Month: February 2022

Categories
Finance

5 Types Of Small Business Loans Entrepreneurs Can Take At Low Interest!

5 Types Of Small Business Loans Entrepreneurs Can Take At Low Interest!
5 Types Of Small Business Loans Entrepreneurs Can Take At Low Interest!

Summary: Finding the right source of funding for your business? These government schemes can help you to take your business to new heights of success.

When starting a small business funding is crucial. What makes it a daunting process is finding the right source. There are many banks and schemes through which entrepreneurs can take small business loans. Entrepreneurs can take small business loans in two ways: they can either take loans through government schemes or they can take loans from private players.

The government of India also offers relief in the form of collateral-free loans, subordinated debts, and equity infusion through its Fund of Funds (FoF) scheme, which proposes to buy up to 15% growth capital in high-credit MSMEs.

Many government schemes are made to empower SMEs. Among various schemes, the key government schemes include MSME Business Loans for Start-ups in 59 minutes, Pradhan Mantri Mudra Yojana, and SIDBI Make in India Soft Loan Fund for MSMEs.

Here is a list of other government schemes for small scale businesses:

1. Loans for Startups in 59 Minutes

Launched in 2018 this central government-backed small-scale industrial loan is famous for the loan eligibility that is conveyed to the applicant in just 59 minutes. Though, the actual process might take eight to 12 days.

A loan via this scheme attracts an interest rate starting from 8.50%. Also, the interest rates are based on the nature of your business and your credit rating. This scheme offers loans ranging from a minimum of INR 1 lakh to a maximum of INR 5 crore. A 3% reservation for such loans is available for women entrepreneurs.

2. Pradhan Mantri Mudra Yojana (PMMY)

To provide business finance to micro-businesses the Government of India established the Micro units’ development and refinance Agency (MUDRA). The Pradhan Mantri Mudra Yojana (PMMY) administered by MUDRA is a small-scale industry loan by the central government with the intent to “fund the unfunded”.

This scheme offers a wide range of sectors and business activities. MSMEs can take up to INR 10 lakhs without collateral. This scheme is called MUDRA loans. All types of trading, manufacturing, and service businesses can apply to this scheme.

3. SIDBI Make In India Soft Loan Fund For MSMEs (SMILE)

SMILE is a government loan scheme by the Government of India that offers loans with below-market interest rates, also known as soft loans. This small business lending scheme is governed by the Small Industries Development Bank of India (SIDBI). The minimum loan amount under this scheme is INR 25 lakh. The interest rate starts at 8.36%, the scheme comes with a moratorium period of 36 months. The maximum repayment tenure is 10 years. New MSMEs, along with existing service and manufacturing sectors, can apply for this scheme.

4. Credit Guarantee Fund Trust for Micro And Small Enterprises (CGTMSE)

This government loans scheme offers central government small-scale industries loans to the MSME sector. This scheme provides working capital loans of up to INR 10 lakh without any collateral. Credit facilities up to INR 1 crore can be availed after mortgaging your business land or assets.

New or existing MSMEs in service or manufacturing activities, agricultural and educational institutions, and self-help groups are eligible for this scheme.

5. Stand Up India

The Stand-Up India initiative seeks to provide government small business loans to women entrepreneurs and individuals under the scheduled caste or scheduled tribe category. It was launched by the Small Industries Development Bank of India (SIDBI) and it provides loans to small businesses between INR 10 Lakh to INR 1 crore. The amount will cover around 75% of your business project and its interest rate is calculated as the bank’s marginal cost of funds-based lending rate (MCLR) + 3% + tenure premium.

These are the government schemes that entrepreneurs can use to raise funds for their small businesses. We know what you are thinking! The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business Problem Solving Courses  & LFP Bada Business (Leadership Funnel Program).

Categories
Leadership Building

5 Powerful Qualities Of Highly Impactful Leaders

5 Powerful Qualities Of Highly Impactful Leaders
5 Powerful Qualities Of Highly Impactful Leaders

No one is born a great leader. With continuous dedication, discipline, and hard work they can cultivate skills that can make them impactful leaders. Successful leaders are the driving force behind their organizations. They have certain qualities that play a crucial role in the company`s growth. So, establishing yourself as an effective and powerful figure that is trusted and followed by others unquestionably, obviously involves preparation and a lot of hard work.

Many people think that a leader is born. But rest assured everything does not need to be innate, and becoming a leader is possible. So what are the qualities that you must cultivate to become a great leader? Here is a list:

1. A Great Communicator

There is no one-size-fits-all strategy when it comes to communication. But, successful communication begins with transparency. But to keep lines open and clear across the business, we must be careful not just about putting our messages across, but also about the mediums, too.

While businesses around the globe are adapting to the change unleashed by the pandemic, great leaders are trying to find the right balance. Good leaders today have to make difficult decisions such as furloughs, and staff reductions.

2. Confidence

Confidence is the key that can make anyone extraordinary. A good leader does not hesitate to trust his subordinates. It is very important to let your employees know that you trust them without any doubt and that you believe in them and their skills. Dare to delegate tasks according to their capabilities and make them feel important and necessary for the sustainability of your business. If your team feels that they have your trust, their productivity will improve and so will their performance.

Many managers hide others in their shadows. They refuse to let others grow and this is one trait that distinguishes a true leader from mere managers. A powerful leader makes room for others and allows them to grow while focusing on teamwork. To develop leadership skills, you can attend ‘Leadership Funnel Program 2.0’–the most effective flagship program by Dr. Vivek Bindra.

3. Be a good Listener

Listening and hearing have a hairline difference between them. Hearing is passive, while listening is active-and the great leader is someone, who understands the difference between the two terms.

Real listening is essential for effective communication. Listening not only involves ears but many other aspects like body language, expressions, and gestures. What`s not said is just as important as what is said.

A great leader will take cues from all other aspects and help people in the organization who might lack the courage to speak up. We need leaders who listen and are intentional about their conversations. Want to become a strong leader? You can join Leadership Funnel Program 2.0 popularly known as LFP Bada Business to understand the nuances of leadership.

4. Have Clear Goals

Every great leader has clear goals and vision where he would like to see his company and himself after a few years. You must know where you are right now and where you want to reach and know-how to get there. Above all, don`t keep your strategy a secret. Share it with your peers and team members so that each member will feel what he or she is working on is important.

Establish a strong connection between the company and its employees by discussing objectives and action plans. Everyone can contribute if they are aware of how you have planned to conduct your business.

5. Make Better Decisions Without Wasting Time

Many leaders talk, but they do not execute and do. And it is doing that separates the real leaders from the rest. When your words match your actions, people learn to develop trust. It is more impactful when you take an action on what you are hearing from your employees. Leaders who act quickly and confidently often must make difficult decisions, and for that it takes grit.

As a leader, it is also important to remain positive even during challenging times. Lead by example so that your team members can trust you and follow you without a doubt. Even during difficult times, your passion for your work should not waver. These qualities can make you a successful leader. Work on these five qualities, but never forget that there is always a scope for improvement. You can also join our LFP Bada Business program to understand and learn how to become a successful leader.

Categories
Business motivation

4 Import-Export Business Ideas To Start In India

4 Import-Export Business Ideas To Start In India
4 Import-Export Business Ideas To Start In India

Businesses in India have a specific advantage when it comes to exporting because they have various mediums to minimize production costs and maximize profits. And, expanding into the global market is the best way to build brand recognition, scale business and boost profits.

India is a great place for small and medium enterprises to start an export business for several reasons. And, the reason is that they have access to inexpensive labor and materials. India has a wide variety of natural resources which makes it convenient to source raw materials for production.

If you want to start an export business, here are 5 products you can export from India:

1. CLOTHING

India has one of the largest textiles and apparel industries in the world. The main reason behind it is because India has strengths across the entire value chain from fiber, fabric to apparel yarn and has competitive manufacturing costs.

One of the most important cash crops in India is cotton which is an important raw material for a lot of clothing manufacturing. Currently, it contributes to 12% of the country`s export earnings. Why it is more profitable today is because the global demand for clothing has increased and people are spending more on different types of clothes. Athletic clothing, loungewear, and pajamas are currently very popular because people want to be comfortable as they work from home. Comfortable shoes are also a must.

People are still buying clothes that are meant to wear outside of the house, but once offices, restaurants, bars, clubs, and borders reopen, the demand for this type of clothes will likely slowly rise again.

2. JEWELRY

Since India is the land of so Kohinoor, many minerals and gemstones are found here. Gold, copper, and garnet are some of the most common precious materials found in India.

India produces large quantities of diamonds since the land is so rich in coal. Although diamonds are not rare gemstones, they generally come with a hefty price tag.

India primarily exports jewelry to the United States, China, Japan, and countries in Europe. By November 2020, nearly 25% of India’s jewelry and gemstone exports went to the United States.

3. RAW INGREDIENTS

Thanks to the country`s suitable climate, sugarcane and rice are two cash crops of India. These two crops require a specific climate to grow hence they can be harvested and can be sold as raw ingredients anywhere in the world that doesn’t have a suitable climate.

One more reason is that these two raw materials have a decent shelf life, so transporting them is also not that difficult. One thing that you will have to ensure is the storage. To store the raw materials in containers that will safeguard them from bugs, rodents, or other creatures.

Though Sugar and Rice are not easily spoiled and can be consumed, you need to keep them fresh and clean. Also, check with federal regulations of where you are exporting to. Also, ensure that you are following the guidelines.

4. PHARMACEUTICALS

Pharmaceuticals are crucial as ever since we are amid a pandemic and people around the globe are growing unhealthy.  Additional drugs and supplies are necessary for treating the symptoms of COVID-19 patients. Ventilators and other life-sustaining equipment are in high demand.

Aside from COVID-19, diabetes is posing a major issue around the world. Some of this disease is caused by genetic factors, but it is exasperated by unhealthy lifestyles and diets. When people do not manage it, they need specialized drugs, insulin, and tools for checking their blood sugar. The insulin alone demands the need for a variety of syringes, ports, and more. Diabetes is simply one health issue that is increasing the demand for pharmaceuticals. Heart disease, cancer, respiratory diseases, and other chronic conditions are on the rise.

These are a few small business ideas for export businesses that MSMEs can start. You can boost your sales easily with the right guidance of a business expert.  Learn to generate high revenue earning products for sales, generate payment links for customers, managing account-related details. Solve your problems in just one click: https://www.badabusiness.com/psc

Categories
Sales

5 Powerful Yet Practical Tips To Grow Your Business Sales

5 Powerful Yet Practical Tips To Grow Your Business Sales
5 Powerful Yet Practical Tips To Grow Your Business Sales

From small businesses to large businesses worldwide everyone is struggling to boost their sales and has been chasing the holy grail of increased revenue and growing sales numbers. However, selling can be challenging. And, the irony of life is that it is the only way to skyrocket the sales of your business.  Selling is a complex process because individuals are complex and it is difficult to predict your customer behavior.

It has become so crucial for the sustainability of the businesses that many individuals have developed complete businesses out of advising companies on improving But despite all the available assistance by the best corporate coaches in India, many organizations rarely see the value of their sales touching the sky.

So, how can you ensure that the number of sales is always on top? What if you can increase your sales number without having to jump through hoops? What if you find out a simple formula that will help you to increase your business sales?

By using our amazing tips you can increase your sales. Whether you are selling your products online or run a brick-and-mortar business, our sales strategies will help you convert casual visits into sales:

1. Make Your Customer Your Priority

Shape your marketing strategies and communication around your customers. What most business owners miss here is that a customer is not interested to know about a product. They are more interested to know how it will make their lives more convenient.

Conduct research on the current challenges that your customers are facing, then communicate in a creative way how your business can help them to overcome those challenges. By shifting the focus of the discussion on your customer`s pain points, you will come out with a more customer-oriented sales strategy.

2. Be With Clients & Prospects

Sales is a sport that becomes interesting and executes successfully when you are present. Be present with your clients and prospects with an attitude of you are available for any help. These questions and attitudes will help you focus on the outcomes of the other party and will eventually help you to build a solid relationship. You can also consult with the best business coach in India.

3. Give Your Customers a Unique Experience

Treating your customers like king can take your sales volume up, rapidly. It is very important for a customer to feel that their requirements and feedback will be taken seriously. They love it when a business owner remembers small details.

So, if a customer comes regularly to your café, remembering the amount of milk or the quantity of sugar he or she takes will make it special for them.

It is the feeling that brings a customer again to your store or café. According to a Forbes report on average, 7% of consumers expressed some level of frustration when their experience was impersonal.

If you are a shop owner, you can give your customers a personalized touch by greeting them with their names. This tip might appear simple, but it is very effective and will deliver big results.

4. Create Consistent Marketing Strategies

Business does not always grow. There are times when businesses might also go through difficult times. To help a business thrive you should get solid marketing strategies when business is slow.

5. Involve your Customers While Bringing Innovation

Change is a constant thing! It is essential to keep bringing innovation into your services and products. However, there is one thing that every business owner must do- take extensive feedback from your customers. Make your customers an integral part of the innovation by analyzing the ‘ABCDE Model’.

A- Analyze the problems & needs of the customers

B- Brainstorm what exactly your customer looking for in your products.

C- Co-create. Involve your customers when altering a range of products or services.

D- Deliver what promised

E- Evaluate

The model of ‘ABCDE’ is behind Subway`s success. They let their customer decide and select the ingredients of their meals. This way even if a sandwich doesn’t taste good, the customer doesn’t mind because of his involvement in the process.

With our above-mentioned tips, you will see your sales numbers increasing. With our Problem Solving Courses, you can learn about the best sales strategy with zero investment.

Learn to generate high revenue earning products for sales, generate payment links for customers, managing account-related details. Solve your problems in just one click: https://www.badabusiness.com/psc

Categories
Business motivation

9 Things To Consider Before Starting A Small Export Business In India

9 Things to Consider Before Starting a Small Export Business in India
9 Things to Consider Before Starting a Small Export Business in India

Exporting a wide range of goods and services, India is the 14th largest exporter in the world. According to a recent report by HSBC, India is set to become one of the top 5 exporters in the world by the year 2030. As the country has embraced the concept of ‘Make in India’, exports from India are set to take a speedy course and will contribute to the GDP of the country.

The government of India has always been a great supporter of exports, but the pandemic has opened a new opportunity for aspiring small business owners who wish to start their ventures in small towns. The widespread use of the internet has also helped the export and import business to flourish.

If you are planning to start your own export business in India, you can attend our Free Masterclass by Dr. Ajay Sahai, Director General & CEO, FIEO. You can download the Bada Business Community APP to attend the class on February 22nd, 2022, Tuesday at 6:00 PM.

Here are nine things you must know if you are thinking about starting an export business:

1. Select Product

If you have already thought about the item you want to import-export then it is okay. Otherwise, some products are prohibited from being exported. So, ensure that your product is not one among them. India is known for mainly exporting agricultural products. You can also select a product in your area and export them by keeping the quality of the product into consideration. It is an important factor in receiving future orders and reviews from customers.

2. Analyze your Target Market

It is very important to understand your target audience when thinking about selecting an export business. Research the market size, quality requirements, competition, payment terms, etc. when you select an overseas market.

You can also enquire about a few export benefits available in the market for a few countries under the Foreign Trade Policy. Export promotion agencies, Indian Missions abroad, and your acquaintances can prove helpful in recognizing the initial market, as well as, expanding it.

3. Select Business Name & Logo

Before you decide to register and look for buyers for your products, you should select a name and logo for your business. You need to think about your business`s name so that you can register it.

4. Registration

Like any legitimate business run in India, you will need to get registered. It could be registered as a sole proprietorship, in partnership, private limited company, or LLP. Hire a lawyer for any legal advice and to help you with the legal proceedings of registering the business.

5. PAN

Businesses must obtain PAN (Permanent Account Number) from the Income Tax Department.

6. Bank Account

Open a current account at any commercial bank that is authorized to deal in Foreign Exchange.

7. Obtain Importer

Exporter Code (IEC) Number An exporter/importer in India is required to obtain an IEC number as per Foreign Trade Policy. It is a key business identification number that can be applied for online at www.dgft.gov.in. After the introduction of GST (goods and service tax), the IEC number is the same as the PAN of the firm.

8. Obtaining RCMC

RCMC (Registration Cum Membership Certificate) is a membership certificate issued for 5 years by Export Promotional Councils (EPCs) or Commodity Boards of India. It is proof that your business has been registered with the council/board and is useful when applying for any benefit or concession under Foreign Trade Policy like duty drawback, duty credit scripts, etc.

9. Get covered through ECGC

Dealing with an overseas client involves risks from the insolvency of the buyer/country. These payment risks can be covered by ECGC Limited (Formerly Export Credit Guarantee Corporation of India Ltd), a company wholly owned by the Government of India which provides export credit insurance support to Indian exporters under the Ministry of Commerce.

To get in-depth knowledge and information, attend our Masterclass on the Bada Business community app for free.

The idea of managing the business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer courses like Problem Solving Courses (PSC) & Leadership Funnel Program (LFP Bada Business).

Categories
Strategy

5 Ways Entrepreneurs Can Deliver Exceptional Customer Service

5 Ways Entrepreneurs Can Deliver Exceptional Customer Service
5 Ways Entrepreneurs Can Deliver Exceptional Customer Service

No matter how unique your products are or how lowest the price you are offering on the internet, it doesn’t guarantee customer loyalty and conversions.

Given the cut-throat competition in the market space, it`s only an exceptional customer experience that sets you apart. Hence, delivering a world-class customer experience that guarantees customer satisfaction is more important than ever.

According to a Gartner report from the 2019 Customer Experience Management Survey, organizations nowadays are committed to improving their customer experience (CX) more than ever. A good customer experience is the sum of all interactions that a customer has with your company. It is a summary of they reach your business website and their transactions. It also includes interactions before and after a sale.

If you are an entrepreneur, you can also find many online business courses for entrepreneurs where you can learn how to give your customers an unforgettable experience. It is a crucial aspect of any business as it determines whether or not consumers will buy from your brand and become loyal customers.

Here are the 5 key strategies that will help companies to build a world-class customer experience:

1. Create a Customer Experience Vision

Before you start making a unique strategy to give your customers a unique experience, it is important to set a vision. Being an entrepreneur requires you to create a clear strategy that is consistent and sets out straight your objectives.

2. Understand Customer Behavior

Customer behavior is constantly evolving. Thus, observing the current trend and pattern is important. You can`t provide a good customer experience without knowing your customers in and out. 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.

A quick tip that you will not find in any online course for entrepreneurs is that you should interact with your customers directly and have every level of the organization speak with your customers and not just through the customer support team. This will give you a clear insight to provide your customer with an excellent experience.

3. Think of Customer`s Pain Points

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. So what frustrates your customers? What makes them change their mind while making transactions? What stops them from being loyal to you? 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 lifelong customer. To offer a unique customer experience, you have to listen to your customers. You can do it by analyzing data related to their user journey, by directly interacting with them, or focusing on social media pages. So, businesses these days can`t afford to risk ignoring a customer`s touch-points.

4. Build Strong Relations 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.

5. Focus Less on Who Your Customers are and More on What they do

Focusing more on what people are doing rather than who they are will be more important metrics in years to come. Having this data record will have a dual benefit. It will help to improve the customer experience without compromising a person`s privacy.

No one wants to do business with a company that treats you poorly. 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.

Want to build a strong relationship with your customers? Bring your company and customers together! With the Problem Solving course, companies have achieved a whopping boost in their business sales productivity. To know about this most-loved course, click here: https://www.badabusiness.com/psc

Categories
Process & Business Expansion

5 Ways Small Kirana Store Owners Can Make Big Profits In 2022

5 Ways Small Kirana Store Owners Can Make Big Profits In 2022
5 Ways Small Kirana Store Owners Can Make Big Profits In 2022

Summary: With Grofers, Big Basket, and now Flipkart and Amazon delivering daily groceries many small Kirana owners are worried about their sustainability. But do they have to worry about the future of Kirana stores? Let`s find out.

India has always been a country in which two contrast opposite worlds coexist. One world belongs to the top 5 percent that only talks about luxury cars, boutique hotels, and bungalows, while the other half belongs to five-rupee biscuit packs and one-rupee shampoo sachets.

This stark reality also supports the recent study by EY according to which 79% of Kirana stores in non-metros and 50% in metros saw new customers amidst the pandemic and even after that.

A Kirana store is the backbone of the Indian grocery market. And when the world was grieving under the pandemic these stores have proved extremely beneficial to keep our plates filled with food. A Kirana store is like a departmental store that caters to the need of the daily essentials of people. It is mostly present on every corner of the street.

According to The Hindu, there are around 12 million neighborhood Kirana stores that dominate the domestic grocery retailing landscape of India with a 90% market share. During the pandemic, they have emerged as heroes, with people depending on them to procure daily essentials.

Another study by EY states that 20% of Kirana stores are also embracing digital platforms to order their supplies.

Kirana stores will remain evergreen as most of the people in India still rely on their local grocery stores for essential needs. Though many eCommerce brands are swearing by the innovative direct-to-customer marketing in retail, the fact is that it was local Kirana stores that have traditionally serviced the daily needs of the customers directly.

However, many Kirana store owners are still working on old and traditional methods due to which they are struggling with sales and customers.

So, if you are planning to open a Kirana store, or already have one, 2022 can open a store of opportunities for you. Here are five ways in which Kirana shop owners can increase the profits of their small businesses in 2022:

1. Embrace Technology

The pandemic has shown a new direction and world to businesses and customers too.  Almost everyone prefers digital transactions as they do not want to expose themselves courtesy to infection. Today, when everything is available online, taking your Kirana store online can be a profitable scheme.

The online Kirana store is not a new concept. Many Kirana store owners have started selling their products online. Taking their Kirana store online provides a wide exposure and helps to boost sales as it allows customers to place orders from the comfort of their homes.

2. Create USP

Owing a Kirana store means facing a lot of competition. Hence, to ensure that your store keeps up with the competition, you must give your customers a unique experience that they don`t receive at other stores.

In a Q&A session with Dr. Vivek Bindra- the best motivational business coach in India, a Kirana store owner asked him how to increase his sales. To which he replied that he should create a unique selling point for his business. One option could be that most of the Kirana stores remain closed on weekends. This is a perfect opportunity for you to attract customers and improve your sales. While other shopkeepers would be busy sleeping or enjoying their weekends, you can boost your sales.

3. Build a Website for Your Store

To gain more customers, you can also list your Kirana store on various online shopping websites like Amazon and Flipkart. You can easily register your store online, and if anyone purchases a product, you can parcel the same to them.

Apart from listing yourself with giant sellers like Amazon, you can also create a website online. This will give your regular customers the convenience of ordering from the comfort of your home. If you already have a website and still you are struggling when it comes to scalability, you can also consult with the best business coach in India.

4. Focus on Customer Relationship

Relationship with customers is the key to higher sales. And, building a relationship with customers ensures that they do not go to your market competitors. Talk to your customers nicely, and give them a unique experience so that they come to only your shop. You can also offer discounts on various products, as it is the best way to attract customers.

Understanding your customers is important in any business. If you are the owner of a Kirana store the above-mentioned tips will help you to boost sales. You can also upgrade your Kirana store into a departmental store with zero to low investment.

You can boost your sales easily with the right guidance of a business expert.  Learn to generate high revenue earning products for sales, generate payment links for customers, managing account-related details. Get your marketing game back on track. Grow through self-learning and see your website traffic increasing with marketing collateral designed especially for you. Learn more here: https://www.badabusiness.com/psc

Categories
Business motivation Strategy

5 Exceptional Ways To Collect Testimonials From Customers

5 Exceptional Ways To Collect Testimonials From Customers

Summary: Testimonials are the best way to build trust among customers. But many entrepreneurs shy away from asking their customers to give feedback. Discover five ultimate ways to collect testimonials.

Everyone loves compliments. It is a gift that nobody in this entire world gets tired to receive. Not only they are free, but they are also valuable. It keeps on giving emotionally, mentally, and professionally too! Yes, you heard that right.

Quote someone as saying that your service or product was incomparable to the line of choices available in the market, or you helped them double their income and scale their business and your chances of getting more customers for your business increase.

In fact, according to a survey conducted by Bright Local, “92% of customers say that they read online reviews before purchasing a particular product.”

Many entrepreneurs often ask the best business coaches about the right way of asking their customers for testimonials because they feel so nervous that they avoid it altogether. Most often a great testimonial can help you get a lead or convert a potential customer into a loyal one.

So, if you are looking for not-so-expensive ways to promote your brand and increase its credibility, here are five ways in which you can collect a reservoir of testimonials starting today:

1. Check Your Facebook Reviews

If you are a startup, it means you must be having a business page on Facebook too! And Facebook is the first place where you should look for the reviews that your customers have given you. Facebook testimonials can be quite detailed and can highlight what your business does in an ideal way.  So, if the comment section is vacant, it is time to ask your customers for their testimonials.

Talk about what you do everywhere. Get into conversations with people and offer them solutions for their problems. You might have to step out of your comfort zone to ask for a testimonial after offering your product or stellar advice.

2. Ask the Right Questions

Would you recommend us to your friends and family? Did our products satisfy you?

If you want great testimonials then you have to ask creative questions. Questions that can be answered with a simple yes or no must be avoided at any cost. Instead, ask questions that require a bit of engaging explanation. For instance, you can ask your customers what are some reasons you would like to recommend us to your friends and family? Or How our products have changed your life?

The best business coach in India Dr. Vivek Bindra suggests that a customer wants a product that has a relative story attached to it. And while asking for a testimonial you should encourage them to share their journey.

3. Stay in Touch Throughout the Process

Most often startups send a feedback form to their clients at the end of their journey and try to pull testimonials out of them. But Dr. Vivek Bindra recommends staying in touch with your customers through their journey with you. Keep asking them what is working for them and what is not.

When you stay connected with them, you can have testimonials that show their experience at each stage of the process.  If you will wait until after you have finished serving them, they may not be able to remember the details accurately. So, it is important to capture the correct information at every stage.

4. Pull from Various Formats

Gone are the days, when the only way to get testimonials from your client was by sending them a feedback form. Today, thanks to so many platforms you can get creative while asking and showcasing your testimonials.

If a customer sends you a message on Instagram, take a screenshot and share it. Got an email from a client gushing about how his or her sales grew into a double? Save it. Just be clear with your clients that how important it is for you to know their experience and always tell them that you would like to share it. Always give them the option of excluding their name.

5. Never Stop at Just Three or Four

Would you love to see hundreds of testimonials from happy customers or would you rather see just a handful? Numbers are important. It shows that the products have been used by various customers and not just a few. This helps to build credibility, even if you don’t have long and elaborated testimonials.

Testimonials are pure love from your customers that also stand witness to the goodness that you offer through your products and services. The more the merrier. So, use the above ways that will help you to get testimonials from your clients.

You can boost your sales easily with the right guidance of a business expert.  Learn to generate high revenue earning products for sales, generate payment links for customers, managing account-related details. Solve your problems in just one click: https://www.badabusiness.com/psc

Categories
Startup

How To Automate Business Processes & Why Is It Crucial For Startups?

How To Automate Business Processes & Why Is It Crucial For Startups?
How To Automate Business Processes & Why Is It Crucial For Startups?

If you have a small startup business with 3 or 4 employees then the automation of business processes is a low priority. But if your business has more than 10 employees, then your company needs to consider a few must-have processes and take a hard look at which business processes can be automated.

Why every startup business needs a process?

When a business is small, there is less possibility of making mistakes. But when you think about scaling, some of the tasks that are repetitive and are done manually they need to be automated. Automation can improve efficiency. Business automation of a few processes can also reduce errors that come with business expansion. If you are confused, you can also take help from the best business coach in India Dr. Vivek Bindra to understand the concept in detail.

So what are some strategic ways to automate business processes? And which processes should be automated first? Well, we are going to answer all your queries.

But first things first!

What is business processes management and why your startup needs it?

Processes are the heart and soul of a successful business. Business process management is how you effectively manage all the processes. It impacts multiple teams and employees as all the activities in your company happen as processes. When you start taking processes seriously, a BPM becomes a tool that can help you achieve your business goals.

Business process management is a practice of managing all business processes that help to achieve an outcome. It is an ongoing activity that helps to identify key areas that need improvement.

Business process management works in multiple forms. Though some processes can be completely automated, others need human input for making decisions. Here are three types of business process management that every organization must have:

1. Human-centric BPM

As the name defines, this type of business process involves human inputs. The decisions are made by humans and most of the heavy task is performed by humans. The scope of the business automation process is limited here.

To help employees understand and manage the process easier, it offers a visual interface too. Since this process impacts employees directly, this process needs more attention as compared to others.

2. Document-centric BPM

A document-centric business process is built on the foundation of a particular document. The main agenda is to send the multiple approvers who are involved in the process and get it approved. The document-centric BPM helps to reduce the need for emailing documents back and forth and increases efficiency.

3. Integration-centric BPM

The integration-centric business process management is centered on the integration of different software systems. Its main focus is on creating a smooth flow of data between the networks and software tools.

Now, when you are well aware of business process management, which processes should be automated first? Here are 3 ways in which you can automate critical processes in your business:

a). Find Functional Areas of Operations- Though it may sound tempting to replace roles with artificial intelligence to save cost, that is not how automation works. Human intervention will remain imperative. So, identify functional areas in your business that may have opportunities for improvement. This may include accounts payable, sales teams, inventory management, customer service, and other areas of business operations. You can also get the guidance from an expert or the best business coach in India to help you find areas that needs to be automated.

b). Create Standard Operating Procedures- SOPs as popularly known is a document that explains the exact steps to carry out a certain task and complete the responsibilities within a role. And many business coaches advice to create SOPs by employees for their designated tasks. To work smoothly, a process needs to be clearly defined with steps and actions to take.

c). Identify Repetitive Task– identify tasks that are repetitive and exist within the roles of each department. This will help you to gain perspective in areas where you are most exposed to risks or operational deficiencies. Go through the SOPs that your employees have created. Spend the time to complete tasks according to SOPs to weed out the repetitive tasks.

A successful businessman needs an efficient team and organized business activities. If you need to reduce expenses and focus on your core business by making processes and introducing business automation.

Are you looking to find solutions for your burning problems? Get practical solutions easily with our step-by-step learning strategies, action plan, frameworks that are designed to empower you with various business functions. Solve your problems in just one click: https://www.badabusiness.com/psc

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Finance

5 Smart Ways To Eliminate Debt & Grow Your Small Business

5 Smart Ways To Eliminate Debt & Grow Your Small Business
5 Smart Ways To Eliminate Debt & Grow Your Small Business

If you ask any small business owner or entrepreneur to name their foremost hardest challenges that don`t let them sleep in the night, they will say without a second thought- money!

Paying off debts, growing business, increasing profitability, and achieving financial freedom are a few challenges that SMEs and MSMEs often face. This was true before the pandemic, but after it, it has become even more crucial for entrepreneurs to overcome money challenges.

According to a survey published in Forbes, “95% of businesses surveyed said the pandemic had affected their bottom line, and 53% estimated that 2020 revenue would drop by more than a quarter.”

Even the best business coaches often come across questions like ‘how to get my business out of debt’ or ‘how can I repay my loan as soon as possible’ by small business owners.

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

If managed smartly, borrowing funds can help you accomplish your goals. On the other hand, mismanaged business debts 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.

There are many government schemes to help small business owners with loans. 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.

You can watch this video by Dr. Vivek Bindra on “How to Pay Off Your Loans”:

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. Manage 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.

2. Settle 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.

3. Plan Monthly Budget

One of the most vital debt management techniques is to plan your monthly budget. Make a list of your income & expenses while deciding your monthly budget. This will give you a clear picture to think about ways to reduce your daily expenditure. Having details of monthly cash inflow and outflow can help you save money that you can use to clear your debt.

4. 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.

5. Insure 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 yourself 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 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.