Month: December 2020

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Strategy

7 Successful Business Strategies to Help your Business Grow

7 business stretagies

Growth is fundamental for any business`s existence and survival. According to a study conducted in 2017 by IBM Institute for Business Value & Oxford Economics published in Forbes, around 90% of Indian start-ups fail due to lack of innovation, technology, and unique business models.

Although these numbers are more or less the same across most industries, the data highlights the importance of a growth strategy in a business.

Check out 7 key business strategies that will help you grow your business:

 

Bring PPT in Repeatable Business Model

If you think PPT is an abbreviation for PowerPoint, think again. PPT here stands for People Process Technology. Every successful business has a competent team that is process and technology-oriented.

  1. a) PEOPLE- A successful company makes a profit with the help of an efficient team that is a process as well as technology-oriented. Hence, hire people who work on processes and are technologically driven.
  2. b) PROCESS- A business strategy that is accurate, consistent, and efficient is required to run any organization smoothly. Your business model should give accurate results, persistently at a rapid speed.
  3. c) TECHNOLOGY- As technology is getting advanced with each passing day, constructive use of it can take your business to a large scale. A technology-driven business strategy can help you achieve your goals at a great speed with less manpower.

Make RBG Dashboard

‘A dashboard needs to be in the light, focused on K`s in the Key Performance Indicator (KPI)’. Make a dashboard to review the performances of every department in your company. Ensure that every employee in your department is aware of his job role and goals. This business strategy will help you keep a record of every department along with their performances.

CGP Safety Trinity

Cash, Growth & Profit! The combination of these three factors can help to grow your business. Hence, it is very important to see the CGP data for the current month, last quarter, and year to date to come up with a successful business strategy.

Form a CEO`s Team

It’s never a 100 meter-dash, running a business is a marathon. When there are multiple things on your mind, it is hard to focus on growth. Thus, pick up your key performers and make a team that can manage the office in your absence. They can attend meetings, do planning, resourcing, and can also manage the workplace. This way, you can focus on growth, make innovative strategies, and come up with future business opportunities.

Invest in a Good Productivity Tracker

A productivity tracker is an excellent way to keep track and boost the productivity of your employees. It detects and analyzes distractions that may interfere with work.

Reports generated through a productivity tracker can help identify potential productivity issues, increase productivity, employee performance, and allow real-time monitoring.

Main thing v/s Multiple Things

Multiple things take away too much time and can push you off the main goal. Thus, create a ‘things-to-do’ list with important things placed on top and less important things at the bottom.  A successful business strategy is to stay focused on the main activity, execute the plan, and finish it on time to drive results.

Restructuring the Business Model

Passive income is a must, because you may retire, but your money will never retire! Passive income will help you generate business from anywhere and anytime. Hence, restructuring your business model is important to grow your income.

Many businesses do not sustain in the long run in the absence of a successful business strategy. If you want to grow your business read about our problem solving courses that are available on our website.

Categories
MSME Startup

Kisan Diwas 2020: Here Are 4 Agriculture Business Ideas Which You Can Start in 2021

Organic Farming
Organic Farming (Photo Credits: Pixabay)

Mumbai, December 23: The coronavirus crisis has impacted all sectors across the world, but agriculture continues to be one of the most evergreen sectors. The best part is you can start your agriculture business with low, medium and large investments, depending on your budget.

You can start any agriculture-related business and earn a good income out of it. This sector has also witnessed huge changes thanks to technology which has improved efficiency. Earlier this sector used to depend much on the climate for its flourishment but with the introduction of technology and science, the agricultural business has also has witnessed huge development.

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On the occasion of Kisan Diwas 2020, we have listed 4 agriculture business ideas which you can start in 2021:

Mushroom Farming: Mushroom business is very profitable. It can be started with low investment and it requires less space also. Mushrooms today have become a popular ingredient that forms a part of different cuisines.

Fertilizer Distribution: This is another business which you can get into. Here, you have to plan and buy fertilizers from big cities and sell them to rural areas.

Dry Flower Business: This is another business, which you can start as dry flowers have been becoming extremely popular. Demand has increased for dried flowers over the past few years, as more people discover easy and fun DIY challenges.

Organic Vegetables: This is a profitable business as people have been increasingly purchasing organic vegetables because of health benefit.

We hope that these ideas come in handy if you are planning to invest in this sector in 2021.

 

Categories
Strategy

Customer is the King ! 5 Ways to Improve Customer Satisfaction

Customer Satisfaction| Representational Image (Photo Credits: Pixabay)
Customer Satisfaction| Representational Image (Photo Credits: Pixabay)

A happy customer is the pre-requisite for a business to succeed and survive in long term. It helps the business to face the competition as well. Customers are undoubtedly the king of the market. All major objectives of a firm including sales maximisation, profit generation, wealth maximisation and growth are fueled by customer satisfaction. Firms constantly look to acquire more and more buyers. However it is equally essential to retain the existing customers.  According to Forest Research, it costs five times more to find a new customer than to retain a current customer, so it is essential that a firm keeps a tab on its customer’s expectation and satisfaction. 3 Innovative Business Ideas that will re-shape your Career in 2021!

Customer satisfaction can be defined as how happy the customers are using the company’s products or services. It can be also reflected in how a customer rates the business and how they refer it to their friends or families. Here are some efficient tips of improve customer satisfaction –

Know the Customer

Understanding the customers is the step towards customer satisfaction. Customers feel valued when a firm listens about their concerns and work on them. It starts with knowing your customer and understanding their needs and wants. It also the firm modify its products & services to match customer needs and interests.

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Customer Dealing Etiquette

Business should be very careful while dealing with the customers. Firms also need to train their employees in customer dealing. They should be treated properly, avoid using harsh words, listen to their complaints patiently and respond to their queries. According to Global State Report, 82 per cent of consumers worldwide mentioned they have stopped doing business with a brand after a poor customer service experience. 5 Effective Online Marketing Strategies For Your Bakery Business Ahead of Christmas 2020 & New Year 2021.

Quick Redressal

Another way to increase customers’ satisfaction is to provide quick solution to their grievances and queries.  Response time is an essential element of customer satisfaction. The lesser the response time, the happier the customer. According to surveys, two most common customer service frustrations are waiting for sales or support assistance and being put on hold for a long time. This results in creation of a negative image of the business in the minds of the customers.

Value Customers’ Feedback

A firm should always sought valuable feedback from the customers on their products, services or campaigns. The feedback should be always taken seriously. Businesses should ensure to work on the negative feedback and amend the issue. Business needs to keep a regular check on the reviews and comments made by its customers.

Engage With Customers

Businesses need to develop a long lasting relationship with the customers. They need to engage with the buyers. Organise contests and encourage customers’ participation. Wish them on their anniversaries, make them feel important. Keep a regular dialogue through message or mail alerts on new products, discounts, and schemes etc., Customers should feel like a part of the business.

Customers’ satisfaction is important for the growth and survival of the firm. A happy customer attracts more customers than any advertisement campaign. McKinsey reports say, “70 per cent of the customer’s journey is based on how the customer feels they are being treated.”  So make sure to make your customer feel as the king.

 

Categories
Startup

Google India Partners with Sheroes to Support 500 Rural Women Entrepreneurs in India; All You Need to Know About the Programme

Rural women entrepreneurs

New Delhi, December 22: In a bid to support rural women entrepreneurs in India, Google India on Monday said it has partnered with Sheroes to support 500 women entrepreneurs by connecting them with experts and enabling access to resources, guidance and mentorship. In 2019, Google had started a small pilot for an accelerator programme for 10 women entrepreneurs in rural India across its Internet Saathi network. The programme by the tech giant is centered on solving for basic business issues like customer acquisition, selling and marketing, digital presence, management and self-confidence.

Google has now joined hands with Sheroes to scale this to 500 rural women entrepreneurs. Under the initiative, the tech giant would connect them with experts, urban women entrepreneurs in the same or adjacent industries and enabling access to the right resources, guidance and mentorship over a six-month period. Kerala-Based Startup Inks Pact With UN Women’s Empowerment Principles to Train, Promote and Empower Women.

In a statement, Google India said within three months, there was a rise in confidence among the participants and the women went back and applied the learning to their businesses. It stated that 80 percent of them started working on their digital presence and one of the participants had a working website within months. In a separate statement, Google said it has launched new insight tools for the travel industry.

In 2015, the Internet Saathi programme was initiated in collaboration with Tata Trusts to bring basic digital literacy skills to women in Indian villages and have them become informal teachers for other women in their communities. Since then, the programme has touched over 30 million women across the country.

Categories
Finance

Gold Rate Today: Price of Yellow Metal at Rs 50,180 Per 10 Gram, Silver Down 2% to Rs 67,660 per kg

Gold
Gold (Photo Credits: Pixabay)

Mumbai, December 22:Gold and silver prices edged lower in Indian markets tracking a similar trend in international markets. On MCX, gold futures edged 0.5 percent lower to Rs 50,180 per 10 gram in the second decline in three days while silver fell 2 percent to Rs 67,660 per kg.

In the global markets as well, gold rates slipped. The Indian spot gold price on Tuesday was at Rs. 50,380 which grew by 0.02 percent; the rate was lower than the global gold spot growth rate of 0.21 percent.  The global spot price is $1881.

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In the global markets, gold slipped today as a stronger dollar offset Gold has climbed over 23 percent this year, mainly driven by a raft of pandemic stimulus measures that stoked fears of inflation. The precious metal is often used as a hedge against inflation.

US Congress approved $900 bn Covid-19 relief package on Tuesday. According to an AFP report, the overwhelming approval in Senate and House of Representatives cleared the way for $900 billion relief package for millions of Americans and businesses battered by the coronavirus. After receiving Donald Trump’s sign it will become a law.

The dollar to rupee conversion today improved to Rs 73 as compared to the previous close of Rs. 74.

Categories
Strategy

Business Expansion: 4 Ways to Grow and Diversify Your Business

Business Expansion| Representative Image (Photo Credits: Pixabay)
Business Expansion| Representative Image (Photo Credits: Pixabay)

Businesses are established with the aim to grow and diversify. Expansion is an important step in the life cycle of any organisation. It is impossible for any firm to sustain in long term without expanding its operation and accommodating market demand and changes. If a business fails to grow and adapt to market’s dynamics, competitors will easily surpass it making firm’s existence and substance difficult. Business expansion is hence an obvious next step after the firm establishes itself in the market. 3 Effective Ways to Upskill yourself & Perform Better.

If the business has a strong and loyal customer base, regular and adequate funds, dedicated and efficient team then business expansion and diversification would not be a conundrum. If the industry is also growing, it provides an added advantage as business expansion is aided. However, businesses should be careful about its operating capacity, expanding beyond the present working facility will exert pressure on the businesses’ operation resulting in huge losses. Here are some tips to expand your tips –

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Product Line Extension

One of the most straight forward ways to expand and diversify the business is to extend the product line. By introducing and offering additional products and services, firm can easily expand its present spectrum of business. It requires an understanding of the customer’s wants and needs. By continuous evaluation of market demand, the business can identify like and dislikes of the customer and add products to its offering accordingly. Proper market research and analysis is advised before launching a new product. 5 Effective Online Marketing Strategies For Your Bakery Business Ahead of Christmas 2020 & New Year 2021.

Entering New Markets

Another way to expand business is entering new markets. A firm can move into a new market and gain new customers in the process. The new market could be customers in a different location from where firm’s existing customers are or a different market segment within the existing location. This typically means opening up a new location or channelising marketing efforts on a new customer segment. Though it may involve certain costs, but once established in the new market the firm will be able to cover them and earn profits.

Expanding Through Franchise Model

Franchise helps the business to expand itself in all the directions. Franchising is a form of marketing and distribution in which the owner of a business system called the franchisor grants to an individual or group of individuals called the franchisee the right to run a business selling a product or providing a service using the franchisor’s business system. Although franchise costs are high and moving to a franchise model is complex and takes a lot of marketing know-how, but it ensures quick growth and additional income.

Entering E-Commerce Sphere

Another sure shot way to expand the business while not increasing the number of physical outlets, is by entering the e-commerce spectrum. All the firm has to do it establish an online market place, develop a delivery network and spread the word about it. Business can reach internal customers by sitting at its existing location. Various bricks and mortar shops can enlist their products on the already existing web platforms to increase its reach, expand customer base and enhance revenues.

 

Apart from these big businesses with sufficient funds can enter into joint ventures to expand and diversify. They might as well go for merger and acquisitions of the smaller but component firms to grow. In order to survive in long term, a firm needs to scale up its present business operations and activities. However, before taking any decision a careful analysis of the market and the financial position of the business should be undertaken.

 

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Business motivation

3 Innovative Business Ideas that will re-shape your Career in 2021!

Best Online Business Ideas 2021
Business Ideas

‘Every negative incident has a positive intent’. And with the recent Covid-19 pandemic, the startup ecosystem of India is expected to go uphill.

With a young population that is willing to experiment with their business ideas, The Indian business landscape is preparing to witness an expansion.

The year 2020 has opened many opportunities despite the setbacks. This might have proven as a setback for the entire world, but it also has encouraged us to think beyond the obvious.

Many young job seekers are now actually thinking about opening a start-up. There are plenty of government schemes to support some of the best business ideas.

But having a unique business idea is important. If you do not have an idea now, we have churned out a list of small business ideas. These new business ideas need very low investment and you can manage it online.

Here are some innovative online business ideas in India that you can make use of to take your career next level:

  1. Content Writing

Writing is an excellent way to start earning online by putting your creativity to its best use. If you are looking to start your business with low or zero investment become a writer. From huge companies to mid-level companies, content is in demand everywhere.

You can become a proofreader, article writer, copywriter, content writer, blogger, and e-book writer. If you love creating heartwarming brand stories then you can get promotions and collaborations and earn a good amount monthly.

  1. Web Designer

Becoming a web designer is one of the best online business ideas. Over the year, how a business makes its impression and establishes itself amongst its niche market has become important. Hence, every company needs a website, logo, and attractive pictures to increase its brand awareness.

You can become a logo designer, website mockup designer, photo editor, icon design, photo retouching, cartoon artist, and poster designer. All you need to do is design a portfolio to showcase your best work to potential clients.

  1. Digital Marketing

‘Success is not changing reality; it is changing the mentality behind the reality’. The year 2020 has channeled our focus into finding more productive ways to earn money.

Digital Marketing is an excellent small business idea that requires no initial funding. .  It has thrown the traditional methods of marketing out of the window and showed us that businesses can operate digitally as well.

Search Engine Optimization, Search Engine Marketing, Social Media Marketing, Affiliated Marketing, Pay per click, advertising, E-mail marketing, and content marketing are all branches of Digital marketing. You can increase monthly income to manifolds. Every company needs a digital marketer to boost their reach, and you can help them achieve their business goals.

Whether you are a student or a professional, with our small business ideas you can start your business that will do well in the coming year. Stay updated with our latest blog posts and subscribe to our YouTube videos to get more business ideas.

 

 

Categories
Strategy

3 Effective Ways to Upskill yourself & Perform Better

Upskill yourself for 2021

When you focus on the problem you lose a goal, but when you focus on your goal you lose the problem. Today we are going to focus on the solutions while discussing the root cause of the problems. With the current state of the job market in India, finding a perfect job could be challenging.

But here is good news! According to LinkedIn`s labor market data, “the job scenario in the country saw a recovery at a 12% year-on-year growth. LinkedIn year-end data shows that in 2020, learning from online platforms and other digital skills are under the focus”.

Indian millennials and professionals are looking forward to upskilling themselves to take on future challenges. If you have a business plan and want to come out with a start-up you will need an upskilling strategy.

We have listed out 3 upskilling ideas that can help you turn your dream of being your boss into a reality:

Stay Updated with Latest Technology

95% of people in this world are busy proving; only 5% of people are busy improving. In this fast-paced world, technology is changing every hour. Thus, keeping up with the latest technology will open new doors of opportunities for you. Upskill yourself will boost your confidence and enhance your productivity too.

Learn Business Analytics

No business in the present scenario can perform well without the help of Business Analytics. Business decisions that are taken based on facts and figures from records can provide correct insights. These insights can prove beneficial when making long-term or short-term business strategies. You can take a Business Analytics course online as it does not require any technical expertise.

Invest in Digital Marketing Course

A sure way to almost zero-defect life is Ritualistic Continuous improvement (RCI). It will be unreasonable to expect improvements in your goals, without upskilling yourself. The best investment that you can make is to put your money in a digital marketing course that will help you in the long run.

As the entire world has turned digital, learning a few tactics about digital marketing course will be beneficial. It can help you take your business to the next level, right from the comfort of your home.

Today, there is a plethora of courses that can upgrade your skills and are affordable too. There are great videos with premium content by Dr. Vivek Bindra that are available online. If you want to learn how can you upskill yourself without spending a dime, this could be a game-changer for you.

Categories
Startup

5 Effective Online Marketing Strategies For Your Bakery Business Ahead of Christmas 2020 & New Year 2021

Bakery
Bakery (Photo Credits: Twitter)

Mumbai, December 21: Christmas 2020 and New Year 2021 is just a few days down the line and the craving for cakes, and pastries are on the rise. If you are in the bakery business, this is the time, when you should focus on your marketing game.

Amid the coronavirus pandemic, like all the festivals, this year, Christmas and New Year is also expected to be a muted affair. However, this won’t stop people from ordering cakes online and having them at home with their loved ones.

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Here are a few effective marketing strategies which you can keep in mind to promote your bakery business.

    1. Make frequent updates on social media: With the help of platforms like Instagram and Facebook, you should frequently update your page with offers, promotional incentives or the menu which you will have for Christmas or ahead of New Year 2021.
    2. Upload good photos: Click good photos of the bakery items. They should be enticing enough for the people to order. Share special stories about the item which you are baking. Add a special note, reading which people may feel connected. Play on their emotion and ride on nostalgia by weaving exciting stories
    3. Share positive reviews of your clients: Share positive reviews by your clients. This will give faith to other customers who have been thinking or hesitating to order from your site.
    4. Make yourself reachable: If you have a shop, then make sure that the location and the how-to reach options are updated on social media pages or on Google. Reply immediately to customers having queries on social media. Update your number and be reachable.
    5. Run promotional offers: Make the customers feel special and loved. You can always run some promotional offers, without hurting your profit. For e.g. ‘Order 1 Kg cake and get 2 cake cakes free this Christmas’.

      We hope these marketing tips come in handy for your business ahead of Christmas 2020 and New Year.

 

Categories
Startup

Kerala-Based Startup Inks Pact With UN Women’s Empowerment Principles to Train, Promote and Empower Women

Women Entrepreneurs in India (Photo Credits: Pixabay)

Thiruvananthapuram, December 21: With an aim to empower women, a Kerala-based startup has inked an agreement with the United Nations Women’s Empowerment Principles. This is for the first time that a woman majority startup named Vydyuthi Energy Services (VES) has signed an agreement with the United Nations body. With the signing of the agreement, the VES will establish high-level corporate leadership for gender equality, promote education, training and professional development for women. It will also implement enterprise development, supply chain and marketing practices that has the capability to empower women, promote equality through community initiatives and publicly report on progress to achieve gender equality.

In India, Kerala is already in the top list of the Niti Aayog for implementing the United Nations Women’s Empowerment Principles. According to a report by IANS, of the 170 companies from India which had signed for the United Nations Women’s Empowerment Principles, 64 companies are from the private sector. The Vydyuthi Energy Services is the 65th company from India and the first from Kerala to have signed the pact.

As per details available, at Vydyuthi Energy Services (VES), the woman help businesses and organizations across sectors to identify energy efficiency drivers and enable them to adopt viable action plans. The start-up firm was established by an NRI, Anoop Babu from Thiruvananthapuram. Meanwhile, Kerala State Electricity Board Energy Efficiency Department is the patron head of VES. The founder, i.e. Babu has a vast experience in the renewable energy sector and is involved in multinational projects in various countries, including the Middle East.