Month: May 2020

Categories
Marketing

Maximizing Marketing Effectiveness With a Small Team

Generating revenues is the main objective of every business. Revenues will come with continuous sales of goods or services. It’s no easy feat to continuously generate great revenues in this competitive business environment. Here marketing and promotion play an important role for a company. An effective marketing strategy can help one achieve a competitive advantage and connect with the consumer.

Here are some of the Best Marketing Strategies which every business should follow, and can be executed with a small team: –

1. Finding the right TG (Target Group)
 

Every business needs to find the right audience. The effectiveness of marketing strategy can only be analyzed by the processes used to identify the right targeted audience. Target customers could be of a specific demography- age group, particular geography or having particular buying patterns. If one fails to identify the right TG then all these Best Marketing Strategies applied to the wrong target group will be of no use.

2. Positioning

After finding the right audience, the next important step is how to fit your product or service within the selected group of people. People should know how the offered product or service is better than the one offered by competitors. This will be done by creating uniqueness in your offering. It could be in the form of a unique design, attractive pricing, freebies, after-sales service, product warranty, etc. 

You position your product in a way that it creates a space for itself in the market full of competition.

3. Communication

One of the Most Effective Marketing Strategies is clear communication with the target audience. After you create a differentiation between the product or service offered by you amidst competition, communication of the offering becomes crucial at this stage. All the product USPs and specifics about the offering must be communicated to the target group clearly. No company would be able to penetrate the market without effective communication.

Detailed product specifics, Videos, social media, high-quality content are a few of the major tools of communication.

            

4. Channel

TV Commercials is the best channel of communication for an Effective Marketing Strategy. Though TV Commercials are one of the expensive options which every business cannot afford to go with. As per the budget, one could opt for a mix of different channels like print media, Radio, Banners, Social media, etc. For a small business owner, social media marketing can prove to be an effective and cost-efficient medium. However if a business wants to advertise on TV, then you can start your plan with Local TV or cable TV advertising and then according to budgets take it National.

Wrong channel selection can seriously damage the Best Marketing Strategy plan.

5. Customer engagement

To check the effectiveness of a marketing strategy, a customer engagement plan must be put in place. This step confirms that all the communication is being received by the target group. One can share email newsletters, discount coupons on subsequent orders, contests on social media or devise customer loyalty programmes. Engagement could be in the form of scratch cards, online quizzes, social media games, etc. Engagement activity is essential for keeping your customers busy and connected with new developments in your brand. 

6. Review

Now, it’s time for a business to evaluate the results of these Best Marketing Strategies with their marketing plan. The objectives of the marketing plan should be clearly discussed before you devise a plan- whether it is attaining reach, awareness, lead generation or direct sales for the company. If there is a major difference in the expectation from the Market Strategy and the results one has achieved, a review of the whole strategy will help in understanding the gaps. Corrective measures can be implemented as per requirement.

An Effective Marketing Strategy is based on 2 simple principles- Objective or the goal and the final outcome. If one is not clear what they want to achieve, even by implementing the Best Marketing Strategy, all activities planned would not yield the desired result.

Categories
Powerful Personalities

Renowned Business Strategy Expert in India

10 Reasons why you need a Business Strategy Expert

Business strategy is not about achieving academic excellence in management but needs an understanding that is deep-rooted, sharp along with a strategic skillset that can leapfrog your business into the future.

There are many renowned business experts in India and across the globe- all with a vision par excellence and the ability to understand the nuances of business functioning. Dr. Vivek Bindra has been one such mentor for many entrepreneurs and corporate houses giving them a strategic direction on how to grow their business. 

What does a Global business strategy expert bring with him?

1. In-Built Decision Making-

The decision-making process is one of the most critical processes in your business. Experience of business dynamics, industry trends, and facing unique business scenarios on the ground helps build this intuitive sense of taking decisions in complex situations. A business strategy expert can find the gap, analyze, and define the problem solution by taking a well thought out decision.

2. Clarity of Thought-

Every business leader has made a mark for themselves because of being blessed with this quality. Clarity of thought, clarity of approach, and clarity of the outcome in everything that they do. The professors of Bada Business family, whether it is Manu Jain from Xiaomi, Kiran Mazumdar Shaw from Biocon, Dr. Lal from Lal Pathlabs, or Dr. Vivek Bindra, each one of them has a clear focus and an orientation that emphasizes on growth. They have the ability to scale businesses and therefore have become billionaires in their respective industries.

3. Relevance-

Every business decision is based on relevance and that is a great quality that a global business strategy expert possesses. Information, data, and feedback have great relevance for business, and if the managers don’t analyze it in the right way they can lose out on a big opportunity that the business is awaiting. A business strategy expert can help you decipher the relevance of such information and help you use it to your advantage

4. Problem Solving Skill-

This is one skill that is critical to every entrepreneur because entrepreneurship is full of hurdles and ups and downs. If you notice how Dr. Vivek Bindra, a renowned business strategy expert devises content for his Problem Solving Courses that are available to entrepreneurs to solve their burning problems. Every course under this category has been curated with a lot of effort, research and a pointed approach that can help the entrepreneur find an instant solution to his everyday business problems. Sometimes you just need a third perspective to solve your problem because the business owner might be pre-occupied with many other things going on in the business. 

5. A Positive Attitude-

Attitude defines your personality and the way people define you. A positive attitude in business is a must because it is very easy for an entrepreneur to give up when the going gets tough and it is this positivity that keeps you afloat. Any global business strategy expert will attribute a large chunk of success to the positive attitude that is honed by an entrepreneur. And it is with this positive outlook that these experts help businesses swim through the tide of entrepreneurship. 

6. Ability to Scale Businesses-

One of the core responsibilities of a business coach and trainer is the ability to help businesses scale and reach greater heights. They help in enabling growth as they bring with them the innate knowledge of setting up systems and processes that helps the business to scale and garner higher revenues. 

7. An Analytical mindset-

Experts with an analytical mindset can help analyze trends and upcoming arenas of growth. An expert can solve complex business problems which bring in a high degree of stability in an organization. A business cannot function smoothly without having an analytical mindset as a critical skill in the top management and the experts associated with them. 

8. Planning-

Planning is the foundation of every business. It helps you achieve your objective/goal that you have set for your company. A business strategy expert can help in the entire planning process and make it absolutely goal-oriented. With the help of the expert you can minimize haphazard decisions, leverage the power of technology, and utilize resources in a highly efficient manner. Whether you work with a business expert in India or someone who is a global business strategy expert, their expertise in planning can help you set a lot of things in motion that perhaps were stuck with for a long time. 

9. Leadership-

Business experts are born with leadership skills and they make sure you as a business owner also show exemplary leadership qualities so that the organization looks up to you in times of despair. Dr. Vivek Bindra who is a leader in his own right. Not only has he taught leadership and management skills to many top honchos but also has set an example by leading a profitable, successful, and happy organization.

10. Motivation-

One of the most important qualities of a business strategy expert is motivation. Motivating a business owner can actually bring out the best in him with some hidden talents at play. It can boost an individual’s creativity and align him back to the goals that he had set. Constant monitoring by an expert can act as a great motivation for an entrepreneur to remain focused and keep going. Dr. Vivek Bindra, an internationally acclaimed Motivational Speaker
believes that business coaching and motivation goes hand in hand. With the help of one quality you set your goals and with the other you strive to achieve them.

These 10 reasons make it compelling for a business owner to take tips and hire the services of a business strategy expert. Under their guidance and expertise, an entrepreneur can plan out his SMART goals and work towards them. We all know what SMART stands for:

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Time-bound

With constantly changing business dynamics, entrepreneurs are in fact expected to have goals which are no just smart but SMARTER than the rest, with E signifying- Evaluate and R- Review. A business strategy expert can help achieve these goals by playing a pivotal role in the journey of a business owner. 

Categories
Startup

How to Start a Packaging Business in India

स्टार्टअप
स्टार्टअप

STARTUP TIPS FOR BEGINNERS IN THE PACKAGING BUSINESS
 

A new business faces many challenges in its inception stage. Not only is it important to offer a quality product and service, but also create a distinct brand that appeals to the customer in the market. 

It is extremely critical to decide on how you want to present your product. The right product packaging business plan is not only responsible for establishing the brand and product, but it is also important for its overall success in the market. If you want to give your brand an exclusive image, packaging can make all the difference. Packaging that is designed smartly not only lends an attractive face for your brand but is also an integral part of the marketing plan as well. 

Let’s discuss some brilliant tips that you should keep in mind when it comes to a packaging business start-up:-
 

1. Consider a multiple packaging business plan
 

  • According to your product offering, finalize your packaging requirements. Go through a thorough research to get an insight into what kind of packaging is best for your product.
  • Spend adequate time on research and closely study the various packaging options available. Packaging should guarantee that the chances of the product getting damaged are close to nil. Should be easy to handle and leave an unforgettable impression on the minds of the consumer. 

2. Cost-effective packaging solution

  • You cannot get carried away while deciding the packaging design for your product at the start of your business.
  • You need to focus on a visually appealing packaging, by keeping the expense of the packaging business plan at bay.
  • Make a strategy on how you want your brand and product to be portrayed but at the same time make sure it does not leave a dent in your pocket.
  • You can opt for a bulk or online option which can be cost-effective.

3. Pack small
 

  • When it comes to saving on the packaging cost, judicious use is the key.
  • Opting for a light packaging ensures to cut down on unnecessary costs. Take care of the volumetric weight of the packaging as well.

4. Inventory management

  • Inventory management is crucial for a new business owner. Sometimes stocking large quantities can lead to slashing down of the prices.
  • According to your business requirements, you must analyze the stocking options in concurrence. Inventory management is a cost-effective and beneficial process for a business owner if managed smartly.

5. Create a purposeful packaging business plan

  • If you want to create a perception about your brand and product in the mind of your customers, build a purposeful packaging for your product
  • Make sure you convey relevant information about your product and brand with your packaging if you are a starting-up.
  • If you want your customers to recognize your brand and product in the long run, then the company ethos and logo must be there in a lucid or gripping fashion on your packaging.

6. Go Green

  • Customers relate emotionally to brands that are morally responsible. Many organizations are reporting on using sustainable material for packaging.
  • Being a start-up or a small or medium business, you need to be aware of the new trends and apply them to your packaging business plan.

When it comes to creating a recognizable packaging experience, there are unlimited possibilities that can be explored in a packaging business plan. You can experiment endlessly with your product packaging. The packaging is an important function especially when you have started a new venture and are looking to foray into newer markets. So make sure you customize your customer experience coupled with packaging like never before can give your brand and product a new identity.

Categories
Finance

Common Challenges Faced by a Small Business While Seeking Funds

ऑनलाइन बिजनेस
ऑनलाइन बिजनेस

Running a business comes with a number of hurdles and challenges for a business owner. One of the most important and common issues for business failure is lack of capital to keep the business in operation. Educate yourself and understand the small business challenges in financing to avoid making these mistakes.

1. Lack of Capital

  • This is an important reason why start-ups often fail. The business owner doesn’t have a credit history or a track record that can help the lender evaluate the business and its creditworthiness. Having no track record does not mean that the business has no merit; it just means that the lender does not have anything to evaluate or compare it with. The lender needs to evaluate whether you can use the credit successfully. A study shows that business owners who have a better understanding of their business credit score are 41% more likely to get a business loan. Certain you need to keep in mind while asking for finance for your business:
  • The track record and business credit line will take time to build.
  • Analyze your business credit card and credit score.
  • It is easy to get qualified for a small credit value so maintain it and start building a good business credit profile. Make sure that you have good credit behaviour.
  • Try to get trade credit from your vendors and suppliers; it is one of the great ways to build a solid credit profile. You can show your suppliers and vendor’s credit track report as a good history to your financer.
  • Build a personal and business balance sheet supported by the income tax paid to justify your track record.
  • Create a detailed small business challenge plan that focuses on scalability, market size, product development, competition, and marketing strategy. This road map will help you to drive smoothly for the future. The idea is to anticipate challenges and work towards strategies that can help you cross these hurdles.

2. Difficulty in demonstrating you have the income to service debt

  • The financer always wants to know about your ability to service debt. They are more focused on whether you can make periodic payments or not? It is unlikely they will approve your loan if you and your business do not meet their income bracket or cash flow requirements.
  • There are many other sources of capital that do not require the same credit details.
  • A microloan can be a good option for you if you have the ability to leverage a small amount to produce a big result.
  • Crowd funding can be another option if you have a solid business idea.
  • Spend time to create a solid pitch and presentation which can motivate the crowd to donate.

3. Understand your financial reports

  • A common small business challenge is that some entrepreneurs don’t understand their financial reports. The financial report shows you the health of your business. Generally, you don’t have to be an accountant to understand it but you should be familiar with the metrics of your business accounts. Your financial report or the cash flow is critical to monitor the health of your business and it clearly indicates whether your business is ready to raise capital or not.
  • If you are not very good with accounts, you can always hire a charted accountant, an expert who can identify the potential gaps to improve your business profits and maintain a healthy cash flow.
  • To address the financial challenges, review, research and revamp your business plan again and again.
  • Dive more into your financial report to understand the numbers and to avoid any financial challenges in the future.

Overspending, a poor capital structure and lack of reserve funds are the common reasons why a small business owner fails. According to the Small Business Association, around 44% of small businesses survive for at least 4 years and then the business owners fail due to the immense financial challenges faced by them. So before seeking finance, try to work on the weak areas of your business. It is not that difficult to eliminate these small business challenges if the business owner exercises little caution and invests his time wisely to focus on the above tips.

Categories
Powerful Personalities

Grow Your Business With The Best Business Speaker

Grow Your Business With The Best Business Speaker
Grow Your Business With The Best Business Speaker

Thinking about how to achieve your business objectives? The answer is simple. Take advice from a visionary business speaker whose acumen will guide you in the right direction and also devise strategies that will help you meet your goals. However, it is also important to find out what kind of inspiration and strategy will get your business going and make you rake in big bucks.

There are numerous approaches to try and build a strong environment that your business needs, but one such idea that is turning out to be progressively predominant is leveraging the proficiency of a business expert.

Business experts work closely with many corporates, successful brands, investors, entrepreneurs, and understand the entire ecosystem. They help you and your business to grow, remain motivated, and demonstrate to the people how to succeed even in tough times. A business speaker like Dr. Vivek Bindra is perfect to provide his expertise and his wisdom to help the businesses tread during the tough times and try and cease the opportunity that exists in the market. He provides key business strategies and motivation to the audience that has a direct impact on the performance of your business.

Strategic planning is required to procure significant and enduring outcomes. So here are a few reasons why you leverage the expertise of some of the best business speakers:-

1. Effective planning

During their everyday activity, it is hard for the administrator or the management team to discover time for innovating new designs and ideas for the business. Working on new strategies and execution plans would take a lot of their time, which isn’t feasible for any working trough. In this case, a strategic planning skill set of the best business speaker comes into play. His analytical mindset thinks of new opportunities that can be beneficial for the business. He can provide different alternatives and a detailed analysis on how to milk the opportunities present. With one side of the planning charted out by the expert, the team leaders will have the option to focus on the other different pieces of the business.

2. Outsider’s point of view

One of the top advantages of having a business speaker would be his business viewpoint. For any entrepreneur, their company is a result of the sweat and blood gone into setting up the establishment.  Because of your innate love for what you do, you view your business from only one dimension. This is the place a business expert would become possibly the most important factor and would draw attention to the pieces you are not paying attention to. The best business speaker in India would distinguish such parts and would give a compelling answer and solution for the issues. The entrepreneurs would not notice such problems as they probably won’t have the information or a profound comprehension of the issue. Thus the entrepreneurs would require some expertise for expansion and scaling of their business.

3. Motivation

Feeling stuck and deadened makes handling issues head-on a challenging task. Escaping the dreary day-to-day office life to listen to inspiring thoughts and stories from speakers can fill you up with positive energy that can help in business execution. Such speakers themselves have sometimes confronted many difficulties in life; but their morale is always held high. This is one such quality that Dr. Vivek Bindra, one of the top business speakers in India and a renowned motivational speaker in India own.

In only a few years, Dr. Vivek Bindra has transformed his career into one of the best examples of a well-working organization. Hearing how he conquered troubles through his everyday life, inspired each of his organization members to give the best in them.

When it comes to building critical thinking or problem solving, a little motivation can go far, and finding the best business speaker in India will maximize that potential.

4. What business Speakers Can Offer you

Having a business speaker on board can help your organization reach beyond its potential and what will be the path for the same.

For instance, if there are doubts on recruiting a senior leader and what his direct KPIs should be, a top business speaker in India like Dr. Vivek Bindra will provide great insight regarding what advantages could emerge out of this position and help the organization be on the lookout for the ideal candidate to make the company more grounded and stronger.

If you want to get all your employees feel motivated and work with efficiency, there is nothing better than tying up with a business coach that will help your organization reach the next milestone quickly.

5. Save time and cost

Having a business expert would save you heaps of time in many ways than one. Have you attempted to accomplish something you are not that good at? Did it take all your time and energy to complete the task proficiently?  Also, when you completed it, would you sincerely say that the outcome was perfect? Maybe not…

You don’t need to spend much of your time and mind on every strategy for your business; the best business speaker will provide your organization with such advice to make your business grow faster so that you can focus on the other important thing that you are good at.

6. Development

Doing everything without any help or advice could slow down the development of your business. By re-appropriating a few exercises, you can concentrate on scaling your business. Consider it as relinquishing the reins on your horse, and this would make it move quicker.

7. Opportunity to learn new things

The job of the top business speaker in India or an expert is to help entrepreneurs in boosting their business. The top business speaker in India will implement a few new business approaches, strategies, and modern patterns to accomplish this objective. Having the best business speaker on board, the organization, the business owner or the management will get an opportunity to learn new skills. Dr. Vivek Bindra explains the strategies and skills in a detailed manner with the goal in mind. Such an aptitude gives a new direction to the people running the core of the business helping it grow in an effective and sustainable manner.

8. Get a Good Reputation

Having a good reputation in business is significant; without this, clients will be wary of using your services, particularly if you are new to the industry or market. Potential employees who are experienced and qualified won’t have any desire to work for you. Attempting to grow a business without the right people or the right clients is almost impossible.

When you get on-board the best business expert to help you with your business, your reputation receives a positive outlook.

Clients will notice your seriousness about the deal and how the business is progressing. The expert will guide you on ways to keep your current and new employees motivated so that they look forward to working in your organization.

9. You can’t do it all alone

Nobody ought to be an island out there in business! No one is completely independent or self-sufficient; you need guidance and an ecosystem to sustain you. And that is true not only for businesses but for individuals too. People are meant to be in harmony and connect with each other.

There will be a few things that you can do well and that will elevate your business. However, there will be numerous components of maintaining and running a business that you don’t like doing, or those you are not good at and don’t have the perfect understanding of. The ideal answer is to get a business specialist for those aspects of your business. Discover somebody who can do what you can’t, and you will be free to cease newer opportunities and accomplish greater things.

A top Business speaker in India can give direction and consolation to business groups at any level; whether it is a front line salesperson, official chiefs or actually the entire organization. Business speakers usually have the mastery and experience in this field and a significant number of them share their methods and techniques for achieving success. In such a setting, the business expert unites everyone and channelizes their energy towards a common purpose.

With the expansion in the number of businesses, competition is also rising. It is getting harder for organizations to remain ahead in this race. For such reasons, recruiting the best business speaker in India would be a sensible decision. The business speaker would have the option to offer his understanding and guidance on various issues that perhaps would have been ignored by the entrepreneur.

These are a few critical reasons why a business would like to associate and take services of a business speaker or a business expert. They have the latest knowledge of the industry and the know-how of handling challenging situations. Therefore, if you are stuck and not achieving the kind of growth you anticipated, speak to a business expert and see the results; they could actually be game-changing!

Categories
Business motivation

Sales Motivation Tips to Improve Employee Productivity

5 Tips to Boost Your Sales
 

To motivate your sales team, managers need a thorough toolbox of strategies to push their top players, develop mid-level individuals and keep the group concentrated on accomplishing aggressive growth targets. 

 

Sales personnel that have vitality and certainty are successful, and leaders know how to keep the morale high whether a business is at its peak or in a droop. Since motivation is an immaterial quality, sales pioneers need a few unique strategies and use innovative sales motivation tips that are customized for their sales force.

1. Open the doors for small steps forward every day

The intensity of small successes is a touch of good karma for sales motivation and versatility during times when deals aren’t streaming in. Research by Harvard Business School shows that small successes help building a positive mind-set and inspires an employee to perform better. Managers should empower and recognize individuals from their sales team who are taking small steps towards the objective. For instance, getting even one constructive email reaction from a lead that the salesperson has been following up for months can light up his mindset drastically. This sales motivation tip can help your sales team to boost them with energy and encourage them to achieve more. Every sales manager and the team should go through the ’Small achievements’ graph as a daily sales motivation tip to boost their workflow and achieve the targets.

2. Recognize and reward the sales team publicly
 

Do you recognize the whole team for their contribution and praise their achievements such that the entire organization can remember them? For decades, analysts and researchers have discovered that public display of thankfulness and appreciation can be more motivating than compensation or salary. So make this a practice in your organization.

How often do you utilize these daily sales motivation tips and strategies:-

 

  • Praise your people at group gatherings or team meetings
  • Grant the “most significant or valuable player” status each quarter
  • Yearly acknowledgment with financial rewards and trips
  • Little honors and prizes that are lined up are appreciated across the board
  • Sending an email expressing gratitude towards them for closing a deal whether big or small can do wonders for salespeople. 

For example; Dr. Vivek Bindra
works hand in hand with his employees to make sure they get recognized and rewarded publicly in the organization with yearly outdoor trips, incentives, bonuses, and other perks. This activity is done by the management to motivate the team to work positively and is an integral part of his entity Bada Business. He makes sure that his employees feel happy while working in the office. As a renowned corporate trainer to various companies, Dr. Vivek Bindra has been instrumental in bringing about the culture of rewards and recognition in many organizations which has helped them become employee-friendly. 

3. Value your representatives and team (and ensure they know it)
 

A key driver for inspiration and motivation is having a great self-esteem at work. Research by the American Psychological Association reports that 93% of representatives who felt respected at work likewise felt motivated. The study discovered top five factors that help in making an employee feel an esteemed part of the company: 

 

  • Chances to be engaged with dynamic and decision-making
  • Potential for development and progression
  • Opportunity to use adaptable work courses of action
  • Sufficient fiscal remuneration
  • Non-monetary prizes

 

4. Connect the present activity with tomorrow’s professional objectives

Have a conversation with each of your teammates about their future objectives and assist them with setting up a way to arrive at them. Regardless of whether it is to ascend in the organization, progress to another industry in five years or bag a position as a Sales CXO in the top 100 companies in India. This sales motivation tip will help them discover the approach to not only fulfill their short-term goals but also try and meet their long-term objectives.

 

5. Equip your workers with extraordinary marketing content and collaterals
 

Does your sales team have access to blog posts, contextual or case studies, recordings, websites, videos, and whitepapers? 57% of sales representative studies referred to high-quality content as a significant instrument to drive deals. 

Providing appropriate learning content shows that your organization recognizes its necessities and is focused on devoting assets to help the sales team. Additionally, salespeople are often eager to receive new and high-quality content since it brings a variety into their discussions with clients and makes their work progressively proficient. Dr. Vivek Bindra, who is Asia’s best motivational speaker and a business coach, provides extraordinary content to their sales team to approach the customers confidently and achieve the numbers. This sales motivation tip can boost your team with positive energy and motivate them to work smartly. 

This sales motivation tip also ensures that the content with your sales team is up-to-date and convincing. You can likewise invest in instruments and tools to simplify the collaterals; as normally organizations might store information or content that is not easily accessible making it hard for representatives to look for them

The best project or sales manager finds out every possible way of sales motivation tips or strategies that are best for every individual in their team. It takes a unique mix for every individual depending upon their level of experience, career objectives, personality, and client associations’ to find the correct formula that can turn them into connoisseurs of the sales function. When a leader starts to see successful results, it’s that time he needs to keep the momentum going so that the performance remains high throughout the year. As a business owner, if you want your team to meet their targets as well as see the personal progression, then you must consider these above sales motivation tips.

Categories
Marketing

How to Design an Exhibition Stand for Your Business

How to Design an Exhibition Stand for Your Business
How to Design an Exhibition Stand for Your Business

The perfect ways to design an exhibition stand for business

It is very important to represent and present your business at events. To attract the interest and attention of the target audience and customers towards your brand, your presentation at business events matters a lot. Through your exhibition stand design, you can create a long-lasting and strong impression on your potential customers at such trade shows.

The first impression is very important when it comes to attracting audiences. There is no point in having a good service or a quality product if you are not able to catch the eyes of your target customers.

Here are a few ideas to plan the perfect exhibition stand design for your business that you must implement:

1. Define the goal of your exhibition

First of all, you need to analyze the purpose of participating in the exhibition or a trade show. Before designing the exhibition stand, set a clear goal of what you want from the design. Make sure your exhibition stand design communicates the message to your customers. Include your brand image and values to design the exhibition stand. Think about the product, value proposition and the imagery associated with your organization.

2. Design the stand for your audience

Always remember that you are exhibiting for your audiences. You should research your target audience thoroughly before taking part in any exhibition. You should always focus on the taste and needs of your target audience and build an exhibition stand design on those criteria. Define your target audience and their needs before you get onto the planning stage of designing your exhibition stand.

3. Maximize your space

A perfect dimension makes the exhibition stand design more attractive. Always try to take full advantage of the space when you design your exhibition stand. Do check the dimensions of the space given to you by the event organizers. The height and place of the stand on the floor is an essential part of your design. Make sure your signage and logo are visible to your audience. Try not to have any physical barriers in front of your exhibition stand.

4. Message on your exhibition stand

People walk by many messages in a trade show or an event and they don’t have the time and energy to read all of them, so you have to make sure that your message should be crisp and short to understand and grasp. Your message must have the ability to catch the eye of your audience. Try not to use long sentences; be creative and concise so that it can grab the attention of your audience. Your message needs to be clear with a large font size to make sure it is readable.

5. Graphics and images

A perfect image for your exhibition stand design is more impressive than using an entire phrase. A good image or graphic can help in conveying a complex message easily. Try to resume your brand values in one powerful graphic or image. Just keep your customers in mind and analyze what they like to respond to.

The placement of your image is also very important. Make sure the image or graphic of your stand can be seen from a distance and should be clear and attractive to grab the attention. The message should be transmitted in a smart, creative, and innovative style.

6. Tech-up your exhibition stands design

You can always consider modern technology that goes with the exhibition environment to attract the audience; this will also give pop and modern look to your exhibition stand. You can use digital signage in front of your space or a touch screen exhibition stand to make people aware of your brand.

Implementation of technology can help you attract more public but also inform your audience about your product in a unique way.
7. Let your audience interact with your product or service

Now, this is the best chance to test your product and analyze how your target audience reacts towards using it. Try to focus on the real values that your brand can offer to the audience. Create a buzz around your product and services with the exhibition stand design. Take feedback and distribute gifts to the people who are showing interest in your product.

You can also have a one on one interaction with the people coming to your booth. Have a quiz play with your customers to make them discover the benefits of your brand and product.

By following and implementing the above-mentioned tips and designing techniques the exhibition stand can create a strong impression on your target audience. Design an exhibition stand that not only creates brand awareness but is helpful in attracting a good number of leads.

Categories
Startup

How Can Startups Overcome the COVID DownTurn

Top 5 things startups must do to overcome Corona downturn

Most of the startups were not prepared for this tough period and are now fighting it hard to find ways to survive and remain afloat. Raising capital has become tougher than ever before and the buying sentiment of the consumer is at an all-time low. 

COVID-19 is a global emergency with every industry being hit. Retail chains are shutting down, companies are filing for bankruptcy and unemployment is at its highest. Work from home has become the new normal. The situation is very grim for small entrepreneurs who have fewer cash reserves to manage the sudden lockdown and the impact the downturn it has created. These effects of closure will also have a huge impact on our economy.

Here are 5 things that a startup must do to overcome this downturn:-

1. Runway and burn rate

  • Make a plan for the next 3 months, 1 year and 3 years of survival as the economy will take some time to get back on track.
  • Take all the stock of your current gross burn rate and calculate how much cash you are spending every month? How much-fixed expenses do you have? And how much money goes into variable expenses?
  • Take a look at your actual revenues, Make sure you don’t forecast, have real numbers.
  • To get the net burn rate, subtract your monthly gross burn rate from your revenue.
  • Check all your accounts and see how many months your company can survive in corona downturn
  • Calculate your runway to last until you raise your next round of capital.

2. Diversify your business

  • It is a good idea to diversify your business in this tough time.
  • It is always good to have different sources of revenue so that you can save your existing business and pay your employees too.
  • Go digital, take your products and services online. Since you already have a set backend, building on new functions like delivery, online payment, etc. should not be such a difficult task.
  • You can start an online service like; a paid webinar, online coaching, can make viral videos. You can also try your hand in food retail or can partner with some healthcare company. 

3. Line of credit

  • Taking a line of credit can be very useful for your business. Line of credit is a business loan where the moneylender fixes the upper limit and the borrower can take any amount within the upper limit at any time. The interest will be charged on the amount that the borrower uses. This service can help you in securing your business.
  • Try and take a line of credit as soon as possible as post lockdown financial institutions might be strict on providing loans easily.

4. Employee safety is paramount

  • For the entrepreneurs, it is your priority to keep your employees and customers safe
  • Start with changing the employee policy based on the situation.
  • Let them know that the company cares for them and they are safe.
  • Try to engage them in multiple functions. You may not know about the hidden talent of your employees.
  • Try to motivate them and ask for their support.
  • Keep a daily track report of their work and analyze their potential.
  • Ask your team to share creative and innovative ideas on a regular basis.

5. Be proactive and focused on profitability

  • Raising money is easy when the economy is strong but in recession, it can get worse.
  • Try to eliminate side projects, new ventures or any underperformance unit.
  • Focus on your employee performance at the top to contribute to the company.
  • It is important to understand whether they are default alive or default dead. It is also a good way to measure the health of your company.
  • Try and cut down on all your extra costs if your office is on rent either request the landlord to reduce it or try and shift to a cheaper office space

As the future is uncertain, it is always better to be prepared for the worst. One thing startups must do is to be flexible and move with the tide. Innovative processes increased productivity can change the tide for you once normalcy returns. Recessions are cyclical by nature and entrepreneurs can make up for lost value once the economy improves.

Whether or not a recession happens, it is likely that the virus will affect your business directly or indirectly. The best way to handle the impact is to be prepared for it, both within your business and beyond. Discuss the impact with your employees. This is not the time to panic, but rather prepare for the challenges and opportunities that will be thrown at you. 

Categories
Process & Business Expansion

How to Manage Your Inventory Effectively

बिजनेस
बिजनेस

Tips for Retailers to Manage Inventory Better

Inventory management is one of the most important parts for a retail business Paying attention to your sales data and inventory details is very crucial for the smooth running of your business operations. The objective of inventory control is to strike a balance between sufficient stock and over-stock. The stock maintained by a business entity at a particular point in time should be sufficient to meet the production requirements so that uninterrupted production flow can be maintained at all times. 

Here are some top inventory management techniques for entrepreneurs:
 

1. Use Barcode Reader 

  • Keeping track of inventory is a cumbersome job. These days it is very difficult to keep a record of inventory flow without any software. There must be a proper record-keeping system for all the stock one is holding. Using a bar code reader for inflow and outflow of the stock is one of the best inventory management techniques one can opt for.
  • There are EAN/UPCs printed on most of the products, barcode reader device can scan the EAN or UPC and adds the inventory to the software it is linked to. This way you’ll be able to see the entire inventory on your computer screen with just a single click. For any outflow of inventory similar process should be followed. This way the retailer will be able to see the current on-hand inventory at any point in time.
  • Along with inventory management, daily sales reports can be generated with the available data. You just need to subtract today’s opening stock with yesterday’s opening stock you’ll get the sales numbers for the day.   

    

2. Inventory Racking System

  • Retailers cannot keep the entire inventory on a single pallet. It needs to be segregated to the designated areas and that too with proper labeling. For example ’ in grocery store daily household items like bread, biscuits, chips are kept near the counter as they are perishable and sell out very quickly. Desi Ghee will be kept on a separate rack as it doesn’t move out that frequently.
  • Labeling the racks and pallets helps in creating a separate section for similar products. This way at the time of order you will know which items are placed where and picking & packaging will be done more efficiently.

Segregation of stock proves to be the top inventory management technique because: –

A. Saves time in picking and packing of the products.

B. One can easily find out which items need reordering by just looking at the designated section.

C. Popular FIFO (First in First Out) inventory system can be easily executed.

3. Improve stock ordering

Ordering the right products by keeping your customers’ needs in mind is indispensable to ensure proper inventory management. For this, it is important to keep an eye on how products are moving and to observe how customers are interacting with your merchandise. For example, the average normal usage of a material component A is 50 units per week.

4.  Physical Stock Check

  • With barcode readers and Proper Inventory Systems, the retailer can do inventory management very effectively. There won’t be any issues finding:

?
On hand inventory

?
The bestselling products

?
Products to be reordered

?
Slow-moving products

  • Regular check on the physical stock is required to make sure the inventory showing in the software matches with the actual inventory status. There could be a situation when the retailer forgets to mark the inward stock by barcode and it will not show up in the software, whereas the stock is physically available in the store. Similarly, any miss in the scanning of outward supply can show the inventory in the software but won’t be available physically. Building a strong inventory management technique checklist to fulfill the complete requirement of physical stock checking will help in resolving this issue.
  • To overcome such a situation the best inventory management technique would be physical stock check. No doubt it can be a little time taking activity but is worth the effort. The monthly physical stock check should be a regular practice for a retailer who wants to do the best inventory management technique. 

5. Know the Minimum Stock Level

It signifies ’at least how much to stock’. Every business entity must determine the minimum level of stock required by it. It is the lowest level of material stock, which must be maintained in hand at all times so that there is no stoppage of production due to the non-availability of stock. Suppose the average normal time taken to get an order from supplier to the stores, known as lead time, is 5 weeks. Here, the minimum stock level that must be maintained all the time for material A would be 450 units ’ (50 units ’ 5) = 200 units. 

6. Know Maximum Stock Level of the business

It is important to then determine the maximum level of stock for a particular business. It signifies ’up to how much to stock’. It is the highest level of quantity for any material/inventory item which can be held in stock at any time. Any quantity of stock beyond this level leads to an extra amount of expenditure due to the engagement of funds, cost of storage, obsolescence, etc.

7. Set the level of buffer stock

In any business, some quantity of stock may be kept for the contingency to be used in case of sudden orders. This stock is known as buffer stock.

Almost all businesses today are moving their base online. When the flow of sale and purchase rises, the retailers need to keep track of the top inventory management techniques discussed above to create a flexible functioning of the business.

Categories
Startup

Passion or Experience: The Right Ingredient For an Employee

Should Startups hire based on experience or passion?

A Startup is an initiative/ business started by like-minded entrepreneurs who have an ideology that form the basis of tis startup. The business is focused on solving some problem of the consumer, by either providing intangible services or by providing an evolved product as per the demand in the market. 

Now the question arises, ’who should the startup hire to be a founding member of their mission and also be an active contributor in achieving their goals as well?’  Before hiring an employee, it is the foundation of every company that defines the future of its existence. The foundation mostly depends on the management team that plans, strategizes and recruits employees that could work in their interest with passion and with a pinch of experience. With both strings attached, a startup could do wonders.

Some advantages of a passionate worker over an experienced employee are:

  1. A Passionate Employee is often better than an Experienced Employee as they will go above and beyond to prove themselves that they could excel, whereas an experienced person might not be so willing to prove himself as his belief lies in ’experience speaking for itself’. 
  2. An inexperienced Employee who is very passionate towards their work joins as a clean slate and can grasp all duties and information more effectively than to a person who is coming from an experienced field with multiple ideas.
  3. A Passionate Employee with limited experience will have a fresh, different work or ideas to get the task done. On the other hand, an Experienced Employee will only stick to the stereotype framework that he has been following since ages.
  4. Passionate people may tend to be loyal and gel well with the chaos that comes with working in a startup and trusting them boosts their morale. Experienced people tend to move out for other opportunity that steps their way as soon as possible.
  5. Even though the salary that a passionate employee gets is not that high but they don’t define their work as per what they get paid, but for an experienced person compensation is first priority and defines their work.
  6. Passionate Employees are likely to improvise and learn new skills thus helping them to multitask which can be helpful for the employer as well.
  7. Passionate people like to work as a team indulging and motivating other employees as well. Unlike Experienced Employees who focus only in highlighting themselves and not necessarily will be team players.
  8. An Experienced Employee will join a startup with a motive to get a promotion as per their past experience, but a passionate employee would be focused more in work and self-learning for the betterment of the company.

However, this does not mean that experienced employees should not be hired at all, because the experience they bring with them can help in scaling a business faster and keeping the costs at bay. Hence, benefits of years of experience cannot be matched by the sheer passion for working.

Therefore if you want to hire leaders in an organization, an experienced employee is needed to hold the fort. But to build a team you need passionate employees who can steer change and help you achieve the targets. Slowly steadily these employees will also grow and become leaders in the organization and train many more who join.

Hiring culture today has taken a turn towards getting onboard employees who have a positive attitude towards the company they are going to work for. It is difficult to differentiate between the two characteristics as both these employees have their own benefits and disadvantages at the same time. It purely depends on the company’s stage of growth and the plan they have devised for scaling, so keep an open mind for both- as passion and experience together can make for a deadly combination.