Tag: business coach

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Business motivation

5 Best Places To Find A Business Coach

5 Best Places To Find A Business Coach
5 Best Places To Find A Business Coach

Summary: Wondering where to find a perfect business coach for your startup? Here is a list of the five best places where you can start. You are guaranteed to be surprised!

Are you looking for a business coach or a mentor? If you are a young entrepreneur and lack experience in running a business successfully, you should start looking for the right mentor. Working with the right mentor provides plenty of benefits. Not only will you receive guidance and support from an expert, but you will also be able to leverage your mentor`s network of contacts. This may help you in finding new investors, making new clients, and finding more business.

However, the real trouble is finding the right mentor which is quite difficult. Mentoring is a time-consuming process. And, not all experience business owners will invest their time and effort to help budding entrepreneurs.

So where you can find a business mentor who is willing to invest his time and provide guidance to you? Here are some of the places to start:

1. Online Mentorship Community

Though there are multiple social media platforms, none of them are dedicated to only entrepreneurs where they can find the right business coach or connect with potential mentors. Bada Business Community App is an example. With usually little or no cost, you’ll be able to sign up, find prospective mentors in your area of expertise, chat with them and potentially meet in person to begin an extended partnership.

2. Professional Networking Events

Before hiring a business coach, always communicate with them. To initiate a conversation with prospective mentors, you can attend more networking events. Business leaders are always looking for prospective clients, employees, or partners for the future. At such events, you can meet many different areas and expand your network.

3. Fitness Classes & Groups

Business leaders often like to stay healthy and fit. This is why you will frequently find them in fitness classes and other related groups. You too can join Yoga or meditation classes. From there, you can participate regularly and improve your networking along with making your networking strong.

4. Industry Events

If you are looking for a mentor related to a particular field, there is no better place to go than business events. These events include webinars, seminars, conferences, tradeshows, and informal meet-ups. For instance, a few months back Dr. Vivek Bindra organized an event that aimed to enhance leadership skills.

The event was attended by many senior management leaders and successful billionaires. This event presented many opportunities for young entrepreneurs to connect with seasoned leaders.

5. Social Media

You can find mentors by searching for them on social media — especially through publicly available platforms like Twitter or professional-centric platforms like LinkedIn and BB community. With keyword searches, you’ll be able to find mentors that match your criteria, and by monitoring followers and engagement levels, you can determine a person’s reputation and willingness to talk with others.

Never lead with an outright request. Get to know your hoped-for mentor first; and, if you can, offer something of value to begin the relationship.

So, now that you know exactly where you can find a mentor, you may wonder whether it`s necessary to have a mentor in the first place. After all, so many people have become successful without a formal mentorship. But truth to be told, everybody has somebody to learn from. Hence, finding a best business coach can be beneficial for your professional as well as personal growth.

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.

Categories
Motivational

4 Tips Young Entrepreneurs Can Use To Stay Inspired

4 Tips Young Entrepreneurs Can Use To Stay Inspired
4 Tips Young Entrepreneurs Can Use To Stay Inspired

Summary: Have you ever felt like you are stuck in your entrepreneurial journey and can`t seem to find your way out? Don`t worry! It`s not your lack of passion but a phase. Here are a few tips to keep you on the right path.

Entrepreneurs do not have an easy job. It might sound like all glitters and stars to be your boss; however, there comes a phase when everyone feels stuck. But always remember that it is just a phase. If you feel it is getting difficult to come out of a rut, you can always take help from a business motivational speaker.

Take small steps every day, as it is better to make slow progress than to quit and completely stop working towards your goal. It can be tough to continue working towards something when you don’t see a clear path ahead — you start feeling defeated, and instead of enjoying the process, you begin to loathe it.

Being stuck is draining and you may feel like nothing is working in your favor. You may also lack the motivation to find a solution to the current business challenge that you might be experiencing. However, you can`t let the grind sap all the life out of you. To get out of this rut, you will need a support system. It could be your friends, colleagues, or peers, or you can hire a business coach who can guide you to come out of that difficult phase with his guidance and support.

1. Positive Self Talk

If there is one person who is going to be with you constantly is— YOU. Hence, it is very important to analyze how you communicate with yourself. Focus on positive self-talk and affirmations. Avoid negative thoughts, self-criticism, and underestimating yourself. For instance, instead of saying “I haven’t had a promotion in five years”, say to yourself, “What is my plan to get the promotion or find a job that fairly compensates me.”? Try to focus on the resolution, instead of your hurdle and you may look at the challenge from a different perspective.

2. Do New Things

Following a routine is fine, but living life is also important for a happy mind and healthy heart. So, the only place to grow is discomfort. Just like stagnant water begins to stink, staying in your comfort zone will hinder your growth. Do things that make you uncomfortable, but are important for your business. For example, if networking is what gives you nightmares, set a goal on how many connections you’d like to make. Spark up the excitement for life again. It’s the small steps that create the largest gains over time.

3. Surround Yourself with Positive People

A tree survives in appropriate conditions. However, it only grows when it is provided with weather conditions that are clean, healthy, and pleasant. Having people around you who are full of positive energy, dreams, goals, and vision is a great way to stay motivated.

You won`t be stuck for too long if you can call someone whom you trust. Hiring a business motivational speaker is also a great idea. Set up an in-person meeting with a friend, family member, or mentor who always knows what to say when you are facing a conflict.

4. Don`t Just Make Plans, Execute Them

Neither wishing nor complaining will get the job done. Take steps towards finding solutions that will help you to change your circumstances. So take out some time to figure out what you want, and start formulating a plan.

Entrepreneurs are meant to bridge the gap between a problem and a solution. You decided to become an entrepreneur because you recognized a problem that can help people and bring ease to their lives. Always remember why you set out to be an entrepreneur. Do not push your goals and dreams aside just because you are feeling stuck momentarily. You can always hire the best motivational speaker in india to help you keep moving forward.

Want to make progress in your business with Dr. Vivek Bindra. Visit: www.badabusiness.com

Categories
Business motivation

5 Smart Tips To Find The Right Business Coach To Help You Reach Your Goals

5 Smart Tips To Find The Right Business Coach To Help You Reach Your Goals
5 Smart Tips To Find The Right Business Coach To Help You Reach Your Goals

Summary: Profitability, growth, increased confidence, more time, and less stress. This is the recipe that any entrepreneur would love to learn. You can achieve all this and more with the right business coach.

The days whether you should hire a business coach or not for your small startup are over. We know that successful people have mentors, coaches, and helpers who guide and help them to achieve their goals.

But the question is, how do I find a coach who is a good fit for me?

To answer this question, you must first ask yourself if you are ready. Secondly, you must ask yourself about your needs and requirements. A great business coach will leave no stone unturned to push you out of your comfort zone. He will recognize your excuses, even if you are unaware of them.

From hybrid programs and group coaching to personal consultation, business coaching comes in all shapes and sizes including recorded lessons, live calls, pre-recorded programs, and one-to-one coaching.

Here is a checklist you must follow while you are looking for a business motivational speaker.

1. Ask For Referrals

Before you start looking up for the right mentor on Google, it is recommended to ask for referrals in your network who knows a great coach. Always know that your requirements might be different compared to your peers. Hence, always keep your needs and goals in mind while talking to a prospective business coach to make sure there is synergy. You can use LinkedIn or Facebook, as well as people in your networking groups.

2. Take Consultation

Investing in a personal coach is no small deal. You need to have a conversation with your prospective coaches because there is no other way to figure out compatibility. Most coaches offer a free consultation. If one session is not enough for you to decide, you can ask if you can purchase a single session before making your decision. Avoid working with a business coach who will not speak to you but gives you a high assurance of excellent results.

3. Effortless Communication

For any conversation to be productive, communication is essential. Every person thinks, perceives, analyzes, and understands differently. When seeking a business mentor one essential thing is to find a person who not only listens to your ideas but also understands your mindset. Your prospective coach should have an open mind about how you perceive ideas.

4. Consider the Cost

Hiring a business coach will cost you. Keep an open mind about the financial investment. You are paying your coach for his experience, wisdom, knowledge, and proven track record that he has. Consider how much money hiring a mentor will cost you. Also, calculate how much revenue your business will generate if you continue to follow your existing strategy without a business coach.

Depending on your goals, coaching investment can pay off on various levels, such as by increasing revenue, giving personal growth, reducing stress, and giving more freedom.

5. Be Prepared for the Long Haul

A business coach no matter how proficient he is in his field, couldn’t turn around your business overnight. Change does not happen overnight unless you are an entrepreneur who needs assistance in only one or two topics to coach around. Once you have achieved your initial goals, focus on maintaining a year-long relationship with your coach. The benefits don’t go away, they are just the ongoing change state.

A business can’t grow to its full potential unless the person who is leading it is mindful, healthy, and happy. The most critical factor in this equation is you. It is worthy to invest in your growth and engage with a coach who will support and inspire you to achieve growth in your business.

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.

Categories
Strategy Webinar

3 Powerful Strategies That Will Sharpen Entrepreneurial Skills In Your Kids

3 Powerful Strategies That Will Sharpen Entrepreneurial Skills In Your Kids
3 Powerful Strategies That Will Sharpen Entrepreneurial Skills In Your Kids

Does your kid have an entrepreneurial spirit that needs nourishment? Here is a recipe to raise tomorrow’s successful millionaires.

India has emerged as the third-largest startup ecosystem in the world after the USA and China. A country that is producing more than ten unicorns every year is expected to grow remarkably in the next few years, according to Business Standard.

So, in a country that shows a tremendous future for upcoming entrepreneurs, will you raise your kids to work for someone else’s dream or do you want your kids to pursue their interests and work independently? With art of parenting, you can now prepare your kids for a brighter tomorrow.

If your kid has an entrepreneurial spirit, you as a parent will need to help him develop emotional skills like being comfortable with taking risks, being able to solve problems, and having a good attitude about failing.

Not only academic skills but also soft skills are important to encourage social-emotional skills in kids. Here are five parenting tips that will help you to foster entrepreneurial qualities in your kids:

1. They develop their effective problem-solving skills

It is essential to foster problem-solving skills in kids as it will help them to spot business ideas in everyday life. Most of us think that a business idea has to be technical or something that involves a complex process. But a simple business idea is what it takes to establish a successful startup business.

While your kids are young, you can hone their problem-solving skills with smart parenting skills. If not an entrepreneur, they can simply become a business coach who can help other entrepreneurs achieve their goals. So, help your kids spot the challenges and causes, think of all the possible solutions, weigh the pros and cons, and come up with the best option.

2. Help them understand that failures are lessons

In today’s world, people are keen to focus more on their achievements and wins. They highlight their wins while downplaying their failures. The media has created a stigma about failure that nobody wants to accept that it is a natural process to fail at some point in your life.

Failure is a stepping-stone toward success. If you don’t fail, you will never learn to work on yourself. Influence your kid’s willingness to try, fail, learn, and you also try again as a parent. These are the essential skills of entrepreneurs. Help your kid see criticism as a chance to learn by helping them come up with ideas about what they should do next.

3. Let Your Kids Take Their Own Decisions

An entrepreneur has to make multiple decisions in his life. Some are challenging, some are hard, while some decisions can change the course of their business completely. The confidence to make the decisions after weighing the pros and cons comes from early independence.

You can let them choose their own outfits or dinner menu. This will help them to make their own decisions and will make them feel good for being able to do that. Try to limit the choices to a few options, as it can be overwhelming for kids.

Kids are often taught to follow what their parents tell them to do, blindly. This is a habit that hinders their ability to think constructively. Instead, teach your kids to challenge the usual norms by articulating their rationale. Ask if they agree with a certain thing. If not, what would they like to change and why? Give them the ability to think, reason, and make decisions independently.

If you are looking for some guidance on how to raise your kids and nourish their entrepreneurial spirit, then do not forget to join the FREE-FOR-ALL Webinar, ‘Art of Parenting & Success Mantras For Students’ by Dr Vivek Bindra on July 10th 2022.

Register  now: https://www.badabusiness.com/art-of-parenting/?pp_code=BHBB000078&ref_code=SocialMedia

Categories
Business motivation

5 Facts About Business Coaching That Will Surprise You

5 Facts About Business Coaching That Will Surprise You
5 Facts About Business Coaching That Will Surprise You

Are business coaches for entrepreneurs the ultimate saviors of your business? Do they have a magic wand that can fix anything? Find all these answers right here.

When it comes to hiring a business coach or working with one of them, entrepreneurs often find themselves on a two-way street. The reason behind their dilemma is very simple: their inadequate knowledge of working with a mentor.

Many entrepreneurs often believe that they know the business world inside and out. However, when they encounter challenges, they realize that nothing can replace the experience and guidance that a business mentor brings with him/her.

Since nobody has proper information regarding the role that a business mentor plays professionally, most people often think it is a waste of money. However, this couldn’t be farther from the truth.

Here are five of the most common misconceptions we see:

1. Hiring a coach is only for failing businesses

One of the most common misconceptions that many entrepreneurs with stable businesses have is that coaches are only for businesses going downhill. This unfortunate belief keeps many business owners away from learning some of the most key business lessons.

Business coaching can turn a good company into a great one. Take a look at successful companies, and you might believe that they are doing great. However, they too have challenges. While some business owners have a solid business model, others struggle because they just don’t know how to grow. Here, a business coach for entrepreneurs can play a key role in helping company owners realize their potential.

2. Business coaching is therapy

Small business owners often believe that coaching is a way to improve their business. But to treat, a therapist should be distant and objective. But a client is not a patient, and a business coach has to work side-by-side with entrepreneurs to guide them through their challenges.

A business mentor needs to be personal, curious, and invested without getting involved. A coach has to be subjective enough to connect and understand while maintaining enough objectivity to see and understand the path an entrepreneur needs to take.

3. A Business Coach is Like a Cheerleader

People often think it is the job of a business mentor to stand on the sidelines and cheer their clients on. Sure, a business coach is happy for their clients’ success, but coaching is about accountability first and foremost. Also, while every coach likes to pump up their clients with motivation and inspiration, their key role is to see and reflect on what their clients need to do to grow and improve their business needs.

4. A Business Mentor does all the hard work for you

If you think that working with a business coach means that you can simply sit and relax, you will be highly disappointed. A business mentor is more interested in helping you to achieve your goals and create a thriving business model. You can’t bring the desired changes to the organization unless you do everything on your own.

5. Business coaching is a quick fix to all the problems

Coffee is a quick fix as it can surely uplift your mood, but your business needs consistent guidance and support to grow. So, while many think that working with a mentor can grow a business overnight, let us burst the bubble of sweet dreaming. Business coaching is a development process. To achieve your goals, you will have to take the necessary steps. A business coach can show you the path, but you will have to walk down the road on your own.

A business coach talks about your company, its vision, products, and services. He or she looks at your company as a whole and not just at a single attribute of it. It takes a lot of work. So, pick the right business coach for your startup and work 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.

To Know More, Visit:  https://www.badabusiness.com/

Categories
Startup

Launch Your Startup With These 5 Financial Tips From The Experts

Launch Your Startup With These 5 Financial Tips From The Experts
Launch Your Startup With These 5 Financial Tips From The Experts

According to a report published on Inc42.com in 2016, the primary reason behind many startup shutdowns was due to lack of funding. In 2017 lack of market demand was the primary reason for the startup shutdowns.

Starting your business venture can be a daunting but rewarding process. While a great business plan is imperative for entrepreneurs, financing is one of the most crucial elements that help a startup succeed. Many entrepreneurs often take help from a business coach to receive fundraising guidance.

Securing funding to launch a startup can be difficult. More often than not, entrepreneurs use their savings to start their businesses. Another report by NASSCOM states that around 25% of Indian startups shut down untimely due to failure to raise follow-on funding rounds beyond Pre-Series. A good and effective management of finances can make a massive difference between a business that keeps climbing the ladder of success and one that falls at the very first challenge.

Here are five financial tips that would help every entrepreneur or small business owner manage their finances better:

1. Create a Dedicated Emergency Fund

A contingency or an emergency fund to provide financial security in desperate times. This fund helps an organization meet significant expenses in unforeseen circumstances. Ideally, one should have six months of living expenses as a contingency fund.

If you own a business, it is suggested to create a larger emergency fund if your company has seasonal cash-flow fluctuations. It is best to build such a fund and invest it in a mutual debt fund as it will give far better returns than a savings account and help you encounter unforeseen challenges.

Having an emergency fund will also give you peace of mind, and you can make more confident decisions for your business. A good business mentor will help you how to create a dedicated emergency fund.

2. Avoid Expensive Credit Loans

Credit is the lifeblood of any business, especially for startups. Hence, entrepreneurs need to keep their credit scores high. Always pay your bills on time. When it comes to financing your business, the cost of credit is a critical factor, especially in the initial months of operation.

In the beginning, when the business has not even reached the break-even point, the company’s financing should be done by keeping the interest cost at the bare minimum. This will reduce cost and attain profitability. Never miss a payment or delay the payment date, even if you face a financial crunch.

Also, keep your credit utilization ratio under consideration. The credit utilization ratio is the percentage of your available credit limits that you borrow during the month. Keeping your credit utilization ratio below 30% will help you maintain a better credit score.

3. Keep personal & business accounts separate

It is wise to keep your business and personal bank account separately. It will provide the benefit of easier accounting at the end of the financial year for tax purposes and eliminate the cash crunch situations in business caused due to withdrawals for personal expenditure.

4. Bad Debts

Debts that cannot be recovered are called bad debts. When credit sales are not recovered, bad debts are created. Entrepreneurs should eliminate the situation of a fund crunch in business due to withdrawals for personal expenditure. Instead, these debts should be repaid in the next year so that a healthy financial position of the company can be showcased in front of potential stakeholders. You can also take guidance from a best business coach to plan your finances.

5. Develop Financial Goals

Keeping the in-flow and out-flow of your finances is extremely important. Planning a year for significant expenses in advance can help small business owners to reduce the financial burden. If your future business goals involve expanding and launching new products or services in the market, it is essential to plan everything related to finances.

If you are not sure how to manage your finances or ensure a solid financial future, you can also take the help of a certified financial planner. A financial advisor can also help you build a strategy to meet your business objectives.

Instead of investing all your profits back into your startup venture, save for your future by investing your funds into multiple investment schemes. A wide array of investment schemes is available, from stocks to mutual funds. You do not have to invest every last penny into your business; save for your future.

If you can improve your finances with a better emergency fund, a solid credit score, and a robust retirement savings portfolio aside from the equity you own in your business, you can run your startup with a more focused and peaceful mind.

And for business owners, who are some of the busiest people in this world, having financial security is genuinely priceless. Are you planning to launch your dream startup business but worried about managing your finances?

Do you have any other financial tips for our entrepreneurs? Please share them with us in the comment section below.

The idea of managing a business is more straightforward said than done, and we 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, visit www.badabusiness.com.

Categories
Education

9 Business Terms Every Entrepreneur Must Know

9 Business Terms Every Entrepreneur Must Know
9 Business Terms Every Entrepreneur Must Know

Summary: Starting a new startup business? Here are nine business terms everyone should know.

Running a startup business involves constant learning. Whether you are starting a business for the first time or have a more established small business, knowing a list of financial terms can help you grow your business.

Being an entrepreneur also means being a learner throughout your life because there is always a new market trend, a new tool to explore, a new challenge to overcome, and a new vocabulary to understand.

Many entrepreneurs often work with the best business motivational speaker and feel they don’t need to equip themselves with the business terms. However, knowing these financial terms will help you understand and negotiate.

Here is a list of business terms and finance terms that will help you find your way to successful small business funding:

1. Accounts Payable

Accounts payable is a financial term representing your small business’s obligations to pay debts owed to suppliers, lenders, and creditors—depending upon the type of credit provided to the company by the lender. It is sometimes referred to as A/P or AP in short.

2. Accounts Receivable

Accounts receivable represents money owed to your small business by others for goods or services rendered. These accounts are labeled assets because they represent a legal obligation for the customer to pay you cash for their short-term debt. They are also known as A/R or AR.

3. Bookkeeping

Bookkeeping is a method of accounting used to time record all financial transactions for the business.

4. Capital

Capital in business terms refers to the overall wealth as demonstrated by its cash accounts, assets, and investments. Often called “fixed capital,” it refers to the long-term worth of the business. Capital can be tangible, like durable goods, buildings, and equipment, or intangible such as intellectual property. Understanding these terms can help you navigate better financial deals even if you are working with the best corporate trainer.

5. Working Capital

It consists of the financial resources necessary for maintaining the day-to-day operation of the business. Working capital, by definition, is the business’s cash on hand or instruments that you can convert to currency quickly. It should not be confused with fixed capital; working capital is another business finance term.

6. Cash Flow

Maintaining tight cash flow control is essential to any small business, especially if it is new since ready cash can be limited until the company begins to grow and produce more working capital.

The business finance term and definition of cash flow refers to the amount of operating cash that “flows” through the business and affects the business’s liquidity. Cash flow reports reflect activity for a specified period, usually one accounting period or one month.

7. Depreciation

Depreciation occurs due to wear and tear. So, the value of any asset can be said to depreciate when it loses some of that value in increments over time. Various depreciation methods are used by businesses to decrease the recorded value of assets. You can also learn a few essential industry-related terms from your business coach.

8. Fixed Asset

A fixed asset is a tangible, long-term asset used for the business and not expected to be sold or otherwise converted into cash during the current or upcoming fiscal year. Fixed assets are furniture, computer equipment, equipment, and real estate.

9. Intangible Asset

Non-physical business assets are considered intangible. These assets can be items like patents, goodwill, and intellectual property.

Whether you are an entrepreneur or not, the business terms mentioned above are essential for everyone. They will help you to understand the diverse concepts in the business world.

The idea of managing a business is more straightforward said than done, and we 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, visit: www.badabusiness.com

Categories
Sales

5 Unique Ideas To Increase Your Sales This Year

5 Unique Ideas To Increase Your Sales This Year
5 Unique Ideas To Increase Your Sales This Year

Summary: Want to increase sales this year? Read for out-of-the-box ideas that will increase your sales.

The sales department is an essential aspect of a business that drives performance and growth. There is ebb and flow to it, and the longer you are in the industry, the more you start to see it in your sales. You may experience more sales during the summer season with lower sales during winter.

No matter which type of product or service you are offering, a want to increase sales around the year is expected. Entrepreneurs often think about different ways of increasing sales. They often work with the best business coach in India to get their expert advice.

If you are looking for some unique ideas to drive more sales this year, here are five innovative ideas to help you:

1. Highlight the Unique Value of Your Business 

Gone are those days when customers used to believe the advertisements. Today customers are discerning and want a value for what they are buying. They want complete information about the product they are purchasing and how it solves the problem which they might be facing currently.

So, put on your thinking cap and develop your business’ Unique Value Proposition (UVP) that tells why they should shop with you rather than with your competitors. Emphasize why your business is different than the rest and why it is a better option for your customers.

2. Engage With Your Customers

As Dr Vivek Bindra, the best motivational speaker and CEO Coach, says, “Your customer is the king” we couldn’t agree more. If you are experiencing a dip in your sales or fewer consumers in your store, it is time to think of something new.

Give a positive customer experience to your existing customers as it will bring them back to your online website or store. This will provide word-of-mouth marketing to other potential customers. Utilize the advantage of identifying possible pain points and strengths by engaging customers online or in person. Once you have figured out where you excel and need improvement, you can implement strategies to make necessary changes.

3. Use Super Creative Marketing Language

Who are your potential customers? What helps them to make their purchasing decision? What are the challenges that they are facing? While conducting market analysis, you consider all these questions and when you develop marketing strategies, always consider the language that your customer base generally uses.

Figure out if your target base is a more mature generation who connects with more serious advertising or a little younger who are more used to memes and puns. Depending on the demographics of your customer, add a little humor, engaging imagery, or relatable language to leave a lasting impression.

4. Share Your Startup Story

Why have you started your startup business? What made you establish it? What triggered the idea? Why did you choose to sell your products or services? A genuine business story intrigues the customers and allows them to feel connected. They understand why you do what you are doing. Customers see who, what, and where your business is. Understanding what you are doing allows them to determine how like-minded they are with you and your company. You can hire the best business coach to understand the consumer`s journey.

5. Thank Your Customers

People like to feel appreciated. A thank you to your customers is an excellent way to let them know you enjoy their visit with you. This way, you can develop an ongoing relationship with them. This small gesture determines how grateful you are for their business. Make your customers feel special by giving them a personalized experience.

Not every unique idea guarantees success. However, failure of a few ideas shouldn’t stop you from experimenting. Instead, get back to the drawing board and brainstorm a few more.You can boost your sales quickly with the proper guidance from a business expert.

Learn to generate high-revenue earning products for sales with our Business Coaching Program. To know more, visit www.badabusiness.com.

Categories
Startup

6 Steps To Perform Competitive Analysis For Your Startup Business

6 Steps To Perform Competitive Analysis For Your Startup Business
6 Steps To Perform Competitive Analysis For Your Startup Business

Summary: Looking to carve a niche in the market? Here is how to conduct a competitive analysis for your startup business.

Being a startup, it is difficult to make a mark in the business world where the competition is exceptionally high. However, conducting a competitive analysis helps you size up your competition by identifying its strategies, strengths, and weaknesses.

Conducting an analysis gives you an idea about your competitors and how receptive the market is to your products and services. To grow your startup business, it is essential to understand what works or does not work for your business.

Competitive analysis can help you learn from your competitors’ mistakes and discover trends you can implement into your practice. If you want a professional guide, you can also hire a business coach for your startup.

But as a new business, you must learn how to conduct a competitive analysis as it is an integral part of your startup process.

Want to learn how to do a competitive analysis? Here are six steps to do it successfully: 

Step 1- Identify Your Competitors

The first and foremost important step is to find your competitors. There are two types of competitors- Direct and Indirect.

Direct Competitor: A brand selling similar products or services to the same customer base as your business is your direct competitor.

Indirect Competitor: Your indirect competitor is a brand that sells a similar product but to a different customer base or sells other products to a similar customer base.

If you work closely with the best business coach for entrepreneurs, they can help you narrow down your competitors’ list.

To find these businesses, you can do a web search or use specific tools available on the internet. Find as many direct and indirect competitors as possible to understand who you are up against. 

Step 2- Analyze the Online Presence of Your Competitors

Today, everything is digital! From food to clothes, healthcare to travel, every brand is trying to build its online presence. So, once you have identified your competitors, assess their online presence by evaluating their websites, social media accounts, and how they are engaging with their audience.

Along with good digital marketing strategies at the forefront, an excellent opportunity to stand out is to have a website that offers an excellent user interface, robust design, and a solid plan to engage with your customers on social media.

Step 3- Check Online Reviews

Customer feedback can give an insight into the customer experience a company is providing. Hence, visit sites such as Google, Facebook, Twitter, Instagram, or any other platform where your competitor is present. Consider how it is replying to the customer’s queries and negative comments.

Whether it is a negative review or a positive review, you can understand a brand’s operation, where a negative review can help you know where these brands are lacking and how you can prevent similar situations. Positive feedback will help you identify what your competitor is doing right and how you can improve.

Step 4– Talk to Your Competitor’s Customers

As you read online reviews, please note people whom you would like to speak to and reach out. Talking with customers and understanding where they face challenges helps you understand why they had a bad experience. Make them believe that you will fulfill their unmet business needs. In the end, thank them for their time and offer a solution through your business. Hire a business coach for professional guidance for your business.

Step 5- Identify their Strengths & Weaknesses

Once you have accumulated all the essential information, compile it in one place and conduct a SWOT analysis. You can use this information to improve your own startup business and focus on the area that needs improvement.

Step 6- Use Research Tools

Conducting analysis is crucial to establishing your brand in the market; it can be incredibly tedious and time-consuming. Luckily, various tools available online can make the process easier and more efficient. You can use those tools to identify your competitors, track their content and analyze the results.

If you want to build strategies for your startup business, you should perform a competitive analysis by following the steps mentioned above. You can also consult with the best business coach in India– Dr Vivek Bindra. To know more, visit www.badabusiness.com.

Categories
Motivational

How to Build a Winning Team at Workplace?

How to Build a Winning Team at Workplace
How to Build a Winning Team at Workplace?

Be it a cricket match or an organization; a high-performing team is at the core of every successful business. When a group of independently talented people comes together in which they can merge their skills, the results are remarkable.

When the employees work together towards a common goal, everyone wins! One of the best and easiest ways to get things done in any business is to build a great team. The creativity and productivity of the employees will be increased, and their loyalty and engagement will also be significantly improved.

The value of a high-performing team has long been recognized. This is probably why every organization wants to hire and retain the best employees. Many companies employ motivational speaker to motivate and inspire their employees.

According to a McKinsey report published in 2017, when the team members of a high-performing team work together towards a shared vision and achieve a common business goal, the organization’s financial performance increases by 1.9 times. Ambitious, energetic, capable, and talented people are always a plus, but they often represent distinct functions, geographies, backgrounds, products, resources, and many other factors.

Here are five strategies for team composition and team dynamics that have long proved their worth:

1. Hit the Right Number

Team composition is the first step toward building a high-performance team with an essential skillset and a creative mindset. It is just like adding a cherry to your sumptuous cake. Just like the quantity of the salt has to be balanced to make the dish taste delightful, the team needs to be kept small- but not too small.

A small team that consists of around six to seven members is likely to result in poorer decisions because it lacks diversity. A small group will also lead to slower decision-making because of a lack of bandwidth. Hence, keeping the correct number of team members can be a great start towards building a winning team.

2. Team Dynamics

A team will deliver productive results only when they start working together. Once the character of a team emerges shaped by team dynamics, only then will they be able to overcome challenges and achieve great things. You can hire a business coach or the best corporate trainer to help your employees work in a team.

3. Create Team-oriented Organization

Don’t just talk about teamwork! Instead, build your company values around collaboration. Put a clear focus on self-managing, self-sufficient, and empowered teams to make decisions. Also, show your employees your commitment by enabling teams with authority to get their jobs done on their terms.

4. Assign Team Goals

Assign your team with important projects and assignments. Rope in all the team members when looking at innovative and new market trends. It is vital to keep a fresh perspective on the market trend, so keep asking different team members for their opinions. Ask them to challenge the status quo and the conventional approach. This approach will help your company to stay ahead of the game.

5. Respect your Team Members as Individuals

A business needs to have a fresh and creative approach toward its goal of prospering. You want your employees to be a part of your team at work, but you also need a perspective. Every individual team member has a story of his own. He/she has come far in life without your company and has presumably a rich and varied life post-work. Hence, it is important to rope in the new team members when making an important decision—a whole team blossoms only when every member is respected and honored for his unique skills.

Want to know more about team building? With our ‘ Business Coaching Program,’ you can learn to bring together people with diverse capabilities to work towards a common business goal.