Month: December 2020

Categories
Marketing

7 Powerful Marketing Ideas to Boost your Business in 2021

marketing ideas

The unexpected turn-out of events, involving COVID-19 is making both consumers and businesses face a new reality. As the consumers are shifting to digital platforms, taking the right action, and finding the right message that can connect your brand with the customers can be challenging.

A Gartner report suggests that ‘comfort and security are two aspects that consumer is looking for to create a protected environment for themselves and their families.’ Every ad campaign, message, and channel must evoke a feeling that will make customers buy your product.

If you are looking to revive your business in 2021, here are the best New Year Marketing Ideas to help you achieve your profit goals:

 

  1. Make a World Class Website- With the entire world shifting to digital platforms; creating a website with neat & clean design will attract customers in great numbers. Use a white background and keep the interface simple so that customers can find what they are looking for in one glance. Do not forget to mention Call-to-action!

 

  1. Track Customer`s Buying Behaviour- Consumers have become more aware and careful about where they spend their money. Hence, track what triggers them to click on your website, old patterns of purchasing, issues your customers are facing, and what makes them go to your competitor`s website. Your marketing Ideas for New Year should be based on the analysis of your customer`s data.

 

  1. Anticipatory Content- Create good content that will solve your customer`s problem. From infographics to videos, create content that is short, crisp, and sends out a clear message.

 

  1. Shift to Inbound Marketing- Ditch old & traditional marketing methods and switch to Inbound marketing. Invest in content marketing, blogging, SEO, Social Media, and PPC marketing that will improve your brand awareness. This Marketing idea will help your product reach the right customer.

 

  1. Build Your Database- The most valuable thing in today`s world is ‘database’. Collect your consumer`s details like e-mail addresses, contact numbers, interests, and their buying behavior to create personas. Build a database of your existing and prospective buyers. Invest in good CRM software and it will help you increase your sales.

 

  1. Renew your Old Data- Build new relationships with your old customers. Follow up with them but not to pitch your product, but to cultivate a relationship with them by using the 40-20-40 rule.

 

Your 40% focus should be on maintaining a relationship, while 20% should be about selling your product, and 40% on building a relationship. Whether you are an entrepreneur or wantrepreneur, following this New Year Marketing Idea can help you grow your business.

 

  1. Story Telling for Recall- Create a brand`s story that a customer will remember for a long time. A good story that creates a delightful experience in a customer`s mind will help him/her to remember your product or brand. This will help you to build customer loyalty.

New Year Marketing Ideas mentioned above will help you to outreach your customers in a more efficient way.

You can also join https://www.badabusiness.com/life-time-membership?ref_code=ArticlesLeadsto get lifetime access to our Everything About Entrepreneurship course.  Visit now!

Categories
Business motivation

5 Business Resolutions for 2021 to Start it on a Positive Note

business resolutions 2021

Congratulations on making it till now, after all, 2020 has been quite a year! From imposed lockdown to social distancing guidelines, this year is proved to be challenging for everyone, worldwide. These unprecedented times have been tough for the business world, especially for small business owners.

Many businesses began and ended the year with distinct goals, experiences, and challenges. But what does not kill us, makes us stronger, and this year has instilled survival skills in us. The COVID-19 pandemic has changed the way we think and look at our customers & our business goals.

Check out 5 new year resolution ideas for work that will help you achieve your business goals:

  1. Build a website- The first and most important business resolution for 2021 is to build a website for your business. If you are still following the traditional way of doing business, it is time to upgrade your business strategy. Make a beautiful website for your business and display your products online.

 

  1. Improve your business`s social presence- If your business is not on a social media platform, start by creating a profile. Start a business blog, Instagram profile, and be on Facebook. This will create your brand`s presence amongst the consumers. You can also interact with your customers and build a relationship with them.

 

  1. Be More Productive and focused- If you have been putting off to come up with your start-up for a long time, this New Year resolution for business will help you become more focused and productive. Try to manage your time more efficiently by channeling your focus on more productive actions. This one step will bring you closer to your business goals for the new year.

 

  1. Go mobile-friendly- According to a report by McKinsey, ‘India`s internet user base has grown rapidly in recent years, due to the decreasing cost and increasing availability of smartphones and fast internet speed and is now one of the fastest in the world’. Hence, make your business website mobile-friendly to build a strong customer reach.

 

  1. Manage cash-flow more efficiently- This is an important business resolution for 2021 for entrepreneurs who have been taking care of their funds drastically. If you are planning to expand your business and workflow, it is advisable to take the wheel back into your hands. If you are bad at managing finances, you can take a professional`s help.

 

We hope you are ready to welcome 2021 with the aforementioned New Year resolutions for your business on a positive note. If you want to grow your business and looking for creative problem-solving solutions, you can visit https://www.badabusiness.com/psc?ref_code=ArticlesLeads

You can also join  https://www.badabusiness.com/life-time-membership?ref_code=ArticlesLeads  to get lifetime access to our Everything About Entrepreneurship course.  Visit now!

Categories
MSME

Human Resource Management: 5 Tips for Small Businesses to Efficiently Manage Employees

Human Resource Management| Representational Image (Photo Credits: Pixabay)
Human Resource Management| Representational Image (Photo Credits: Pixabay)

A dedicated and hardworking team of employees is important for any business organisation to succeed. Human Resource (HR) is as important as financial resources for the well being of the business. Firms are advised to take good and proper care of their employees and keep them motivated to strive for the best results. A positive working environment also increases the productivity of the employees. Skilled, trained and industrious workforce can help the business move swiftly through difficult times with limited financial resources. It is therefore, highly crucial to hire and retain efficient employees. 4 Successful Tips to Run Discounts & Special Offers For Your Business Ahead of Christmas 2020 & New Year.

Businesses should also lend a patient listening ear to the employees. They should feel valued. Owners need to understand the grievances of the employees and provide quick and satisfying redressal to them. Here are some tips for small businesses to follow to manage human resources at work :

Offering Adequate Compensation

One of the biggest motivator to work is the financial incentives. Employees should be paid adequate compensation matching the level of efforts they put in the work. The remuneration should be at industry levels and on a similar range to that offered by competitors. Offering attractive benefits like health insurance, family insurance, gratuity benefits among others are  also helpful in  persuading talented people to join the business and stay.

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Ensuring Employee Safety

Most firms over look employee safety at workplace. But reports of workplace hazards and accidents are not uncommon. Such incidents reduce the morale of the employees and they even tend to quit the job. Employee safety is the utmost responsibility of the business owner. The businesses’ should continuously assess the risks, put controls in place and ensure that everyone follows the safety rules. National Startup Awards 2021: DPIIT Invites Entries to Reward Outstanding Startups; Know Eligibility, Prize and How to Register Online at startupindia.gov.in.

Resolving Conflicts

Another important way to encourage employees to perform better is by providing quick redressal of their complains and conflicts. Understanding and listening to employee’s issue gives them confidence in the firm and they feel valued. Owners should also encourage the employees to speak up. They should acknowledge that a difficult situation exists and let employees express their feelings. Quick actions on the complaints should be provided with monitoring and follow-ups.

Give Proper Feedback and Appraisal

Small businesses should make sure to give continuous and helpful feedback and appraisal to the employees. They should appreciate the good work done and provide constructive criticism if their performance is not up to the mark. Owners should also set performance goals and award employees who meet them.

Follow Clear Employment Policies

The business should formulate and follow clear employment policies. These should be applicable to all the employees alike without any discrimination. These should include proper and detailed hiring and retention process, compensation packages, career path of the employees and other related aspects. The employee should also be communicated about these policies clearly. Following a set of rules and regulations, increases confidence in the employees.

Businesses can not solely function on the financial resources. Human resources are an equally important component in the success journey of the business. The small businesses should therefore, make sure that their employees are treated well and work to the best of their capacity.

 

 

 

Categories
Startup

Loan App Scams: RBI Cautions Against Loans Offered by Unauthorised Platforms, Apps, Here’s How People Can Avoid Falling Prey to it

Scam
Scam (Representational Image) (Photo Credits: Pixabay.com)

Mumbai, December 25: Loan app scams have surfaced lately and a result of which, RBI cautioned people asking them to be careful. Loans are being offered by unauthorised digital platforms, mobile applications promising a quick and hassle-free process.

RBI Cautions People Against Loans Being Offered by Unauthorised Platforms, Apps Promising Quick & Hassle-Free Approach

Several individuals/small businesses have fallen prey to the growing number of unauthorised digital lending platforms, Mobile Apps on promises of getting loans.

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Here’s what the scam is:

Loans are being offered by unauthorised digital platforms, mobile applications promising a quick and hassle-free process. Excessive rates of interest and additional hidden charges are being demanded from borrowers. This also follows high-handed recovery methods are being done.

Several unauthorised apps are involved in the scam, to name a few would be-Hey Fish, Monkey cash, Cash Elephant, Loan Zone, Cash Zone, Water Elephant, Mera Loan. Some instant personal loan apps involved were are Cash Mama, Loan zone and Dhana Dhan.

Here’s how people can avoid falling prey to such scams:

  • Don’t share copies of KYC documents with unidentified persons, unverified/unauthorised Apps
  • Fraudulent activities can be reported to law enforcement agencies or RBI’s Sachet portal (https://sachet.rbi.org.in)

    It is very important for people to be careful and as fraudsters are always finding ways to dupe people.

 

 

Categories
MSME

SMEs Shifted Towards Online Marketplace to Cope-Up with COVID-19 Pandemic, Says Report

SMEs adopted digital platforms to cope up with COVID-19| Representational Image (Photo Credits: Pixabay)
SMEs adopted digital platforms to cope up with COVID-19| Representational Image (Photo Credits: Pixabay)

Various businesses suffered huge losses this year owing to the COVID-19 outbreak and the consequent lockdown. All the economic activities, expect for essential items, came to a standstill. However, many businesses did find an alternate route to keep going – the online business platform. Firms increasingly took their businesses online and avoided the traditional physical marketplace. Small and Medium enterprises also entered the digital business spectrum. According to a survey report by CRISIL, smaller enterprises have shown a “big digital shift” to shore up sales in pandemic times. National Startup Awards 2021: DPIIT Invites Entries to Reward Outstanding Startups; Know Eligibility, Prize and How to Register Online at startupindia.gov.in.

The survey was undertaken in November with the aim to find out the level of change in digital activities and access of the small businesses owing to the COVID-19 pandemic. The survey concluded that, the adoption of digital sales channels among micro and small enterprises (MSEs) has increased significantly since the COVID-19 pandemic struck. According to the survey by CRISIL, around 60 per cent of the respondents adopting digital selling said it helped them weather the pandemic-induced stress, while the rest said it boosted sales. 5 Auspicious Dates in January 2021 to Kick-Start a Startup!

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“These respondents were also more positive about their near-term business situation compared with those that didn’t take the digital route,” said Bhushan Parekh, Director, CRISIL. “About 29 per cent of the MSEs surveyed were using digital sales channels such as online aggregators or market places, social media, and mobile marketing before the pandemic struck,” added Parekh.

“That number has shot up to 53 per cent among small enterprises and 47 per cent among micro enterprises as of November. Despite their limitations, micro enterprises are not very far from small enterprises in digital adoption. Also, many more are now saying they will take the digital route soon,” he said. “This underscores the fact that increasing digitalisation enlarges the footprint of MSEs, helping them tap newer markets and improving their access to credit,” said CRISIL’s director.

In the manufacturing industry, SMEs belonging to gems, jewellery and textile sector recorded the maximum improvement, as per the survey. Textile SMEs showed a massive jump of 38 percentage points in adoption of digital channels. Adoption in pharmaceuticals was unchanged at 29 per cent because of relatively higher offline demand during the COVID-19 pandemic.

Categories
Startup

National Startup Awards 2021: DPIIT Invites Entries to Reward Outstanding Startups; Know Eligibility, Prize and How to Register Online at startupindia.gov.in

Startup
Startup

The Department for Promotion of Industry and Internal Trade (DPIIT) has launched the second edition of the National Startup Awards (NSA) 2021 and have called for entries to reward the outstanding startups. This initiative by the DPIIT aims to acknowledge  the efforts, initiatives and resilience demonstrated by the startups over the period of unprecedent challenges during the pandemic.

This year, additional categories have been introduced to NSA 2021. The NSA aims to recognise innovations focussed towards indigenisation of key products essential for realisation of an Atmanirbhar Bharat.

Here’s How to Apply for National Startup Awards (NSA), Eligibility and More

  1. Startups can register for the National Startup Awards (NSA) 2021 on www.startupindia.gov.in. The applications for the awards are open till January 31, 2021.
  2. The awards for startups will be given in 49 areas classified into 15 broad sectors. The 15 sectors are Agriculture, Animal Husbandry, Drinking Water, Education and Skill Development, Energy, Enterprise Systems, Environment, FinTech, Food Processing, Health and Wellness, Industry 4.0, Security, Space, Transport and Travel.
  3. In addition, there are six special awards for startups from educational institutions, making impact in rural areas, women entrepreneurs, potential for import substitution, innovation for combatting COVID-19 and content delivery in Indic languages. It will also reward exceptional incubator and accelerator as key building blocks of a robust startup ecosystem.
  4. All the other details of the application process may be seen at www.startupindia.gov.in.

Awards for National Startup Awards (NSA) 2021:

  1. A cash prize of Rs 15 lakh each will be awarded to one winning incubator and one winning accelerator as well.
  2. A cash prize of Rs 5 lakh each will be awarded to the winning startup in each area.
  3. The winner and two runners up will also be given opportunities to present their solutions to relevant public authorities and corporates for potential pilot projects and work orders.
  4. They will also be given priority for participation in various national and international startup events. Click Here for more details on awards.

DPIIT had initiated the first ever National Startup Awards in 2019 with a view to recognize and reward outstanding startups and ecosystem enablers that are building innovative products or solutions and scalable enterprises, with high potential of employment generation or wealth creation, demonstrating measurable social impact. Taking forward the overwhelming success of the first edition of NSA, DPIITnow announces the launch of second National Startup Awards 2021.

Categories
MSME Sales Startup Strategy

4 Successful Tips to Run Discounts & Special Offers For Your Business Ahead of Christmas 2020 & New Year

Discounts, Special Offer
Discounts, Special Offer (Photo Credits: Pixabay)

Mumbai, December 24: 2020 was an extremely difficult year for most sectors due to the lockdown amid the coronavirus outbreak. However, towards the latter end of the year, green shoots of recovery were seen as the economy started to open up.

So far, the festivals have been lacklustre in India because of several other factors, including people not willing to spend on unnecessary things. However, the sentiment has picked up and there is a momentum in sales as we approach the year-end.

If you have an online business or a store, then you can offer some discounts to entice your customers for Christmas and New Year. However, promotions and discounts should be given in such a manner, so that they don’t eat up the profit margin and help you in increasing sales.

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Define your objective: 

Before you start any promotional offer, you should define the objective. What is the purpose of running this sales offer? Is it to get new customers or target the existing customers? Is it to increase sales or hook them to your brand. Be clear in your head with these answers.

Should have a fixed timeline:

Sales, discounts and any offers should be there for only a limited time period. The promotion of your brand should clearly mention the start time and the end time.

Market well:

If you are running a sale and your customers are not only aware of it, then the entire purpose fails. Therefore, make sure to advertise your promotional offers, incentives properly. Promote the news of your sales on social media. Spend money to run promotional campaigns and target audience based on your location and TG.

Track Your Results:

After any campaign, it is very important to track your results. This will help you to understand your customer behaviour, which segments are responding better to your campaigns or which type of campaigns are more effective. You need to study the results and this will help you to run your next campaign

We hope that these tips will come in handy for your business and you run successful marketing campaigns.

 

Categories
Business motivation

Top 3 Christmas & New year Business Ideas to Start Now!

Christmas and New year business ideas

Planning to start your own business in 2021? Christmas and New Year is the best time to transform your idea into a beautiful reality. However, it is essential to take the new normal into account.

There are plenty of factors that make Christmas 2020 & New Year 2021 immensely special due to the challenging times that we have faced this year. Although the world prayed for the current situation to get better, the festival of Christmas brings a ray of hope and happiness to brighten up our lives.

 

Most of the people take a break from their monotonous routine to celebrate it with their family. However, this day also offers several opportunities to start your own business. If you can create an exceptional experience with customers, we have a list of creative holiday business ideas for you.

 

Check out these small business ideas that you can start with a little spin to make money during this holiday season:

  1. Virtual Party Planner- Considering the current scenario, most people will avoid traveling due to the Covid-19 pandemic. Become a virtual party planner and help families by suggesting fun ways to plan and coordinate amazing get-togethers on video calls. Let your imagination go wild and come out with exciting games that can be played remotely.

 

  1. Designer Crafts & Gifts Baskets- Christmas is all about exchanging gifts. If you enjoy making someone`s day special, selling your personalized holiday gifts online can be a unique new year business idea. You can also focus on decorated gift baskets with different themes.

 

  1. Flower Decorator- Becoming a flower decorator is another great small business idea as people look for good quality flower arrangements. If you have the right skill, creative mindset, and adequate knowledge, it is the perfect time to start your own business.

 

Starting a business might seem daunting at first, but if you have a unique Christmas or New Year business idea, then without wasting any further time, execute it with smart business strategies.

Want to know about key business strategies that can help you set up a start-up? Visit http://www.badabusiness.com You can find premium online business courses explained in layman`s language. https://www.badabusiness.com/psc Visit now!

Categories
Finance

5 Most Common ITR Filing Mistakes You Should Avoid!

income tax return filing

The year 2020 did not start on a good note, however, for taxpayers; there is a piece of great news. The deadline to file your Income Tax Return (ITR return) for FY 2019-20 has been extended to December 31, 2020, from the earlier deadline of November 30, 2020.

As the extended ITR return on the last date must have given the taxpayers some respite, the deadline to file your ITR return is fast approaching. As the taxpayers gear up to file for their ITR, we would like to point out five mistakes that can prove costly for you.

Here are 5 mistakes you must avoid while filing for your ITR return:

1. Not Filling Correct Bank Details

While filing an ITR return, a taxpayer is required to list out all the bank-related details. Make sure that you enter the correct name of your bank, account number, IFSC & MICR code while filing ITR returns online. Along with bank details, your details for communication should also be correct. The income tax department communicates through email and mobile phone. Hence, double-check all the required details.

2. Not Disclosing Every Bank Account Details

Not disclosing all the bank’s account details while filing an ITR return is the biggest mistake you can commit. All the details regarding your accounts in multiple banks need to be disclosed. Not disclosing that information is illegal. Thus, if you have multiple accounts in your name in different banks, you must disclose the information while filing ITR return online.

3. Not reporting incomes from investments

A taxpayer needs to report all the income from investments such as interest gained from fixed deposits (FDs), capital gains from mutual funds, or any other such assets. Most people generally forget to report interest received from their savings account in banks, recurring deposits, fixed deposits, etc.

4. Mismatch Income Form 26AS and TDS certificates

For employed taxpayers- Form 26AS is very essential and one should be careful while filing ITR. One little mistake can lead you to payment issues later. Keep all TDS certificates like Form 16, bank interest certificates Form 16A, TDS certificate from the sale of property-Form 16B. Also, check whether the correct TDS has been deducted against the PAN mentioned in the 26AS form.

5. Not Verifying ITR Return Online

Last but not least! It is important to verify your ITR return online to complete the process. You can verify your ITR return file via Net Banking, De-mat Account, Aadhar no., and bank account details. You can check your ITR return status online.
Keep the above-mentioned points in mind and ensure that you fill in all the necessary details carefully to avoid any future hassles.

Categories
Business motivation

Converting risk into opportunity: 3 Sectors that May See Massive Growth in Post Covid-19 Era!

Converting risk into opportunity

The Indian economy has taken a blow, due to the Covid-19 pandemic. But some sectors have converted this threat into a lifetime opportunity. The companies are fighting for their survival challenges; however, the current job market is expected to see immense growth post-COVID era.

Even though the economy is witnessing a slow recovery, few sectors are expected to perform better shortly. This will have a deep and positive impact on the job market in India and might also help to minimize the current lay-off scenario.

Following are the top 3 sectors that will be offering opportunities for both the professionals and entrepreneurs who are looking to target the segmented market:

Digital & Technology: The course of the pandemic has changed the dynamics of the way we work. Most people are now working from home which has made digital medium paramount. Whether it is entertainment, education, work, or business, online platforms have seen a boost.

The huge demand for meetings over video calls has inspired the platforms to come-up with innovative features. Entrepreneurs and job professionals can find ample jobs and career opportunities despite after covid-19 pandemic.

FMCG & Retail: If there is one sector that has seen growth during the pandemic times, it is FMCG & retail sector.  During the lockdown, consumers opted for eating home-cooked food. Consumer behavior shifted from eating outdoors to indoors. The continuous confusion among the consumers heightened the need for healthy food and essential supplies.

Multiple brands have launched new products in the food and healthcare categories to increase their distribution reach. From big to small, the food-based retail chains have emerged as clear winners. This sector will see many opportunities in the current job market.

Healthcare Sector: Despite facing the hardships owing to the lockdown, this sector is going to see immense growth in the aftermath of the pandemic. The importance of health investment is realized all across the world. Demand for PPE kits, masks, and sanitizers has seen a rise.

Many companies are using this opportunity by introducing a different segment of the product mix. While new brands are trying to mint the situation, established brands that have earned the trust of their customers over the years are leading through this rat race. Thus, we can hopefully expect increased jobs and business opportunities in this sector.

Difficulties of your life are not the dead ends; they are just the sweet bends. So, look for opportunities in the sectors that are faring better. It would be a smart move!