Month: February 2021

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MSME

MSMEs in India: Banks Can Deduct Loans to New MSME Borrowers From NDTL for CRR Purpose, Says RBI

Money (Photo Credits: Unsplash)

New Delhi, February 6: With an aim to incentivise new credit flow to the micro, small, and medium enterprise (MSME) borrowers, all the Scheduled Commercial Banks will be allowed to deduct credit disbursed to ‘New MSME borrowers’. The banks have been allowed to deduct the credit from their net demand and time liabilities (NDTL) for calculation of the Cash Reserve Ratio (CRR).

The new development comes as part of the additional measures announced by RBI Governor Shaktikanta Das after the MPC meeting. The ‘New MSME borrowers’ have been defined as those who have not availed any credit facilities from the banking system as on January 1, 2021.

The exemption will be available for exposures up to Rs 25 lakh per borrower for credit extended up to the fortnight ending October 1, 2021. According to reports, details of the scheme would be spelt out separately by the Reserve Bank of India (RBI).

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MSME Startup

Aero Space 2021: MSMEs Bag Defence Orders Worth Rs 203 Crore in The Event

Fighter Aircraft (Photo Credits: Pixabay)
Fighter Aircraft (Photo Credits: Pixabay)

The scope of Micro, Small and Medium enterprises have been rapidly expanding. The sector is no longer limited to handicrafts, apparel and other labour intensive industries. Its areas of operations are even including highly advanced and technology incentive ones. Newer capital driven avenues are being opened up for the enterprises. Even MSMEs related to the production of defence related equipment and technology are gaining momentum. In the on going Aero India 2021 in Bengaluru, several small and medium scale enterprises have participated and showcased their prowess.  Overall the MSMEs have garnered a deal worth Rs 203 Crore from the Ministry of Defence during the event. Evaluation of Business Performance: 5 Ways to Measure True Success.

Union Defence Minister Rajnath Singh on Friday addressed the Start-Up Manthan organised by the Innovation for Defence Excellence (iDEX) at the Air Force Station, Bengaluru. The event provides an opportunity for start-ups to showcase their capabilities, products and services to the targeted audience. During his speech, Singh announced that 45 MSMEs participating in the event have bagged orders worth Rs 203 Crore, terming it a big achievement. “We have signed 128 MoUs, 19 ToTs, 4 Handing Overs, 18 Product Launches and 32 major announcements, totalling a grand figure of 201 feats, ” he added.

The number of start-ups in the aero-space sector has also increased manifolds. Over 300 start-ups have been currently engaged and under iDEX. Meanwhile,  10 start-ups have developed products worth ₹100 crore which were put on display at the Aero India event this year.  In Defence India Start-up Challenge (DISC) for the ongoing year, over 1,200 start-ups and innovators took part. Out of the total participants more than 60 start-ups in 30 technological areas under DISC challenges have been recognised. 3 Simple & Effective Growth Hacks for Every Small Business.

The Union Defence Minister informed that around  Rs 4,500 Crore worth investment has been made in 384 start-ups through Fund of Funds Scheme. “In such an ecosystem, it will not be an exaggeration to say that our economy is soon going to be driven by these start-ups,” said Rajnath Singh. Adding that the government is acutely conscious that start-ups being the latest entrants in the defence manufacturing sector require that extra push.

Categories
Motivational

Bharat Ratna for Ratan Tata: A Campaign by Dr. Vivek Bindra that took Twitter by Storm

sir ratan tata

When Dr. Vivek Bindra requested to confer the prestigious Bharat Ratna for Ratan Tata on Twitter, the popular micro-blogging site embraced it with open arms.

Dr. Vivek Bindra, CEO, and founder of Bada Business is an internationally acclaimed motivational speaker and a business coach. On February 5, 2021, he tweeted: Ratan Tata believes today’s generation of entrepreneurs can take India to the next level. We confer the country’s highest civilian award Bharat Ratna for @RNTata2000.
Join us in our campaign #BharatRatnaForRatanTata #RequestByDrVivekBindra. @PMOIndia @rashtrapatibhvn @narendramodi.

 

dr vivek bindra tweet

 

Soon after this tweet, the Twitterati flooded the social media platform in a chorus, urging the Prime Minister to honor the legendary industrialist Ratan Tata.

While one Twitter user tweeted “I want to urge the PMO to award Bharat Ratna to the country’s most powerful businessman.”
“One of the greatest humble persons on the earth “Sir Ratan Tata” Request for ‘Bharat Ratna Award’, wrote another.

Ratan Tata, who hardly makes public appearances or gives interviews is one of the most enigmatic personalities in corporate circles. A distinguished entrepreneur, a powerful business leader, and the most-loved philanthropist, Ratan Tata has always maintained a low profile.
Ratan Tata, the former chairman of Tata Sons is a synonym for the term philanthropy. He was also the chairman of Tata Group, from 1990 to 2012. He also served as the interim chairman from October 2016 to February 2017. Today, he continues to head the charitable Tata trusts.

Despite holding a powerful position in the business world, Ratan Tata has always been a humble figure and inspiration for millions, not just in India, but all across the world. Mr. Ratan Tata has been able to seamlessly combine the distinct businesses into the Tata group. He has made the Tata brand a global name.

Ratan Tata is passionate about what he believes in. Maintaining a perfect professional and personal life balance, he has always asked the young guns of today`s century to focus on both aspects of their lives.
Youngsters and aspiring entrepreneurs look up to Ratan Tata as an exemplary business leader who strongly believes in the Indian startup ecosystem. Till now he has invested in over two dozen startups.
Inspiring, isn`t it? If you too believe that this legendary figure deserves the coveted Bharat Ratna, join us in our campaign #BharatRatnaforRatanTata, #RequestByDrVivekBindra

Categories
Business motivation

Evaluation of Business Performance: 5 Ways to Measure True Success

Evaluation of Business Performance
एंटरप्रेन्योर

“What gets measured,” the infamous Peter Drucker famously observed, “gets managed”.

Business is unpredictable, and what makes it more complex is the cut-throat competition. The trends that are ‘in’ today will be ‘out’ tomorrow. So the only thing that you can count on is that everything in the business world continuously changes.

Hence, it is super important to measure your business performance constantly. A Gartner report suggested that organizations that use predictive business performance metrics can increase their profitability by 20%.

Being an entrepreneur it is vital to know what works for your business, and what does not. Be it small, middle, or large, every business has its share of success and failure. So it is essential to constantly keep a finger on your business performance to stay ahead of your competitors.

If you too want to evaluate the business performance of your small business, here are 5 ways you can do it:

  1. Analyze Financial Statements

Money is important! And, one of the best ways to evaluate the success of your small business is to see how much revenue your company is generating. If your business is generating revenue, then you can pursue your entrepreneurial dream. Without it, your business will not survive in the long run.

  1. Check Customer Satisfaction

Another important way to measure the business performance of your small business is customer satisfaction. Customers can help you improve your business performance. If your customers are satisfied with your products or services, then your business is making progress.

But how do you measure customer satisfaction? You can do that through various surveys, reviews, and honest feedback from your customers. If your business is at a very early stage, you can start developing a client list with an email address to track customers. This way you can keep a count on your new customers as well as build a strong relationship with your clients.

  1. Reach Break-even Point

Setting up a break-even point or a target can help you evaluate the business performance of your small enterprise. The set target is the number you need to achieve in a given period (monthly or quarterly) for the company to cover its expenses to sustain. It is important to reach the break-even point, even if your business is not making a profit.

  1. Sales Indicators

The volume and frequency of sales can provide everything you need to measure the business performance. You can segregate the sales data into new customers, sales to existing customers, how much profit a particular product or service is making, or any other categories that might prove vital for the business. Keeping track of these numbers can provide invaluable insights into your business performance.

  1. Assess your Expectations

While evaluating your business performance, it is also important to assess your expectations. Many people disregard their happiness when it comes to evaluating business performance. But try to consider your perception when measuring your business performance. It always helps!

Entrepreneurship is not easy. However, with the right expertise and guidance, one can master the skills that are imperative for the progress of your business. So why not learn it from the business gurus? Join our ‘Everything about Entrepreneurship’ course where you will discover the fundamentals of business.

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Categories
Business motivation

Here are 4 Simple Ways to Protect your Business from Cybercrime

Protect your Business from Cybercrime

Cybercrime is on the rise. And in a classic web-based fraud that involved a well-renowned NDTV journalist Nidhi Razdan falling prey to an internet scam in January 2021, the attacks have become undetectable.

Not only individuals but cyber-attacks on MSMEs and SMEs have been on the rise. According to a 2019 study conducted by Accenture, 43% of the cyber-attacks worldwide have small-and-medium-sized businesses on their radar.

In India, there are 6 crores SMBs that contribute around 30% in the GDP as per the Confederation of Indian Industry. Their digitalization can increase their contribution further.

Unlike large organizations and enterprises, many SMBs often do not have sufficient resources and manpower to deal with the evolving threat landscape. Also, the major reason behind the less spending on cybersecurity by small business owners is their perception. Most of the decision-makers in small enterprises did not think they would be the target of cyber-attacks. It is this perception that discourages them to invest in cyber-security.

So how can you protect your business from cybercrime? Consider these tips to upgrade and stay protected from ransomware and other cyber-attacks:

  1. Update Software Regularly

If you do not update your servers and systems regularly, you could leave your networks vulnerable to hackers. One of the most common ways through which hackers gain access to your computer is via code defects, which is also known as exploits

Some of these exploits remain unnoticed for years and can affect all software from browsers to operating systems and more. Hence, keeping your system and software updated will protect the business from cyber-attack.

  1. Invest in a reliable VPN

Virtual Private Network or VPN is software that helps to create a secure connection over a less-secure network between your operating system and the internet. It makes you invisible to hackers and protects your sensitive credentials like passwords, login details, and other transactional information. As there are many VPNs available in the market, it is best to determine your organization`s needs.

  1. Divide, Encrypt & create a Backup Sensitive Data

Data is imperative for any business to make constant growth. So protecting it should be the topmost priority. Hence, protect your data by keeping it behind as many layers as possible. Divide it into different segments and do not keep it in a single source. This approach might appear less convenient, but if hackers try to breach the security, hackers will not get access to your entire data bank.

Use advanced data encryption methods to ensure that in case the data get stolen, hackers will not be able to use it.

  1. Put Strict Limitations on company Computers

Put security limitation on every computer which is used in your company. Make sure that no one can install unauthorized software without approval from your system administrator. This step will prevent any malware from infecting your company`s network and protect your business from cyber-attack.

These days, cyber-security can no longer be treated as a choice. A security breach can prove to be catastrophic for small as well as large businesses. The only way to protect businesses is to upgrade and invest in quality cybersecurity software.

Want to know more about managing your business? Get insights from business leaders and success stories from leading industry experts, demonstrating ways to apply emerging technologies to reach strategic business and digital ambitions with our Everything about Entrepreneurship course.

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Categories
Marketing

Local Business Promotion: 4 Cost Effective Ways to Promote Your Products and Services Among Local Population

Local Businesses (Photo Credits: Pixabay)
Local Businesses (Photo Credits: Pixabay)

In order to survive in long term and ensure financial soundness, a business needs to acquire new customers and expand its operations. One of the easiest way to do so its business promotions. Local and small businesses with a limited potential customer base should continuous promotional activities to attract new buyers, retain existing ones and avoid loosing the limited target market to a competitor. Building a World-class Customer Experience: 3 Strategies to stay ahead of your Competitors.

Since local businesses cater to a local population hence it lesser scope for expansion and growth as compared to firms which are based in more areas. As per market survey, consumers prefer to buy from local stores more than the national chain. Here are 4 ways to promote your local business :

Offline Marketing

Though digital marketing is the need of the hour, local business are likely to gain more traction and public attention through traditional modes of promotions. Word of mouth works as an effective promotional tool among local population. Distribute flyers, put up hoarding, boards and posters at popular sites in the city making people aware about your business, products, offers etc. 5 Cost-effective Inventory Management Tips for Retailers to Save More Money!

Develop Referral Partnerships

Another way to promote the business is by getting into referral partnership with the local businesses that essential deals in complementary products and share the firm’s target customers. This reciprocal arrangement will help both the parties with increased customers and enhanced revenue. For instance, a mobile dealer can get in a referral partnership with a mobile accessories business.

Contribute in Local Events

Another way to attract locals’ attention is by participating and contributing to the locally organised events including exhibition, haats, cultural festivals etc. It provides a great platform to showcase business’ products and services to the target customers. Contributing and donating to such events also enhances firm’s goodwill and reputation among the people.

Collaborate with Local Influencers

All the cities have few local influencers and celebrities who have a huge following and can leave a strong influence on the local population. Collaborating with such celebrities provide businesses with a great opportunity to attract more customers.

For local businesses to survive the stiff competition from the national and international chains becomes difficult if the firm does not keep attracting the new customers and retain the existing ones. A well planned promotional strategy helps the business to survive the dynamic external business and be successful.

Categories
Business motivation

Building a World-class Customer Experience: 3 Strategies to stay ahead of your Competitors

world class customer experience

Given the cut-throat competition in the market space, delivering a world-class customer experience that guarantees customer satisfaction is more important than ever.

The impact of the pandemic has impacted customer behavior. The majority of the industries have cut-down their expenditure and the purchases have shifted from in-person to digital channels. Public safety has become the topmost priority for both the customers as well as the companies.

According to a Gartner report from the 2019 Customer Experience Management Survey, organizations nowadays are more committed to customer experience (CX).

A study by American Express stated that around 60% of people are willing to pay more if an enhanced customer experience is guaranteed.

Today, the leaders are realizing how vital the customer experience is and have gained rapid insights to build customer loyalty. The data obtained with the help of advanced analytics can help to achieve revenue gains of 5 to 10 percent and can reduce costs by 15% to 25%.

Post the COVID 19, companies all across the globe are preparing for the long haul. However, the path is rather vague due to uncertain customer behaviors and trends.

To win in the next ‘normal set-up’, companies need to identify the trending patterns and customer behavior to build the strategies in the near term.

Here are the 3 key strategies that will help companies to build a world-class customer experience:

Observe the Current Customer Behavior

Customer behavior is constantly evolving. Thus, observing the current trend and pattern is important. A customer journey consists of various touch-points that together add up to the experience they get upon interacting with a brand or a company.

Seeing the world as a pool of potential customers can help the companies and small businesses to organize better and mobilize their employees around the customer requirements.

Seamless Omni-channel Experiences

Due to the personal and financial losses inflicted upon people all across the world due to the pandemic, the financial flexibility of the customers is limited. But many customers now face a surplus of time. This has stimulated a record-high engagement on digital platforms.

Consumers these days have a low tolerance for bad experiences. A good or bad experience in any single channel can result in winning or losing a life-long customer. So, businesses these days can`t afford to risk ignoring a customer`s touch-points.

Make meaningful Connections with Customers

To build meaningful relationships with customers, companies need to interact with them across multiple channels (website, live chat, social media, and more). While the customers appreciate the candid interaction across multiple channels, they want it to be consistent.

For instance, India has 53 IKEA stores, and if you visit any store across not just India, but across the world, you will get the same experience. IKEA focuses on customer experience and invests heavily into it. And how did it help them? Not only IKEA is one of the most beloved companies in the world, but its revenues have risen to $40 billion worldwide.

No one wants to do business with a company that no treats you well. Hence, providing an exceptional customer experience is vital in today`s time. By using the above-mentioned techniques, you can build strategies to give your consumer a world-class experience.

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Motivational

Top 3 Important Tips for Entrepreneurs in India for Successful Business

Top 3 Important Tips for Entrepreneurs in India for Successful Business

Running a business is a rough journey, and is certainly not for the faint-hearted. You have to decide what you want to build out of your dream and then wholeheartedly commit to it. More often than not it is a sure shot way to success, however, to succeed in this journey, entrepreneurs require more than just that.

According to a report by the Institute for Business Value & Oxford Economics 90% of the startups in India fail within the first five years due to various reasons with the absence of innovation being the main reason.

So how to ensure that your business runs till eternity, successfully?

Entrepreneurs are often misunderstood as a group of pioneers who dare to dream and take risks with no fear of failure. Though this could be apt for some founders, the majority of young aspirants have their moments of doubt, and often feel lost without successful business tips.

If you too are a budding entrepreneur and want to ensure the success of your business, here is a list of best business tips to make your journey a little bit easier:

  1. Be Proactive

‘Don’t talk the talk, but walk the talk’. Being an entrepreneur means to be always on-the-go. The primary responsibility of the leader is to define reality. Always build strategies after analyzing your target market. It is very important to understand how your product or service can benefit them. One of the best business tips is to convert your idea into a successful opportunity based on SWOT analysis.

  1. Know your Customers Well

What potential problem does your product or service solve or how it would help the consumers to overcome obstacles is something you must be sure about. Do not assume what your customer would want. Always seek honest feedback through surveys regularly.

  1. Embrace your Expertise

Don`t be a jack-of-all-trades, and master of none. If there is something in which you are unbeatable, embrace that skillset. Do not try to wear multiple hats at the same time. You can outsource some of the roles to the agencies for the things you need professional help with.

Being an entrepreneur means that you will often blaze your trail. You will learn as you make progress every single day. Though the successful business tips that we have mentioned above will help you, there are other challenges that you might face in this journey.

Wouldn’t it be excellent to learn the business nuances from the experts who hail from the same industry? Join our ‘Everything about Entrepreneurship’ course and gain deep knowledge about how to take your business ahead and attract customers. To know more about our EAE course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

 

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Business motivation

5 Cost-effective Inventory Management Tips for Retailers to Save More Money!

Inventory-Management

If you are a retailer, you must be aware of how difficult the process of inventory management is. The major goal of every retail business is to sell inventory. But mismanaging your inventory can incur losses in the business.

Inventory management is one of the strong pillars of a successful retail operation. Efficient retail inventory management can lead to more customer satisfaction, increase profits and reduce costs.

What is retail inventory management?

Retail inventory management is the practice through which retail businesses ensure that the right products are available in the right quantities, at the right time. It may sound simple, but it also includes coordination with vendors, managing your in-store inventory, product list, tracking products, and also coming up with a price strategy in mind.

Any retailer who wants to be successful must have brilliant inventory management. Here is a list of 5 top inventory management techniques that will increase your sales:

  1. Organize your Storehouses

One of the best inventory management techniques is to have a segregated store. An organized inventory store is a key to infrastructural continuity. A disorganized store can lead to stocks getting lost or backed up. E.g. if you have perishable items in stock that have an expiry date, there is an existent possibility that they will turn sour, if not sell in time.

Disorganized inventory management can lead to unnecessary wastage of products and loss to your business.

  1. Decrease Product Range

If you are carrying multiple items in stock that are not much in demand, it is time to narrow down the product range. An overstocked inventory increases the cost of inventory as it leads to the storage of obsolete products that are not in demand. You will have to discount, bundle or donate these products later.

All that extra stock will also take up the valuable space of the products that your customers do want to buy. On the contrary, a smaller inventory will decrease your inventory costs and will also help you avoid holding excess inventory.

  1. Avoid deadstock

Deadstock is a stock that can no longer be sold because it has either gone out of the season, fashion, style, less demand, or otherwise become irrelevant. Hence, manage your inventory better so that you can avoid dead stock.

  1. First-In-First-Out (FIFO)

The principle of “first-in, first-out” is very important for inventory management. It simply means selling your oldest stock first, followed by your newest stock. This principle is apt for perishable products so that you don`t end up with unsellable spoilage.

  1. Invest in the Right Talent & Technology

Automation of inventory management is crucial for every retail business. Hence, invest in an excellent inventory management system, and most importantly, hire people who know and pay attention to details.

Are you in a retail business and struggling with inventory management? Worry not! With our Everything about Entrepreneurship course, you can get the support and guidance of the Business mentors.

It’s a wonderful opportunity to learn more about starting a business and maintaining inventory. So do seize this opportunity now! Click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

 

Categories
Startup

Startups in India Get a Major Boost As Govt Allocates Rs 830 Crore for Fund of Funds for Startups in Union Budget 2021–22

startup ipo india

New Delhi, February 3: With an aim to give a major fillip to the startups in India, the government has allocated Rs 830 crore for the ‘Fund of Funds for Startup’s in the Budget 2021-22. This is higher then the revised estimate of about Rs 430 crore. The government has set up a Fund of Funds for Startups (FFS) with a corpus of Rs 10,000 crore. The Small Industries Development Bank of India (SIDBI) is the operating agency for the FFS.

According to the Budget documents, the allocation for Startup India programme has been increased slightly to Rs 20.83 crore for 2021-22 from the revised estimate of Rs 20 crore in 2020-21.The government’s Startup India initiative aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of budding entrepreneurs. The allocation for the fund of funds in Budget 2020-21 was Rs 1,054.97 core, but it was later revised to Rs 429.99 crore.

Moreover, the government has earmarked Rs 300 crore for credit guarantee fund. The cumulative allocation for the Department for Promotion of Industry and Internal Trade (DPIIT) has been hiked to Rs 7,782.24 crore for 2021-22 as against the revised estimate of Rs 7,583.06 crore in 2020-21. Similarly, the cumulative allocation for the department of commerce has also been increased to Rs 4,986 crore for 2021-22 as against the revised estimate of Rs 4,600 crore in 2020-21.

The total allocations for export promotion schemes, such as Market Access Initiative and Interest Equalisation Scheme, has been increased to Rs 2,365 crore for 2021-22 as against the revised estimate of Rs 2,175 crore in 2020-21.