Category: Strategy

Categories
Strategy

Top 6 Strategies To Craft Catchy Headlines By Dr. Vivek Bindra

Top 6 Strategies To Craft Catchy Headlines By Dr. Vivek Bindra
Top 6 Strategies To Craft Catchy Headlines By Dr. Vivek Bindra

The headline is a significant aspect of your advertisement, sales letter, space ad, or email marketing. You can have the best product or the best service, but it does not matter if the reader doesn’t get past the headline.

Have you ever come across a headline and couldn’t figure out which product was being sold? Or spotted a tagline in an email that was longer than the subject line? Or has it ever happened with you that a random tagline caught your attention and you ended up loving it so much that you shared it amongst your peers?

Taglines or headlines are often overcomplicated and underwhelming. And, changing the headline can make a huge difference in your customer`s response rate.

According to Copy blogger, “On average, 8 out of 10 people will read headline copy, but only 2 out of 10 will read the rest.”

Catchy headlines hold the power to grasp your attention and determine the effectiveness of the entire piece. If you can come up with a good headline, you can make an award-winning advertisement.

You can discover some awesome strategies in this award-winning video by Dr. Vivek Bindra.

Here are 5 Tips to ensure that your audience turns into your customers:

1. Name-Dropping Authority

No matter how deeply you have researched before writing a headline, your customers will not trust you. To showcase authority, it is always advised to use names of famous personalities, and associations that are a proven authority in a particular field.

For instance, if you have the business of selling medical supplies, and writing an article related to it, you can use reports published by credible sources like Indian Medical Association, World Health Organization.

If you will create authority via your headlines, you will gain more visitors.

2. Lead with a Key Benefit or Intriguing Question

Always put your biggest benefit in the headline. This does not mean that you should put your entire sales pitch, but only the biggest benefit for your readers. Your headline should be so compelling that the readers have to stop and feel that there is something of value to them.

Give them hope, a promise, achievement, and confidence. For instance taglines of brands like L`Oreal- ‘You Are Worth It’ creates an experience of achievement in the customers. This instills confidence in their target audience and they keep coming back for that special sense of achievement.

3. Make Your Message Exclusive for a Community

If you have subscribed to Dr. Vivek Bindra`s YouTube channel, you might have noticed that many videos are based on a particular community. When you write a headline inclusive for only a special group of people, readers see that they fit into the group, and think that this particular ad, blog, or article is for them.

Here are some examples:

  • A video-based on small business owners from Madhya Pradesh
  • This video showcases the brilliant business skills of Marwari People
  • Explaining the concept of MLM marketing
  • YouTube v/s TikTok

4. Create Headlines With Extreme Unusual Emotion

The major reason behind any successful advertisement is its ability to strike the right emotional chord of the customer. If a customer can feel the “me too” emotion instantly while watching the ad or as soon as he reads the headline of an article, rest assured that he will watch the entire advertisement. It will also attract visitors to your website resulting in increased conversion rates.

5. A headline that Rhymes, Definitely Shines

Many brands have compelling headlines. Customers remember headlines far longer than the product itself. But it helps to create a recall value of the brand.

6. Include Adjectives & Numerical

According to KISSmetrics, “readers tend to absorb the first three words of a headline and the last three words.” But how often do we write six-word headlines? Hence, to make it more enticing, always include an adjective and a number in the title.

  • E.g. Top 10 Influential People who Failed Miserably
  • 5 Worst Mistakes Entrepreneurs Should Avoid
  • 7 Billion Dollar Sales Strategies for Startup Business

If you are dying to create an award-winning advertisement or want to create a blog post that attracts visitors in huge numbers, then you can use the six ultimate strategies mentioned above. For more strategies, you can watch this excellent YouTube video by Dr. Vivek Bindra.

If you are an entrepreneur and struggling with business challenges, you can take our Business Coaching Program where you can learn from the top industry experts with hand-holding support.

Categories
Marketing Strategy

5 Amazing Low-Cost Marketing Ideas To Scale Your Business Revenue

5 Amazing Low-Cost Marketing Ideas To Scale Your Business Revenue
5 Amazing Low-Cost Marketing Ideas To Scale Your Business Revenue

We all know marketing is essential for every business, but it is even more crucial for startups. Unless your target audience is not aware of your products and services, they will not buy them. At Bada Business, we come across many businesses looking to scale their business, but none are more hungry for growth than the startups or entrepreneurs with small startup business ideas.

Whether it’s a small packaging business or a new chain of ice-cream shops, startups require distinct marketing strategies. Since marketing for startups is a unique case, this article will throw some light on the 5 best marketing strategies for businesses to grow and expand their presence.

1. GUERILLA MARKETING

The name of this marketing strategy was inspired by a war strategy that involves some unconventional methods to plan attacks on the army. Guerilla Marketing is an inbound advertising technique that aims to highlight a product or a service by using an unconventional method that requires little money.

The main objective of this marketing technique is to raise brand awareness among large audiences, without interrupting them. Many popular brands like KitKat and NIVEA has created a storm amidst people by making the most out of Guerilla Marketing technique.

One of the most important aspects of this marketing technique is the positioning of the ad. Creative positioning can determine the success or failure of your advertisement.

2. VALUE EDGE MARKETING

If you want your product or service to be a hit amidst the customers, it requires having a special angle. A compelling value proposition helps a business to stand out. The best instance of Value Edge Marketing is showcased recently by the company JEEP.

To showcase its toughness and compatibility with the roads and parking spots in the country, the brand created squares of parking spots. The parking squares were drawn in such a way that they were covering staircase and footpaths speaking volumes about its powerful driving.

3. MOMENT MARKETING

Moment marketing is the ability to take the advantage of any ongoing event and creating engaging communications and marketing collaterals around such events. This amazing marketing technique gives the brand a golden opportunity to insert themselves in the ongoing events that viral and bring relevance to how they market their product and services.

Amul is one of those brands that has been using this technique for a very long time, followed by Coca-Cola, Pepsi, and Fevicol. If you want to increase the reach of your target audience this low-cost marketing strategy can bring maximum results.

4. AMBUSH MARKETING

Ambush Marketing is another marketing strategy that if used strategically can yield better results without costing a single penny. The nature of this marketing strategy involves riding on the coattails of a major event or campaign without paying or participating in the sponsorship.

Creative flexibility, visual trickiness, and witty wordplay are the primary ingredients to make a world-class ad campaign. One of the best examples is Visa and American Express. When Visa became the official sponsor of the 92` Olympics in France, Tickets for the games could only be purchased via VISA card.

By using the technique of Ambush marketing, American Express launched a slogan, “When you go to Spain, you will need a passport, but you don`t need a Visa.” This tactic is perfect for small startup business owners.

5. UNDERCOVER MARKETING

Undercover marketing aims to promote a product without actually depicting its promotion. It involves unconventional tactics to endorse a product in a less obvious manner. The best examples of this marketing technique can be seen in Bollywood movies, quite often.

In the movie Hulchul, the character of Shaheed Kapoor and Rajpal Yadav wash clothes with Tide detergent powder. Similarly, in the movie Yaadein, all the characters of the movie can be seen eating “Paas-Paas” mouth freshener.

These were some of the most powerful marketing techniques that involve zero to very minimum expenditure. However, their impact is quite large. If you are entrepreneurs who want to create brand awareness, these strategies can be implemented to grow your business.

If you want to learn more strategies, you can take our Business Coaching Program, where you can learn from the top-industry experts with handholding support and lifelong learning.

Categories
Strategy

5 Tips To Make Your Video Marketing Game Stronger!

5 Tips To Make Your Video Marketing Game Stronger!
5 Tips To Make Your Video Marketing Game Stronger!

Video marketing is the future and the present, and probably you have heard it everywhere. According to Hubspot, “the video content is no longer an option. It has become a necessary component of any successful marketing strategy.”

  • Around 4X as many people would prefer to watch a video regarding a product than read about it.
  • If you include the word “video” in an email subject line, the email opening rate can boost by 19%.
  • Video marketing can also increase click-through rates by 65 percent.
  • A landing page with a video link increases the conversion rate by 80%.

So if you are an entrepreneur who is working hard on a startup business ideas plan, these statistics might convince you to dip your toe in the pool of marketing possibilities.

Here are five things every entrepreneur must know before you begin producing videos:

1. Tell a Story not A Sales Pitch

Whether you have a startup business or an established one, the rules are the same for both content marketing and video marketing. Hence, similar to content marketing, the value should be on priority. Avoid annoying your customers by constantly bombarding them with your products and services promotion. Instead, center your video on a grasping story.

Also, take out the time to research your customers` desires, wants, and desires, and appeal to them through visual narrative. Put your product or service in the background, and instead focus on human emotion. This will allow people to feel connected with the brand. You can also hire a business coach to work along with you to bring in a fresh perspective.

2. Make ‘How-to-Videos’

If you are planning to launch a new product for your startup business or service this year, make your customers informed through videos. Create a video to give them a demo of how it works. Why? According to a report by insivia.com viewers retain 95% of a message when they watch it in a video as compared to the text.

In addition, around 30% of people`s YouTube searches are for how-to-queries. And YouTube is the second largest search engine, after Google. Also, customers are more likely to purchase a product only after watching how-to videos explaining a product or a service.

3. The Critical First 10 Seconds

10 seconds—that’s how long you will have to grab a user`s attention before he moves on to the next best thing online. Research shows that you tend to lose 1/3 of your viewers by 30 seconds, and 60% of them by 2 minutes. The window is very short and with each passing second, you might lose your customers to your competitors. Hence, get your point across to convince viewers that your video is worth watching.

So start your video with a hook to grab users` attention, and then immediately convey why they should keep watching.

4. Don`t Be Discouraged

We probably come across thousands of videos, some of them excellently well-scripted with awesome sound and visual quality. Though, we all love to make ultra-professional videos, many small to medium-sized businesses lack the budget and manpower for this. But do not be disheartened!

You don`t need expensive video equipment to make good videos. Video quality is not the most important thing, but rather the content. Content is the most important qualifier in successful video marketing. And smartphones can be your best bet if used to their maximum potential.

5. Don`t Be Predictable

Unless it`s not the day of your paycheck, predictability is boring! And, a boring video can do more harm than good. Make videos that will make your customers laugh, teach them something new and take them into another world. Put all the essential ingredients like comedy, wit, charm, honesty, and product description, and you will realize that originality has many takers.

Even if you are in a boring business, videos can still be an interesting and super-fantastic way to let your customers gain an insight into your products and services. A highly engaging video can work like a charm for your business if done properly.

To give your aspirations wings, you can take our Business Coaching Programs through which you will gain in-depth knowledge about the distinct business dimensions. From content marketing to video marketing, we have it all, only if you are ready to learn.

Categories
Strategy

4 Awesome Tips for Women Entrepreneurs To Grow A Strong Personal Brand!

4 Awesome Tips for Women Entrepreneurs To Grow A Strong Personal Brand!
4 Awesome Tips for Women Entrepreneurs To Grow A Strong Personal Brand!

Personal branding is crucial! It is a successful practice of people marketing themselves and their skills as brands. Whether you are a popular business coach or a fashion designer with a brilliant startup business idea or an excellent cook, it helps in attracting potential clients, customers, and a new job as well as business opportunities. Especially for women entrepreneurs, irrespective of what industry they are in. If you are a female who wants to grow their career heights then personal branding is your best bet.

However, truth to be told, making a strong first impression on popular social media channels is no cakewalk. Self-promotion can be successful for women entrepreneurs only when you post engaging content combined with credibility and confidence.

Here is a list of some of the most amazing tips that can help women entrepreneurs build a great personal brand:

1. Align Brand`s Identity with Yours

“One of the downsides of being a women entrepreneur in today`s world is that we tend to scrutinize too many things”, says Priyanka Bhargav, Head/ Associate Director, Consumer & Brand Research & Insights Myntra – Jabong. This tends to delay things as they overthink and mull over things for a long time.

So what exactly should female entrepreneurs do?

Sync your brand with your identity. If a woman wishes to create and establish a brand for herself, she just needs to go with the flow. Go with what is your personality trait. Go with what you certainly believe in and stand for, which is something inseparable from you; something that no one can take away from you.  It will result in a brand that is authentic, consistent, and a lovable brand that will be loved by Social Media.

2. Share Experiences Online

Our social media presence is often considered an extension of our identities. It not only gives our customers a peek inside our personalities, but it also defines how people and businesses perceive us.

Raka Khashu Razdan – Head, Marketing, CBRE India believes as a women leader, it is necessary to invest some time in building an online presence to highlight strengths and also connect with others to strengthen and build your network.

Sharing personal experiences often encourages other businesswomen or aspiring female entrepreneurs to find motivation. It also helps to find business mentors by picking other`s interests. Such relationships are essential in the present times to spot the right business opportunities.

3. Share Your Work With the World

An individual`s brand is established and maintained first and primarily by the evidence of her work and the outcome of that effort. Hence, creatively present your professional achievements and share them with the audience. It will enhance your credibility amongst your niche segment, making them more connected with you.

4. Use Social Media Cautiously

In a world where everyone is present on social media, everything that you post is not private. Hence, one should be extremely mindful of the profile pictures they use on social media. Always be aware of the fact that whatever content you are posting on social media it is visible to all.

From posts to likes, opinions, and comments, or even what you share and forward creates a perception of yours. You must understand that what may be alright at a personal level may not be necessarily conducive to the professional image that you are trying to establish. So always be cautious of your post.

To attract the right investors, clients, customers, and business opportunities, personal branding is critical for every entrepreneur, irrespective of their gender.  Hence, apply these tips and see your presence growing on social media.

Owing a business is incredibly rewarding, but to keep it up and running needs professional expertise if you are an amateur. To know how to build a startup from the scratch, you can take the ‘Entrepreneurship Course’ to gain in-depth knowledge about different aspects of the business.

Categories
Strategy

5 Smart Ways To Earn Extra Income With A Full-Time Job!

5 Smart Ways To Earn Extra Income With A Full-Time Job!
5 Smart Ways To Earn Extra Income With A Full-Time Job!

Is your bank account dwindling? Are your savings not enough to start your dream startup? Do you want to pursue your master’s in the best foreign university? Do you simply want to earn extra income with your full-time job?

If the above questions resonate with your current situation and the answer is yes, then let us tell you that you are not alone! Everyone in this world would like to have some extra income because let`s face the fact- our salary is just not enough to fulfill our dreams.

While some of us would want to take admission to a world-class foreign university, some would like to pursue the online business course, others might be saving to turn their startup business idea into a reality. But with lots of fixed expenses, it becomes difficult to save much with a regular 9 to 5 job. And, when you have lots of things on your list to achieve, you run out of time.

But the good news is that you can eliminate some of your financial stress by earning extra income with your Full-Time Job.

Yes, you heard it right!

So whether you are looking to stock up cash for your startup business idea or make new investments, a few thousand rupees can certainly bring a nice change into your life. If you are wondering how to do it, let`s get started:

1. Start a Service Business

A service business can be launched without a large network, courtesy of the internet and social media. To start a service business you do not need many overhead expenses. You can simply start your business by telling people in your social circle about the services you are offering and how will it make their lives easy and better. Ask them to spread the word and who knows, you might end up founding a successful startup business.

There are many services like dinner catering, event planning, freelance writing, digital marketing, social media brand promotion, or online marketing. Start by crafting an amazing outreach email to get yourself up and running in a couple of days. You can also take help from a business coach to guide you.

2. Invest in Real Estate

Many full-time working people do not like the idea of becoming a landlord, especially in India for various reasons. But being cash-strapped is the major one. However, you can invest in a cheaper property and rent it out. From the monthly rent that you will receive, you can pay out your EMIs or save up the money. It can also be a lucrative way to earn passive income during your retirement years.

3. Start an E-store

If you have a dream of starting your business store or a fashion outlet, you will have to think about doing a lot of research for products, manufacturers, market your site and figure out how to fulfill orders. Along with all that you will also have to take care of customer service and refund requests.

But managing all that can be a little daunting with a full-time job. Hence, the right way to do it is to start a store and develop a presence directly on Amazon or Flipkart without the need to take on so many roles. Many sellers directly ship their products to their fulfillment center and never touch the product itself.

4. Become a Motivational Coach

If you have an amazing way to connect with people and leave an impact that can make their lives better, you can become a motivational coach too. You can make thousands of rupees by hosting events without aiming for sign-ups and high-profile guest speakers.

These days more than physical challenges, people are suffering from mental challenges. Most often they feel discouraged and demotivated. A motivational coach shows the right path to his audience by sharing his life-changing experiences that include both struggles and success. Once you secure a loyal audience, you can start charging for an event and grow your network by using various social media platforms.

5. Get paid for your Hobby

Dig a little deeper and you will find out that we all have quite a few hobbies that we can use to earn extra income. For instance one of my friends loves painting glass bottles. Now she has started selling it through her Instagram profile along with her full-time job.

Take inventory of what you love doing in your free time. If you love trekking, you can do a professional course and go out in the mountains on weekends with a group to earn that extra money.

These ideas can help you earn extra money while you have a full-time job. If you want to start a startup, you can take our ‘Entrepreneurship course’. This course is an online business course that prepares you to face the challenges of the business world. It also helps you to build a startup from the scratch.

Categories
Strategy

5 Golden Rules For Personal Branding

5 Golden Rules For Personal Branding
5 Golden Rules For Personal Branding

The importance of digital leadership and personal branding for entrepreneurs and startup businesses is not a secret anymore. How you appear online has increasingly become important for brands as more and more personal and professional interactions have become increasingly digitalized.

So when it comes to how you present yourself to your potential customers digitally, you need a personal brand. However, creating a personal brand can be a tedious as well as a daunting task. And more often than not many entrepreneurs can get lost in the process because they have no idea from where they should start.

Whether you are a professional or an entrepreneur who is looking to find a niche audience, personal branding is necessary. Why? Because to ensure that your brand reaches some new faces every day, you need an active audience.

So if you are a young entrepreneur or a small business owner, chances are that you already have established your brand. You have a full-blown website and social media strategies in place. Here are 5 golden rules for you to create a unique, engaging, and inviting personal brand:

1. Focus

When it comes to press and coverage too many people lose focus when they try to be everything to everyone. Entrepreneurs need to decide what their key message is and stay stick to it. When you focus on your key message for your target demography, it will be much easier for you to both create content around your brand and have others define you. To learn more about personal branding, you can also pursue online business courses for entrepreneurs.

2. Be Authentic

The easiest way to have an original personal brand is to be authentic and genuine. Consumers today have that sense see right through a disingenuous act. Do not copy your competitors. Be a master of your craft, skillset, or industry before starting your brand. Your content should be an easy daily filter for your audience. Try to engage your audience with meaningful content on social media platforms. If you are deeply skilled in one area, your reputation alone will contribute towards building your brand.

3. Tell a Story

If your brand does not have a story to tell, you have already lost half of your prospective customers. The most personal branding strategy in today`s world is to build a true narrative. It is boring not just for your customers, but also for your brand.

Many entrepreneurs often ask why? The answer to this question was beautifully given by the best motivational coach in India– Dr. Vivek Bindra who says, “no wants to hear you brag about your product or services. Customers want to know the interesting story behind the brand and want to have an awesome experience by associating with your brand”. To create a story around your brand that can engage the audience on a deeper level.

Dr. Vivek Bindra often interacts with his audience during seminars and other events, further developing his brand.

4. Be Consistent

Consistency is the key to build a successful personal brand. Entrepreneurs must understand that having a narrow focus gives them the ability to cultivate expertise. It becomes easier to get recognized for one topic if you consistently create content and brand voice around it.

Be it online or offline, you must ensure that your brand voice stays consistent in terms of gravitas, communication, and appearance. Do not underestimate how tiny inconsistencies can derail personal brand effectiveness.

5. Be ready for failure

Failure is hard! It’s human nature to generally want to avoid it. But, if you want your brand to rise above the rest, it is essential to encounter failure. Entrepreneurs must learn that the road to success goes through a halt of failures while pushing past their comfort zone. If you hire a business motivational coach he will make you realize that the best brands always come from repeated mistakes and failures. Instant perfection is limited to only instant noodles.

Walt Disney often spoke about his first failed attempts at creating an animation brand. He said, “I think it’s important to have a good hard failure when you’re young. I learned a lot out of that. Because it makes you kind of aware of what can happen to you. ”

The biggest mistake that any entrepreneur can make is to separate their brand from their personal life. The best strategy when you are trying to establish your brand is to have your actual lifestyle and brand being on the same page.

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 are offering an ‘Entrepreneurship Course’.

Categories
Business motivation Strategy

3 Tips To Help Entrepreneurs Grow A Powerful Personal Brand

3 Tips To Help Entrepreneurs Grow A Powerful Personal Brand
3 Tips To Help Entrepreneurs Grow A Powerful Personal Brand

Selling is one of the most important business aspects for any entrepreneur. It is also a crucial skill that entrepreneurs are obliged to master. After all, creating or developing a customer-based product or a service is just not enough! The success of your or any business depends on your ability to sell it.

And for selling to be truly successful, today`s entrepreneurs must be engaged as much with personal branding as with the branding of their products and services.

Regardless of the services or products you as an entrepreneur have developed, you must have a vision and the ability to sell it to your prospective customers, partners, or investors effectively.

As much as anything, what you are trying to sell them is your competence, your credibility, your commitment, and your reliability, etc. Being able to powerfully communicate is very crucial for business growth. And this is why personal branding for entrepreneurs is extremely necessary.

Though most people consider selling to be the toughest job in the world, with branding tips, you can easily double up your sales figures. To know more, watch our video, here:

If you want to develop a powerful and meaningful brand that aligns with you, your vision, and values, here are the top 3 personal branding tips for you:

1. Be Authentic

In this world where every brand and product is trying to imitate each other to attract more customers, being authentic is something that will set you apart from the crowd. The key to developing a strong personal brand is to Stand Out.

What is the purpose behind your product? What are your values? How your perspective is different from your competitors?

By being true to yourself, your brand and business will feel much more aligned and fulfilling. It will build much more confidence within you and you will feel more empowered. This is something that you can learn from our ‘Entrepreneurship Course’ that will help you identify and align your business with your values and goals.

2. Define your Audience

‘One shoe does not fit all’- we must have heard this metaphor probably millions of times. And in the business world following this is beneficial. Having clarity around your brand identity is essential, but the same holds for your audience too!

Not every customer is your potential customer. Hence, any business needs to identify its target audience. It will give you information about their demography, their needs, and their spending power. Once you will know your customer segment well, you will know how to speak to them in a way that they feel connected with you. You will also be able to attract more of your potential customers who are looking exactly for what you are selling.

3. Recognize your Unique Value Proposition (UVP)

If you ask us what is that one ‘you-must-apply-personal-branding-tip’ then we would recommend saying let it be this one. For any industry to make yourself visible and recognized, a clearly defined UVP is important. Unless you are in a highly specialized niche, you are likely to have lots of competitors who are just as qualified, capable, and experienced as you. Hence, a UVP helps you to stand out from the crowd that resonated with your target audience.

A UVP or Unique Value Proposition is usually a unique skill, a process, or a perspective. If you already know about your UVP but are unable to sell it effectively to your customers, you can learn it in our online business courses for entrepreneurs.

Building a personal brand simply means that you are an expert in something. Establishing your expertise in something is the most important thing, which also takes the longest time. Fortunately, there are plenty of ways to do so.

From hiring the best business coach in India to taking one of the most advanced and specialized online entrepreneurial courses, you can pick any according to your requirements. If you want to begin by upgrading yourself, you can take the ‘Everything about Entrepreneurship’ course. To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

Categories
Business motivation Strategy

How To Improve ROI With COVID-Proof Business Ideas?

How To Improve ROI With COVID-Proof Business Ideas?
How To Improve ROI With COVID-Proof Business Ideas?

ROI or return on investment- every business analyzes its future by identifying past and potential financial returns. ROI is a ratio of your company`s net profit compared to your financial investment in the business.

What is ROI or Return on Investment?

Many people often confuse this term with the profit margin. However, ROI is the financial return that you receive from spending money and not the profit received from the sale of goods and services. It helps the leaders to make informed decisions by kicking the guesswork out of the window.

Why is it Important?

The ability to calculate return on investment is crucial for every business, regardless of the company`s size or industry. A businessman is considered smart if he manages his expenses and monitor ROI regularly. Only businesses that can analyze ROI, survive in the long run.

So how can you improve your business`s ROI? How can you ensure that your business`s ROI is always increasing, no matter what? Watch, which type of business model can guarantee high ROI and regular 6 figure income, here.

Here are three ways that will help any business to receive higher ROI in every season:

  1. Choose a Business Plan with Zero Inventory Management

If you have a small business that stores goods in a warehouse, then managing inventory is an essential part of how you can control your stock. Inventory management is like storing ice. Once you have kept ice inside the warehouse, it will meltdown to the water and will drown your profits under it, if you do not manage your stock smartly.

As the time of the stock increases, its shelf-life, as well as the price, starts to decrease. For instance, electronic devices and gadgets experience a price drop as soon as the new model with upgraded technology is launched. From perishable to non-perishable items, the value of stock starts decreasing if the goods stay in the warehouse for a longer duration.

Hence, it is best to order those goods that are popular and have numerous takers in the market. You can also pick a business plan that does not require you to stock up goods in a warehouse. E.g.- online business courses. Online courses neither require you to spend heavily on warehouse and inventory management nor go out of demand.

  1. Giving Discounts may Decrease Profit

Most often than not, many business owners purchase inventory from the distributors and lend it to the market on credit. This technique only results in loss- loss of inventory and loss of return. Why? The reason is that you purchase the stock after making the payment in advance to the distributor. However, when you gave the stock on a credit basis with receiving the down payment, you will be deprived of the funds.

Hence, you will have to offer your stock or products at a discount that will eventually hit your profit margin. Always choose a business model where once you sell a product, you get your money back. You can become a franchisee of Bada Business to earn profits every week.

  1. Margin

Whether you have a commodity business, retail store, mobile retailer, or have a restaurant business, the profit margin is limited to 10%. However, the margin is not fixed and may hit by external circumstances like an increase in cost, wastage of inventory, expensive credit that can convert profit into a loss.

Thus, if you are an entrepreneur who is looking to set up an independent business, always select a business model that returns high ROI. For instance, a Bada Business Franchise Partner enjoys 20% to 50% of profit margin, without experience undercutting system, with fixed price.

If you are looking for simple and effective ways to improve ROI on your business, you can take our Problem Solving courses that are designed to cater the modern-day entrepreneurs with practical solutions to business challenges.

If you want to become an entrepreneur, but have no business idea? Become our franchisee and earn up to INR 25 Lac per month. For more details, visit: https://www.badabusiness.com/master-franchise

Categories
Business motivation Strategy

5 Steps To Design World Class KRAs And KPIs For Business Success

5 Steps To Design World Class KRAs And KPIs For Business Success
5 Steps To Design World Class KRAs And KPIs For Business Success

Most of us are very much aware of the infamous Peter Drucker quote- “What gets measured gets improved.” The quote is very much relatable in today`s world because many of us readily recognize the importance of Key Performance Indicators (KPIs) and Key Result Areas (KRA).

As the companies are pushing the boundaries to increase productivity and value, KPIs and KRAs play a vital role in a company`s decision-making process. They serve as the necessary success factors for your company. They not only define your ongoing responsibilities, but also enhance communication across teams and other departments, convey strategies across all employees, and help to align them with the company`s goals.

These goals begin from the top and trickle down to every team in the organization, each performing their designated functions to take the business ahead. This is why many start-ups and mid-level companies are taking professional expertise from the business coaches in India to help build clear and well-defined KRAs and KPIs.

But what exactly are KPIs & KRAs?

Firstly, let`s talk about KPI or Key Performance Index. It is a measurable value that determines how successfully a team or an individual is achieving a business objective. Companies across the world use KPIs to guide and help employees towards achieving a common goal. There are also multiple online business courses available for the in-depth knowledge.

It also helps businesses to understand whether they are utilizing and spending time on the right strategies, tasks, and tools to achieve their goals.

On the other hand, KRAs or Key Result Areas form a foundational element in any business. Having a clear and defined goal for each position helps to keep all the team members focused and responsible.

As we have a finite amount of time in the day to accomplish infinite tasks, KRAs ensure that people are making the most of their official working hours to produce the most ROI.

So how can you design effective KRAs & KPIs that will help you achieve your business goals? We have listed out five ways in which you can design, choose and implement KRAs and KPIs:

  1. Determine your end objective

Creating a clear vision and end goal of what you are trying and would like to accomplish is very essential for any business. A simple and straightforward objective should be connected with your KPIs and KRAs. Every organization might have different KRAs and KPIs. However, it should be specific, easily measurable, and clear to understand.

  1. Indicators

Once, you identify the business goals, you need to figure out what are the indicators that might speed up the progress towards the goal. One of the common mistakes that managers and leaders do is jump straight from the problem to consider what to measure. This can often lead to confusion and misaligned incentives.

E.g. most of the time, a company tries to improve its customer experience by measuring bounce rate. But what they don`t realize is that there could be plenty of reasons behind the bounce rate. So, just improving the bounce rate does not guarantee a better experience. Working on the efficiency of his or her digital marketing campaigns might produce better results.

  1. Ensure everyone is on the same page

Organizational KRAs usually involve KRAs and KPIs of all the departments, teams, and individuals. It is very important to ensure that everyone is aligned with the KRAs developed at the company level. To make this concept clearer, multiple discussions must take place. It is paramount to build an understanding that the progress of KRA in every company will be measured and calculated by KPIs. Hence, every team, department, and employee must understand their KPIs to ensure that a particular organizational KRA sees improvement.

If you are unsure about how to do that, you can take professional help from a business coach who can help you build effective KRAs and KPIs.

  1. Set SMART KPIs

As we all are aware of the fact that KPIs affect KRAs, the leaders must assign SMART goals to each department, team, and individual. Goals should be easily measurable, specific, realistic, possible to achieve, and time-bound. This will make it easier for everyone to achieve their goals and contribute towards organizational growth.

  1. Everything should be in written

To ensure that everyone is clear about their KPIs and KRAs, simple templates can be used to share among the concerned people. Hence, while setting the organizational goals, one should have the KRAs and KPIs of every department, team, and individual in one place. This will simplify the tracing of every action. The templates should also mention the reporting managers along with their respective departments.

An organization, be it large or small, needs to create KRAs by setting different KPIs at the employee, team, and department levels. KPIs should be realistic, achievable, clear, and growth-inducing. The bigger picture and the ultimate objective of the organization should always remain in the focus. Hiring the best business coach can also be a smart move in this context.

Are you struggling with your organizational growth due to improper KPIs and KRAs? Get practical solutions easily with our step-by-step learning strategies, action plan, frameworks through our Problem Solving Courses 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.

Categories
Motivational Strategy

5 Benefits Of Goal Setting To Fulfill Your Entrepreneurial Dream!

5 Benefits Of Goal Setting To Fulfill Your Entrepreneurial Dream!
5 Benefits Of Goal Setting To Fulfill Your Entrepreneurial Dream!

You cannot improve what you don`t manage, and you can`t manage what you don`t measure. This is why goal-setting is important in life!

Goals are like oxygen! They help us to take forward in life. They give us a purpose to get up out of bed every morning and give us hope to go to sleep and look forward to the next day. Goal-setting give us the first step to every journey and make our lives meaningful.

Much has been written about goal setting. We all must have come across at least once in our lifetime, where we were taught to define a clear goal in our lives. So in this article, we won`t bore you with yet another manual on how to set goals.

However, we will tell you the importance of goals in life and how they can help you to achieve a whole new perspective towards your life. We all know that setting a defined and clear goal helps to build self-confidence. It helps to increase productivity. But, are you aware of the science behind it that why setting a goal helps us to focus?

Most people only follow the philosophical theory of goal setting without understanding the science behind it. The beauty of knowing ‘why’ something works can be beneficial in two ways:

a). it makes you more willing to embrace it.

b). it makes you more informed, which makes you more receptive and enables you to make decisions.

For instance, we all can surely think about a company policy, business ideas or a meeting memo that could have been more effective had you known more details regarding it to make better, informed decisions. Watch video on Goal Setting and Importance of Goals in life here:

Here are five ultimate benefits of goal-setting that will help you gain focus and achieve your dreams:

  1. Goals act as Catalyst

Goal setting is the ultimate motivator, and that`s why it is important. Having a clear, compelling goal fuels the passion to acquire that goal, and mobilizes your focus toward actionable behavior.

Many people confuse the concept of having a clear and main goal. For instance, Vishal has the goal of saving money to purchase a new car. But he does not have a clear idea, which type of car he wants to purchase. Then this is not a clear goal.

If Vishal says that he wants to save 6 lac by the end of the year to purchase, let`s assume a swift desire, then now he has a mental cue that will stimulate his focus and motivates him to start saving funds.

  1. Goals Improve Focus

The importance of goals in life is such that when you decide on an aim, you naturally direct all your attention and focus towards the next step. It gives you a sense of the right direction to your life, which forces your action, and your behavior to follow it.

Not many people believe it, but it`s true that whatever the mind believes, the body achieves. You can listen to many motivational videos that teach you the best way to set goals and meet them.

  1. Goals sustain Momentum

Seeing progress does not matter how little, is addicting. No kidding, it is. If you are wondering why then let us throw some light! Once you have achieved something and your progress is visible, your brain releases a hormone called dopamine that creates a sense of achievement.

Just as a snowball grows in size as it rolls down the hill, momentum works the same way. So, if you have business ideas on which you are working with a fixed goal. Whatever you are doing to achieve that goal, once you gain momentum, you will never want to stop because you achieve a flow, which is the optimal state of mental performance.

  1. Goal setting aligns focus with behavior

When you receive constant feedback on your progress, setting goals helps you align focus with behavior. The choices you make, the actions you take- or avoid- give an insight into your beliefs, challenges, values, strengths, and weaknesses which allow you to take necessary steps to correct, and reset your goal achievement strategy. This gives you a clear agenda about how to meet your goals by selecting the best course of action.

  1. Goals Build Character

One of the major reasons why there is so much importance of goals in life is because they build character. When you achieve a goal, it enables you with a sense of achievement that ultimately boosts confidence and helps you build character.

The entire process of goal setting is essential because it helps to unearth and identify what is truly important to you. Whether it is professional or personal goals, to learn more about setting goals, you can either watch the video or take the help of the best corporate trainers in India.

Pursuing your goals is the real money-maker because it builds self-efficacy. It transforms your personality into someone who can achieve goals.

And like we said in the beginning, it is tough to manage what you don`t measure, and you can`t improve what you can`t manage. So start with goal-setting, today!

You can invite one of the best corporate trainers in India- Dr. Vivek Bindra to motivate your employees and give them a strong purpose to show up to work every day. If you are an entrepreneur and lack motivation due to business challenges, you can take our Entrepreneurship courses that will help you create a breakthrough from your burning problems.