Month: September 2020

There are several prestigious business schools all over the world to provide you with the best of education and business tips on how to run a successful business. But, what if one is not financially sound to bear the hefty fees? As unfair as it may sound, many businesses around the world, big or small, have been thriving even without the owners having a degree from a credible B-school as well as the business management tips that always come in handy.

This success is only and only a result of the perfect business sense that a business owner possesses. However, when this amazing business sense is combined with some expert guidance, a business can truly unleash its maximum potential. Join us in our effort to share some very useful tips for small business owners that are worth paying attention to.

Focus On Your Goals And Be Specific With Them

First and foremost, We would always suggest all entrepreneurs set their goals. It is of extreme importance to do that as, without a goal, all your plans and executions will make no sense. Considering that A goal and a plan, go hand in hand, identify what you want to achieve with your dream venture. Once you have the bigger picture, these goals should be further simplified or broken down into short term goals/objectives. These short term goals should be quantifiable as they will help you assess the growth your business has made and how much is still left to do to achieve that final, much bigger objective.

Distribute Responsibilities

It is always a good practice to delegate. Although we have seen businesses being managed single-handedly before, the fact can not be denied that dividing tasks among the team members can improve the efficiency of a business by leaps and bounds. Avoiding redundancy in the roles and responsibilities of each member makes for better use of time, resources, and money, which are extremely crucial for small business owners.

Stick To What You Excel At

Many businesses have been met with failures and bankruptcy because they tried to do too much too soon. There is no denying the fact that being ambitious is a great thing to stay motivated, however, being over-ambitious has seldom proved to be fruitful for most of the businesses, especially small-scale businesses. It is highly advisable for small businesses to stick to their niche and make the most of it rather than trying your hand at every other opportunity.

Network On Social Media Platforms

With a huge chunk of the population now presents across all social media platforms, it would be a huge mistake not to build your own social media presence. Please understand the fact that a business is highly likely to survive if it is seen and reached by a large number of consumers. The best way to do that is to let them know of your products, services and offers via social media channels.  Social media is an amazing platform to also generate sales leads for your business as people these days like to spend most of their time on their phones that even includes online commerce. You need to come up with the content that will provide value to your potential customers.

All in all, it’s always a great idea and practice to look forward to what your mentors and experienced professionals around you have to say if you own a business or looking forward to starting one. We understand that running a business of any size is a daunting task on its own and we just hope to make it a bit easier on our entrepreneurs by sharing these quick tips so that they plan out all the necessary steps they need to achieve success. 

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

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

Perform A Financial Analysis

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

Hold Hands With Digital Technology

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

Manage Crisis Like A Warrior With Crisis Management Strategy

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

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