Tag: growth

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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

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
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
Business motivation Startup

Earning Optimism is on the Rise Post Sharp Downgrades Amid COVID-19 Pandemic

Currency (Photo Credits: Pixabay) Representational Image

Mumbai, November 20: In a piece of positive news, earning optimism is on the rise post sharp downgrades amid COVID-19 pandemic earlier this year. According to an IANS report, a study done by ICICI Securities noted that coronavirus resulted in the steepest downgrade since the great financial crisis (GFC) of 2018 and now the prospects for earnings going ahead have improved.

The phenomenon was validated as Q2FY21 beats outpaced misses due to low expectations, cost-saving initiatives, rural demand, benign input prices and pockets of pent-up demand which were seen due to the festive season.

The report noted that nominal GDP is broadly expected to be flat or marginally lower in FY22 compared to the FY20 base, which would mean zero to negative GDP growth over FY20-FY22. The report further highlighted that given the high output gap seen in the pre-Covid period (FY20 GDP growth of 4.2 per cent), it is unlikely that FY23 will see a sudden return to potential real GDP growth of eight per cent.

In addition to this, policy measures introduced by the government to bring relief amid the pandemic like attracting investments in agriculture, lower corporate tax rates, digitisation will be beneficial in creating demand over the medium to long term.