Category: Business motivation

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Business motivation

Quick Business Management Tips for MSMEs to Bounce Back

बिजनेस
बिजनेस

 MSMEs are undoubtedly the backbone of our economy. The havoc this global pandemic has wreaked has not spared even the biggest of the businesses, one can only imagine how hard it must have been on these micro, small, and medium enterprises. MSMEs can use all business management tips along with several schemes introduced by the government that can help them stay in existence as they are the ones who contribute heavily to the GDP of India and should not be compromised at any cost.

Even though our government and other bodies are constantly making an effort to fight the economic depression with several schemes and policies, there are many businesses across the nation that are highly concerned about the future of their respective businesses. In this article, we present some top business tips that will prove to be helpful for MSMEs to revive their businesses post-COVID era.

Perform A Financial Analysis

In these unprecedented times of economic crisis, it is advisable especially MSMEs and SMEs to once assess the financial situation of your business and company. The protocol is to sit with a professional such as a CA and assess the cash inflow, finding out the assets, liabilities, expenses, and so on. This information would be very important in making a plan for your business post COVID. However, before making a plan, please consider all of the schemes and policies introduced by the government and other bodies that can benefit your business financially. This plan will help you in deciding if your company can survive further expenses, new recruitments, etc.

Hold Hands With Digital Technology

No one can deny the fact that digitization has emerged in the form of the biggest change in the world of business. Covid-19 has taught us the importance of going digital. Those businesses who were procrastinating the task or underestimating the power of digital media are now forced to step out of their comfort zone. Turns out, digital media, not only helps you showcase your business to a wider audience but also helps in marketing it better. We all know that more than half of the world uses the internet now, hence, there could not have been a better time for business to build their digital presence.

Manage Crisis Like A Warrior With Crisis Management Strategy

In these trying times, we all learned our lessons the hardest way. We learned that neither can we predict a crisis, nor can we escape one. The whole and sole existence of your business would depend on how effective your crisis management is, if and when a crisis hits hard. This management strategy is all about the immediate call to action as well as to manage the longer impact it could have on your business. Put the experts to work, and figure out a master plan that proves to be the shield that protects your hard work from getting ruined forever.

Don’t procrastinate is what we have to say to each and every business out there that has been affected by the pandemic in some way or the other. The need of the hour is to identify the issues and start working on them immediately. After all, we can not let any crisis take away from us what we have been putting our hardest work building up.

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Business motivation Motivational Startup

Post-COVID-19 Business: 73% Small And Medium-Sized Businesses Confident of Bouncing Back Post-Coronavirus; Here Are 4 Key Aspects Which SMBs Are Looking at, Says Report

Growth (Photo Credits: Pikist)

New Delhi, September 9: The coronavirus pandemic has affected everyone, from businesses being shut, to workers being fired, the economy of the country is in the doldrums. Amid the gloom, a new report- “HP Asia SMB Report 2020” has been published which gives a ray of hope. According to an IANS report,  73 per cent of small and medium-sized businesses (SMBs) in India are confident that they will survive and bounce back post-COVID-19.

The report highlights that Indian SMBs are more confident than their Asian peers in bouncing back after the pandemic as the regional average stood at 60 per cent. The Indian SMBs are confident that they will bounce back and believe that this period is giving them a good opportunity to reformulate the business strategy.

The respondents are hopeful that the pandemic would bring business opportunity, but it will take some time. Here’s how the SMBs believe to bounce back and fight the pandemic:

4 Key Aspects Which SMBs are Looking at:

The report mentioned that Indian SMBs have recognised four key aspects that will help them best to bounce back – using online tools, flexible work options, advice on strategy and innovation at work.

Doing digital: SMBs in India recognised the importance of going digital to revive the business. The report mentioned that the respondents believed that digital adoption was essential for the revival of the business.

For the study, 1,600 SMBs completed the survey between May 26 and June 7, which comprised 200 interviews in each of the markets- Australia, India, Indonesia, Japan, South Korea, Singapore, Thailand, and Vietnam.

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Business motivation Startup

IITs to Help Indian Agarbatti Sector Become Atmanirbhar, 4-Point Agenda Drawn Up by Centre to Extend Support to the Incense Stick Industry

Incense Stick (Photo Credits: Needpix)

Lucknow, September 7: In order to help the agarbatti (incense sticks) industry, the Centre has decided to rope in IITs to extend their support. According to an IANS report, the Micro, Small and Medium Enterprises (MSMEs) Ministry has expanded its reach and support to artisans, involved in making agarbattis, as well as to the industry, by its new guidelines issued on September 4.

The Centre has drawn a 4-point agenda for extending support to the industry, which it believes will help in strengthening India`s MSME sector. The Ministry is working to  The centre has decided to continuously support the artisans through training, by providing raw material, marketing and financial support.

It has also worked on all aspects of this product, like innovation in the fragrance and packaging, use of new or alternate raw materials like re-usable flowers, coir pith, and supply of bamboo sticks by closely working with the Ministry of Agriculture to help the industry flourish.

What is the Centre of Excellence?

A `Centre of Excellence` is also being set up in the Flavour and Fragrance Development Centre in Uttar Pradesh`s Kannauj, which is known to be India`s fragrance capital.

The Centre has also decided to set up 10 clusters with proper marketing linkages under SFURTI (Scheme of Fund for Regeneration of Traditional Industries) scheme of the MSME Ministry at a total cost of about Rs 50 crore.

The Centre believes that these projects will give a boost to the agarbatti industry and help in further building indigenous capability in all areas of agarbatti manufacturing with increased exports, and enhanced employment opportunities to the artisans and entrepreneurs. This is expected to benefit about 5,000 artisans for their sustainable employment.

The Khadi and Village Industries Commission, one of the statutory organisations under the MSME, will implement the programme and will “handhold the artisans” with proper backward & forward linkages and support, the Centre claimed.

 

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Business motivation

Ease of Doing Business 2019 Ranking: Andhra Pradesh Ranks First in Implementing Business Reforms Followed by UP and Telangana; Check List of Top 10 States

Ease of Doing Business (Photo Credits: Pexels)

Andhra Pradesh has again topped the list in the ranking of states and union territories (UTs) based on implementation of the business reform action plan. According to a report released by Finance Minister Nirmala Sitharaman on Saturday, Andhra Pradesh tops the list, while Uttar Pradesh and Telangana were placed at the second and third place, respectively in the ease of doing business for 2019. The list has been prepared by the Department for Promotion of Industry and Internal Trade (DPIIT).

The ranking makes states and UTs a better place to do business. Accordin to a government release, the parameters include areas such as construction permit, labour regulation, environmental registration, access to information, land availability and single-window system. It is the DPIIT that conducts the exercise for all states/UTs under the Business Reform Action Plan (BRAP). In the 2019 ranking which was released in July 2018, Andhra Pradesh had topped the chart, followed by Telangana and Haryana.

Ranking of States based on the implementation of Business Reform Action Plan started in the year 2015. Till date, State Rankings have been released for the years 2015, 2016 and 2017-18. The Business Reform Action Plan 2018-19 included 180 reform points covering 12 business regulatory areas such as Access to Information, Single Window System, Labour, Environment, etc.

The top ten states under State Reform Action Plan 2019 are:

  1. Andhra Pradesh
  2. Uttar Pradesh
  3. Telangana
  4. Madhya Pradesh
  5. Jharkhand
  6. Chhattisgarh
  7. Himachal Pradesh
  8. Rajasthan
  9. West Bengal
  10. Gujarat

The larger objective of attracting investments and increasing Ease of Doing Business in each State was sought to be achieved by introducing an element of healthy competition through a system of ranking states based on their performance in the implementation of Business Reform Action Plan.

The ranking this time gives full weightage to the feedback from over thirty thousand respondents at the ground level, who gave their opinion about the effectiveness of the reforms.State rankings will help attract investments, foster healthy competition and increase Ease of Doing Business in each State.

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Business motivation

Karnataka Government Offers Sops to IT Companies To Encourage Them to Invest Outside Bengaluru

Investments (Photo Credits: Pixabay)

Bangalore, September 4: In an effort to develop a strong IT ecosystem beyond Bengaluru, Karnataka government has offered a slew of sops for IT companies. According to an IANS report, the aim is to encourage them to set up shops outside the city.

IT, BT, Science and Technology Minister C.N. Ashwath Narayan as quoted in the report said, “We aim to also strengthen the ecosystem and boost growth in Tier 2 and Tier 3 cities of the state.  The Minister was optimistic that over 60 lakh plus new jobs will be created in this sector.

In order to help IT companies, the government would be offering financial support to IT hubs and clusters of up to Rs 3 crore outside Zone 3. In the same way, players would also be eligible for financial support of Rs 2 crore outside Zone 3. In addition to this, stamp duty exemption — 75 per cent was also announced in Mysuru, Hubballi, Dharwad and Mangaluru, and 100 per cent for all other zones except Zone 3.

Among some of the sops announced, companies outside the zone will also be eligible for provident fund and ESI reimbursement of up to Rs 10 lakh.

As part of the other major initiatives, the government will consider incentives for mega projects above Rs 250 crore on a case by case basis. The state offered these attractions as part of its new IT policy for the period 2020- 25.

 

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Business motivation

Business Plans: 4 Types of Simple Yet Effective Start-Up Plans

इन्वेस्टमेंट प्लान
इन्वेस्टमेंट प्लान

A start-up business plan is a cohesive document that demonstrates how a business or an organization has decided or strategized to achieve the set goals! But are all business plans the same? Does one kind of business plan suffice all kinds of business requirements in this world? NO! Just like a suit is tailor-made especially to fit your body, the same way a plan should be made exclusively to meet the needs of the respective businesses.

There is no denying the fact that just like an individual goes through several phases of life, a business also experiences several changes. With constant evolution and necessary developments, the needs of a business change and to fulfil those needs, different plans might be required. With the help of this article, we will try and divide business plans broadly into 4 categories. 

The One-Page Business Plan

Do you have a mind-blowing idea but despise making complicated and boring business plans? If yes, then this one-page business plan is your go-to option. This kind of business plan would be enough to put things in order and cover all the ideas that you might have to run your business. A short/one-page business plan is not only easy on you to make but also helps the potential investors or partners go through the strategies easily and quickly.

Traditional Business Plan

A traditional business plan is more or less a detailed account or cohesive document that covers all aspects of how one plans on running a business. This section includes the official name of your business, its legal structure, and the location where you plan to operate. It is highly recommended by the experts to include a chart showcasing the authority accountable to accomplish various tasks such as sales and marketing, finance, operations, etc. In the long run, a Business plan holds the potential to save money as it carefully presents the present and future financial projections.

Business Model Canvas

A business Model Canvas is basically nothing but a visual alternative to a normal business plan. In layman terms, it is all about your business ideas on a piece of paper. When you draw a business canvas model, you will be able to visualize your business, find out the weak points, and assess the viability as well. The business canvas model is not necessarily designed for presenting new business ideas, one can make the most out of it by using it to analyze the current business situation to make improvements if need be. A business model canvas is used by many businesses as it helps them break down the entire process into key segments that are easily understood with the help of charts and figures. 

Business Pitch

A business pitch is nothing but a systematic and interesting way to present your vision and idea to an investor or a group of people in order to secure the necessary resources to run a business and/or to bag the much-needed funding. This pitch is generally prepared to take a business plan forward or to improve an already existing business. A business pitch is supposed to put the message, mission, and vision across pretty clearly. It is important to get to the main point and save investors from losing interest. 

Choose wisely which kind of plan is the need of the hour and go about it. Highlight all the aspects of running the business of your dreams, mention all the information that is required, and make that business plan so irresistible that no investor could afford to turn a blind eye to that masterpiece. Always remember, a carefully crafted business plan could prove to be the deal maker for your business if presented the right way. 

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Business motivation

Business Plan: The Key To Flawless Execution

It’s tough to build a successful business when you don’t even know what you are trying to build and how you will build that. It is always advisable to come up with a  business plan. This layout of your business will help you realize where you are, what you want to achieve, and strategies to achieve them. It will allow and help you to get some clarity for yourself in order to set the key objectives for your dream business!  

Develop a system, streamline the entire process, and increase the efficiency of your business. not only making it faster and simpler. If you wish to get your business organized and strategically increase the profit margin, then keep reading.

Overview

First and foremost, we will talk about the overview of your business plan. An overview that tells what actually your business is all about. This section includes the official name of your business, its legal structure, and the location where you plan to operate. Along with these core points, you also need to mention the mission of your business because it is what all your plans are focussed on achieving. We would also suggest to include a chart that says who is accountable to accomplish the various tasks such as sales and marketing, finance, operations, etc.

Message

We all want our businesses to be successful but often fail to put across the message that our business wants to convey! All successful businesses to date have been very clear on the message they want to communicate to their target consumer base. The message that shows your importance in their lives and how you help them solve their burning problems! 

Marketing Strategy

To successfully market a business, it’s a basic requirement to know who is your target customer. You can figure out your target audience and evaluate their respective demographics and psychographics. You need to calculate the estimated size of your target market and where you can find groups of your target audience. If you do not have enough information to build up this section of your business plan, then probably you might require to conduct careful and detailed research to set and pivot your marketing position.

Products/Services

This section describes the product you sell, physical or digital. Choose one product as the primary product/service that your business revolves around and invest your energy and undivided attention in promoting and developing it. One of the many advantages of making a single product/service your primary concern is that the business development becomes way easier if only a single product is involved at the nascent stage.

Goals

It is very important to set goals for your respective businesses as all these plans would end up being of no use if you do not have a benchmark set for it. Always be prepared with the goals that you want to achieve and these goals should basically revolve around sales, revenue, impact, and progress.

With all the points mentioned above, it is understood that a goal and a plan, go hand in hand! Writing a business plan is all about knowing what you have taken care of and what you are unaware of! Try to become more aware of the things that you have not already thought about and note it down somewhere to make a cohesive document. You know there are hundreds of thousands of ideas crossing your mind around your dream business venture, you might as well pen them down in the form of a business plan to make the most of it. 

 

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Business motivation

Basic But Crucial: The Basics Of Starting An Online Business

“But where do I start?”. This question, this very small yet complicated question has been crushing ideas to start an online business for ages now. Many online business ideas do not even get to see the light of the day because of the lack of proper execution. There are several brilliant minds that generate mind-boggling ideas that are capable enough to change the face of online commerce but do not get proper information and guidance on how to go about the plan.

We feel it is the need of the hour to make this information available to each and everyone who has a kickass idea and the passion required to start a successful online business. Follow and assess the steps below to simplify the complexities that tag along with starting an online business.

 

1. Choose The Battlefield With A Winning Idea

Now that the soldier in you has decided to fight against all the odds and make it big, it’s time to identify your passion and strengths. We all have been hearing our entire lives that without preparation, never enter a battlefield. It is very important to see for yourself and decide what is your niche. Which idea do you mind yourself most comfortable with?

Choose a business idea that excites you as an entrepreneur, however, it is equally important to realize the market around that product or service that you are thinking to build your business around. We suggest you conduct detailed research on your competitors to analyze if the market is overcrowded or undercrowded. Always go for a business that has a healthy amount of competition.

 

2. Lay A Foundation As Strong As Your Will

Talking of starting an online business, your social media following, your website, and your email list are some of the primary things that are supposed to be taken care of. First and foremost your website needs to be as clean and as simple as possible. Make sure it is catchy enough to hold prospects’ attention for potential conversion. Also, invest a good amount of your time and undivided attention in building your social media presence as well as an email list. We talk of the email list as organic reach is not that easy to obtain, hence email marketing, especially for the initial phase.

 

3. Pan Out That Business plan

Once you have THE idea and are aware of your social media presence and customer base, you will be required to make a business plan that includes all the strategic decisions around your business. This plan revolves around the target market, your unique selling points, the competition around you, the manpower, etcetera. This may sound like a daunting and complicated task but will help you once you start with the execution.

 

4. Make it official and register your business.

Once you lay out a business plan, it will be time to analyze the cost of production, shipping(if required), web hosting fees, etc. It is very important to understand the rules and regulations of the state that you are trying to start your business in. Figure out whatever is necessary, and register your business officially abiding by all the rules.

 

5. Market your business and never stop growing

Now that you have your well-built website with promising products or services to display, what should be the next move? Marketing! Yes, you will be required to market your business with the help of catch yet informative blogs. You can write this blog yourself or get it outsourced, just make sure it serves the purpose to direct traffic to your website. Always remember that to grow further, you always need to stay up to date with the ongoing trends and consumer behavior.

 

Keeping up with the world, and taking your business online might seem like a difficult transition at first, but if done carefully and cautiously, could bring you great results. If others can do it, so can you. Just make up your mind and inspire yourself to get over that 9-5 desk job to follow your passion, digitally!

 

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Business motivation

Online business: 3 business ideas with great income potential

You have got to be living under a rock if you still are unaware of the benefits and securities that an online business offers! Almost 59% of the global population uses the internet these days and is extremely likely to conduct commerce online for most of their needs that could vary from something as complicated as buying furniture to as ordinary as ordering food.

No matter how much we crib about society these days, it’s the ultimate truth that this era is filled with opportunities for all the businesses to perform great online if done the right way. Both the health and the wealth of the consumers these days are pointing significantly towards the vast scale at which online businesses are booming and will continue to do so in the future.

Join us on this ride to catch hold of these 3 amazing ideas that despite requiring minimum to no investment, are promising enough to make good money.

 

Rock It With YouTube

It’s mind-boggling to see a hardcore corporate turn into a full-time YouTuber! Trust us, there have been many such cases where people preferred YouTube over any other job as it allows them to be themselves while making great money out of it.

If you are good at presenting your thoughts, if you love communicating with your audiences, and if you have a knack for editing and videography, YouTube is your jam. To start a YouTube Journey you need a recording camera and a decent understanding of some video editing software. Once you find your target audience and views start pouring in, you will be making somewhere around Rs. 1 Lac – Rs. 1.5 lac.

 

Inspire The Blogger Within

Who doesn’t love a good and compelling story? None that we can think of! Businesses these days have realised the power of storytelling and have been relying heavily on bloggers and writers to create compelling stories around their brand to introduce their product and service as subtle as possible.

If you are a good storyteller and have a unique style of writing, this might turn out to be the gold mine for you. Make your style your USP and brands would not hesitate to pay a hefty amount to honor your skills and worth.

If this was not convincing enough, hear this. A good blogger in India earns somewhere around Rs. 1.5 Lacs to 2 Lacs a month. We are sure this factor must have left you in two minds. Think about it.

 

Show Off Those Social Media Management Skills

Gone are the days when social media was just a digital way to connect with your social network. It has rather outgrown itself into this amazing and pocket-friendly marketing platform that almost all businesses are benefiting from.

For a brand that has a huge online following, it becomes overwhelming to handle all the social media channels, keeping up with the latest updates and trends, and simultaneously engage with the audiences. No matter how overwhelming it gets, it is not something that could be overlooked. This is where Social Media Managers come into the picture to save the day.

If you are a social media junkie and practically live your life online, you might as well make a living out of it! If you start as an individual, you can make up to Rs. 50,000 per month.

 

We understand that finding success online doesn’t sound that easy, but once you find your passion and interest, you will fall in love with the digital world! We need to realise the opportunity, especially now, when the playing field has been leveled for all the players. Keep in mind that success lies in knowing that you have stepped in a profitable field and how aware or up to date you are on the social media trends. All in all, just know that the consumer is online, and that is where you should be.

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Business motivation Strategy

Jio Platforms’ Success and Growth Gives Hope to Struggling Indian IT Vendors Impacted by COVID-19 Pandemic, Says GlobalData

Businesses (Photo Credits: Pexels)

Hyderabad, September 1: Owing to the COVID-19 pandemic, many Indian IT vendors are struggling, having been affected considerably over the last few months. However, Mukesh Ambani-led Jio Platforms has transformed into a tech juggernaut during this hour of crisis.Global technology companies have seen a surge in their valuation over the past six months – with the most notable example being Apple passing the USD 2 trillion mark in market capitalization (MCap) value.

On the other hand, many Indian IT vendors are struggling as they have been largely affected by the COVID-19 outbreak. While traditional Indian IT services giants have been waiting to tide over the impact of the pandemic, Jio Platforms has transformed into a tech powerhouse. A study by GlobalData, a leading data and analytics company, stated that while it may be difficult for others to replicate what Jio has achieved, the interest in Jio will definitely augur well for other Indian technology companies at a time when enterprises across the world are gearing up for digitization.

Nishant Singh, Director of Technology at GlobalData, said that while Indian IT vendors seeing such stark contrast to global counterparts is unfortunate, this is just the nature of the IT services business model, which, in contrast to software, needs projects in the pipeline. “With the COVID-19 outbreak, enterprises halted all non-critical expenses, including plans to upgrade or transform their IT infrastructure. This has had an impact on Indian IT companies, since most of their revenues are from IT services”, Singh said.

He added saying that a lot of the faith in global technology companies comes from the fact that they have a pretty robust suite of intellectual property, including hardware, software and ecosystems that serve consumers and enterprises alike. “The growth in stock prices merely reaffirms that technology companies – primarily ‘Big Tech’ companies – are well poised to tide over the pandemic-induced recession”, he said.

A report by news agency ANI stated that big IT companies such as TCS, Infosys, Wipro and HCL have traditionally been IT services giants. The report adds that unlike their counterparts in the software space, IT services companies typically do not have a large stash of intellectual property, making it slightly difficult for the market to distinguish between the IT services companies. Despite these struggles, the near future should see the market showing more confidence in the traditional Indian IT vendors.

Singh further added saying with enterprises across the world now gearing up for digitization, Indian IT services vendors are set to witness a lot of action. Coupled with the market euphoria witnessed for Jio, the technology landscape in India will witness a drastic revival in investor confidence.

Jio Platforms Limited is an Indian digital services company. It is a subsidiary of Reliance Industries Limited which was established in 2019. The company owns India’s largest mobile network operator Jio and other digital businesses of Reliance. On 8 May 2020, Jio Platforms was reported to be the fourth largest Indian company by market capitalization. Since April 2020, Reliance Industries has raised Rs 152,056 crore (US$21 billion) by selling 32.97% equity stake in Jio Platforms.