Month: October 2020

Categories
Startup

Top 5 Survival Tips for Manufacturers in 2020

With the help of an e-commerce site route to becoming a small business, a manufacturer has begun to turn accessible and has seen tremendous growth. With changing time, manufacturing business owners have had to experience a fair share of challenges and opportunities in the past few years.

Due to COVID-19, the small business and manufacturing industry have been affected hard. So, business owners are stepping back and strategizing the whole plan to work out their business. Therefore, business owners need to have survival tips aimed to help you face the challenges.

Use Your Supply Chain Smartly

The supply chain is one most crucial factor for manufacturing business. You need to align your chain with business because, due to operating pressure, juggling multiple suppliers, and many other factors can make you lose the track.

Once you structure your supply chain, it will easy to achieve the strategic goal, operating efficiency, reduction of operational cost, and customer satisfaction with loyalty. You can leverage technology to gain an advantage.

Keep Working on Your Product

Keep innovating your product is a sign of a good manufacturer. When you use the little creativity and out-of-the-box thinking, it will help you and your company have a long way to go. The success depends on the mindset you invest in new technology and how good you evolve your product.

Quality Matters

Quality always matters above the quantity. Therefore, you need to work on quality improvement, their first time through rare to reduce scrap and rework. When you get made right at the first go, then you will increase your productivity and reduce your rework cost significantly. We suggest you do a detailed action plan to improve the quality of the components you produce.

Give Importance to Workforce

With everything giving significant importance of the workforce is a priority because a lack of skilled workers will impact your ability to meet your demand customer needs. So, make sure you have skilled labors who understand your product understanding in terms of making and quality with zeal to learn something new for improvement of the product.

Therefore, start making time for regular assessment, invest in the training and skills enhancement. Most importantly, have a positive culture in your company.

Have Customer Engagement

An effective marketing strategy is a high priority for any business, especially for the manufacturer. Whenever customer research and evaluate manufacturers, they notice several different factories like your website, market presence, brand strength, and social media. To enhance customer engagement, learn and use more about SEO to improve your website visibility and let customers interact with you on social media platforms.

There are many more tips which you need to consider, but you don’t have to take it all in one go. As we said before, take baby steps towards the success of your business.  The relation built with your customer. Employees and suppliers are significant, and always need to balance it for better results. Because combination all only makes the company successful. Therefore, note down give the top 5 tips which are beneficial for you and the growth of your company. Don’t forget to use the right technology for more growth.

 

 

 

Categories
Startup

Startups That Have Independent Directors On Their Board Benefit From the Mediation Role Played by Them During VC-Founder Rift: Study

Startup (Representational Image Only, Photo Credits: NeedPix.com)

New Delhi, October 5: Startups that have independent directors on their board benefit from the mediation role played by them, according to a working paper by Michael Ewens and Nadya Malenko for the US National Bureau of Economic Research. However, they are not legally obliged to have independent directors on their boards.

According to a Livemint report, studying a sample of 7,200 VC-backed startups in the US, the researchers reported that at the first financing, a startup board has three members, with most of the power vested in the entrepreneurs. However, in the successive rounds of financing, the power and control shift from the entrepreneur to the VC.

The authors found out that the board of an average startup has two seats held by VCs, 1.7 by entrepreneurs, and 0.8 by independent directors. As the investors take up the role of monitoring and advisory in startups, the role of the independent directors is more of a tie-breaker in case of disagreement.

However, the authors have also highlighted that this mediating role played by the independent director may not produce the most optimal outcome. It further observed that the bargaining power of VCs in comparison to entrepreneurs in startups has reduced over the course of time due to the deregulation of private equity markets and the entry of non-traditional investors.

Categories
MSME

MSMEs Take Centre Stage This Festive Season 2020 as Over 1 Lakh Local Shops, Kiranas And Neighbourhood Stores Gear Up to Sell on Amazon

Amazon (Photo Credits: Twitter)

Bangalore, October 5: As India gets ready for the festive season, Amazon India on Sunday said that more than 1 lakh “Amazon-enabled” local shops, kiranas and neighbourhood stores will be serving customers this year. The company further mentioned that over 20,000 offline retailers, kiranas and local shops will be participating for the first time in the company’s biggest annual sale Great Indian Festival.

“This festive season we are focused on helping our sellers and other MSME partners grow their business and bounce back from the recent challenges…The integration of Amazon’s programs with 100,000+ ubiquitous neighbourhood stores – for selling online, to help customers buy online, to make deliveries and enable contactless payments – is a testament of the adaptability and inventiveness of Indian entrepreneurs,” said Manish Tiwary, VP – Amazon India.

The programme is among a string of initiatives by Amazon such as Amazon Easy (to help local entrepreneurs set up stores), I Have Space (for Kirana stores with additional storage space for Amazon packages and sufficient manpower to deliver them in two-three km radius of their stores), Amazon Pay Smart Stores (to enable digital storefront, contactless payments, and reward coupons to customers) etc., catering to micro and small business sellers.

Recently, digital payments startup for merchants BharatPe said that it is gearing up for loan disbursals ahead of the festive season as it expects MSME sector to revive soon. Even though we are in the middle of the coronavirus pandemic and the total cases continue to rise

Categories
Business motivation

Crucial Tips To Launch A Successful Business

Business Idea
Business Idea

It is said that it is better to be safe than sorry later and we strongly agree. Starting a business is one hell of a task that has the potential to make even the best of the lot anxious and nervous enough to make mistakes. This article is intended to be a manifestation of our efforts to help the entrepreneurs with some business tips that could help them take the required decisions with utmost confidence and sincerity.

Your ambitious dream project will need the best of everything that you have got, be it a perfect idea, your work ethics, the skillset, confidence, or perseverance. Once you figure out the balance between all these factors and support them with some important business tips, no one can stop you from becoming successful.

Be A Sponge that Soaks In All The Knowledge

From the moment you think of an idea of starting your own business, consciously or unconsciously, you tend to observe every little thing that revolves around that idea. This is a  habit that needs to be developed as it helps you conduct productive research around your niche. Now that you know this is an important and basic step to follow, make a conscious effort to talk to the market experts, your mentors, your friends, and your family. Hear what they have to say and pay attention to everything that could make your business launch successfully and stay afloat in the future.

Solve A Burning Problem

What business idea according to you has a brighter future; the one that you have always wanted to do or the one that actually solves a busting problem of society? Although it is important to step into something that has your interest and it’s the most important that the product you develop actually solves a problem. Don’t try to become an ordinary salesman, but aim to become a problem solver. This will have you spend a good amount of valuable time into thinking about what should be your niche. What is that one business idea through which you can serve society as well as fulfill your dream?

Too Many Experts Spoil The Broth

We are all aware of this saying which means when too many people try and work on the same task, things tend to go haywire. Similarly, when as a new and inexperienced business owner, you introduce many features and products at once, it generally confuses the public and complicates your business management. To avoid the whole fiasco that could shatter your dreams, we would highly recommend you to write down all the services/products that you want to offer and narrow down one of the many that will help you get identified in the market by strengthening your presence.

Make That Money Work In Your Favour

It’s good to count your blessings but even more important to count those coins when it comes to preparing a budget for your business. When you are done researching the business that you want to set foot in, you should now look at all possible expenditures that will come your way. Calculate all the expenses and increase the amount four-folds. Yes, Four folds because there is much that you will miss out on and it’s always a better option to be over-prepared than to run short on funds once you are on the battlefield.

No matter how amazing a pan to roll out, it’s highly unlikely that events will unfold the same way you had planned. All you can do is to stay wary of all things important for successfully setting and operating a business. We hope that the tips we have shared with you will help you widen your horizon and will push you to see things from a different perspective.

Categories
Startup

Starting a Business After Retirement? Here Are Interesting Business Ideas That Retirees Should Consider

Retirement (Photo Credits: Unsplash)

We know that there is no age for trying something new! In the same way, there is no age-limit to start a new business and give wings to your dreams. There are things that we love to do and things that we just wish we could! However, in this fast moving world, we hardly get any time for ourselves as we are caught up by our jobs and our daily chores. Once a person retires, the individual usually has a lot of free time and can take up a lot of things to earn and make money even after retirement.

Retiring from service after years of hardworking must really be a noteworthy feeling. While some wait for their retirement age so that they can relax for the rest of the time, some are of the opinion that a life with absolutely zero activity would drive us absolutely nuts!

Even after retirement, people can take up businesses that inspire them or the ones they always thought of doing in the youth. If you are a workaholic and want to try on something that you are passionate about, here are 5 best after retirement business ideas for retirees.

Start Blogging, Write Books

If writing is what you love the most, blogging or writing is the best business idea for you! If you can pour your heart off and are fond of writing, this is the best time to gather all ideas and pen it down. All the ideas and write ups you have had over these years can be published as a book. Who knows, it could be the next best seller or the blog might get famous like a dream come true!

Become a Trainer in Skills

Use all your experience and help others with your knowledge. All the work experience you have gathered all these years, use it wisely in imparting the tricks and training people who are new to the field. If you have been at your best in your work while you were at service, you can share your expertise with others through training.

Financial Advisor

People who retire have actually lived life and experienced the swings in the market. They precisely know how the market functions and what decisions are to be taken when you are financially burdened. If you have managed your finances properly during your work life, you can become financial advisor and help people to effectively use and invest money. Don’t let the experience go in vain!

Take up Teaching

Teaching can be an option for people who have the mastery in explaining things to people. Retirees who enjoy working with young people, might enjoy being a teacher and mingle with students. Universities sometimes hire teachers who have practical experience about the subject so that they can provide realistic ground-level information along with theory knowledge. You can be a personal academic tutor too.

Open an Eatery or Sell Home Made Foods

If you love cooking and if you have the trick to tickle the taste buds, you should think of starting up a startup that serves people with delicious food. Cooking is fun, and you can make this fun-loving hobby as your business. Give it a thought, you are assured of making profit in food-related businesses.

Painting/Interior Decorating

If you have a creative ideas running in your mind, painting or interior designing is just your thing! If you have an eye for colour, good attention to detail why not consider painting or interior decorating as a retirement business and share your creative skills with the world?

If you are planning to start a business after you retire, asked yourself, “Should I be starting a business?”. The answer solely depends on your goals, personality, and retirement income needs. Just keep one thing in mind, there are plenty of benefits to starting a business in retirement!

Categories
Technology

Microsoft to End Its 20-Year-Old Open License Programme for SMBs From January 1, 2022

Microsoft (Photo Credits: Pixabay)

New Delhi, October 2: In a bid to help small and medium-sized  businesses (SMBs), Microsoft has announced to end its 20-year-old Open License programme from January 1, 2022. The SMBs organisations can continue to renew and purchase new software licenses, software assurance and online services through the Open License programme until December 31, 2021. In an update on Friday, the tech giant said, “As of January 1, 2022, commercial customers won’t be able to buy new or renew software licenses or online services through the Microsoft Open License programme”.

Microsoft added that new license-only purchases should be transacted through partners in the Cloud Solution Provider programme. The Microsoft Open License programme was created over 20 years ago for small and midsized customers to buy multiple perpetual software licenses at a volume price. According to a report by IANS, Microsoft said it is taking a significant step to simplify licensing by introducing perpetual software license purchases through the new commerce experience, as part of its Cloud Solution Provider programme for partners, with a target availability date of January 2021.

“Small and midsize customers will benefit from a simplified approach and greater flexibility in how you purchase software licenses in a way that’s easy to understand, that directly improves licensing asset management, and with predictable costs,” the company said. Some companies may have purchased “tokens” to use Microsoft’s online services. Those tokens will remain “active for five years from the purchase date,” Microsoft said. The firm added that it is committed to support every organisation wherever they are in their digital transformation journey.

Microsoft Cloud Solution Provider (CSP) partners will offer perpetual licenses after the end of the Open License programme. Perpetual licenses are pay-once, non-subscription licenses that don’t expire.

Categories
Business motivation

BharatPe Gears Up For Loan Disbursal as It Expects SMEs to Bounce Back Ahead of Festive Season 2020 Amid COVID-19 Pandemic

Currency (Photo Credits: Pixabay) Representational Image

Mumbai, October 2: BharatPe is gearing up for loan disbursal ahead of the festive season as it believes that the MSME sector will revive soon. The company announced that it has already disbursed loans to the tune of Rs 150 crore in the ongoing quarter with the help of its partners and it has thus become the top fintech lender for merchants in the pandemic.

The Small and medium-sized retail businesses are prepping up and gearing for the upcoming festive season. This surely comes as a ray of hope amid the gloom in the market amid the coronavirus pandemic.

BharatPe in September alone recorded over Rs 80 crore in disbursement and it targets disbursing Rs 1,000 crore in the rest of the FY21. It has plans of ramping up the loans disbursal figure by seven times this year, according to the Financial Express report.

Taking full advantage of this time, the company also plans to focus on launching new products for merchants with an aim to help their business grow. BharatPe currently allows loans in the range of Rs 20,000 to Rs 7 lakhs for up to 15 months tenure. The merchants can repay the loan amount in the form of small daily or weekly instalments.

Categories
Finance

GST: Businesses Not Ready With E-invoicing Will Get 30-Day Grace Period, Here’s How E-Invoicing Will Lead to Improvement in Overall Business Efficiency

good and service tax
GST (Photo Credits: Wikimedia Commons)

Mumbai, October 1: The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday announced a 30 day grace period for those businesses which are not yet ready for GST e-invoicing.

In a notification on Wednesday evening, CBIC noted that even after more than nine months of the first notification in this regard, some of these taxpayers having aggregate turnover of Rs 500 crore and above are still not ready.

According to an IANS update, the notification said, “In case a registered person has issued an invoice dated October 3, 2020, without obtaining IRNA but reports the details of such invoice to IRP and obtains the IRN of the invoice on or before 2nd November 2020 then it shall be deemed that the provisions of rule 48 (5) of the CGST Rules, 2017 are complied with and the penalty imposable under section 122 of the CGST Act, 2017 shall also stand waived.”

E-invoicing essentially involves reporting details of specified GST documents to a government-notified portal and obtaining a reference number. According to reports, the corporates, experts had strongly advocated postponement.

How will e-invoicing help?

Use of e-invoicing will make filing the returns easier as all the information will be auto-populated. It will also facilitate standardisation and inter-operability, leading to reduction of disputes among transacting parties. There will also be an improvement of payment cycles, and reduction of processing costs, which will lead to the improvement in the overall business efficiency.

Categories
Technology

Google India to Launch ‘Namaste Digital’ Show on Doordarshan to Empower SMBs by Helping Them to Use Internet to Grow Their Business

Google (Photo Credits: Pexels)

New Delhi, October 1: As a part of its new multi-pronged effort to help small and medium-sized businesses (SMBs), Google India said that it will launch a new show in partnership with Doordarshan called ‘Namaste Digital’ to navigate the challenging economic environment. The ‘Namaste Digital’ show aims to serve as a mass media programme for SMBs to learn about the Internet and help them grow their business. According to a report by IANS, the tech giant’s the new initiative will focus on accelerating the efforts to help businesses build digital presence in partnership with software development company Zoho and payment gateway Instamojo.

Building on its effort to help consumers discover small businesses on Google search and maps and keeping the needs of different businesses in mind, Google has also partnered with delivery services providers Dunzo and Swiggy to fast track the on-boarding process. Both partners have committed to provide additional support to small businesses to start accepting orders online and enable delivery logistics. Under the new initiative, small businesses will be able to create business websites using Zoho inventory and sell online through Zoho Commerce for free till March 31, 2021. Instamojo on the other hand is offering a six-month free subscription to its “Premium Online Store Solution.”

SMBs can also avail Dunzo’s 24×7 merchant support for free with zero sign-up fees and instant registration and can make use of Swiggy’s seven days “Fast track Onboarding”. All these will be available for SMBs on “Grow with Google Small Business” hub in India which was launched in July this year.

Shalini Girish, Customer Solutions Director at Google India, said in a statement that today, the need to go digital is a necessity and SMBs are hard-pressed to digitise fast. “We need to do everything we can to handhold millions of small businesses in their digital-transformation journey and support business recovery during the current crisis”, she added. Adding further, she said that the needs of small businesses differ across the country and we are partnering with the industry leaders to offer more support to help small businesses go digital.

The ‘Namaste Digital’ Initiative:

  1. The new initiative builds on the “Grow with Google Small Business hub” effort. It is in direct response to the feedback received from small medium businesses captured in the Google-Kantar small business tracker research conducted in July.
  2. According to the report, customer related challenges tops the list for small businesses, with 92 per cent businesses facing customer related challenges, revenue loss due to low demand and payment of fixed costs are the other most severe challenges among businesses.
  3. The report also highlights that businesses are seeing the benefits of going digital, and today 5 out of 10 businesses are using digital channels to engage their customers compared to just 4 in 10 in April.
  4. In addition to providing support to go digital, Google India is also investing in efforts to scale its outreach to help small businesses learn to use digital tools in local Indian languages.

As part of this effort, Google has worked closely with Federation of Indian Chambers of Commerce & Industry (FICCI) to drive an industry wide skilling program which has already trained 1.2 million individuals.