Tag: Business Expansion

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Startup

These 5 Fundamentals Of Business Will Help Your Startup Grow!

These 5 Fundamentals Of Business Will Help Your Startup Grow!
These 5 Fundamentals Of Business Will Help Your Startup Grow!

Doing multiple things at the same time and without having a solid business background, being in charge of a lot of things can feel overwhelming. Understanding how to read a balance sheet and a financial statement is just as vital as it is to understand how to make, launch and market the product or offer A-class customer service.

While many entrepreneurs and small business owners hire a business coach, others try to figure out the market trends on their own.

No matter what the nature of the business is, there are fundamentals that every entrepreneur must be aware of to keep their business thriving. Here are five fundamentals that you must know to grow your business startup:

1. Avoid Rushing

While business expansion is on every entrepreneur`s mind, growth and scalability are the product of consistency, persistence, effort, and hard work. However, doing multiple things in a bid to attain instant results can result in a disaster. If your business is in the early stages then do not try to market your product or service to everyone. Target a small niche of consumers first, and then focus on reaching out to a wider audience. Here is a very informative video that will tell you how you can scale up your business. Watch it here:

2. The Regulatory & Legal Framework

Every country has some laws and every business requires certain financial, economic, and legal frameworks in India. Adhering to all the regulatory and legal requirements is required to smooth the working of your business. Some of the legal aspects that your business must include are business structure (corporation, partnership, and sole proprietorship), business name (copyright issues), tax IDs, and permits & licenses.

Understanding the legalities also means managing your rights and maintaining the right to do business. Also, insurance is crucial to any business as the future is uncertain. Having insurance is essential to growing a business at any stage of development.

3. Cash Flow

Understanding the concept of cash flow projection is a vital step because budgeting is the first step that will take you on a successful entrepreneurial journey.  You must be well acquainted with information like how much money your startup can expect to earn. How much profit will be generated, and how much funds will be required to continue day-to-day operations? Set realistic goals and take a cold, hard, fact-based look at what you can reasonably expect in the future from your business.

Have a basic understanding of financing and fundraising options that include angel investors, venture capital, self-funding, crowdfunding, loans, grants, and more.

4. Forge Collaboration & Networking

Networking is one of the most crucial factors that can help a business to grow immensely. Topping the list, every entrepreneur must focus on building an online and offline network. Building an online network with some of the most important key influencers is a really powerful thing to do. This can lead to people sharing your brand with others.

If you don’t have a large circle, go out and meet new people to build meaningful connections. Create a profile on social media and be socially active with influential people. Follow their blogs, and leave comments on their social network profiles.

Engaging with influential people on social media can bring you to their notice. If you work with a business mentor he can also help you build strong connections through his network.

5. Marketing Strategies

Having deep marketing knowledge is a must-know thing for every entrepreneur. Marketing is essential for the growth and profit of any business.

For instance, you have created an amazing product. It can change the lives of your customers, but your customers are not aware that your product exists in the market. Would it be beneficial for your business or your customer? Not exactly! Hence, you will have to invest a considerable amount of time into marketing.

Also, people do not like to make purchasing decisions impulsively. They need to be persuaded, coaxed, and reassured. That’s what a good marketing strategy does. You will need to understand your customers and their buying behavior to sell your product or services in the market.

Entrepreneurs must keep these fundamentals in their mind that will help them to scale up their startup business. Put these to use and with your determination and perseverance, you will see some excellent results.

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: www.badabusiness.com

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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

Categories
Strategy

Business Expansion: 4 Ways to Grow and Diversify Your Business

Business Expansion| Representative Image (Photo Credits: Pixabay)
Business Expansion| Representative Image (Photo Credits: Pixabay)

Businesses are established with the aim to grow and diversify. Expansion is an important step in the life cycle of any organisation. It is impossible for any firm to sustain in long term without expanding its operation and accommodating market demand and changes. If a business fails to grow and adapt to market’s dynamics, competitors will easily surpass it making firm’s existence and substance difficult. Business expansion is hence an obvious next step after the firm establishes itself in the market. 3 Effective Ways to Upskill yourself & Perform Better.

If the business has a strong and loyal customer base, regular and adequate funds, dedicated and efficient team then business expansion and diversification would not be a conundrum. If the industry is also growing, it provides an added advantage as business expansion is aided. However, businesses should be careful about its operating capacity, expanding beyond the present working facility will exert pressure on the businesses’ operation resulting in huge losses. Here are some tips to expand your tips –

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Product Line Extension

One of the most straight forward ways to expand and diversify the business is to extend the product line. By introducing and offering additional products and services, firm can easily expand its present spectrum of business. It requires an understanding of the customer’s wants and needs. By continuous evaluation of market demand, the business can identify like and dislikes of the customer and add products to its offering accordingly. Proper market research and analysis is advised before launching a new product. 5 Effective Online Marketing Strategies For Your Bakery Business Ahead of Christmas 2020 & New Year 2021.

Entering New Markets

Another way to expand business is entering new markets. A firm can move into a new market and gain new customers in the process. The new market could be customers in a different location from where firm’s existing customers are or a different market segment within the existing location. This typically means opening up a new location or channelising marketing efforts on a new customer segment. Though it may involve certain costs, but once established in the new market the firm will be able to cover them and earn profits.

Expanding Through Franchise Model

Franchise helps the business to expand itself in all the directions. Franchising is a form of marketing and distribution in which the owner of a business system called the franchisor grants to an individual or group of individuals called the franchisee the right to run a business selling a product or providing a service using the franchisor’s business system. Although franchise costs are high and moving to a franchise model is complex and takes a lot of marketing know-how, but it ensures quick growth and additional income.

Entering E-Commerce Sphere

Another sure shot way to expand the business while not increasing the number of physical outlets, is by entering the e-commerce spectrum. All the firm has to do it establish an online market place, develop a delivery network and spread the word about it. Business can reach internal customers by sitting at its existing location. Various bricks and mortar shops can enlist their products on the already existing web platforms to increase its reach, expand customer base and enhance revenues.

 

Apart from these big businesses with sufficient funds can enter into joint ventures to expand and diversify. They might as well go for merger and acquisitions of the smaller but component firms to grow. In order to survive in long term, a firm needs to scale up its present business operations and activities. However, before taking any decision a careful analysis of the market and the financial position of the business should be undertaken.

 

Categories
Process & Business Expansion

Logistics Firm Delhivery Mulls to Invest Up to Rs 300 Crore for Expansion Over 2 Years, May Add 150 Trucks to Its Fleet

Logistics firm Delhivery. (Photo Credit: Facebook)
Logistics firm Delhivery. (Photo Credit: Facebook)

New Delhi, August 23: With most the businesses have come to standstill amid the COVID-19 pandemic, logistics firm Delhivery is mulling to invest up to Rs 300 crore in 18-24 months on expansion. The firm is planning to increase its fleet size and set up trucking hubs to meet the increased demands for more organised players in the sector.

According to reports, Delhivery is planning to add around 150 trucks to its fleet apart from launching trucking terminals in Delhi, Mumbai and Bengaluru. With this new move, the logistic firm is setting eyes on clocking revenue close to Rs 7,000 crore in the next 24 months, up from Rs 2,800 crore last year.

Informing about the plan, Delhivery Chief Executive Officer & Co-Founder Sahil Barua said, as quoted by news agency PTI, “Our total capital investment over the next 18-24 months is going to be in the range of Rs 250-300 crore. We will continue to invest behind growing our trucking network. We are going to launch three of the largest trucking terminals in the country in Delhi, Mumbai and Bangalore.”

Barua added that Delhivery is planning to grow its fleet with Volvo and other partners. He said, “Our own fleet all put together is 300 vehicles. We will expand that to about 400-450 vehicles over the next 18 months.” It is to be known that daily Delhivery operates close to 5,000-7,000 vehicles daily, in association with other partners. He also expects that the firm would grow at least 35-40 per cent this year.