Month: January 2021

Categories
Strategy

5 Tips Firms Should Follow for Hiring the Right Employee

Tips for Hiring the Right Employee| Representational Image (Photo Credits: Pixabay)
Tips for Hiring the Right Employee| Representational Image (Photo Credits: Pixabay)

The success of any business is not only the responsibility of the owner or founder. Efficient and dedicated work of the entire team leads to the attainment of firm’s objective. Despite several bottlenecks such as low finance, stiff competition, unfavourable external environment among others, with the right team  a business can easily sail through tough situations. Therefore, it is important for the businesses hire the right person for the job.Women Entrepreneurship Cell Launched by Maharashtra Govt to Boost Female Engagement in Startups.

Hiring people is not an easy task. It involves a lot of time, money and resources. Reaching to the right set of employable candidates and choosing the person who fits the job as well as the business’ internal environment is always tricky. Here are some points firms should remember while hiring employees-

Financial Position of Enterprise

Before hiring new employees, it is important for the firm to have a sound financial position. The business should have enough free funds to provide for the new member on board. Hiring employees not only involves paying the salary, the firm is also responsible for employment taxes, worker’s compensation fees, additional insurance requirements among others.

Comprehensive Job Description

Another important thing while undertaking the hiring process is to make a comprehensive job description. It helps the business to determine duties, responsibilities, necessary skills, outcomes, and work environment of a particular job. It helps to figure out right candidate and necessary skills for the job role and makes the hiring process more efficient. 3 Tips for Setting Better Business Goals for Employees.

Reach the Right Candidate

The firms also need to make sure that they are able to reach the right set of candidates. Businesses should list the opening at various online platforms, placement agencies, employment exchanges for reaching a wider base of potential employees. While listing the role, the firm should clarify various employments terms like whether they are looking for fresher, for experienced person, for part time or full time positions among others.

Carefully Examine the Applications

Once the firm receives applications from all the potential candidates, it should carefully screen all the profiles. Firms should choose the employee whose skill set matches the requirements of the firm or nearest to it. After shorting listing the application, candidates should be called in for aptitude tests and interviews, based on which the firms should pick the most deserving candidate.

Employee Orientation
The process of hiring an employee does not end with bringing the person on board. Once the person joins the firm as an employee, it is the responsibility of the employer to conduct proper orientation for her, so that she is able to understand and adapt the business environment of the organisation. The firm should also impart necessary training to the new employee wherever required.

Hiring new people is a lengthy and tiresome process. But if the right candidate is not picked up, the firm as well as its employees are likely to experience difficulties. While selecting a person, business should not only look at the academic or professional qualifications of the person but also ensure that the person’s attitude and thinking are in line with that of the organisation.

Categories
Finance

5 Smart Solutions to get your Small Business out-of-debt

debt free business

The experience of being in debt can be scary as well as overwhelming. However, most entrepreneurs begin their start-up by arranging funds through debt funding, equity funding, loans, or through other less formal sources like friends & family.

If managed smartly, borrowing funds can help you accomplish your goals. On the other hand, mismanaged small business debt can not only affect your financial wellbeing but can also cause mental stress, especially to small business owners that are worse affected due to the Covid-19 pandemic.


In a bid to rescue the small business owners, the Indian government had offered relief to MSMEs in the form of subordinated debts, collateral-free loans, and equity infusion through its Fund of Funds (FoF) scheme in 2020. This scheme proposes to purchase up to 15% growth capital in high-credit MSMEs.

If you have a well-thought financial plan, you can solve the cumbersome process of taking your business out of debt, just like others. Here is how you can chart your way out of debt:

  1. Take Stock of your Debts

The first step that will take you closer to managing your debt is to organize all the details of exactly what you owe. Make a list of your debts with EMIs, interest rates, and tenures. This will help you recognize the costliest debts.

  1. Settle Urgent & Costliest Debts First!

After sorting out your debts, pick the costliest one! Costly debts, if not paid on time, will extract the highest interest. This can drain your finances. Hence, settle your costliest debts on a priority basis.

  1. Plan Monthly Budget

One of the most vital debt management techniques is to have a monthly budget, planned! Make a list of your income & expenses while deciding your monthly budget. This will give you a window to think about ways to reduce your daily expenditure. Having details of monthly cash-flow can help you save money that you can use to clear your debt.

  1. Consolidate Loans

Sometimes keeping a track of all the loans can be difficult. If you have too many loans, consolidating them into one can be a good idea. This will leave you with just one EMI. Business loans, personal loans, and credit cards provide you with this option. It will remove various debts and leave you with just one loan to track.

  1. Protect yourself Against Economic Shocks

The future is uncertain and it is wise to protect yourself from uncertainties that you might be exposed to. E.g. a loss of a job could lead to delayed EMIs. So, to avoid such situations, create an emergency fund to help you sustain during a bad phase. Ideally, this fund should be 3-6 times more than your current monthly income.

Repaying loans is a moral, legal, and also a financial obligation. With smart and effective debt management strategies, you too can get your business out of debt. Learn how to manage your debt with the top-industry leaders from our Problem Solving Courses. To know more, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads 

Categories
Technology

3 Technological Trends that will define the future!

tech trends

Hijacked by a pandemic that affected millions, 2020 has been quite a year. The world has experienced a lot of uncertainty and some of the most devastating moments.

But as every challenge brings an opportunity within itself, this global pandemic also brought impressive future technology trends. There have been leaps and bounds in innovation as the organizations are accelerating their initiatives at breakneck speed.

For better as well as for the worse, we can all agree that the past year will be memorable. As we all have entered 2021, here are 3 top future technology trends that are going to define the next normal:

Cloud Technology

Even before the COVID-19 could strike us, the ‘cloud technology’ had established its value. Be it a small business or giant companies, it provided scalability, agility, and enhanced cost efficiency across multiple industries.

According to a report by ‘business today’, the cloud computing industry is expected to grow from $371.4 billion in 2020 to $832.1 billion by 2025, at a CAGR of 17.5%.

In the changed scenario, where employees are working from home, cloud technology has emerged as one of the future technology trends. This sudden shift in working habits has made cloud`s place an integral part of every enterprise.

Artificial Intelligence

With speech and image recognition, personal assistants in smartphones, navigation apps, ride-sharing apps, etc, Artificial Intelligence or AI, has already created a lot-of-buzz. However, this technology trend will remain one of the most popular future software technology. Due to the effects, AI has on how we live, work, play, and think, it will continue to evolve.

Machine Data Revolution

As consumer behavior has changed drastically, for the companies who are trying to keep up with this sudden shift, the stakes are high.

According to a Deloitte report, ‘the end-users have less and less patience for the kind of latency that legacy systems and data models often deliver. The optimum latency time between click and desired response is less than 50 milliseconds—any longer and users become irritated by the delay and make “executive decisions” themselves.’

Hence, to achieve the benefits of implying AI, data must be generated for machine consumption, and not humans, to increase their competitive advantage.

The year 2021 is going to be the year of constant learning, unlearning, and relearning with these tech trends that will grow exponentially. So what does this mean for you? It means you will have to stay abreast with these innovative future technology trends for a safe and better tomorrow. Make the most of today by upgrading yourself to mint the growing job opportunities or scale-up your business with these tech trends.

Learn some of the most effective strategies from leaders on the front line with our online business training courses. To know more visit https://www.badabusiness.com/psc?ref_code=ArticlesLeads

Categories
Startup

Women Entrepreneurship Cell Launched by Maharashtra Govt to Boost Female Engagement in Startups

Women Entrepreneurs in India (Photo Credits: Pixabay)

In a bid to give a major boost to women entrepreneurship in Maharashtra, the state government has announced of establishing of a woman entrepreneurship cell. The special cell that has been launched will work towards enhancing, guiding and training the female entrepreneurs in startups and different entrepreneurship-related sectors. The news was announced by Maharashtra Employment and Entrepreneurship Minister Nawab Malik. The cell is established to improve the innovation-driven entrepreneurship ecosystem in Maharashtra.

The Minister said that there will now be a “Girl-Student Entrepreneurship Club” at schools and universities levels. In these clubs, appropriate coaching will be given to college students who aspire to be budding entrepreneurs in their career. Further, it’ll additionally create incubators for women entrepreneurs and will help them in organising accelerated packages. The Minister further added that the monetary help might be supplied to start-ups established by these women entrepreneurs.

In December, the state government of Maharashtra decided to provide financial assistance to innovative startups which wish to file for patents. Malik had said that in the first phase of the scheme, 125 to 150 startups will be supported with financial assistance of Rs 2 lakh to Rs 10 lakh. He said in order to survive in a competitive world, it is important for startups and early-stage entrepreneurs to protect their Intellectual Property Rights (IPR).

 

Categories
Strategy

COVID-19 Impact: 5 Tips to Help Your Businesses Recover from Coronavirus Pandemic

Businesses in India (Photo Credits: Pexels)

Businesses have been severely impacted by the COVID-19 pandemic and are now limping back to normalcy. The Indian economy is now expected to see a faster turnaround with less disruptions to business operations as it opens up gradually. The coronavirus lockdown forced several businesses to shut while consumption slumped, investments took a hit and jobs were lost. In the time of crisis, it can be hard to stay calm, be optimistic and find ways and means to drive your business. For entrepreneurs and business leaders, being calm and working under pressure is part of the job.

In this article, we’ve put together some ideas that will help you in business recovery. Your business recovery may not happen overnight, but you can make it achievable by trying and not giving up.

Here are 4 Tips that can help your Businesses Recover from COVID-19 Pandemic

Strategic Marketing Plan

The pandemic and the lockdown slowed down the world. However, this time can be utilised by business leaders to strategically think about different ways to establish themselves in the market again once things get normal. An entrepreneur need to think of ways that can help them establish the brand identity again in the market. You need to understand your competitors and work on the leads.

Expect Delayed Payments

Businesses have witnessed a lull amid the coronavirus crisis. As businesses struggle to get back to normalcy, you can expect any restart to be a little sluggish. Almost all of us are going to be in the same boat. As you are struggling to re-establish a healthy cash flow, it’s highly likely your customers will be grappling with that too.

Look For New Sales Channels

As people now prefer being home as a precautionary measure amid the pandemic, this gives an entrepreneur a chance to establish and look for new sales channels to sell their products. Find out ways to serve your clients and customers via alternative sales channels. If you have a retail business and the pandemic has hit you hard and there is no footfall, trying looking for e-commerce offerings. If you are into hotel business, majority of people are trying and avoiding meeting at public places, in such case, you can be open for takeaways meals instead.

Review Your Website and Enhance Digital Marketing

As the economy opens, this is an opportunity for you to review your website and update the information with latest trends and demands. Take a look at your competitor’s websites and try to understand if you can add more value to your content, which will help you stand out from the rest in the market. Go digital and promote your website on social media platforms like Facebook, WhatsApp, Twitter among others. Try to build a marketing strategy if you are not already doing so. Having a plan and campaign ready as social media marketing campaigns can connect your targeted audience with a marketing message immediately.

Communicate Openly With Your Customers

‘A Customer is the King’ is an age-old business mantra which shows the importance of customers in every business. Businesses that treat their customers as king have reported higher returns than their competitors who puts little to the value of the customers. Hence, be open and clear with your customers and understand their demands. Don’t just sell your product, but provide solutions to them. If this your mantra, no force can stop you from succeeding and taking your business to another level.

 

Categories
Motivational

8 Powerful quotes by Sir Ratan Tata to Inspire you!

ratan tata

Certainly, the world is full of great ideas, but success only comes through action.

Ratan Naval Tata, the recipient of two of the highest civilian awards- Padma Vibhushan (2008), and Padma Bhushan (2000) is an inspiration to many. Recently, this living legend took over the internet by storm by his one more noble act that has won millions of hearts.

Ratan Tata, the most famous industrialist when travelled all-the-way from Mumbai to meet his ailing ex-employee residing in Pune, the social media erupted in applaud. The ex-employee who was not keeping well for the last two years can be seen interacting in the picture that has gone viral on the internet.

Born in 1937, Ratan Tata is the great-grandson of Jamsetji Tata (JRD) – the founder of the TATA group and is one of the most influential business leaders. His strong business ethics, values, and philanthropy have made him a visionary living legend.

Here are some of the most powerful quotes by this legendary entrepreneur to inspire every single cell in your body throughout the day:

1. Ups and downs in life are very important to keep us going because a straight line even in an E.C.G means we are not alive.

2. Ratan Tata says that you must evaluate your strength and then pick on the opportunities and challenges. You are the best judge of yourself, no one knows you better than yourself. So ask yourself what are you good at and make a decision, go all your heart out for that work.

3. Ratan Tata’s first job was to shove coal and limestone into the blast furnace. Hence, his advice for the young generation is, “No work is big or small, one should enjoy whatever work they are doing and do it with sincerity”.

4. Aim big- that is the only way you can chase your dreams. Ratan Tata emphasizes the importance of aiming big to be successful in life.

5. If you want to walk fast, walk alone. But if you want to walk far, walk together.

6. Never run away from your problems because success is always disguised in challenges. Challenges are a prerequisite of success.

7. Trust is an invaluable asset. It is very essential to build trust with the people we work with. Businesses need to gain customers’ trust; as only then they will get closer to you.

8. Make every day count and plan your day early in the morning. Successful people always plan their time early in the mornings and then make sure the plan gets executed.

Anyone who wants to make big in life or simply wants to pump their mind with some extra dose of motivation, these powerful quotes by Ratan Tata will surely inspire you.

Inspired by a start-up idea? Discover how you can establish a successful business and take it from conception to execution. Visit https://www.badabusiness.com/?ref_code=ArticlesLeads

Categories
Finance

What is a Business Credit Score & Why is it Important? Here are Three Benefits of Having a Higher Credit Score

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

For firms to survive only on equity and owners’ fund is not possible. As a business grows, expands and diversify, more and more funds are required. Owing to the limited funds with the owner, businesses look for external sources and borrowed funds. Availing a loan is a tiresome and lengthy process; firms do not get the debt easily from the market. Lenders will be keen on allocating their money to the business, only when they are sure of uninterrupted growth and return. Here is when a firm’s credit score comes into the picture. Home Business Ideas: 4 Brilliant Work From Home Ideas That You Should Consider Taking Up.

In simple words, a business credit score is a number that indicates whether a company is a good candidate to receive a loan or become a business customer. This score is based on various parameters such as company’s credit obligations and repayment histories with lenders and suppliers; any legal filings such as tax liens, judgments, or bankruptcies; how long the company has operated; business type and size; and repayment performance relative to that of similar companies. Startups in India Bagged $9.3Bn Investments in 2020 Despite COVID-19 Challenges: Report.

Following the separate entity principle of accounting, the process of calculating the score only takes into consideration the financial position and performance of the business. However, in the case of a small business, the lender might check both the businesses’ and owners’ credit scores, since the personal and business finances of such firms are highly influenced by each other.

A good credit score helps businesses in more than one way. Here are three benefits of having a positive credit score –

 Quicker Approval of Loans

A good credit score is an evidence of the credit worthiness of an enterprise. If a firm has a positive credit score then it becomes easier for it to get loans, from small to large, without going through a time consuming and lengthy process. Higher credit score creates a credible identity for the business in the eyes of the lender and therefore gives your application a boost, giving quick approvals to loans.

Lower Interest Rate

Apart from the re-payment of the principal amount, a borrower needs to make regular interest payments as well. However, a good credit score allows the borrower to negotiate a lower interest rate. Businesses’ with higher credit scores are generally able to secure the lowest interest rates available at a given time, thereby reducing the repayment burden on the firm.

Easier Terms of Loans

One of the biggest benefits of having a good and high credit score is that it provides the businesses more bargaining power over terms of the loans, including the repayment period, repayment method, collateral requirements among others. Since a good credit score ensures that the business is capable of timely and full repayment, the lenders are comparatively lenient of the borrowers.

Hence a business should maintain a good and higher credit score to meet its funds requirement and avail quick loans at flexible terms of repayment. It highlights the creditworthiness of the business and attract private and institutional lenders.

 

 

Categories
Startup

Home Business Ideas: 4 Brilliant Work From Home Ideas That You Should Consider Taking Up

Home Business Ideas (Photo Credits: Pexels)

At a time when the world is battling the coronavirus pandemic, people have been forced to work from hone than ever. Whiles some are working remotely, some have started their own small businesses amid the crisis. Staying productive and maintaining a balance between professional and personal life is the only way out to survive the crisis. Amid the crisis, employers are encouraging or requiring people to work from home for an indeterminate amount of time. If you are planning to start a home-based business, you need to first understand what interests you and what you are good at!

Remember, a business will survive if there is a need of your product in the market. The struggle comes when you have to create a demand for your product, which takes a great deal of time, efforts and funding. Of course, there are pros and cons to consider when deciding whether a home-based business is right for you. If you’re new to the work-from-home lifestyle, you will have to change some of your routine habits to make working from home a success.

Buy products in bulk to sell

If you want to start with a small business, this hack can work wonders! Amid the pandemic and COVID-19 restrictions, people avoid venturing out to buy things. If you have good contacts, you can buy products in bulk and sell them in your circle, neighbourhood and among your pals. These products can be really simple ones, like cups, mugs, coasters or maybe other daily essential items. Maybe you know of some unique products that aren’t readily available in your market despite a demand for them.

Sell homemade products

Be your own boss and sell what you make. There is no other joy that creating something of your own and selling your own handmade products. If you are the maker yourself, you can consider turning your hobby into a business. If you like making candles, cushion covers, curtains, dresses, or anything else, you can create your products and make it commercial. You can also sell gift baskets, handmade jewellery, sweets, homemade cookies, personalized gifts, etc. The only thing you should focus on is to promote and make it reach large audience via social media. As home business idea, there are plenty of opportunities for designers to create and sell their own clothing from home.

Baker

If you enjoy cooking, especially baking, and you can spend a great deal of time baking in order to create enough goods to sell, taking up baking as a profession is meant for you! It is rewarding which fetches you decent income. With too much competition in the market, it is tough to stand out in the crowd. To take up baking business, buy some equipment and set up a commercial kitchen at home. You can sell your products to local shops or businesses or sell products online. Read up on regulations to be compliant!

Freelance Writer

If you are fond of writing and can play with words, it has huge potential to be one of the most profitable business ideas. Freelance writing is the perfect job for people planning to set up their own blog or digital content firm. You don’t need any formal training to become a freelance writer.

Categories
Business motivation

WhatsApp Shopping ‘Cart’: A Smart Tool for Smart Business Owners!

WhatsApp Shopping

Now, along with staying connected, WhatsApp users can place orders with the new ‘carts’ feature in the app.  With more than two billion users base worldwide, WhatsApp has more than 340 million Indian users, which makes India WhatsApp`s biggest market.

Having such a vast audience, WhatsApp has gained the attention of small business owners and retailers. This Facebook-owned instant messaging app has allowed small retailers to sell their products via their platform service and has become a ‘WhatsApp e-commerce store’.

According to a recent Harris Poll survey, highlighted by WhatsApp revealed that 76 percent of adults in India said that they are more likely to purchase from a company that they can contact via an instant messaging app than the one they cannot. 81 percent of the Indians agreed that messaging through a chat app is a much easier, faster, and convenient way to communicate.

Hence, to provide more comprehensive services to consumers and ease for selling small businesses, this instant messaging giant has launched a feature called ‘carts’. Resembling a storefront, this new and innovative feature lets the customer’s purchase products without having to switch to another app.

It also gives them access to explore the catalog, chat and discuss a particular shortlisted product with their friends, family, or colleagues and buy it, right from their chat window.

Small business owners, entrepreneurs, and solopreneurs can use their catalog to showcase their goods or services, and then chat with the customer to coordinate the details and payment. Also, the ‘cart’ feature within the app makes the process of transactions easier for businesses through this app.

“WhatsApp is fast becoming a store counter to discuss products and coordinate sales. Catalogs have allowed people to quickly explore what’s available and helped businesses organize their chats around particular products. With more and more shopping happening through chats, we want to make buying and selling even easier,” WhatsApp said in a blog post.

With ‘Carts’- the new WhatsApp shopping button, people can select multiple products by browsing through a catalog and send the order as one message to the business.

More than 175 million send messages to a Whatsapp Business account every day, and around 40 million people check out a business catalog each month, including more than three million in India.

If you are looking to add your business on WhatsApp business, you should do it without any further delay. The new WhatsApp shopping feature will help you maximize the reach of your business and will help you expand it with a large customer base.

There are more effective strategies that will help you increase and attract customers with zero to low-investment techniques. Discover these smart tips by learning about our Everything About Entrepreneurship courses that also offer 20 Problem Solving Courses. To know more click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

Categories
HR & People Management

3 Tips for Setting Better Business Goals for Employees

goal setting

Don`t focus on multiple things, focus on your business goals and growth will follow you’. Setting up business goals for employees is very essential for any organization. Goals represent critical and important achievements in your growth strategy.

Goal settings have long been used as a quantitative measure for employee performance. But many organizations find the entire process rather time-consuming and least effective. However, the truth is that if done correctly, business goal setting can help to improve productivity.

According to recent McKinsey research, ‘goal setting for employee elevates the performance, which benefits the organization and helps to achieve business goals’.

Here are three critical things that organizations must keep in mind while setting goals for an employee:

  1. Make Employees Part of your Business Goal-setting

The purpose of a business goal setting is to improve the productivity of the employees. Hence, it makes sense to include them in this process. Managers should develop goals by involving their team members by following the SMART approach- specific, measurable, actionable, results-oriented, and time-bound.

Applying this strategy will inspire commitment and instill a sense of ownership in the individuals to achieve business goals.

  1. Link Business objectives with Employee Goals

When business objectives are linked with employee goals, an effective performance management system is achieved. Employees will be motivated to see how their individual goals fit into the bigger picture. In recent years, many organizations are linking their business goals to functional business objectives. This approach helps them to achieve team-performance goals.

It encourages accountability and individuals to perform better as they see the direct impact of their performance.

  1. Set Realistic & Real-time Goals

Dynamic & evolving! That`s how every goal should be. One common mistake is setting business goals at the beginning of the year and then forgetting about them. However, as realities fluctuate throughout the year, failing to achieve those goals can be demotivating.

Goals should become moving targets, but they should also provide a scope of adaptation, whenever required. Targets should be updated if the assumptions used to set them to change unexpectedly. This approach helps to motivate employee performance.

Nobody likes annual performance reviews, but setting business goals for your employee can flip the game. Goal setting can improve an employee`s commitment and contribution to improving organizational health.

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