Month: December 2020

Categories
HR & People Management

3 Skills Entrepreneurs Must Consider when Hiring post-Covid-19!

Critical problems demand creative solutions! As Covid-19 pandemic has changed the world forever, it has also increased our capacity to look beyond the impossible.

In the first and second quarter of 2020, there have been mass layoffs by the companies. According to a report by the International Labour Organization (ILO), around 81 million jobs are wiped out in 2020.

However, the economy is slowly coming back on its knees with ease of COVID rules & regulations. Jobs are returning to India with major changes in hiring trends post-COVID. Businesses are opening up and industries are right back on track though at a slow pace.

Needless to say that building efficient manpower would be one crucial step to transform the businesses. The process of hiring criteria post-Covid is going to be a demanding exercise.

The challenging times of Covid-19 have paved the way for smart thinking. Large businesses as well as small business owners are becoming more creative. If you are an entrepreneur and looking to expand your team, these set of skills you should be looking for in your prospective employer:

Critical Thinker

You don`t need hands & legs to drive your organization, you need a head and heart to drive your organization. Thus, people who can think critically, quickly, and can solve problems with ease should be given preference. Complex problems need creative solutions and this new hiring trend will focus on such analytical skills.

Agility will be under the spotlight

The smartest business decision you can make is to hire qualified people. Therefore, hiring the right people is very important.

Apart from looking for qualifications and skills ‘flexibility’ is what you should be aiming for. Flexibility is the need of the hour, and we all must look for people that can easily adapt to the new working norms.

Hire people who come for the love of the job. A person who loves challenges will deliver the service and products just the way your customer needs and would be the right fit for the business.

Versatility is the Key Factor

Courtest to Covid-19, new tasks, roles, and responsibilities have emerged suddenly. Hence, we all must stretch ourselves to the optimum level considering the hiring trends post Covid. The prospective employee must bring a set of multiple skills that will outdate role titles and definitions to benefit your business.

Creative Mindset!

If there is one thing that can never be off-the-shelf that is Creativity! Thinking out-of-the-box will always bring a sense of innovation in every dimension of business. Hence, bringing in a creative mindset will take your business to a whole new level. This is one hiring trend, one should follow.

Making a comeback from a struggling situation is not easy, but reaching out to the right people is. Shift your perspective from the mainstream recruiting process to a creative one.

As the hiring trends have changed, make use of Twitter and Linked In. to interact with job seekers and connect with them on a personal level too.

 

Categories
Strategy

Business Risks: 5 Types of Risks All Firms Should Know to Avoid Losses

Business Credit Score| Representational image (Photo Credits: Pixabay)
Business Credit Score| Representational image (Photo Credits: Pixabay)

All the businesses are prone to certain risks. Various uncertainties related to the micro and macro environment in which a firm operates pose as a constant threat to the enterprise. Business risk is the exposure an organisation has to elements that can potentially lower its profits or lead to firm’s failure.  Anything that threatens a company’s ability to achieve its financial goals is considered a business risk. There are many factors that can converge to create business risk. Though certain risks cab be mitigated by continuous analysis of the business environment, complete elimination of the uncertainties is not possible.

Business risk is influenced by a number of different factors including, consumer preferences, demand, and sales volumes, per-unit price and input costs, competition, legal and political factors, technology among others. Here are five types of business risks every business should be aware about –

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Economic Risk

One of the biggest risks a business faces is the economic risks. If the economy does not perform well or goes in recession, all the sectors will suffer. An economic slowdown directs hits the profitability and productivity of the businesses and even lead to closure of various firms. It’s important to watch changes and trends to potentially identify and plan for an economic downturn. To deal with a sudden economic downfall, all the businesses should keep funds in reserves and maintain a steady flow of income. Firms should also be careful while planning budgetary expenditures.

 Compliance or Legal Risk

Another constant looming risk is the compliance or legal risks. Governments have the power to change various legal provisions overnight, including introduction of a new tax, scrapping an old licence, revising the existing regulation rules. Business owners face an abundance of laws and regulations to comply with.  The businesses should carefully follow the existing laws and keep a watch on any new regulation by the government. A failure in complying with all the rules might even results in closing of the company.

Operational Risk

Not all the risks arise because of external factors, sometimes internal uncertainties can also lead to disruption in the business’ functioning. Such risk which originates within the organisation and tends to disrupt the business operations is known as the Operational Risk. It might involve a server outage caused by technical problems, people, or power cut. Many operational risks are also people-related. An employee might make mistakes that cost time and money. In order to reduce such risks, the business should resort to proper planning and continuous assessment.

Competitive Risk

Another type of risk that all the businesses face is the competitive risk, the advantages competitors gain over the firm. In order to survive in the market, all the firms should have an edge over the competitors. A firm faces continuous challenges from its competitors. It should be careful about how its rival firms are performing and garb the market opportunities before others, gaining the first mover advantages.

Goodwill/Reputation Risk

Goodwill aids in long term survival of the business. A positive image of the firm helps in growth and expansion. However, one wrong decision or spread of a rumour about the firm and the entire reputation is lost. If the public conceive a negative image about the firm it will directly impact its profitability, sales and valuation.

Risk and uncertainties are a part of the business cycles, however firms should try and mitigate the potential loss arising from various risks as much as possible to stay afloat in the market. Knowing and being aware of the several risks is the first step in ensuring a healthy business.

 

 

Categories
Startup

Planning to Start a Business? Here are 4 Tips for Women to Become Successful Entrepreneurs

Women Entrepreneurs (Photo Credits: Pexels)

Starting a business is not easy. One has to really think out of the box to become a known and successful entrepreneur. When it comes to creative thinking, women are no less! Female entrepreneurs can do wonders if they are given the right guidance and motivation they need. Right from picking up a business idea, creating a business module to funding, a woman can become a successful entrepreneur in no time.

According to research, entrepreneurship rates among women increased by 13 percent versus 5 percent for men, according to the Global Entrepreneurship Monitor (GEM), which monitors 40 economies from around the world. Female entrepreneurship is growing with each passing but it still has a long way to go. Here are four tips that will empower you to get started today. 5 Schemes Focused on Development of Women Entrepreneurs in India.

Love What You Do

When you are planning to start a new business, keep in mind that you will have to pick a business that you love. Ultimately, you will work with passion for things that you love and wish to do. So, choose a business that you think you will never lose your interest in! As yourself, what are you completely and absolutely passionate about? Maybe it’s a hobby or maybe there is something you’ve been longing to do. When we feel completely and utterly passionate, there is no room for judgment.

Believe in yourself

Sometimes, we doubt our own skills. We often underestimate our talent that leads to failure and rejections. You should always let your passion burn brighter than your fears. Keep in mind that the only thing that you have that no one else has is ‘you’. Your dreams, your passion, your power and the world will be yours. You just need to do one thing- that is, to believe in yourself.

Never give up

Failure is just a part of the deal. If you are afraid of rejections, you will always face hurdles in your business because you are not open to learning new things. This will however, hinder your growth in the long run. For becoming a successful entrepreneurship, all you need to do is keep trying. The formation of great companies like Amazon, Facebook, Google are classic examples of motivating us never to give up on our ideas. Don’t quit. Keep going.

Get feedback

Where there is love and inspiration, you can never go wrong. But you should keep on asking people for feedback. Feedback is critical to validate your business and its reach. It can also help you understand what customers want. You should read reviews, find articles and interact with them to develop and good understanding. Pay particular mind to negative reviews and ask people specifically what they wish they were getting out of the product.

 

Categories
Strategy

Business’ Social Responsibility: 5 Budget Friendly Ways To Pay Back to Society & Build Goodwill

Business' Social Responsibility (Photo Credits: Pixabay)

All the businesses establish themselves, sustain and growth within the ambit of a society. They use social resources and capital to flourish, so it becomes an ethical responsibility of the firms to it back to the society. Working for the society also helps businesses to build a strong reputation and enhance their goodwill. According to studies, 85 percent of consumers will switch from one brand to another associated with a cause the favour, with 91 percent of millennial willing to switch. Two-thirds of millennial and 53 percent of the general population use social media to engage around corporate social responsibility.

It provides a good platform for the firm to promote its business at the same time contributing towards the betterment of the society. Fulfilling social responsibility makes the business a house hold name, thereby helping in grabbing attention of potential customers and increasing the loyalty of the existing ones. Here are five budget friendly ways firms can give way to the society and enhance their goodwill –

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Team-Up with Local NGOs & Self-Help Groups

One of the easiest ways to contribute towards the betterment of the society is to partner with local NGOs in their initiative. Getting associated with a known NGOs help the firm to garner trust and confidence of the society. All the business has to do is participate in their events and drives by providing financial and human resources, to help them. Enterprises can also sponsor or provide business to local self-help groups. These are deeply connected to the society, offering a chance for the business to directly engage with its potential customers.

Organise Charity Drives

Another way to help the community is by organising charity drives for various causes. It can be for women welfare, hunger and poverty alleviation, girl education, collection clothes in winters among others.  The business is able to promote itself while promoting and advertising for the charity campaigns. It helps businesses to reach out to the customers and come in their direct contact. It also helps firms to create a positive image in the minds of existing and potential customers.

Organise Cleanathons and Greenathons

The society is increasing becoming aware of the consequences to environmental damage and people encourage and participates in events aimed at reducing the pollution or degradation and increase greenery. Organising cleanathons or greenathons conveys that the business is an environmentally conscious establishment, thereby creating a positive image in the minds of society. It’s a budget friendly and eco-friendly way of giving back to the society.

Organise Workshops

A firm may even organise worships and impart knowledge of some skills to the community. Ever business has some expertise and all the employees have a fair knowledge about the same, providing the same to the under-privileged section of the society, thereby helping them to get some employment or start their own business is not a bad idea. This is especially applicable to skill-based or service based firms, such as clothing & designing industries, food & restaurant industries, handicraft industries among others.

Promote Local Talent

Many people are still depended on age-old handicrafts and handlooms to earn a livelihood. Another way for the businesses to give back to the society is by promoting such artisans and workers and help them channelize their talents in a bigger platform. All the businesses have a presence of social media; one way to encourage local talents is to put their work on digital platforms. Businesses can also provide exposure to the local artisans to reach at various fairs and haats organised for handicrafts.

Goodwill aids to the long term survival plans of the businesses. Developing connect with the society helps the business in more than one way. For a business to stay rooted in a society for long, it is important for to pay back to the community and contribute towards their development.

 

 

Categories
Finance

How the Revised Exchange Rates by CBIC will Impact Businesses in 2021?

Custome Exhange Rate

Whether it is importing machinery from Europe or exporting your goods to China, every business involves either receiving or sending a foreign currency from or to your business partner. Therefore, the custom exchange rate can have a direct impact on your business (small or large scale).

The Central Board of Indirect Taxes and Customs (CBIC)`s has issued a Press Release w.e.f from 18th December 2020 to rate of exchange. This exchange rate exposure can affect every business and the economy in both the respective ways -positively and negatively on a magnified level.

The RBI exchange rate is the value of the Indian currency to another currency. How businesses are affected by currencies can be divided into four categories i.e translational, credit, and liquidity risks. All four categories can then be subdivided into numerous subcategories to fit all kinds of businesses.

According to the recent Press Release issued by CBIC the field officers are suggested to refrain from raising unnecessary requests for the verification of preferential certificates of origin under the Customs Administration of Rulf Origin under Trade Agreements Rules or CAROTAR rules.

Read all the important information mentioned below:

Custom Exchange Rate

 

 

Categories
Startup

4 Key Skills Every Entrepreneur Should Have to Be Successful and Stand Out From the Rest

Women Entrepreneurs in India (Photo Credits: Pixabay)

Any person aiming to be a successful entrepreneur will always think out of the box and have several creative ideas as to how to go about in the business. There are key traits to success in small business which attributes no matter what your endeavour is. A great entrepreneur must be able to effectively communicate, sell, focus, learn, and have the skills to manage efficiently. The ability to keep on learning is not just a key entrepreneurial skill, but also a very valuable skill on one’s life. Some of the characteristics are innate, while some others can be nurtured.

If there are new businesses, more jobs will be created in the market. New ideas will pour in and better ways of doing business will be incorporated. Entrepreneurship also makes the marketplace more competitive so that outdated thinking is challenged.

Here are few characteristics of an entrepreneur can take you far in the workplace.

Communication:

Communication holds the key to any business, be it small or big.  Any entrepreneur needs to be an effective communicator to become known in the industry. No matter even if it’s a solo entrepreneur, you need to have the communication skills to attract all the potential that will bring profit to the business. An entrepreneur to be able to communicate with employees, investors, customers among others.

Creativity:

This is the most important entrepreneurship skill that one must possess. If your idea is not out of the box, you will not be able to stand out from the rest in the market.  “They want employees to be able to not only carry out assignments, but also come up with better ways of doing things,” Litzinger says. It is very important to be creative in this competitive world. If you are creative, you can improve your company’s workflow, productivity.

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Persuasiveness:

In order to be a successful entrepreneur, you need to have the quality to persuade people with your creative ideas. Persuasiveness can make you a better negotiator and help you achieve great things in your businesses. You may face hurdles in your business journey, but you will have to convince your client or your co-workers to take actions on certain things, so you need to be persuasive.

Ability and desire to Learn:

Any entrepreneur, who wishes to reach great heights, needs to be always open to learning new things. The ability to learn is one of the most important skills to have in life, be it an entrepreneur or be it anyone else. If a person is able to learn in any situation, even failure, they have the skills necessary to become a successful entrepreneur.

Categories
Business motivation

5 Auspicious Dates in January 2021 to Kick-Start a Startup!

auspicious dates in January 2021

“Nobody in the history has ever created history, without tasting some failures”.

The impact of coronavirus is not just physical, it is psychological, ergonomic, and temperamental and it is here to stay for quite some time. The year 2020 has been dreadful for businesses due to coronavirus lockdown and worst for the working class, courtesy to the Covid-19 pandemic, but January 2021 can be a bounce back.

The pandemic took a massive toll and millions of people have been laid off and lost their jobs worldwide due to the coronavirus. India too saw numerous layoffs, pay cuts, and shutting down of many businesses (small & large). Many people have lost their source-of-income and are struggling to meet their basic needs.

But 2020 was not only all about the bad omen! And as Dr. Vivek Bindra says, “do not fix your problems, fix your thinking, then the problem will fix themselves”, there are few determined young people who have seized this opportunity to make fortunes of this state.

While for some of us Covid-19 pandemic is the battle for survival, some young entrepreneurs changed their status quo from an ‘employee’ to an ‘entrepreneur’, emerged as unicorns, and have been doing impressive work.

If you too have a dream of a start-up or have been planning a business model that inspires you to wake up and get going about your day, every day then January 2021 could be your chance to give your start-up wings of fire.

The shubh muhurat dates & timings are decided with the help of planetary positions along with other astrological factors that are in a particular alignment and provide fruitful results.

Any business or shop owner inaugurated on any shubh muhurat dates will deliver profitable results, fortunate luck, and rapid growth to the entrepreneurs who are planning to turn their dreams into reality.

Here is a list of auspicious dates that can prove beneficial for those who are looking to lay a foundation for their start-up:

  • January 09, 2021-, January, 9th, 2021 is auspicious as Krishna Paksha Ekadashi is falling on this day. What makes it a perfect time for the inauguration is that it is Saturday!
  • January 14, 2021- Makar Sankranti is falling on Jan, 14th, 2021, making it a very auspicious time for a shop opening.
  • January 17, 2021- Sunday, January 17, 2021, is Shukla Panchami which is an excellent day for opening any business.
  • January 18, 2021- January 18, 2021, is Purvabhasdra Nakshatra which is a Shubh Muhurat Date for new business opening
  • January 23, 2021- Krittika Nakshatra is an auspicious date for starting new ventures and meeting clients for businesses.
  • January 31, 2021- Jan 31st is Sanakshti Ganesha Chathurti which makes it perfect for the opening ceremony of any small business or factory set-up.

Although the impact on businesses after coronavirus lockdown was severe, there have been some amazing developments in the Indian startup ecosystem. Pull up your socks as the only way to be successful is to love what you do and be persistent in your efforts.

 

 

 

 

 

 

Categories
Startup

Here Are 5 Easy Ways in Which Small Business Owners Can Manage Work Stress

Stress (Photo credits: Mypain.ca)

Mumbai, December 18: Being your own boss is the most satisfying job on earth. However, it comes with extreme work stress as well, since all the major decisions are taken by you.

It is therefore very important to manage stress and channelise it in a positive manner, which will not affect your health, mind and also work.

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Here are 5 easy ways in which you can manage your stress: 

  1. Take a break. In between work, if you are feeling too stressed out, take a break. Go out for a 10-minute walk around the office premises, chat with your employees, grab a coffee at the office canteen or simply go out in the balcony and inhale fresh air. These are some quick fixes to uplift your mood instantly and declutter your mind.
  2. Get enough sleep. Don’t ignore sleep. It is very important to keep your mind working. The more you are sleep deprived, you will be burdened and won’t be able to concentrate on your work.
  3. It’s okay to fail: There is no harm in failing, accept the fact that it is okay to fail and then move on. Don’t always keep on telling yourself that you will have to succeed or else there is no way out.
  4. Channelise your stress in a positive manner: If you are being stressed and burdened, then learn to find ways in which you can channelise it in a positive manner. For e.g. join a gym class, go for a run or listen to soothing music. It is very important to take care of your health because there are others who are dependent on you.
  5. Learn to Say No: Small business owners need to remember that when you are starting out, there may be several opportunities flying at you and so you end up saying yes to everything. However, it is very important to learn to say No and focus on things which will help your business in the long run. Don’t pile on to your stress by accepting everything that comes on the way.

During your free time and on Sundays, start to keep yourself away from devices like mobiles, laptops and instead spend quality time with your friends and family. It is also very important to unwind yourself. We really hope that these things come in handy for you to relieve your stress.

Categories
MSME

MSME Ministry Plans to Lease Technology Centres to Engineering Colleges, IITs, Industry Associations to Encourage Research & Innovation in India

Nitin Gadkari (Photo Credits: Facebook)

With an aim to encourage research and innovation in India, the MSME ministry plans to lease technology centres to engineering colleges, IITs, polytechnic colleges and industry associations. The announcement was made by MSME Minister Nitin Gadkari on Wednesda during the MSME Finance Week. Gadkari said micro, small and medium enterprises are the backbone of the economy and there is a need to create employment using surplus resources. The MSME Finance Week was a virtual event organised by the Global Alliance for Mass Entrepreneurship (GAME).

Under the MSME Ministry, the facilities of the technology centres allow designing and manufacture of sophisticated tools, parts, components and products in conformity with international standards. Reports inform that the latest hardware and software available at these centres ensures professional design and 3D solid modelling. The production facilities at the technology centres offer an array of cutting edge production services to MSMEs.

Moreover, these institutes provide technical services such as design of parts and components, materials testing, heat treatment, quality control, and technical consultancy related to the product & process improvement. The technology centres, apart from extending design, development & manufacturing support to MSMEs for complex tools, parts and components (many that serve as import substitutes), have also supported the strategic sectors such as aerospace, defence, atomic energy etc. of the country for their R&D requirements.

Gadkari observed that Rs 6,000 crore have been invested in technology centres until now. “Now we are planning to give these technology centres on a lease basis to engineering colleges, IITs, polytechnic colleges and industry associations with a good track record”, he said. He added saying that a key reason for most MSMEs to turn into non-performing assets (NPAs) is delayed reconciliation of their receivables and bills that creates liquidity constraints hence affecting their sustainability.

While delivering the keynote address at the event, Gadkari said at present, there is an import of Rs 8 lakh crore crude oil in the country. “Instead, we can build Rs 2 lakh crore ethanol economy by tapping into domestic resources. The gap between India and Bharat is still wide but with our motto of reform, perform and transform, we can definitely overcome the challenges,” he added.

Categories
Startup

3 Budget Friendly Hacks to Grow Your Business Online

Social media Marketing
Social media Marketing (Photo Credits: Wikimedia Commons)

Mumbai, December 17: The online medium has become one of the fastest ways to reach out to your target audience. It has a huge potential and you need to know some easy hacks to grow your business through online by not spending a huge amount of money.

It is very important to remember that if you are just starting a business, then you cannot afford to waste money.

  1. Choose a simple and easily navigable website: It is very important to choose a design and a temple which your audience will be able to understand. Don’t clutter with too much information and keep it simple. The website should be responsive, which means customers should be available to view it properly on desktop, mobile, tab and other platforms.
  2. Work on a good content marketing strategy: In this stage, one needs to focus on SEO and a good content marketing strategy. If you have a brand dealing with jewellery, then the product page of the website should have the tags and other details. This will help customers to land on to your company page. You can have blogs as well, by sticking to your niche and educating people about your category.
  3. Use social media to drive your traffic: All the social media channels have huge marketing potential. Therefore, it is important to know how to use it. There are few things that need to be remembered- be consistent, engage with your customers and pay in promoting a few special posts.We hope these growth hacks for the online platform is useful for your brand.