Category: Business motivation

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Business motivation

Here are 4 Simple Ways to Protect your Business from Cybercrime

Protect your Business from Cybercrime

Cybercrime is on the rise. And in a classic web-based fraud that involved a well-renowned NDTV journalist Nidhi Razdan falling prey to an internet scam in January 2021, the attacks have become undetectable.

Not only individuals but cyber-attacks on MSMEs and SMEs have been on the rise. According to a 2019 study conducted by Accenture, 43% of the cyber-attacks worldwide have small-and-medium-sized businesses on their radar.

In India, there are 6 crores SMBs that contribute around 30% in the GDP as per the Confederation of Indian Industry. Their digitalization can increase their contribution further.

Unlike large organizations and enterprises, many SMBs often do not have sufficient resources and manpower to deal with the evolving threat landscape. Also, the major reason behind the less spending on cybersecurity by small business owners is their perception. Most of the decision-makers in small enterprises did not think they would be the target of cyber-attacks. It is this perception that discourages them to invest in cyber-security.

So how can you protect your business from cybercrime? Consider these tips to upgrade and stay protected from ransomware and other cyber-attacks:

  1. Update Software Regularly

If you do not update your servers and systems regularly, you could leave your networks vulnerable to hackers. One of the most common ways through which hackers gain access to your computer is via code defects, which is also known as exploits

Some of these exploits remain unnoticed for years and can affect all software from browsers to operating systems and more. Hence, keeping your system and software updated will protect the business from cyber-attack.

  1. Invest in a reliable VPN

Virtual Private Network or VPN is software that helps to create a secure connection over a less-secure network between your operating system and the internet. It makes you invisible to hackers and protects your sensitive credentials like passwords, login details, and other transactional information. As there are many VPNs available in the market, it is best to determine your organization`s needs.

  1. Divide, Encrypt & create a Backup Sensitive Data

Data is imperative for any business to make constant growth. So protecting it should be the topmost priority. Hence, protect your data by keeping it behind as many layers as possible. Divide it into different segments and do not keep it in a single source. This approach might appear less convenient, but if hackers try to breach the security, hackers will not get access to your entire data bank.

Use advanced data encryption methods to ensure that in case the data get stolen, hackers will not be able to use it.

  1. Put Strict Limitations on company Computers

Put security limitation on every computer which is used in your company. Make sure that no one can install unauthorized software without approval from your system administrator. This step will prevent any malware from infecting your company`s network and protect your business from cyber-attack.

These days, cyber-security can no longer be treated as a choice. A security breach can prove to be catastrophic for small as well as large businesses. The only way to protect businesses is to upgrade and invest in quality cybersecurity software.

Want to know more about managing your business? Get insights from business leaders and success stories from leading industry experts, demonstrating ways to apply emerging technologies to reach strategic business and digital ambitions with our Everything about Entrepreneurship course.

To know exclusive offers on EAE course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

Building a World-class Customer Experience: 3 Strategies to stay ahead of your Competitors

world class customer experience

Given the cut-throat competition in the market space, delivering a world-class customer experience that guarantees customer satisfaction is more important than ever.

The impact of the pandemic has impacted customer behavior. The majority of the industries have cut-down their expenditure and the purchases have shifted from in-person to digital channels. Public safety has become the topmost priority for both the customers as well as the companies.

According to a Gartner report from the 2019 Customer Experience Management Survey, organizations nowadays are more committed to customer experience (CX).

A study by American Express stated that around 60% of people are willing to pay more if an enhanced customer experience is guaranteed.

Today, the leaders are realizing how vital the customer experience is and have gained rapid insights to build customer loyalty. The data obtained with the help of advanced analytics can help to achieve revenue gains of 5 to 10 percent and can reduce costs by 15% to 25%.

Post the COVID 19, companies all across the globe are preparing for the long haul. However, the path is rather vague due to uncertain customer behaviors and trends.

To win in the next ‘normal set-up’, companies need to identify the trending patterns and customer behavior to build the strategies in the near term.

Here are the 3 key strategies that will help companies to build a world-class customer experience:

Observe the Current Customer Behavior

Customer behavior is constantly evolving. Thus, observing the current trend and pattern is important. A customer journey consists of various touch-points that together add up to the experience they get upon interacting with a brand or a company.

Seeing the world as a pool of potential customers can help the companies and small businesses to organize better and mobilize their employees around the customer requirements.

Seamless Omni-channel Experiences

Due to the personal and financial losses inflicted upon people all across the world due to the pandemic, the financial flexibility of the customers is limited. But many customers now face a surplus of time. This has stimulated a record-high engagement on digital platforms.

Consumers these days have a low tolerance for bad experiences. A good or bad experience in any single channel can result in winning or losing a life-long customer. So, businesses these days can`t afford to risk ignoring a customer`s touch-points.

Make meaningful Connections with Customers

To build meaningful relationships with customers, companies need to interact with them across multiple channels (website, live chat, social media, and more). While the customers appreciate the candid interaction across multiple channels, they want it to be consistent.

For instance, India has 53 IKEA stores, and if you visit any store across not just India, but across the world, you will get the same experience. IKEA focuses on customer experience and invests heavily into it. And how did it help them? Not only IKEA is one of the most beloved companies in the world, but its revenues have risen to $40 billion worldwide.

No one wants to do business with a company that no treats you well. Hence, providing an exceptional customer experience is vital in today`s time. By using the above-mentioned techniques, you can build strategies to give your consumer a world-class experience.

Want to build a strong relationship with your customers? Bring your company and customers together! With the Everything about Entrepreneurship course, companies have achieved a whopping boost in their business sales productivity. To know about this most-loved course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

 

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Business motivation

5 Cost-effective Inventory Management Tips for Retailers to Save More Money!

Inventory-Management

If you are a retailer, you must be aware of how difficult the process of inventory management is. The major goal of every retail business is to sell inventory. But mismanaging your inventory can incur losses in the business.

Inventory management is one of the strong pillars of a successful retail operation. Efficient retail inventory management can lead to more customer satisfaction, increase profits and reduce costs.

What is retail inventory management?

Retail inventory management is the practice through which retail businesses ensure that the right products are available in the right quantities, at the right time. It may sound simple, but it also includes coordination with vendors, managing your in-store inventory, product list, tracking products, and also coming up with a price strategy in mind.

Any retailer who wants to be successful must have brilliant inventory management. Here is a list of 5 top inventory management techniques that will increase your sales:

  1. Organize your Storehouses

One of the best inventory management techniques is to have a segregated store. An organized inventory store is a key to infrastructural continuity. A disorganized store can lead to stocks getting lost or backed up. E.g. if you have perishable items in stock that have an expiry date, there is an existent possibility that they will turn sour, if not sell in time.

Disorganized inventory management can lead to unnecessary wastage of products and loss to your business.

  1. Decrease Product Range

If you are carrying multiple items in stock that are not much in demand, it is time to narrow down the product range. An overstocked inventory increases the cost of inventory as it leads to the storage of obsolete products that are not in demand. You will have to discount, bundle or donate these products later.

All that extra stock will also take up the valuable space of the products that your customers do want to buy. On the contrary, a smaller inventory will decrease your inventory costs and will also help you avoid holding excess inventory.

  1. Avoid deadstock

Deadstock is a stock that can no longer be sold because it has either gone out of the season, fashion, style, less demand, or otherwise become irrelevant. Hence, manage your inventory better so that you can avoid dead stock.

  1. First-In-First-Out (FIFO)

The principle of “first-in, first-out” is very important for inventory management. It simply means selling your oldest stock first, followed by your newest stock. This principle is apt for perishable products so that you don`t end up with unsellable spoilage.

  1. Invest in the Right Talent & Technology

Automation of inventory management is crucial for every retail business. Hence, invest in an excellent inventory management system, and most importantly, hire people who know and pay attention to details.

Are you in a retail business and struggling with inventory management? Worry not! With our Everything about Entrepreneurship course, you can get the support and guidance of the Business mentors.

It’s a wonderful opportunity to learn more about starting a business and maintaining inventory. So do seize this opportunity now! Click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

 

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Business motivation

How to Write the Winning Business Proposal in 5 Steps

business proposal

Starting up a business is not an easy task to do. It may sound exciting, but the journey to change an idea into reality requires discipline, clear goal settings, and a winning business proposal!

A business plan is like a road map that guides you through your journey and helps you reach your ultimate goal. Just like it is difficult to travel without a road map, it is impossible to start a business without a proposal.

What is a business proposal?

Many people believe that a business proposal and a business plan are similar. However, they couldn`t be more wrong.

The primary purpose of a business proposal is to persuade a company or an organization to do business with you. While a business plan is all about your company`s strategies and growth plans.

It also outlines your value proposition and bridges the gap between you and your potential clients. A well-written business proposal can help entrepreneurs to build up their customer base.

It is a formal document that is created by a company and is provided to the prospect of securing a business agreement. A brilliantly written business proposal sells either your product or service, rather than your business itself.

Types of Business Proposals

A business proposal can be of two types: unsolicited and solicited.

Solicited Business Proposal: The business proposal when requested by a customer or a client is called a solicited business proposal.

Unsolicited Business Proposal: As the name defines, the unsolicited business proposal is usually meant to approach a client or a customer, even if they do not ask for it.

Key Things to keep in mind while writing a business proposal

A common mistake that small business owners often make while writing a business proposal is that they do not cover the key questions in their proposal. Every small business owner must cover these questions in their proposal to customize it according to their potential clients.

The person you might be meeting with your business proposal might not be the final decision-maker. It is always best to ask the prospect about the entire decision-making process or approval process.

Do your homework carefully. Research your competition to find their pain points or gaps. Ask your prospect about their past experiences related to the product or services that you are offering them.

Keep the budget in mind and find out their target price that will help you avoid wasting time on projects that have no chance for much profit.

Calculate the costs of your labor or materials, you will incur in case your proposal might get accepted. Make sure that you have got all the revenue numbers in place.

5 Steps to Draft a Persuading Business Proposal

Here are five sections that every business proposal must address:

  1. Introduction- Beginning a business proposal with a clear, crisp, and informative introduction can get your brownie points. Highlight what makes your business and product unique, your credentials, achievements, and awards.
  2. Executive Summary– In this section, you can explain why you are the perfect fit for the job, and give the reader the crucial message for the proposal.
  3. Table of Contents- This is useful for longer proposals that consist of details. List each section with its corresponding page number to make it easier for the reader. However, try to keep your business proposal short.
  4. Body- Here you can explain the information on scheduling, pricing, and logistics
  5. Conclusion- Ending your proposal with a call-to-action encourages your potential client to contact or visit you. Hence, end your business proposal with a powerful Call-to-Action.

Once your business proposal is complete, send it to your main point-of-contact and primary decision-maker. If you are unsure of who will receive the proposal, do not hesitate to ask.

You can send your business proposal via an email attachment. Plan a follow-up to see if they have any query.

If you regularly send business proposals, but not getting any desired results, you must join our Everything about Entrepreneurship course. With this course, you can learn the mantra that makes every entrepreneur successful.

To know more click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

How Investors can contribute with more than Investing Just Money into the Startups

Investors
ईज ऑफ डूइंग बिजनेस

Investment is the blood of any startup that is vital for its smooth functioning. However, investing in startups is a lot more than just buying stocks.

A report by IBM (Institute for Business Value and Oxford Economics) stated that around 90 percent of the Indian startups fail within the first 5 years of their inception due to the lack of innovation.

Truth to be told, many entrepreneurs themselves believe that post the initial ideation, the startups fail to scale because they lack funds, strategy, or strong leadership. More often than not founders or the owners of small businesses place too much focus on raising money, rather than emphasizing the value that each investor can bring to the table.

So how can an investor add value to the startups beyond making investments into the company?

  1. Financial Aid & Funding

Needless to say that backing startups with finances are often a huge advantage if you are an investor. By providing capital and financial aid, an investor adds immense value to a startup. But, it would be beneficial for the startup if an investor brings more than just money to the table.

As the initial years are crucial for small businesses, investors can help MSMEs and SMEs with their deep industry insights and mentorship. They can help young entrepreneurs in the early stage of the business and guide them to success.

  1. Strategic Planning & Decision Making

Customer satisfaction, cost-effectiveness, and relevance of the product or service in the target market are often lost in the struggle to scale. A seasoned investor who has gained expertise with years of experience can lay a crucial role in decision making.

By making available strategic planning, investors can also help in achieving market penetration and profitable operating ratios.

  1. Network Creation

For small businesses, it is essential to gain access to the right people at the right time in the early stages. An established investor can help in the creation of valuable connectivity to the potential customer or the right talent pool.

Young entrepreneurs who hail from tier II or III cities struggle in finding the right investors and right talents due to the limited access. Hence, investors can help small business owners by being the mediator in business talks. They can also help entrepreneurs in grooming and incubating new profitable ventures to help them grow.

  1. Visibility & Credibility

To add and increase the overall value to an innovative startup venture media attention and access to established domains are required. Hence, an investor can help to build associations with industry doyens, which results from a startup gain visibility and credibility in the market.

Making introductions, build meaningful & profitable associations, giving insights, an investor can do more than just buying the company stocks. With their immense contribution, they can increase the chances of that company`s success.

If you think about it more deeply, why an experienced investor shouldn`t help the startup he is investing in? Want to know how you can find an investor for your business?

Learn the best business strategies that will help you to get investment for your small business with our Everything about Entrepreneurship course. To know more about this course and exclusive offers, click here https://www.badabusiness.com/?ref_code=ArticlesLeads.

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Business motivation

3 Simple & Effective Growth Hacks for Every Small Business

growth hacking strategies

Having a successful business is the dream of every aspiring entrepreneur. But let`s face the truth. Scaling and expanding your business is difficult. Initially, it means wearing multiple hats, sometimes all at the same time.

Sometimes it means understanding taxes and corporate compliance. Other times, it could also mean juggling between sales and marketing. It will also require you to interact with customers daily to create a meaningful customer relationship. And so much more!

At the end of the day, this tiring process will drain all your energy. However, if you want to scale and grow your business, there is still light at the end of the tunnel. All you need is to de-clutter your mind and shift your perspective a little to identify the most effective business growth hack.

Though, there are many existing growth hacks, here is a list of 5 strategies that will take your small business to the next level efficiently and quickly:

  1. Stand Out of the Crowd

Creating a unique experience for customers is necessary in the business world. There must be plenty of other business owners selling the same product as yours. Then why a customer should buy your product?

How your product will solve the immediate problem of the consumer in the market will make the ultimate difference. Sell the benefits and tell your target customer how their life will be changed after they purchase your product. Consumers want to know the stories behind your product, and not about your product.

  1. Research Competitors

“Keep your friends close, and your enemies closer”. Knowing about your competitors is necessary to stay ahead. Hence, do a market analysis and research about your competitors. Find out their key selling points and build a strategy that will work for your product. This is an excellent growth hack for small business owners who are in the early stages.

  1. Innovative & Personalized Marketing Strategies

In this digital age, creating a marketing strategy that is tailor-fit for your brand is a little tricky. But, if done properly, it can fetch more customers and boost sales. Small business owners can deploy creative growth hacks to pull more customers to their platforms by email marketing, product recommendations, visually appealing ad creative, and identifying high lifetime value (LTV).

Most of the business growth hacks state with a simple idea that emerged in the conversations. These growth hacks, if implemented quickly, can be quite effective for small business owners. A planned approach is necessary to scale these experiments.

Learn what works for what, not for your business. Find a customized business strategy as per your requirements with our Problem Solving Course. Click here to learn more: https://www.badabusiness.com/?ref_code=ArticlesLeads.

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Business motivation

Things You Need To Remember If You Are Planning to Open a Play School

play school business plan

In today’s era, parent’s want to have the best for their children, since the very beginning, be it beginning of their lifestyle, or education. This has thus lead to a rise in the expectations of the parents for their children as they look for getting their admissions done in pre-school or nursery. In such a case, it becomes vital for the preschool business plan to include what children and their parents want.

Long gone are the days when pre-schools and junior classes meant teaching the young minds. Just like the changing times, the ways of giving education to children have also changed drastically over a few years. The young minds now need to teach their alphabets and everything else they need to know through fun learning. With this new concept, it often becomes challenging for those planning to open a playschool to understanding what all their school should have. Here is a guide to how to start a play school in India:

Location

Opening a playschool at primary locations, such as residential areas helps you in getting more children. Apart from the locality, you also need to take care that the space you are planning to take for your playschool has enough space for the little ones to run and play. You also might need to install some swings or toy-cars, so keep in mind you have enough space.

Amenities

Parents expect their child’s day at school to be full of fun-filled activities. Having some chairs and tables to sit and read is no more sufficient. You need to install various amenities across the playschool premises. These can be swings, swimming pool, toy cars, ball pool etc. While a school doesn’t need to have all of these, but the more you have, the more they add to your school’s impression.

Security

Parents these days are highly concerned about their children’s’ safety. Install CCTV cameras across the premises and also provide live access to parents if possible to gain their trust towards your school. If your budget allows, you can also hire a guard who is responsible for taking in the students and handing them back to the parents.

Staff

Your play school requires different types of staff members for different requirements. This includes qualified teachers to indulge children in activity-based learnings, many who can take care of the children, a receptionist who can show the parents around and make them register their students, a guard as mentioned above, and a driver who can pick and drop the children to their homes.

Learn a lot more about how you can turn your innovative idea into a start-up business with the help of Everything about Entrepreneurship course by Bada Business. To know more about the course, visit https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

How to Get Financial Help To Turn You Innovative Idea into A Business

Innovative Idea

While many business aspirants come up with innovative ideas that have the scope to mark their own presence in the market, they often lack the finances to be able to start their business. In such a case, they search for sources to provide them with financial support. Here are 5 ways in which you can fund-raise for your start-up:

1. Customer is the best investment:
A customer is the best person to invest in a company. The money earned by the first few customers helps in preventing the need to take a loan or search for other investors.

2. Bootstrap:
Investors often check whether the business owner himself is also investing a business or not. This helps in building the investors’ trust towards you and proves your seriousness towards your business. This also increases your dedication towards your company

3. Peer-to-peer lending
When you lend money from your friends or family, you get a lot of advantages. You don’t need to give them interest or share in the company. Moreover, this doesn’t bring the hassle of documentation with it, and you mostly get money instantly.

4. Crowd-funding
Crowdfunding refers to raising finance from public. While on one hand this helps in raising funds for your start-up, it has also turned out to be a good source of free marketing.

5. Angel Investment
As the name proves, these investors work as magic for your startups. Angel investors may give debt or equity as financial aid for your company. If you have a strong belief towards your business’ growth, but lack revenue to drive it, angel investors can prove to be very helpful.

Bada Business offers a complete course on Fund-raising which gives you a complete guide on the types and ways in which you can do fund-raising for your business. The ‘Fund Raising” Problem solving course by Dr. Sanjay Kathuria has 32 videos. To know more about the PSCa course or to enroll, visit https://www.badabusiness.com/psc?ref_code=ArticlesLeads

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Business motivation

12 Entrepreneur Quotes to Inspire Success in Your Life and Business in 2021

Business Success (Photo Credits: Pixabay)

What is success? There are many definitions, but one thing remains common that success comes in the face of failures and barriers. The nature of success requires hard work, inspiration and motivation. An entrepreneur should focus on their business; having few phases that motivate can give businessmen support they need. That’s why we have gathered a few inspirational quotes for successful people like Steve Jobs, Bill Gates, Mark Zuckerberg and others to inspire you daily.

Motivating and Inspiring Quotes by Successful People:

  1. “My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had — every day I’m learning something new.” -Richard Branson, founder Virgin Group
  2. “You don’t learn to walk by following rules. You learn by doing and falling over.” – Richard Branson, founder Virgin Group
  3. “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” – Steve Jobs, Co-founder, CEO, Chairman Apple Inc
  4. “Every time you state what you want or believe, you’re the first to hear it. It’s a message to both you and others about what you think is possible. Don’t put a ceiling on yourself.” – Oprah Winfrey, media proprietor
  5. “I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.” -Jeff Bezos, founder and CEO Amazon
  6. “Whether you think you can, or think you can’t — you’re right.” – Henry Ford, Founder Ford Motor Company
  7. “It’s not about ideas. It’s about making ideas happen.” – Scott Belsky, co-founder Behance
  8. “Your most unhappy customers are your greatest source of learning.” -Bill Gates, founder and CEO Microsoft
  9. “If you just work on stuff that you like and you’re passionate about, you don’t have to have a master plan with how things will play out.” –Mark Zuckerberg, founder and CEO Facebook
  10. “Always deliver more than expected.” – Larry Page, co-founder Google
  11. “Design is not just what it looks like and feels like. Design is how it works.” -Steve Jobs, founder, chairman and CEO Apple Inc
  12. “All humans are entrepreneurs not because they should start companies but because the will to create is encoded in human DNA.” – Reid Hoffman, co-founder LinkedIn

What’s your favourite success quote? We hope you can draw inspiration and motivation from these powerful quotes as you continue to grow your business.

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Business motivation

10 Inspiring Biographies of Business Leaders Every Entrepreneur Should Read

Biographies Every Entrepreneur Should Read| Representational Image (Photo Credits: Pixabay)
Biographies Every Entrepreneur Should Read| Representational Image (Photo Credits: Pixabay)

Every entrepreneur, before entering the market, reads and analyses various information required to establish and sustain the business. Not only budding entrepreneurs, established businessmen also need to do their research ahead to taking any decision. However, not everything is learnt and researched on our own, sometimes experiences from the lives- success and struggles – of others help in paving paths for success. The best way to do this by reading the biographies, autobiographies and memoirs of successful businesspersons. 5 Ways To Eliminate Work Stress And Avoid Burnout.

Not only the biographies provide a constant source of motivation, they also guide entrepreneurs in finding solutions to difficult business problems, accept failures and keep going despite all odds.Top 24 Business Movies Every Entrepreneur Should Watch for Inspiration and Motivation.

Here is a List of 10 Business Biographies every Entrepreneur Should Read-

Dhirubhai Ambani: Against All Odds by A G Krishnamurthy

Bhujia Barons: The Untold Story of How Haldiram Built a 5000 Crore Empire by Pavitra Kumar

The First Tycoon: The Epic Life of Cornelius Vanderbilt by T.J. Stiles

Hit Refresh by Satya Nadella
The Z Factor: My Journey as the Wrong Man at the Right Time by Subhash Chandra and Pranjal Sharma
Shark Tales by Barbara Corcoran with Bruce Littlefield
Steel King: Lakshmi Mittal by Prateeksha M Tiwary

My Life and Work: Autobiography of Henry Ford

Dream With Your Eyes Open by Ronnie Screwvala

By Invitation Only by Alexis Maybank and Alexandra Wilkis Wilson

Businesses take time to settle in and succeed. Many people lose their hopes and give up few steps for reaching the goal. A continuous and abundant inflow of positivity, inspiration and guidance is crucial to keep the spirits high and keep moving ahead despite all the bottlenecks and failure.