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Business motivation

Evaluation of Business Performance: 5 Ways to Measure True Success

Evaluation of Business Performance
एंटरप्रेन्योर

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

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

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

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

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

  1. Analyze Financial Statements

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

  1. Check Customer Satisfaction

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

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

  1. Reach Break-even Point

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

  1. Sales Indicators

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

  1. Assess your Expectations

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

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

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

Categories
Business motivation

12 Entrepreneur Quotes to Inspire Success in Your Life and Business in 2021

Business Success (Photo Credits: Pixabay)

What is success? There are many definitions, but one thing remains common that success comes in the face of failures and barriers. The nature of success requires hard work, inspiration and motivation. An entrepreneur should focus on their business; having few phases that motivate can give businessmen support they need. That’s why we have gathered a few inspirational quotes for successful people like Steve Jobs, Bill Gates, Mark Zuckerberg and others to inspire you daily.

Motivating and Inspiring Quotes by Successful People:

  1. “My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had — every day I’m learning something new.” -Richard Branson, founder Virgin Group
  2. “You don’t learn to walk by following rules. You learn by doing and falling over.” – Richard Branson, founder Virgin Group
  3. “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” – Steve Jobs, Co-founder, CEO, Chairman Apple Inc
  4. “Every time you state what you want or believe, you’re the first to hear it. It’s a message to both you and others about what you think is possible. Don’t put a ceiling on yourself.” – Oprah Winfrey, media proprietor
  5. “I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.” -Jeff Bezos, founder and CEO Amazon
  6. “Whether you think you can, or think you can’t — you’re right.” – Henry Ford, Founder Ford Motor Company
  7. “It’s not about ideas. It’s about making ideas happen.” – Scott Belsky, co-founder Behance
  8. “Your most unhappy customers are your greatest source of learning.” -Bill Gates, founder and CEO Microsoft
  9. “If you just work on stuff that you like and you’re passionate about, you don’t have to have a master plan with how things will play out.” –Mark Zuckerberg, founder and CEO Facebook
  10. “Always deliver more than expected.” – Larry Page, co-founder Google
  11. “Design is not just what it looks like and feels like. Design is how it works.” -Steve Jobs, founder, chairman and CEO Apple Inc
  12. “All humans are entrepreneurs not because they should start companies but because the will to create is encoded in human DNA.” – Reid Hoffman, co-founder LinkedIn

What’s your favourite success quote? We hope you can draw inspiration and motivation from these powerful quotes as you continue to grow your business.

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Business motivation

3 Ideas to Keep Your Employees Engaged and Motivated

Business Guidance By Multi-millionaires On Starting-Up!
Business Guidance By Multi-millionaires On Starting-Up!

One of the valuable skills you can sharpen as a business manager or an entrepreneur is the ability to engage the people you employ. If you hire the right people and manage them well, you will have an excellent workforce that is characterised by brilliant performance and growth.

However, if employees are not happy with you, the company might have an unwelcome turnover. The business will also be in a constant state of chaos. Here are some ideas to keep your employees motivated.

Empower the Individual

Every employee deserves to be valued as an individual. No one wants to be a faceless pawn in the company. Thus, the employer should motivate every employee individually. This will encourage them to perform better and they will give their best in every assignment.

Develop a Positive Environment in the Workplace

Most of the employees spend the majority of their waking hours at the office. Hence, the workplace should be a place with a happy environment. Employees should be encouraged to share their knowledge with everyone, including managers. Employees also need to be encouraged to accept their mistakes without fear of humiliation.

Provide Supportive Leadership

Leadership is not only about giving tasks but also motivating employees. Supportive managers work closely with the employees. Good leaders serve as role models. Hence, they should also take accountability if the team does something wrong. While big wins are important, leaders should also celebrate mini-milestones of employees in their day-to-day lives.

 

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Startup

3 Budget Friendly Hacks to Grow Your Business Online

Social media Marketing
Social media Marketing (Photo Credits: Wikimedia Commons)

Mumbai, December 17: The online medium has become one of the fastest ways to reach out to your target audience. It has a huge potential and you need to know some easy hacks to grow your business through online by not spending a huge amount of money.

It is very important to remember that if you are just starting a business, then you cannot afford to waste money.

  1. Choose a simple and easily navigable website: It is very important to choose a design and a temple which your audience will be able to understand. Don’t clutter with too much information and keep it simple. The website should be responsive, which means customers should be available to view it properly on desktop, mobile, tab and other platforms.
  2. Work on a good content marketing strategy: In this stage, one needs to focus on SEO and a good content marketing strategy. If you have a brand dealing with jewellery, then the product page of the website should have the tags and other details. This will help customers to land on to your company page. You can have blogs as well, by sticking to your niche and educating people about your category.
  3. Use social media to drive your traffic: All the social media channels have huge marketing potential. Therefore, it is important to know how to use it. There are few things that need to be remembered- be consistent, engage with your customers and pay in promoting a few special posts.We hope these growth hacks for the online platform is useful for your brand.
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Startup

Business Networking Tips: Here Are 4 Effective Networking Tips Which Small Business Owners Can Use

Business Netowkr
Business Network (Photo Credits: Pixabay)

Mumbai, December 14: Business networking as a concept has been there since ages, but it is just the technique which has changed. Before the internet, people connected at social events, conventions, seminars and such events. Today, networking has become extremely easier for business networking groups. Business owners can connect with like-minded people through social media, online forums and video calls.

What does Business Networking Mean?

Business networking means cultivating and building relationships with individuals of similar interests in various ways that can be beneficial to people involved. This means getting leads for new businesses, searching for jobs, selling products, hiring employees and other such aspects.

We have curated 4 quick networking tips for you: 

Attend Business Networking Events: Small business owners need to identify the events where they can network. While almost any activity or event can serve as a networking opportunity,  but they should attend local business events without fail.

Develop Relationships: Networking is not about selling, but rather developing relationships that can lead to sales or referrals. The idea is to get to know people and allow them to get to know you.

Follow up: Follow up and staying in touch is one of the basic rules of networking. After the event gets over, exchange pleasantries to show how much you enjoyed meeting them. But, do not add them to your mailing list without their permission.

Be active on relevant social networking channels: In today’s age and day, you can’t afford to not use these channels to find and stay in touch with your customers. LinkedIn is a great business platform which helps you to solve several business problems- like hiring, sharing news about your growth and expansion and connecting with people who might be interested in your business.

It is also very important to join relevant business groups where discussions take part. Try and participate in them. Don’t always try and push your brand into everything. For e.g. Quora is also a great platform for small business owners to be. People post their questions and you, therefore, need to keep an eye to see if there is any relevant question where your brand can fit it.

We hope these networking tips come in handy for your brand.

Categories
Sales Startup

December 2020 Shubh Muhurat Dates: Auspicious Dates Which You Can Refer to Before Starting Your Business or Setting Up a Factory

Shubh Muhurat
Shubh Muhurat (Photo Credits: File Image)

Mumbai, December 4: Indians believe in doing any important work be it marriage, opening a shop, setting up a factory or starting a new business, by looking at the auspicious timings which are referred to as the Subh Muhurat. It is usually believed that if you follow these dates, your work will go smoothly and you won’t face any hindrances.

Setting up a business is a big task and many businesses have been forced to shut after they faced losses and were unable to operate. 2020 has been one of the most difficult years owing to the coronavirus pandemic. There have been job losses, factories were shut and people were shown pink slips due to the COVID-19 induced lockdown. As the economy shows signs of revival with respective states easing their restrictions, people are slowly starting their own businesses. Diwali 2020 Shubh Mahurat: Auspicious Time and Dates to Open New Shop, Office and Factory This Festive Occasion.

In case you are wondering to start your business, here are a few auspicious dates which you can consider in the month of December 2020:

Auspicious Dates For starting a new business:

December 5 2020, (Saturday)

December 9 2020, (Wednesday)

December 10, 2020 (Thursday)

December 11, 2020  (Friday)

December 17, 2020 (Friday)

December 24, 2020 (Friday)

December 27, 2020 (Sunday)

Here are some auspicious dates for Bhumi poojan:

December 5, 2020 (Saturday)

December 10, 2020 (Thursday)

December 11, 2020 (Friday)

So these are some of the auspicious dates which you can follow as per your convenience. Here’s hoping the day on which you plan to start your new venture turns lucky.

Categories
Startup

Bakery Business in India: 4 Innovation Tips Which Bakery Business Can Use to See Success Amid COVID-19 Pandemic

Bakery
Bakery (Photo Credits: Twitter)

Mumbai, December 3: The coronavirus pandemic has affected all businesses across the world. However, this was also the time when we saw a rising demand for healthy and delicious bakery items as people remained confined to their homes.

There has also been a spurt in bakery businesses which people started from home. We have listed four innovation tips which bakery business can use to see success amid the coronavirus pandemic. Restaurant Business: Here Are 4 Tips to Run a Restaurant Business Successfully Amid COVID-19 Pandemic.

Add More Healthy Ingredients to your menu: Consumers have realised that since the majority of the time they are now working from home, they need to give attention to their health. There has been an increase in demand for healthy and functional bakery items like products which consist of multi-grains, nuts and other healthy products.

Market your business on all social media platforms: In today’s age and day, consumers will come to your brand mostly via social media. Therefore, it is very important that you have enough presence on all these channels. Put beautiful pictures of what you bake, entice the audience with them.

Increase engagement with your audience: You need to remember one thing that now due to the coronavirus pandemic, physical contact has become very less, therefore virtual contact needs to be increased.  Stay in touch with your customers and interact with them to create a good brand recall.

Pay attention to hygiene and packing: Hygiene is one of the most essential things when it comes to food and it has become all the more necessary amid the coronavirus pandemic. Don’t compromise on the quality of the ingredients being used. The packing also needs to be professional.

 

Categories
Startup

Here Are 4 Kinds of People To Avoid When Starting a Business

Startup
Startup (Photo Credits: Pixabay)

Mumbai, November 30: Starting your own business is not as easy as it sounds. There are several factors which need to be considered and they need to fall in place for the proper functioning of the business. When you start a business, it is very important to be in the influence of people who will have a positive impact on you, rather than demotivate and pull you down.

The entrepreneurial journey is extremely satisfying,  but there are several challenges on its path. We have listed a few kinds of people from whom you should stay away.

  1. People Who Are Negative & Doubt Your Capabilities: Stay away from people who doubt your capabilities as one of the traits which are required when you start a business is confidence. So at no cost, you can afford people who doubt your capabilities. People who are negative will have a bad impact on you.
  2. People Who Will Not Stand by Your Tough Times: All days are not going to be the same. There will be days when your business will face a tough time. It is very important to choose people who will not leave you in your tough days.
  3. Those Who Have Big Egos: When you are starting a new company, everyone is on the same page and all the employees need to think of it as their baby. People at this stage can’t carry excess baggage in the form of egos, which will create a negative impact and will hinder the growth.
  4. The Person who keeps reminding you of your shortcomings: Stay away from people who keep on reminding you of your past mistakes and shortcomings. These kinds of people will not let you move ahead in future.We hope that the above ideas will help you to stay alert and maintain a distance from such toxic people, whom you can’t avoid at the start of your business.
Categories
Startup

Here Are 4 Reasons Why Starting a Business From Home is Not a Bad Idea

Startup (Representational Image Only, Photo Credits: NeedPix.com)

Mumbai, November 27: Starting a business from home considered as a great time in today’s time. Although there was a time when a home-based business wasn’t taken seriously, compared with the usual 9-to-5. However, we can safely say that times have changed and COVID-19 pandemic has also contributed to changing the landscape of operating a business.

The pandemic forced offices to allow employees to work from home. It was then people valued and understood the concept of work from home. Here’s why starting a business from home is actually a good idea.

  1. Increasing Commuting Cost & Traffic Issues: We are all familiar with the traffic jams which we face every day on our way to commute. The situation in metro cities is worst, where employees are spending their majority time in travelling. So, here’s why this hassle can be overcome if you plan to start a business from home.
  2. Giving time to the family: If you are saving time on the commute, you can use that to spend time with your family and loved ones.
  3. No need to pay high rent for office space: The best part of working from home and starting your own business is that you don’t require to rent or buy an office space. Property is a very volatile market and companies spend a huge chunk of their income in paying office rent.
  4. Advancement in technology: Thanks to the ever-changing technology, your work will not be impacted even if you work from home. From good internet bandwidth to online meetings with colleagues, everything can be facilitated from the comfort of your home.

    These days, there are plenty of legitimate businesses that are being operated from homes across countries. These businesses have grown to create one of the largest, fastest-growing commercial segments in the world today. Modern technology makes it possible, easy, and convenient to do business wherever and whenever.

    Today, there are several options which are open for someone if one wants to explore the idea of starting a business from home. If you have an idea, what are you waiting for? Go ahead, and start it today.

Categories
Startup

Cold Storage Business in India: Here Are 5 Major Investments Required Before You Plan to Start a Cold Storage Business

Cold Storage
Cold Storage (Photo Credits: Wikimedia Commons)

New Delhi, November 25: Cold storage is a one-time business investment, where the initial investment required is on the higher side. However, the returns are higher and are on a long-term basis, as compared to other small businesses.

Also, it will become more popular and the demand will increase over the next few months as cold storages will be used to store vaccines.

There are certain big investments that need to be made if you want to start a cold storage business. Some of the food items that require cold storage are fruits and vegetables, poultry and fish products, meat.

  • Buying cooling machinery
  • Acquire the land and construct the storage facility
  • Get required licenses from the Government
  • Managing essential things like water, electricity, and other related materials
  • Hire equipped staff who will be able to handle the machine.

    Prime Minister Narendra Modi on Tuesday held a meeting with chief ministers of all the states and Union Territories to review Covid-19 situation where he asked them to start working on cold storage facilities for coronavirus vaccine.Three billion people may be denied a COVID-19 vaccine when it’s here because a number of countries don’t have sufficient cold storage facilities, the Associated Press reported.