: =C5/D3.

Putting all the above-mentioned formulas together, you can create a formula that adds, subtracts, multiplies, and divides all in one cell. For e.g. (C5-D3)/((A5+B6)*7).

Excel Functions

After the formulas come Excel functions. These functions automate some of the tasks you would use in a typical formula. So instead of using the + sign, you will use the SUM function to add up a range of cells.  Here is a list of a few more functions that will help automate the calculation and tasks.

  1. SUM: To add up a range of cells or numbers you can use the SUM function. To complete a sum, you would input the starting cell and the final cell with a colon in between. Here’s what that looks like SUM(Cell1:Cell2). Example: =SUM(C7:C23).
  2. AVERAGE: The AVERAGE function averages out the values of a range of cells. The syntax is the same as the SUM function: AVERAGE(Cell1:Cell2). Example: =AVERAGE(C5:C30).
  3. IF: The IF function allows you to return values based on a logical test. The syntax is as follows: IF(logical_test, value_if_true, [value_if_false]). Example: =IF(A2>B2,”Over Budget”,”OK”).
  4. VLOOKUP: The VLOOKUP function helps you search for anything on your sheet’s rows. The syntax is VLOOKUP(lookup value, table array, column number, Approximate match (TRUE), or Exact match (FALSE)). Example: =VLOOKUP([@Attorney],tbl_Attorneys,4,FALSE).
  5. INDEX: The INDEX function returns a value from within a range. The syntax is as follows: INDEX(array, row_num, [column_num]).
  6. MATCH: The MATCH function looks for a certain item in a range of cells and returns the position of that item. It can be used in tandem with the INDEX function. The syntax is: MATCH(lookup_value, lookup_array, [match_type]).
  7. COUNTIF: The COUNTIF function returns the number of cells that meet certain criteria or have a certain value. The syntax is COUNTIF(range, criteria). Example: =COUNTIF(A2:A5,”London”).

We know these formulas might look complicated, but once you get the hang of these formulas, you can do a lot of calculations without needing to use a calculator. So, try these formulas and with regular practice, you can excel at Excel.

Are you looking to find solutions for your burning problems? Get practical solutions easily with our step-by-step learning strategies, action plan, frameworks that are designed to empower you with various business functions.

From finance to HR, Digital Marketing to IT & Sales, find creative solutions to prominent business problems easily. Click here to know how these courses will benefit you: https://www.badabusiness.com/psc

Categories
Marketing

5 Digital Marketing Myths Busted

5 Digital Marketing Myths Busted
5 Digital Marketing Myths Busted

Summary: Do you believe digital marketing is like ‘one size fits all?’ Welcome to the world of reality. In this article, we are going to debunk some myths that will have your jaws dropped.

Well, thank us later, but it is in our utmost interest to make people aware of the facts and myths that surround people in India- especially about digital marketing. Digital transformation is a vast concept. It is much more than the technology buzzword.

Many people think that the concept of digital marketing involves lots of technical information, which is again a myth. With so much information regarding this great concept, it can be challenging for a marketer to distinguish between what to believe, let alone develop a smart strategy.

What`s more damaging is that many believe the infamous “one-size-fits-all” approach. If you tried this approach, you are doing a disservice to your clients, your customers, and your startup business. There are many online business courses for entrepreneurs to make the most of digital marketing for their business.

According to a recent survey by KPMG, “75% of the respondents believe that digital transformation can create a more seamless customer experience.” But because every individual is unique and no experience is the same, a digital marketing strategy must be based on agility and flexibility.

This simply implies that anyone with a laptop and an internet connection can`t claim to be an expert. One has to understand every aspect of this concept that can be leveraged by large as well as small startup businesses for marketing purposes.

Below, we explore some of the most common myths and try to bust them related to the biggest digital marketing myths we have heard over the years.

Myth #1: Digital Marketing = Technical Information

Yes. Digital marketing does involve the use of computers, smartphones, tablets, and laptops. But you don`t need to have in-depth technical information or computer languages like Java, Visual Basic, or Linux. Digital marketing is all about making full use of digital devices and platforms to reach out to your target audience through social media.

Myth #2: Digital Marketing is only for Big Businesses

One of the most common myths that small business owners have is that digital marketing is only for big brands and businesses. To tell you the truth, digital marketing is as much beneficial for small startups as it is for large businesses.

You do not need a call center to engage or salesman for door-to-door services. You can sell your products directly to your customers globally without even having to establish a physical shop. By making your social media profile on popular platforms you can fetch valuable insights and data regarding the buying behavior of your customers through their demographic details.

Myth #3: Word-of-mouth marketing is better than Digital Marketing

Word-of-mouth marketing is great, but integrating it with digital marketing can maximize its effects. Today, every customer checks out reviews of a particular brand before making a business transaction. If your customers are happy with your products and services, you can create testimonials and share them with the pool of your potential customers with the power of digital marketing.

You can also run social media campaigns to achieve your business goals. You can encourage your customers to visit the retail show and share their experiences with a customized hashtag.

Myth #4: Posting needs to be Done Several Times a day on Social Media

Many social media guidelines are focused on the number of posts that should go on the platforms every day. But does it guarantee its success?

The ROI of social media is constantly in question. Out of all the other digital marketing channels, it is often the most misunderstood. But many few people know that the value of social media is not measured in leads but through customer experience. More and more brands are using their social media handle as the extension of their customer service department. Both negative and positive comments from the customers can be seen online on social media platforms and review sites.

Hence, it is not just about how many posts you publish each day. But how you engage and inspire your consumers through online customer service. Ultimately, digital marketing has more power than you can imagine. You could be missing out on some great returns on investment, better brand engagement, and low-cost campaigns. You can also take an online course for entrepreneurs to learn more about digital marketing. You can also take the LFP Bada Business.

Categories
Leadership Building

5 Simple Traits To Help You Become A Powerful Leader

5 Simple Traits To Help You Become A Powerful Leader
5 Simple Traits To Help You Become A Powerful Leader

Summary: They say leaders are born. But, we say that leaders are made provided the right guidance and expertise.

Being great seems like an easy job. Many people say that great leaders are born and too many it appears like a straightforward job because there are no hidden secrets in it. But, while many leaders think that great leadership consists of simple things, only a few implement them because the rest of the people forget about them for some reason.

If you are an entrepreneur who wants to hone your leadership skills, you can join Leadership Funnel Program by Dr. Vivek Bindra. It is the most powerful flagship program in India that has benefitted many people including top management leaders from large organizations.

Here are a few tips that can help you to sharpen your leadership skills:

1. Be Kind, Be Human

Many leaders often forget that they are dealing with real human beings who have unique stories and backgrounds. Every unique individual has his or her share of struggles, challenges, and breakthroughs. For many managers and leaders from the top management, people at work are nothing more than man-hours who need to be managed and optimized.

Your team members always know what value they hold for you. And a man-hour will never help you to overcome situations. Hence, never forget that you are dealing with real humans and not bots.

2. Sharpen your Managerial Skills

Directing people is not something that comes naturally to any one of us. It is an art to co-work and co-exists happily at the same time. Fortunately, we have a lot of amazing programs like the Leadership Funnel Program that offers expert advice and guidance to help you become a powerful leader.

As a leader, you will need to defend the interests of your company but you will be able to do it only when you are aware of the theory of negotiations and understand the psyche of the person you are talking to.

Reading books can be another medium to become better at your managerial and leadership skills. You can begin by reading about psychology, the structure of thinking, negotiations, hiring people, project management, marketing, and economics too.

3. Have In-depth Knowledge

The best way to win authority is through your expertise. You need to understand the things that you manage, and this golden rule applies to every stage. For instance, to lead a creative team you must have a fair knowledge of typography, graphics, color coordination, and some of the most popular tools like Photoshop, coral draw, and Illustrator. This will help you to talk with the people in their language.

Without knowing the things you are managing you can`t do value addition. Without an understanding of what you manage, you will not be able to assess the risks, costs, and timing.

4. Admit Mistakes (Your Own & Others` too)

If something goes wrong, you should have the integrity to accept your mistake gracefully. If you will try to dodge the bullet, you will only be deceiving yourself and no one else. More than that, you will immediately lose your authority within the team.

Accepting your faults publicly can truly have a magical effect. This will give your team a clear understanding that it is okay to make mistakes and that making mistakes is normal. But, what is more, important is to learn from them so that they are not repeated shortly.

Once your team will understand it, they will be more open to experiments, and they become more courageous in their work, take responsibility, and more risks.

5. Protect Your People

To earn the respect of your team members, you have to be the shield that takes all the impact. No one in this world should have the right to influence your team past you. If someone wants to criticize your employees, let them do it to you and not directly to your team members.

One of the best things that will help you to become a great leader is, to be honest with your employees. Whether you are planning to give them a pay raise or thinking about closing down a particular product or the entire company, communicate with your employees honestly. Always remember that a transparent culture in an organization is always better.

Want to become a powerful and influential leader in your field? Join LFP Bada Business today!

Are you looking to find solutions for your burning problems? Get practical solutions easily with our step-by-step learning strategies, action plan, frameworks that are designed to empower you with various business functions via Business Coaching Program.

We hope this blog must have helped you to understand a few aspects of the business. If you like our blog section, you can share your comments with us in the section below!

Categories
Startup

These 3 Fundraising Techniques Can Help Your Startup To Succeed

These 3 Fundraising Techniques Can Help Your Startup To Succeed
These 3 Fundraising Techniques Can Help Your Startup To Succeed

Summary: Don`t have savings or investors who could invest in your small startup business idea? Take a deep breath and don’t give up on your dreams just yet. This article will tell you simple fundraising techniques for your business.

According to a report by Fundable, around 57% of startups take out loans, and 38% are launched with support from family and friends` money.  But if you don`t have either of them, you should not give up on the business launch.

In 2021 the global funding rose by 157% according to data by CB Insights. One of the major reasons is that nowadays startups have entered the market at huge value, which gives high returns to their investors. Also, more and more people are ditching the traditional methods of raising money. As a result, many nontraditional early-stage funders are flourishing: mutual funds, hedge funds, and private equity firms.

But when you are a newbie attracting funds could feel like a major task. It`s hard to get into an investor`s sight. Even with the most convincing pitch, you might fail to get the investment.

So here are three essential steps that as a startup you must take to build awareness and increase the chances of raising around.

1. Establish Yourself

Imagine you have crafted a great mail and it gets the attention of a potential investor. The first thing that she does is Google you. But, finds nothing on the internet! So now what do you think her response would be?  As long as your name is not loud enough to be well known in the industry, your emails will probably have a low response rate. And this could also affect the pitch conversion.

To get the attention of the right investor, you must establish yourself as a specialist who understands the market. You can use the power of content to prove that you know the burning problems of the consumers are, and focus on the benefits of your products. You can utilize the PR activities with blogging, guest posting, YouTube videos, podcasts appearances, or even LinkedIn blogging.

You can also consult with the business motivational coach to take expert guidance on the right way to do it. You can start with five different publications and a few videos initially.

2. Do Your Homework on Potential Investors

Abraham Lincoln is often quoted for having said, “If I had eight hours to chop down a tree, I’d spend six sharpening my ax.” It simply means that you must do your homework to get the desired results. In the business world, it means doing research not only on your target market but also about your potential investors. Each angel investor and venture capital fund investor has its specialized area, stages of investment, or even more specific metrics.

Look for investors who have invested in your niche and research everything that you can find about them. You can follow them on professional websites. Find blog insights; follow public announcements and information on the websites. You can also seek social media publications from investment managers. You can then put everything in one place to create a nice contact database. You can use this database for more accurate targeting in the future. If you want to expand your network base, you can consult the best business coach who can help you with building a database.

3. Use Content Marketing & Targeting

If you have utilized the publications and media appearance, you can place the links to your resources and move on to the marketing part. Set up targeting publication advertising, so that potential investors from your contact base can discover it.

Now, the best thing to get the attention is to continuously work on the product, improve customer experience, and update it to make continuous improvements. It will help you to raise funds for your startup business.

Are you looking to find solutions for your burning problems? Get practical solutions easily with our step-by-step learning strategies, action plan, frameworks that are designed to empower you with various business functions. From finance to HR, Digital Marketing to IT & Sales, find creative solutions to prominent business problems easily. Click here to know how these courses will benefit you: https://www.badabusiness.com/psc

Categories
Strategy

5 Great Small Business Marketing Strategies To Attract More Customers

5 Great Small Business Marketing Strategies To Attract More Customers
5 Great Small Business Marketing Strategies To Attract More Customers

Summary: With the right small marketing strategies you can avoid the pitfalls and achieve your long-term business goals.

Marketing can be tough. And if you are a small business owner it can de hard due to the lack of budget and the right marketing strategies. From big brands to small startup businesses, everyone is competing for attention, and it`s hard to stand out from the crowd.

If you too are struggling to find out the right marketing strategy for your business, here are 5 small business marketing strategies that will give effective results:

1. Learn How to Target Your Consumers

When you are a startup, you need to reach out to your target audience to build brand awareness. It is important to target the right audience that is genuinely looking for your product and services and is interested in them. With the right marketing strategy, you will be able to reach the right audience.

For starters, you can begin by defining your niche, creating a buyer`s persona, using demographic data, researching your competitors, segmenting your audience, and customizing your messages. Also, invest some time in offline marketing too. Many online business courses aim at resolving the problems that many small businesses might face. You can enroll in specific problem solving courses as well.

2. Use Cold Email Marketing

Cold emailing is one of the most effective marketing strategies when it comes to small businesses. It is a great way to connect with potential customers who may not be aware of your business. To begin with cold email marketing, you can create a list of potential customers and research the companies you want to target. Find out who the key decision-makers are and draft a personalized message to introduce your business, the range of products and services that you have to offer.

Do not forget to mention why you think your products and services would be the right fit for their business. Send the email and follow up with phone calls if required. Keep updating your strategies accordingly, and keep track of your progress.

3. Leverage the Power of Social Media

There are multiple strategies when it comes to building a marketing strategy for your small business. But to find out a marketing strategy that works best for you, one needs to do some research and find out a few tactics that work best for you. Social media advertising is one of the most popular strategies that involve the use of popular social media platforms like Facebook, Instagram, and LinkedIn.

Another online marketing strategy is Search Engine Optimization (SEO), which involves optimizing your website and pages by using popular keywords. This might take much longer but gives results. These tools allow you to target specific audiences about their demographics. You can also take Problem Solving Course to get hands-on knowledge about digital marketing.

4. Connect with Local Businesses

Another way to create awareness of your business is to connect with local businesses. When you partner with other businesses in your region, you can share resources and promote each other by collaborating on local events and marketing initiatives.

Start by networking with other local businesses in your community. Join online forums, attend business events and focus on business collaboration.

5. Offer Incentives & Discount

Offering a discount or an incentive can help you to attract customers who are not familiar with your business. You can offer a discount or incentive in the form of a discount on your products or services. You can also offer a free item with purchase so that customers can try the product and decide to make a purchase. Whatever discount or incentive you offer to your customers, always ensure that it is something that your customers will find valuable.

Marketing is an important aspect of your small business and it is important for the growth of the business. Hence, the above marketing strategies can help small businesses as they require minimum investment.

Are you looking to find solutions for your burning problems? Get practical solutions easily with our step-by-step learning strategies, action plan, frameworks that are designed to empower you with various business functions.

From finance to HR, Digital Marketing to IT & Sales, find creative solutions to prominent business problems easily. Click here to know how these courses will benefit you: https://www.badabusiness.com/psc

To learn leadership skills, you can also take LFP Bada Business which is the most powerful flagship program.

Categories
Finance

5 Types Of Small Business Loans Entrepreneurs Can Take At Low Interest!

5 Types Of Small Business Loans Entrepreneurs Can Take At Low Interest!
5 Types Of Small Business Loans Entrepreneurs Can Take At Low Interest!

Summary: Finding the right source of funding for your business? These government schemes can help you to take your business to new heights of success.

When starting a small business funding is crucial. What makes it a daunting process is finding the right source. There are many banks and schemes through which entrepreneurs can take small business loans. Entrepreneurs can take small business loans in two ways: they can either take loans through government schemes or they can take loans from private players.

The government of India also offers relief in the form of collateral-free loans, subordinated debts, and equity infusion through its Fund of Funds (FoF) scheme, which proposes to buy up to 15% growth capital in high-credit MSMEs.

Many government schemes are made to empower SMEs. Among various schemes, the key government schemes include MSME Business Loans for Start-ups in 59 minutes, Pradhan Mantri Mudra Yojana, and SIDBI Make in India Soft Loan Fund for MSMEs.

Here is a list of other government schemes for small scale businesses:

1. Loans for Startups in 59 Minutes

Launched in 2018 this central government-backed small-scale industrial loan is famous for the loan eligibility that is conveyed to the applicant in just 59 minutes. Though, the actual process might take eight to 12 days.

A loan via this scheme attracts an interest rate starting from 8.50%. Also, the interest rates are based on the nature of your business and your credit rating. This scheme offers loans ranging from a minimum of INR 1 lakh to a maximum of INR 5 crore. A 3% reservation for such loans is available for women entrepreneurs.

2. Pradhan Mantri Mudra Yojana (PMMY)

To provide business finance to micro-businesses the Government of India established the Micro units’ development and refinance Agency (MUDRA). The Pradhan Mantri Mudra Yojana (PMMY) administered by MUDRA is a small-scale industry loan by the central government with the intent to “fund the unfunded”.

This scheme offers a wide range of sectors and business activities. MSMEs can take up to INR 10 lakhs without collateral. This scheme is called MUDRA loans. All types of trading, manufacturing, and service businesses can apply to this scheme.

3. SIDBI Make In India Soft Loan Fund For MSMEs (SMILE)

SMILE is a government loan scheme by the Government of India that offers loans with below-market interest rates, also known as soft loans. This small business lending scheme is governed by the Small Industries Development Bank of India (SIDBI). The minimum loan amount under this scheme is INR 25 lakh. The interest rate starts at 8.36%, the scheme comes with a moratorium period of 36 months. The maximum repayment tenure is 10 years. New MSMEs, along with existing service and manufacturing sectors, can apply for this scheme.

4. Credit Guarantee Fund Trust for Micro And Small Enterprises (CGTMSE)

This government loans scheme offers central government small-scale industries loans to the MSME sector. This scheme provides working capital loans of up to INR 10 lakh without any collateral. Credit facilities up to INR 1 crore can be availed after mortgaging your business land or assets.

New or existing MSMEs in service or manufacturing activities, agricultural and educational institutions, and self-help groups are eligible for this scheme.

5. Stand Up India

The Stand-Up India initiative seeks to provide government small business loans to women entrepreneurs and individuals under the scheduled caste or scheduled tribe category. It was launched by the Small Industries Development Bank of India (SIDBI) and it provides loans to small businesses between INR 10 Lakh to INR 1 crore. The amount will cover around 75% of your business project and its interest rate is calculated as the bank’s marginal cost of funds-based lending rate (MCLR) + 3% + tenure premium.

These are the government schemes that entrepreneurs can use to raise funds for their small businesses. 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 Problem Solving Courses  & LFP Bada Business (Leadership Funnel Program).

Categories
Leadership Building

5 Powerful Qualities Of Highly Impactful Leaders

5 Powerful Qualities Of Highly Impactful Leaders
5 Powerful Qualities Of Highly Impactful Leaders

No one is born a great leader. With continuous dedication, discipline, and hard work they can cultivate skills that can make them impactful leaders. Successful leaders are the driving force behind their organizations. They have certain qualities that play a crucial role in the company`s growth. So, establishing yourself as an effective and powerful figure that is trusted and followed by others unquestionably, obviously involves preparation and a lot of hard work.

Many people think that a leader is born. But rest assured everything does not need to be innate, and becoming a leader is possible. So what are the qualities that you must cultivate to become a great leader? Here is a list:

1. A Great Communicator

There is no one-size-fits-all strategy when it comes to communication. But, successful communication begins with transparency. But to keep lines open and clear across the business, we must be careful not just about putting our messages across, but also about the mediums, too.

While businesses around the globe are adapting to the change unleashed by the pandemic, great leaders are trying to find the right balance. Good leaders today have to make difficult decisions such as furloughs, and staff reductions.

2. Confidence

Confidence is the key that can make anyone extraordinary. A good leader does not hesitate to trust his subordinates. It is very important to let your employees know that you trust them without any doubt and that you believe in them and their skills. Dare to delegate tasks according to their capabilities and make them feel important and necessary for the sustainability of your business. If your team feels that they have your trust, their productivity will improve and so will their performance.

Many managers hide others in their shadows. They refuse to let others grow and this is one trait that distinguishes a true leader from mere managers. A powerful leader makes room for others and allows them to grow while focusing on teamwork. To develop leadership skills, you can attend ‘Leadership Funnel Program 2.0’–the most effective flagship program by Dr. Vivek Bindra.

3. Be a good Listener

Listening and hearing have a hairline difference between them. Hearing is passive, while listening is active-and the great leader is someone, who understands the difference between the two terms.

Real listening is essential for effective communication. Listening not only involves ears but many other aspects like body language, expressions, and gestures. What`s not said is just as important as what is said.

A great leader will take cues from all other aspects and help people in the organization who might lack the courage to speak up. We need leaders who listen and are intentional about their conversations. Want to become a strong leader? You can join Leadership Funnel Program 2.0 popularly known as LFP Bada Business to understand the nuances of leadership.

4. Have Clear Goals

Every great leader has clear goals and vision where he would like to see his company and himself after a few years. You must know where you are right now and where you want to reach and know-how to get there. Above all, don`t keep your strategy a secret. Share it with your peers and team members so that each member will feel what he or she is working on is important.

Establish a strong connection between the company and its employees by discussing objectives and action plans. Everyone can contribute if they are aware of how you have planned to conduct your business.

5. Make Better Decisions Without Wasting Time

Many leaders talk, but they do not execute and do. And it is doing that separates the real leaders from the rest. When your words match your actions, people learn to develop trust. It is more impactful when you take an action on what you are hearing from your employees. Leaders who act quickly and confidently often must make difficult decisions, and for that it takes grit.

As a leader, it is also important to remain positive even during challenging times. Lead by example so that your team members can trust you and follow you without a doubt. Even during difficult times, your passion for your work should not waver. These qualities can make you a successful leader. Work on these five qualities, but never forget that there is always a scope for improvement. You can also join our LFP Bada Business program to understand and learn how to become a successful leader.

Categories
Business motivation

4 Import-Export Business Ideas To Start In India

4 Import-Export Business Ideas To Start In India
4 Import-Export Business Ideas To Start In India

Businesses in India have a specific advantage when it comes to exporting because they have various mediums to minimize production costs and maximize profits. And, expanding into the global market is the best way to build brand recognition, scale business and boost profits.

India is a great place for small and medium enterprises to start an export business for several reasons. And, the reason is that they have access to inexpensive labor and materials. India has a wide variety of natural resources which makes it convenient to source raw materials for production.

If you want to start an export business, here are 5 products you can export from India:

1. CLOTHING

India has one of the largest textiles and apparel industries in the world. The main reason behind it is because India has strengths across the entire value chain from fiber, fabric to apparel yarn and has competitive manufacturing costs.

One of the most important cash crops in India is cotton which is an important raw material for a lot of clothing manufacturing. Currently, it contributes to 12% of the country`s export earnings. Why it is more profitable today is because the global demand for clothing has increased and people are spending more on different types of clothes. Athletic clothing, loungewear, and pajamas are currently very popular because people want to be comfortable as they work from home. Comfortable shoes are also a must.

People are still buying clothes that are meant to wear outside of the house, but once offices, restaurants, bars, clubs, and borders reopen, the demand for this type of clothes will likely slowly rise again.

2. JEWELRY

Since India is the land of so Kohinoor, many minerals and gemstones are found here. Gold, copper, and garnet are some of the most common precious materials found in India.

India produces large quantities of diamonds since the land is so rich in coal. Although diamonds are not rare gemstones, they generally come with a hefty price tag.

India primarily exports jewelry to the United States, China, Japan, and countries in Europe. By November 2020, nearly 25% of India’s jewelry and gemstone exports went to the United States.

3. RAW INGREDIENTS

Thanks to the country`s suitable climate, sugarcane and rice are two cash crops of India. These two crops require a specific climate to grow hence they can be harvested and can be sold as raw ingredients anywhere in the world that doesn’t have a suitable climate.

One more reason is that these two raw materials have a decent shelf life, so transporting them is also not that difficult. One thing that you will have to ensure is the storage. To store the raw materials in containers that will safeguard them from bugs, rodents, or other creatures.

Though Sugar and Rice are not easily spoiled and can be consumed, you need to keep them fresh and clean. Also, check with federal regulations of where you are exporting to. Also, ensure that you are following the guidelines.

4. PHARMACEUTICALS

Pharmaceuticals are crucial as ever since we are amid a pandemic and people around the globe are growing unhealthy.  Additional drugs and supplies are necessary for treating the symptoms of COVID-19 patients. Ventilators and other life-sustaining equipment are in high demand.

Aside from COVID-19, diabetes is posing a major issue around the world. Some of this disease is caused by genetic factors, but it is exasperated by unhealthy lifestyles and diets. When people do not manage it, they need specialized drugs, insulin, and tools for checking their blood sugar. The insulin alone demands the need for a variety of syringes, ports, and more. Diabetes is simply one health issue that is increasing the demand for pharmaceuticals. Heart disease, cancer, respiratory diseases, and other chronic conditions are on the rise.

These are a few small business ideas for export businesses that MSMEs can start. You can boost your sales easily with the right guidance of a business expert.  Learn to generate high revenue earning products for sales, generate payment links for customers, managing account-related details. Solve your problems in just one click: https://www.badabusiness.com/psc

Categories
Sales

5 Powerful Yet Practical Tips To Grow Your Business Sales

5 Powerful Yet Practical Tips To Grow Your Business Sales
5 Powerful Yet Practical Tips To Grow Your Business Sales

From small businesses to large businesses worldwide everyone is struggling to boost their sales and has been chasing the holy grail of increased revenue and growing sales numbers. However, selling can be challenging. And, the irony of life is that it is the only way to skyrocket the sales of your business.  Selling is a complex process because individuals are complex and it is difficult to predict your customer behavior.

It has become so crucial for the sustainability of the businesses that many individuals have developed complete businesses out of advising companies on improving But despite all the available assistance by the best corporate coaches in India, many organizations rarely see the value of their sales touching the sky.

So, how can you ensure that the number of sales is always on top? What if you can increase your sales number without having to jump through hoops? What if you find out a simple formula that will help you to increase your business sales?

By using our amazing tips you can increase your sales. Whether you are selling your products online or run a brick-and-mortar business, our sales strategies will help you convert casual visits into sales:

1. Make Your Customer Your Priority

Shape your marketing strategies and communication around your customers. What most business owners miss here is that a customer is not interested to know about a product. They are more interested to know how it will make their lives more convenient.

Conduct research on the current challenges that your customers are facing, then communicate in a creative way how your business can help them to overcome those challenges. By shifting the focus of the discussion on your customer`s pain points, you will come out with a more customer-oriented sales strategy.

2. Be With Clients & Prospects

Sales is a sport that becomes interesting and executes successfully when you are present. Be present with your clients and prospects with an attitude of you are available for any help. These questions and attitudes will help you focus on the outcomes of the other party and will eventually help you to build a solid relationship. You can also consult with the best business coach in India.

3. Give Your Customers a Unique Experience

Treating your customers like king can take your sales volume up, rapidly. It is very important for a customer to feel that their requirements and feedback will be taken seriously. They love it when a business owner remembers small details.

So, if a customer comes regularly to your café, remembering the amount of milk or the quantity of sugar he or she takes will make it special for them.

It is the feeling that brings a customer again to your store or café. According to a Forbes report on average, 7% of consumers expressed some level of frustration when their experience was impersonal.

If you are a shop owner, you can give your customers a personalized touch by greeting them with their names. This tip might appear simple, but it is very effective and will deliver big results.

4. Create Consistent Marketing Strategies

Business does not always grow. There are times when businesses might also go through difficult times. To help a business thrive you should get solid marketing strategies when business is slow.

5. Involve your Customers While Bringing Innovation

Change is a constant thing! It is essential to keep bringing innovation into your services and products. However, there is one thing that every business owner must do- take extensive feedback from your customers. Make your customers an integral part of the innovation by analyzing the ‘ABCDE Model’.

A- Analyze the problems & needs of the customers

B- Brainstorm what exactly your customer looking for in your products.

C- Co-create. Involve your customers when altering a range of products or services.

D- Deliver what promised

E- Evaluate

The model of ‘ABCDE’ is behind Subway`s success. They let their customer decide and select the ingredients of their meals. This way even if a sandwich doesn’t taste good, the customer doesn’t mind because of his involvement in the process.

With our above-mentioned tips, you will see your sales numbers increasing. With our Problem Solving Courses, you can learn about the best sales strategy with zero investment.

Learn to generate high revenue earning products for sales, generate payment links for customers, managing account-related details. Solve your problems in just one click: https://www.badabusiness.com/psc

Categories
Business motivation

9 Things To Consider Before Starting A Small Export Business In India

9 Things to Consider Before Starting a Small Export Business in India
9 Things to Consider Before Starting a Small Export Business in India

Exporting a wide range of goods and services, India is the 14th largest exporter in the world. According to a recent report by HSBC, India is set to become one of the top 5 exporters in the world by the year 2030. As the country has embraced the concept of ‘Make in India’, exports from India are set to take a speedy course and will contribute to the GDP of the country.

The government of India has always been a great supporter of exports, but the pandemic has opened a new opportunity for aspiring small business owners who wish to start their ventures in small towns. The widespread use of the internet has also helped the export and import business to flourish.

If you are planning to start your own export business in India, you can attend our Free Masterclass by Dr. Ajay Sahai, Director General & CEO, FIEO. You can download the Bada Business Community APP to attend the class on February 22nd, 2022, Tuesday at 6:00 PM.

Here are nine things you must know if you are thinking about starting an export business:

1. Select Product

If you have already thought about the item you want to import-export then it is okay. Otherwise, some products are prohibited from being exported. So, ensure that your product is not one among them. India is known for mainly exporting agricultural products. You can also select a product in your area and export them by keeping the quality of the product into consideration. It is an important factor in receiving future orders and reviews from customers.

2. Analyze your Target Market

It is very important to understand your target audience when thinking about selecting an export business. Research the market size, quality requirements, competition, payment terms, etc. when you select an overseas market.

You can also enquire about a few export benefits available in the market for a few countries under the Foreign Trade Policy. Export promotion agencies, Indian Missions abroad, and your acquaintances can prove helpful in recognizing the initial market, as well as, expanding it.

3. Select Business Name & Logo

Before you decide to register and look for buyers for your products, you should select a name and logo for your business. You need to think about your business`s name so that you can register it.

4. Registration

Like any legitimate business run in India, you will need to get registered. It could be registered as a sole proprietorship, in partnership, private limited company, or LLP. Hire a lawyer for any legal advice and to help you with the legal proceedings of registering the business.

5. PAN

Businesses must obtain PAN (Permanent Account Number) from the Income Tax Department.

6. Bank Account

Open a current account at any commercial bank that is authorized to deal in Foreign Exchange.

7. Obtain Importer

Exporter Code (IEC) Number An exporter/importer in India is required to obtain an IEC number as per Foreign Trade Policy. It is a key business identification number that can be applied for online at www.dgft.gov.in. After the introduction of GST (goods and service tax), the IEC number is the same as the PAN of the firm.

8. Obtaining RCMC

RCMC (Registration Cum Membership Certificate) is a membership certificate issued for 5 years by Export Promotional Councils (EPCs) or Commodity Boards of India. It is proof that your business has been registered with the council/board and is useful when applying for any benefit or concession under Foreign Trade Policy like duty drawback, duty credit scripts, etc.

9. Get covered through ECGC

Dealing with an overseas client involves risks from the insolvency of the buyer/country. These payment risks can be covered by ECGC Limited (Formerly Export Credit Guarantee Corporation of India Ltd), a company wholly owned by the Government of India which provides export credit insurance support to Indian exporters under the Ministry of Commerce.

To get in-depth knowledge and information, attend our Masterclass on the Bada Business community app for free.

The idea of managing the 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 Problem Solving Courses (PSC) & Leadership Funnel Program (LFP Bada Business).