Month: September 2022

Categories
Strategy

6 Smart Tips For Entrepreneurs To Build Strong Relationships With Investors!

6 Smart Tips For Entrepreneurs To Build Strong Relationships With Investors!
6 Smart Tips For Entrepreneurs To Build Strong Relationships With Investors!

Summary: When adequate funds are the only thing that is stopping your startup from becoming successful, you might want to think about establishing good relationships with your investors.

Entrepreneurs put in their immense effort and hard work in pitching their business idea to angel investors to bring them on board because the key to success for most startups is having funds for the growth of their business.

However, a deal is never done when it comes to dealing with investors. If you have wooed your investors once, it does not mean you won’t need them again in the future. Investors with their lots of experience can offer incredible insight and resources that can get your startup business on the right track.

According to experts, nearly one-third of the startups shut down because of a lack of planning about the proper usage of their funds. This leads to investors losing interest and credibility in their business venture at the very early stage. Many entrepreneurs often hire a business coach to help them navigate the rough waters of the business world.

Managing investor relations can make a huge difference to your business. As an entrepreneur, it is your responsibility to strengthen ties with investors to position your current business for success. While a strong relationship can help the startup to grow rapidly, one wrong move can end the game for you.

Therefore, it is highly essential for you to maintain a working, productive, and winning relationship with your investors, even if they are not friendly.

Here are six pointers that will help you to build a strong and cordial relationship with your angel investors:

1.  Don’t Choose Investors Solely for Financial Purpose

Investors can provide not just funds, but also their valuable guidance and experience to accelerate your business. Acknowledge the relationships and expertise investors will bring to your business by giving them a voice. Listen to their underlying apprehensions and concerns. Encourage open conversation and clear dialogue so that you can learn more about their risk-taking appetite. You can consult with a business coach as well to understand how you can maintain dynamics with your investors.

2. Set Clear Expectations in the Beginning

An entrepreneur and investors need to be on the same page as nobody likes surprises in the business. Thus, it is vital to set the goals, nature of the relationship, degree of control, vision, the scale of growth, and exit strategy that is acceptable to both parties.

3. Be Authentic & Respectful

Investing in any firm is not a matter of a “fund it and forget it” scenario for any investor. In fact, they would like to stay updated with the latest ongoing in your organization. And when you are looking to strengthen your relationship with investors, it should be rooted in authenticity and respect. As entrepreneurs are coming into the market with their ideas, they should also respect their investors` opinions, suggestions, and feedback.

Despite the disagreements, they must behave respectfully towards each other. Discussions should happen openly to arrive at a mutually acceptable solution.

To gain investors’ trust, startups must engage with them regularly, instead of treating them as an obstruction that needs to be dealt with.

4. Share Challenges & Achievements With Investors

Every investor wants to stay updated about the current progress of the venture he has invested in. Hence, update your investors regularly with the latest figures, and charts prepared by the startup team weekly or monthly, if not daily.

Also, be transparent with your investors. Even when there are failures or mistakes, be forthright with your angel investors. Keeping your communication channel open with your investors helps you build a positive image of the startup.

5. Pay Respectful Towards your Investor`s Input

Investors can guide your startup business with their expertise and insights gained from years of experience in the market. You don’t have to agree or incorporate every suggestion, but paying heed and valuing them will give your investors a sense of involvement and validation.

6. Address their Concerns

Investors might have concerns about your plans, strategies, or any other aspect of the business. You should make a conscious effort to address those concerns through open discussion, dialogue, and reasoning.

As founders seeking capital quickly learn, finding the right investor is often all about who you know.

If you are facing the biggest challenges from your investors, we can provide you with amazing solutions with our business coaching program. You can learn from the top industry experts how to take your business ahead in the market. Kick start your entrepreneurial journey by clicking here: www.badabusiness.com

Categories
Strategy

5 Effective Tips That Will Make You A Better Negotiator!

5 Effective Tips That Will Make You A Better Negotiator!
5 Effective Tips That Will Make You A Better Negotiator!

Summary: Whether it is asking for a raise or speaking with an investor your negotiation skills can make a huge difference in getting you the best deal.

From salary discussions to closing the deal with a client or speaking with an investor, it can be difficult for many professionals to strike the right balance when negotiating. Neither they would want to ask for too little nor they would risk asking for too much, potentially ruining the chance of an agreement. It takes awareness, social acumen, and finesse when it comes to negotiating well.

If you feel that you lag behind your peers when it comes to negotiation, don’t worry! Negotiating skill is something that can be learned. You can watch an amazing video on Negotiation Skills by Dr. Vivek Bindra- who is a renowned business coach and motivational speaker in India.

Here are 5 strategies that will help you to become better at negotiation:

1. Discover Other Person’s Interests

While having a conversation with a person, it often happens that we tend to focus on his or her position or what exactly that person is trying to say. However, instead, you should ask relevant questions to know more about the real interest that they have.

Try to figure out what it is that they need out of the negotiation so that you both win. By getting to win-win, both parties will feel good and get what they desire. Conduct yourself as though you’re certain that a great result can be achieved if you and the person on the other side of the table work together as members of a team. Maintaining positivity and an affable demeanor throughout is critical.

2. Believe in the Value You Bring

When it comes to negotiation, your mindset matters! If you go into a tough negotiation feeling like the other person is doing you a favor by offering you a raise or by investing in your startup business, you’ve already lost. Knowing what exactly you will bring to the table will not only make you sound more confident but will also help you to define the value you are going to deliver. Put yourself in the other person’s shoes and ask yourself what would impress you about that person who is asking for the money. You can also learn negotiating skills from Dr. Vivek Bindra- the best business coach in India in this video.

3. Ask For More, Always!

Always ask for more when negotiating on payment terms or otherwise. If the employees ask for more money, ask them for more productivity. If a client asks for a lower price, sell them more products or services. When the other person thinks he or she has won, it is much easier to negotiate after that. Let them win the first negotiation, and they will usually be happy enough to let you win two to three more.

4. Conquer Your Fear First

Most of the time people do not negotiate or have trouble negotiating either because of the fear of conflict or fear of being told “no”. Hence, it is essential to identify what you are afraid of.  This allows you to be present in the conversation. Then, before you go into the negotiation, write out the case for your deserving money.

5. Make More Eye Contact

Maintaining eye contact makes you appear more confident. Hence, try to make more eye contact. By looking them in the eye and holding their gaze, you signal that you are serious and committed to your ideas. Eye contact also helps you analyze the other person’s body language and gestures to determine how they perceive you so you can adjust how you deliver your message.

Negotiations are an opportunity for everyone involved to get more of what they want. People often worry that they will be perceived as greedy, demanding, or ungrateful when they go into a negotiation, but negotiations aren’t personal. Hence, ask for your desired outcome confidently, with no prejudice.

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 offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. To know more about our courses, visit: www.badabusiness.com

Categories
Motivational

Meet Neha Narkhede; The Youngest Self-Made Woman Entrepreneur!

Success Story Of The Youngest Self-Made Woman Entrepreneur
Success Story Of The Youngest Self-Made Woman Entrepreneur

Summary: Co-founder and former chief technology officer of cloud company Confluent has become the youngest self-made woman entrepreneur in Harun India’s rich list.

Indian American entrepreneur Neha Narkhede (37) has made it to the list of India’s youngest self-made woman entrepreneurs on the Hurun India Rich List 2022. Born in Pune, Neha, co-Founder of Confluent- a streaming data technology company now figures in the IIFL Wealth list for 2022.

In June 2021, Confluent had risen to 25 percent on the NASDAQ, reaching a market valuation of US $11.4 billion. The eleventh edition of IIFL Wealth Hurun Rich List included 1,103 individuals this year, up by 96 from 2021, across 122 cities. With a net worth of Rs 13,380 crores, Neha is 8th amongst the top 10 richest Indian women on the Hurun Rich List.

The Kotak Private Banking Hurun Leading Wealthy Women List 2021, published by Hurun Report, is the third annual list of India’s wealthiest women entrepreneurs and professional managers. According to the list, nine of the 20 women under the age of 40 are self-made.

Her Educational Background

Born and brought up in Pune, Neha did her BSc in Engineering from SCTR’s Pune Institute of Computer Technology. In 2006, after graduation, she joined Georgia Tech and later joined Oracle where she worked till 2010.

In February 2010, Neha joined LinkedIn as a software engineer. In two years she donned various hats on the professional social media platform. In September 2014, along with her colleague she left Linkedin to build Confluent, a multi-billion dollar tech company. She was the CTO of the tech giant until January 2020. Currently, she is an independent consultant to tech enterprises and helps them scale.

Her Father Was Her Inspiration!

When she was asked about her biggest inspiration, Neha excitedly replies—‘My Father’. She shares that her father has been the single largest influence in her career. He would narrate her stories of trailblazing women and has cultivated a sense of empowerment in her.

Neha is also 55th on the 2022 America’s Self-Made Woman list by Forbes. In 2018, she was inducted as World’s Top 50 Women in Tech and also America’s Top 50 Women in Tech. Neha is also the winner of the 2022 Technology Entrepreneurship Abie Award.

Her dedication and self-belief are the major contributors that made her successful. If you too want to achieve something bigger in life, be persistent, passionate, and dedicated towards your goals.

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 offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. These courses will act like tools meant for rising stars just like you. Our apps and services let you manage many aspects of your business with the minimum investment of time and money, leaving you free to focus on the larger picture. To know more about our courses, visit: www.badabusiness.com

Categories
Business motivation

10 Business Quotes By Dr. Vivek Bindra That Are Pure Gold For Your Business!

10 Business Quotes By Dr. Vivek Bindra That Are Pure Gold For Your Business!
10 Business Quotes By Dr. Vivek Bindra That Are Pure Gold For Your Business!

Life is full of ups and downs! Sometimes we face them in full swing other times we might feel demotivated due to constant issues and disappointments especially when you are an entrepreneur. In these times we all need a business motivational speaker who can illuminate our darkest hour with his years of wisdom and knowledge. Dr. Vivek Bindra is one such mentor who has inspired millions of entrepreneurs, students, and small business owners to follow their entrepreneurial dreams.

Dr. Vivek Bindra is a globally acclaimed motivational speaker, corporate trainer, and business coach who has registered 9 Guinness World Records under his name. He is the owner of the world’s largest entrepreneurial YouTube channel because of the number of subscribers.

If you are facing challenges in your startup business and feeling demotivated, here are 10 inspiring quotes that are ‘GOLD’ for your business:

1. You don’t need hands & legs to drive your organization, you need a head & heart to drive your organization.

2. A clear vision or great vision without great people is completely irrelevant.

3. Acquiring the right talent is the most important key to growth.

4. The smartest business decision you can make is to hire qualified people.

5. The way you treat your employees is the way they will treat your customers.

6. Great people are a company’s greatest asset.

7. Satisfied employees will get more customers, and more customers will be more profitable.

8. People are not interested in who you are, they are interested in how you make them feel.

9. Either you grow or you go, either you are distinct or you extinct.

10. Brilliance around you will build brilliance within you.

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 offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. Get practical solutions easily with our step-by-step learning strategies, action plans, and frameworks that are designed to empower you and your business with in-depth knowledge.

Categories
Motivational

Back to Basics: This Guy Quit His High Paying Job to Sell Earthen Pottery

Success Story Of Neeraj Sharma
Success Story Of Neeraj Sharma

Where non-stick utensils offer great comfort while cooking food, few people know about the harmful effects of using them at home. These utensils are not just harmful to our health, but also damaging to the environment.

But then what is the alternative? While the market is flooded with products claiming to be harmless to the environment, it is better to exercise caution.

Earthenware utensils that were once used by people before the modern utensils paved their way into the market and our household may seem like an alternative. However, there are lots of fake products in the market that are being made with a die-cast mold with a chemical coating on it.

Such earthenware might end up causing more harm than we know of. To provide a solution to this modern-era challenge, Neeraj Sharma- a resident of Dawla village in Jhajjar (Haryana) came up with his startup up- ‘Mitti, Aap Aur Main’. The business is now yielding a monthly turnover of INR 2 Lakh.

Neeraj completed his engineering from a college in Rohtak in 2016. After that, he got a job with an MNC in Gurgaon where he stayed until 2019. While living in Gurgaon, he experienced multiple health issues. After some time, he went back to his village and told his parents that he wanted to prepare for the civil examination instead.

Neeraj Quits his Corporate Job

Upon returning to his village, Neeraj decided going back wasn’t an option. He intended to find some business to engage in while staying in the village. At home, he started noticing various kinds of earthenware. While some utensils will break easily, others will sustain for a longer time.  They were sturdy and environment-friendly because of their natural composition.

Intrigued by such observations, he made a trip to a nearby factory where their earthenware products were manufactured. He thought the factory would have many artisans working on these products, however, he was stunned by what he saw. Upon entering the factory, Neeraj saw there were various kinds of machines that were churning out these products with zero human input. Given there is much demand for earthenware, the sight gave him a business idea.

Initially, he started by using molds and dyes, but soon he realized how toxic chemicals like caustic soda and soda silicate were while making the products. He conducted some basic research and realized that these were harmful chemicals.

Made his way Back to Basics

Once he realized how harmful those chemicals were, he decided to find a way back to the traditional way of pottery. His search took him to some of the traditional potters from his village who had lost their jobs due to the advent of machines, but they were looking for an opportunity to put their skills to use again.

A Not-so-smooth Start

Initially, only two potters saw merit in his idea. They used to make products with absolutely no chemicals in them. However, it was difficult for him to compete with products that were all beautiful and shiny. It took a while for Neeraj to make people understand the chemicals that are being used in the manufacturing process of those utensils.

His products started building curiosity and more and more people began coming to see their work more out of curiosity than anything else.

Raised Awareness Through Social Media

To spread the word Neeraj used the platforms like Facebook and YouTube to raise awareness about his products and their qualities. Attending local fates, festivals and organic fairs also helped in raising brand awareness. At these events, Neeraj met doctors and nutritionists who were very impressed with the products and started speaking about them. Slowly, people from the city started visiting the unit to buy directly from Neeraj. He says that a lot of the traffic that his business gets is courtesy of the videos he puts up on his channel on YouTube which currently has 1,34,000 subscribers.

Neeraj takes immense pride in his decision of coming back to his village and working with these local artisans. The soil that is used to manufacture these utensils is sourced from Rajasthan and Haryana. The soil in the field is not used to make these utensils as they are contaminated by the use of fertilizers and chemicals by the farmers. One can buy planters, kitchen utensils, and even cookware at prices starting from Rs 250.

With his determination and passion, today Neeraj is earning lakhs per month. We salute his spirit and his fresh perspective toward the environment and society that led him to produce a product that is made from natural resources.

Do you have a startup idea too? Find out exactly what you need to turn that idea into a reality with Bada Business. To know more, visit www.badabusiness.com.

Categories
Motivational

From a Rickshaw Driver to becoming India’s Famous Household Name, Here is a Glimpse of Raju Srivastav’s Inspiring Life!

Raju Srivastava
Raju Srivastava

Summary: The celebrated comedian Raju Srivastav passed away at the age of 58 on 21st September 2022.

In 2005, India got its first stand-up comedian Raju Srivastav who participated in a stand-up comedy show which was broadcasted for the first time in the nation. Though the concept was new for the Indians, Raju Srivastav won millions of hearts with his excellent comic timing and simple jokes.

With his “Gajodhar Bhaiya” act, he became one of the most popular names in the Indian household. Although he didn’t win the show, he continued to entertain the entire nation with his jokes for 17 years.

Born in Kanpur, Uttar Pradesh on 25 December 1963, his stupendous comic talent was noticed since he was a young guy. Coming from a modest background his father Ramesh Chandra Srivastav was a famous Hindi poet known as ‘Balai Kaka’.

In an interview with Dr. Vivek Bindra, he shared a few glimpses from his past. He shared how his principal used to support his mimicry while others made fun of it. He was also invited to do commentary during local cricket matches. There he would talk much more about the players rather than the shots as he knew every one of them personally. And that is what attracted people to him.

Started his Journey to Mumbai in the 80s

Raju Srivastav came to Mumbai in the 80s to make it as a comedian; however, the road to success was anything but not easy. During his struggling days, he drove an auto for some time till he got work in movies. He had also done comedy shows for INR 50 when he was struggling to make it big.

Only in 2005, after 20 years, his years of struggle produced the fruit of success and he finally got recognition after participating in The Great Indian Laughter challenge.

He had small roles in Hindi films like Maine Pyar Kiya (1989), Baazigar (1993), and Aamdani Atthani Kharcha Rupaiya (2001). He made his debut in Tezaab in 1988.

After this, he never looked back. He continued to do various stand-up gigs with his clean comedy which is enjoyed by people across all age groups. He has done mimicry of many esteemed politicians and has done impressions of Indira Gandhi, Atal Bihari Vajpayee, Rajiv Gandhi, Mulayam Singh Yadav, Lalu Prasad Yadav, and even PM Narendra Modi.

He participated in many TV shows like Bigg Boss Season 3, Comedy Ka Maha Muqabala, Nach Baliye Season 6, and more. 

The chairman of the Film Development Council of Uttar Pradesh and Brand Ambassador of Swachh Bharat Abhiyan, Raju was recently seen on India’s Laughter Champion.

Recently Raju Srivastav suffered a heart attack while working out in a gym on August 10. After 41 days in the hospital, he passed away on 21 September at the age of 58. In 2005, India got one of the best stand-up comedians, and in 2022, our nation lost him. 

Want to read inspiring success stories like this? Visit, www.badabusiness.com

Categories
Startup

How To Hire For Startup Business: The First 5 People You Should Hire!

How To Hire For Startup Business
How To Hire For Startup Business

Summary: To turn your small business into a large enterprise, you will need more people. Here are commonly suggested first hires for your business.

You created a product or a service. You started your business. You got your first 100 customers and your business started making a little money. Now it’s time to hire the right people to take your business to the next level. Most often entrepreneurs find themselves confused when it comes to deciding who those people should be. While some people take the right step and consult a business coach, others decide to figure it all out by themselves which often leads to a waste of time and money.

The people you hire today will benefit your business tomorrow. Though hiring people should depend on your business needs, any employee that you will hire needs to have a set of few qualities- flexibility, passion, and integrity. Hire people who have diverse experience and are capable of hand responsibilities until you expand further.

So, starting from the top, here are five roles you should fill immediately:

1. Chief Executive Officer (CEO) & Chief Operations Officer (COO)

CEO and COO are two of the most essential players who can provide a new direction to your startup. Where CEO is typically the brain of the company, and the COO is the heart of the company. The CEO controls the company’s direction, culture, and vision, whereas the COO focuses on the day-to-day operations that keep your business running.

Though the founders of the company assume these two operations, you can also hire externally for these positions. If you and your co-founder(s) already plan to take on these titles and responsibilities, hire the following seven positions next.

2. Product Manager

When it comes to products, a product manager will be your go-to person. From developing a product strategy to vision and development, he will work closely with the engineering and marketing teams to create and market your products. Hiring a person who can dedicatedly work towards building a great product or a service will allow you to start working on the business rather than in the business.

3. Chief Technology Officer (CTO) & VP

It is very important to stay updated and upgraded with the latest technological development in the world. Hence, a team member who specializes in technology and development is crucial to your business’s success. Though you can hire a freelance front-end and back-end engineer, it is useful to have someone on the team who can take charge of this sector.

Having someone with the skills to decide what will work best for your business, as well as managing the integration and management of various systems is the key. You can also hire a business mentor to gain a different perspective and professional expertise.

4. Chief Marketing Officer (CMO)

A crucial aspect of every business revolves around its customers. How customers view your product or service will decide whether they would like to invest their money in it. A Chief Marketing Officer will focus on your customers and build a brand image to promote your product in the market. Hiring an expert with excellent marketing and promotional skills is essential to ensure that your business reaches a wide audience.

5. Sales Manager

No business can thrive without sales and revenue. A sales manager will focus on generating new leads and bringing in money for your company. A startup or small business that masters sales first survives for a longer period. This is probably the hardest position to fill in, but it is worth the time and effort. Hire an amazing sales manager and then use the money they bring in to scale your business.

It’s smart to hire from the top and then expand your team as per your business requirement. Keep your company culture in mind when you are hiring for startup roles. Without filling these positions your company will lack direction and strong leadership.

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 offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more about our courses, visit: www.badabusiness.com

Categories
Finance Startup

5 Common Mistakes Entrepreneurs Should Avoid When Raising Funds

5 Common Mistakes Entrepreneurs Should Avoid When Raising Funds
5 Common Mistakes Entrepreneurs Should Avoid When Raising Funds

Summary: A startup`s fundraising efforts depend on its ability to make itself and its business ideas appealing.  Here are five common mistakes every entrepreneur must avoid.

According to a report by IBM Institute for Business Value & Oxford Economics, over 90% of Indian startups fail miserably within 5 years of inception.

Starting a business is a pricey process. From hosting a website to hiring the right people, everything can quickly add up to the cost of the company. So unless you are independently wealthy or able to monetize right away, you will need large funds to foot the bills.

However, it does not mean that you should start rushing to people and start asking them for money to raise funds for your startup business. Before you think about raising funds, stop and consider the best way to raise money sustainably for your business. You can also hire a business coach to help you raise funds.

To ensure that your startup runs smoothly, we have listed out a list of fundraising mistakes that every entrepreneur must avoid:

1. Raising Capital too Early

When you have invested your own money in your business, you can stop the project anytime. But once you borrow money from investors, you will feel intensified pressure to make your business a huge success. You will have to give away a lot of equity in your company if you go this route. Hence, try to bootstrap your business and try to use existing resources to avoid the extra pressure.

2. Not Seeking Professional Advice

Entrepreneurs are often independent and self-sufficient. Hence, they often try to overcome any obstacle on their come that comes their way. While this conquering spirit is part of what makes entrepreneurs great, it can also be a fault. When raising funds for your startup, it’s critically important to seek the advice of professionals to better understand your funding needs and requirements. Consulting a business coach with real valuation experience can help you save your time and money on the wrong decisions down the road.

3. Not Raising Enough Funds

Some entrepreneurs ask for less funding than they require. It is the biggest fundraising mistake that can lead to the shutdown of the startup. Always ask for the amount by keeping your financial requirement as realistic as possible. Don`t worry about scaring investors by asking for the amount of money you will require for your business. To know step by step process of fund raising, watch here:

4. Lack of Clear Objectives

Having a clear goal in mind is essential to raise capital investment. Figuring out how much money you need to reach your next milestone is essential. From operational costs to essential professional services, determine how much capital you need. Not having a clear idea is another mistake that every entrepreneur must avoid.

5. Giving up too Much of the Company

One of the worst fundraising mistakes that entrepreneurs can make is giving up too much ownership of the company. While a deal that includes a good portion of your company might seem appealing, you could end up paying a much higher cost down the road.

Try to keep ownership within the company. Find out ways to raise or access funds which are more feasible.

Also, don’t forget to build and create relationships as you may come across people who can help you with investment. If you don’t know where to begin, start by making a list of businesses that intrigue you. You can use tools such as AngelList and Crunchbase to get a sense of the investors behind each project. You can also hire a business coach who can help you with networking.

These mistakes might appear small, however, if you want to successfully run your business, avoid falling into the trap of repeating these costly mistakes. Want to know the fundamental rules of fundraising?

Take our ‘Problem Solving Courses’ and gain in-depth knowledge about raising funds. To know more, visit: https://www.badabusiness.com/psc

Categories
Process & Business Expansion Strategy

6 Effective Ways To Measure Your Business Performance

6 Effective Ways To Measure Your Business Performance
6 Effective Ways To Measure Your Business Performance

Summary: How do you know whether your business is performing as expected or if you are on track to achieve your goals?

Business is unpredictable! This is why measuring its output and evaluating the effectiveness of your strategies is very critical for its growth. However, despite you having all your business objectives outlined and your strategies to achieve them in place, will you know that you are on the right path? Also, how do you know whether your business is performing as expected or if you’re on track to achieve your goals?

Being an entrepreneur it is vital to know what works for your business, and what does not. Be it small, middle, or large, every company 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.

According to a Gartner report, “organizations that use predictive business performance metrics can increase their profitability by 20%.”

Here are six crucial indicators that will tell you all you need to know about your business’s progress:

1. Net Profit

Net profit is the amount that remains after deducting a company’s expenses, taxes, and interest payments over a given time. It is one of the most reliable parameters when it comes to analyzing financial status. When evaluating your business performance, the net profit should be converted into a percentage of revenue- the net profit margin. Businesses must stay ahead of the profit margin in their industry to remain competitive. Anything below the margin means your business is in poor financial status. If you find it difficult to evaluate your business performance, you can hire a business coach too!

2. Customer Satisfaction

Another important way to measure the business performance of your small business is customer satisfaction. Happy customers can impact other metrics directly. 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 and build a strong relationship with your clients.

3. Employee Retention Rate

A good employee retention rate indicates a business with a healthy work culture and with processes in place for success. A poor employee retention rate is a glaring sign that the company is wasting its resources on hiring, training, and absorbing new employees. This will prevent a company from utilizing its resources to drive growth.

4. Set Up a 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.

5. Sales Indicators

The volume and frequency of sales can provide everything you need to measure 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.

6. Analyze your Goals

While evaluating your business performance, it is also essential 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!

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 offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more about the course, click here: https://www.badabusiness.com

Categories
Startup

5 Small Investment Business Ideas You Can Start Today

5 Small Investment Business Ideas You Can Start Today
5 Small Investment Business Ideas You Can Start Today

Summary: A good business idea is difficult to come by. But with the right planning, one can kick start a small business with minimum investment.

The first step to becoming a successful entrepreneur is to have a good business idea. There are many business ideas that one can start, but not everyone is ready to invest a large sum initially. Maybe you already have an idea but are hesitating due to a low budget. To help you get started here is a list of small business ideas which you can start easily.

Here is a list of 5 part-time small businesses that you can begin with minimum capital:

1. Resume Writing

If you love writing and have an eye for detail when it comes to writing interesting resumes and cover letters, you can help others and charge them for your services. Many people are not good at writing their resumes. Hence, they download a common template from the internet and fill it with their details. Result? Sloppy, poorly written, inadequately proofed resume and cover letter after the next!

You can either do this business full-time or embrace it as a freelance job while keeping your day job. Either way, you can earn good money. All you need is a good website! To know how you can design a website and increase visitors, you can take a business coaching program online.

2. Paper-Mache Craft

If your heart and soul lie in something creative and environment-friendly too, then give your entrepreneurial dream a kick start with a paper-craft business. Paper-Mache craft items are made of paper pulp mixed with glue.

The best thing about starting a paper-craft business is that it does not require a large investment. The raw materials and designing techniques do not require special tools. This craft includes pendant lights, bowls, decorative flowers, and other home décor items.

3. Tiffin Service

As more and more people are migrating to other cities across India due to jobs or for their studies, the tiffin service has become a profitable business idea. People these days have such a busy schedule that they are looking for home-cooked options. Women who want to be financially independent can start this business with a minimum investment of INR 15000.

All you need to do is research your target clientele and a bit of promotion. Word-of-mouth is your best bet in a tiffin service business. So cook lip-smacking dishes and see your clientele growing in large numbers. Once established, you can learn how to scale your business to earn more profit by taking help from a business coach.

4. Photography

Love clicking beautiful pictures that can leave people awestruck? From newly opened cafes and bistros to real estate firms and auto dealers, many businesses are in constant demand for stunning and high-quality pictures of their products.

Photography is competitive, so you’ll want to develop a focus or a niche. And you’ll need to do some marketing to attract clients. So think through who your target market is, what kind of photography you’ll offer, how you’ll differ from your competitors, what kinds of packages and pricing you’ll offer, and what your marketing message will be.

5. Tutoring

If you are a subject matter expert, excel in sports or music, or are simply brilliant at math and science, you can start tutoring adults and children. You can provide online tutoring on skill platforms right from home without requiring any investment.

Even if your full-time job leaves you with no or very little work, you can pursue the above-mentioned small pass-time businesses with a few hours over the weekend. Kick-off any of these businesses to fuel your entrepreneurial dream.

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 offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. To know more about these courses, visit: www.badabusiness.com