Tag: Strategy

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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
Finance

Start Your Financial Planning With these 5 Effective Steps

Start Your Financial Planning With these 5 Effective Steps
Start Your Financial Planning With these 5 Effective Steps

Summary: Do you have a financial plan to fulfill your dreams? Here are five steps to take you closer to your professional and personal goals.

“A good financial plan is a road map that shows us exactly how the choices we make today will affect our future.” – Alexa Von Tobel.

Most of us plan for our studies, career, personal and professional goals that we would like to attain in the future. But when it comes to your finances, do you have a plan? Many people lack financial planning, thinking it is a time-consuming process. However, a personal financial plan is a formal process that has the power to improve your economic life.

Entrepreneurs must establish a plan to organize their finances to know where exactly their money is going. It is critical to formalize the process if you are serious about building wealth. You can work with a business coach who can help you build a strategy associated with your goals.

Here are five steps that will help you to develop a personal financial plan and growth strategy:

1. Analyze Your Current Situation

It is essential to review and analyze your current financial status if you want to create a sound financial plan to achieve your goals. Reviewing your current situation means giving yourself an overview of all your income, debts, expenses, investments, etc. Begin by taking inventory of your existing assets and liabilities and create a balance sheet.

Define your financial objectives and be clear about your goals, as they will provide a roadmap for your financial future. Your goals should be:

a). Quantifiable & achievable

b). Defined goals with a set timeline

c). Needs and desires in separate columns.

You can consult with a good financial advisor or a business coach in India to assist you.

2. Gather Financial & Personal Information

Financial planning and its success will depend on the quality and clarity of the information you will provide to your adviser. Once your adviser captures all the relevant information you provide, he can create a detailed financial statement associated with your finances.

The financial balance sheet will consist of:

i). Income and expenditure

ii). Assets and liabilities

iii). Risk factors, capacity to take risks, and risk attitude

3. Find a Budget that Works for You

Budgeting is an essential part of successful management from a country to a household. Many people don’t like budgeting as it feels challenging to stick to. But this does not mean that it is a difficult task. It simply means that the budgeting system is not customized according to your requirement.

The concept of creating a budget does not imply that you have to cut back on everything you love. It is simply about controlling unnecessary expenses and making mindful purchases. But for it to be truly effective, you can try a method like the 50/30/20 rule, according to which 50% of your budget goes to pay for necessities, 30% or less to discretionary items, and 20% or more to savings and debt payments.

To understand how you can plan more efficiently for your future, you can attend our Masterclass by billionaire professors accessible on our Bada Business community app.

4. Choose Your Rhythm

Leadership Consultant, Dr Vivek Bindra, believes that if a strategy fails, change the strategy, not your goal.

Everyone has different goals and hence different requirements. It is not necessary that if your friend who has zero liabilities is saving her entire salary, you must also follow in her stride.

Instead, customize the plan. If you have a consistent salary, it is easy. You can choose the percentage you would like to save each month. However, it gets tricky for entrepreneurs and small business owners because of the variable Income. So, entrepreneurs can consider a lower amount to automate monthly. If you are a small business owner, you can also set a calendar reminder to review contributions quarterly.

5. Get Help from a Business Coach or Team of Advisers

Entrepreneurs have so many responsibilities and tasks at hand. So, if you try to manage your finances, it may be too much to handle. And your growing wealth could become a task. Begin by taking professional help instead of trying to manage it all on your own.

If you follow these five strategies mentioned above, you can build a solid foundation to grow your wealth and make smarter money decisions for your future. To gain in-depth knowledge, attend our Masterclass available on our Bada Business community app, in which you can learn simple yet effective financial strategies.

Download the app now: https://tinyurl.com/nhav2kp6

Categories
Motivational

5 Reasons Behind The Success Of Amazon!

5 Reasons Behind The Success Of Amazon!
5 Reasons Behind The Success Of Amazon!

Summary: From a book-selling website to becoming a household name for almost everything, Amazon has come a long way. Ever wondered what made it so successful?

Surely, it wasn’t just luck. Amazon was first established in 1995 as a simple book-selling website. Within a month of opening, it had already shipped its products to 40 countries. Over the following years, the brand kept on evolving and flourishing, becoming a brand that is known as one of the most respected, largest, and most powerful companies in the world.

Over the last decade, the company has transformed in various ways to increase its reach, customer base, and product range. Whether you need a pen, a book, a refrigerator, a tv, or a smartphone, we know we can get everything on Amazon, right?

So what makes Amazon so successful? Some key reasons make Jeff Bezos`s company a flourishing venture:

1. They are more adaptive to Innovative Technology

The major contributor to Amazon`s success is its ability to innovate continuously. It didn’t wait for someone else to create its business model. Rather, they kept on experimenting with new technologies and happily embraced modern practices. For instance with their impressive voice command device- the Echo, Amazon created a moment of disruption. The echo can be used to play songs, control Bluetooth devices, enquire about the weather, set alarms, and also make calls. You can check out the case study of Amazon`s CEO- Jeff Bezos, here.

2. A Diverse Range of Products & Categories

Starting as a website to sell books, Amazon, later on, diversified its products range and added more categories for the convenience of its target consumers. This diversification has helped them to be the-go-to for a large number of consumers. From groceries to Amazon wallets, most customers know you can buy just about anything by going to Amazon`s site or mobile app.

In any business, diversification is necessary for the scalability of the business. The more you diversify the services and products you provide to your customers, the more likely it is that your business will grow. If you are looking to scale your business, this video will help you.

3. Excellent Customer Service

One of the strongest pillars of Amazon`s success is its exceptional customer service. From tracking orders to returning items, the site is well equipped to meet the demands of its customers. Having a winning customer service team is essential for any business and Amazon has built a reputation for superior customer service in multiple ways. It handles all the queries impressively. It offers round-the-clock assistance. It has played its strategy well by partnering with many competitors, like Kohl’s to offer in-person returns of products.

They engage in conversations with their customers and this is one of the major reasons why customers keep coming back to Amazon.

4. They Utilize Collected Data & Learn

Most often companies collect data but fail to take the appropriate step. Unlike others, Amazon gathers its data from sales, affiliate marketing, social media campaigns, and many other touch-points to make vital decisions and build strategies. The company recognizes what its customers want, so they work on it and up their game plan to reach that target section.

Companies, that can learn from their customers and resolve the challenges they are facing, always stand out. To learn more, you can take our problem solving courses and gain in-depth knowledge.

5. A Winning Attitude

Back in 1997, Bezos told Inc. Magazine that Amazon will remain unprofitable for a long time before they would see a return. His progressive mindset kept the company pushing through various strategies until 2003. In 2003 the company posted its first profit. Amazon has grown up from a little online bookstore to an e-commerce giant. Amazon created the industry for total domination.

If you too want to scale your e-commerce business, these points will help you. All you have to figure out is how you can integrate these strategies into 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

5 Key Strategies For Small Business To Sustain Online

5 Key Strategies For Small Business To Sustain Online
5 Key Strategies For Small Business To Sustain Online

Summary: To have a sustainable business online in today`s dynamic business world, companies must think beyond traditional strategies and look toward more innovative possibilities.

We are living in a world where digital dependency is at its peak. In this post-pandemic world, embracing digitalization is not a choice, but has become a necessity. A multitude of businesses has already adopted digital processes. However, many are preparing themselves to embrace this ongoing demand of the business by taking help from the motivational coach for entrepreneurs.

But with all its benefits, it is very essential to follow a few key strategies to ensure that your business sustains in this digital era:

1. Create an unforgettable Brand Image

From “Thanda Matlab coca-cola” to “daag ache hain”, a powerful brand image is required for businesses to increase their product sales. Great products and amazing visuals go hand in hand. Great visual imagery can play a crucial role in the success of a business. When we talk about visuals, minute details like symbols and colors, and how you display your products online play a crucial role.

Most businesses pay a great deal to produce an excellent range of products without giving a thought to visual depiction. The online space has cut-throat competition and one of the best ways to give a leap to your business is by investing in quality visuals. Working on your brand image from the start is the best way to create a connection with customers.

2. Adopt a Flexible Pricing Strategy

Any business depends on how the products are priced. If you price your products at a loss or a very less margin, it will be very difficult for you to grow and scale. This is why product pricing is one of the trickiest aspects of a business. With so many options, entrepreneurs often find it difficult to finalize the correct price point keeping customers in the center, while also maintaining brand differentiation.

If you are new to the business world, there are many business coaching programs that you can take to gain in-depth knowledge about the various dynamics of the business world.

3. Minimize Cash on Delivery Failures

Every startup business that starts operating online needs to build trust at the initial stage. Until the customers have built their trust with the brand, cash on delivery is almost inevitable. But it can cost businesses. When a customer returns a product, businesses have to bear the shipping charges- twice.

Verifying orders, limiting payment methods, and incentivizing your audience with discounts with online payment methods will create trust and help you reduce unnecessary spending. Try to optimize payment and order tracking, in the beginning, to avoid any complications in operations later on.

4. Go Slow & Steady

As an entrepreneur, it is not just important to visualize an idea, but also to execute it and keep improvising. The best way to ensure that your business grows consistently, start small. Don`t try to tick all the boxes in one go. Your idea of business will go through multiple stages of trial and error before it comes to flourishing.

So the first step is to test it. Observe and study how your product is getting received by a small section of your audience, before going all out. In an environment that is constantly on change, it is best to refine offering as much as possible.

5. Understand Advertisement & Promotions

The world of advertising is quite difficult to understand completely. However, it plays a key role in introducing a business to the audience. In this age of the internet, digital ads and posts are everything. There are many online courses for entrepreneurs that allow you to pick the best course for your business. So, focusing on social media is something that can help your business to sustain itself in the long run.

The above-mentioned key strategies will help your business to stay upgraded with the latest trend and innovative possibilities. Instead of doing everything on your own, outsource them. Look for trusted people that can cover tasks for you and focus your attention on tasks that need your focus.

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
Marketing

5 Digital Marketing Myths Busted

5 Digital Marketing Myths Busted
5 Digital Marketing Myths Busted

Summary: Do you believe digital marketing is like ‘one size fits all?’ Welcome to the world of reality. In this article, we are going to debunk some myths that will have your jaws dropped.

Well, thank us later, but it is in our utmost interest to make people aware of the facts and myths that surround people in India- especially about digital marketing. Digital transformation is a vast concept. It is much more than the technology buzzword.

Many people think that the concept of digital marketing involves lots of technical information, which is again a myth. With so much information regarding this great concept, it can be challenging for a marketer to distinguish between what to believe, let alone develop a smart strategy.

What`s more damaging is that many believe the infamous “one-size-fits-all” approach. If you tried this approach, you are doing a disservice to your clients, your customers, and your startup business. There are many online business courses for entrepreneurs to make the most of digital marketing for their business.

According to a recent survey by KPMG, “75% of the respondents believe that digital transformation can create a more seamless customer experience.” But because every individual is unique and no experience is the same, a digital marketing strategy must be based on agility and flexibility.

This simply implies that anyone with a laptop and an internet connection can`t claim to be an expert. One has to understand every aspect of this concept that can be leveraged by large as well as small startup businesses for marketing purposes.

Below, we explore some of the most common myths and try to bust them related to the biggest digital marketing myths we have heard over the years.

Myth #1: Digital Marketing = Technical Information

Yes. Digital marketing does involve the use of computers, smartphones, tablets, and laptops. But you don`t need to have in-depth technical information or computer languages like Java, Visual Basic, or Linux. Digital marketing is all about making full use of digital devices and platforms to reach out to your target audience through social media.

Myth #2: Digital Marketing is only for Big Businesses

One of the most common myths that small business owners have is that digital marketing is only for big brands and businesses. To tell you the truth, digital marketing is as much beneficial for small startups as it is for large businesses.

You do not need a call center to engage or salesman for door-to-door services. You can sell your products directly to your customers globally without even having to establish a physical shop. By making your social media profile on popular platforms you can fetch valuable insights and data regarding the buying behavior of your customers through their demographic details.

Myth #3: Word-of-mouth marketing is better than Digital Marketing

Word-of-mouth marketing is great, but integrating it with digital marketing can maximize its effects. Today, every customer checks out reviews of a particular brand before making a business transaction. If your customers are happy with your products and services, you can create testimonials and share them with the pool of your potential customers with the power of digital marketing.

You can also run social media campaigns to achieve your business goals. You can encourage your customers to visit the retail show and share their experiences with a customized hashtag.

Myth #4: Posting needs to be Done Several Times a day on Social Media

Many social media guidelines are focused on the number of posts that should go on the platforms every day. But does it guarantee its success?

The ROI of social media is constantly in question. Out of all the other digital marketing channels, it is often the most misunderstood. But many few people know that the value of social media is not measured in leads but through customer experience. More and more brands are using their social media handle as the extension of their customer service department. Both negative and positive comments from the customers can be seen online on social media platforms and review sites.

Hence, it is not just about how many posts you publish each day. But how you engage and inspire your consumers through online customer service. Ultimately, digital marketing has more power than you can imagine. You could be missing out on some great returns on investment, better brand engagement, and low-cost campaigns. You can also take an online course for entrepreneurs to learn more about digital marketing. You can also take the LFP Bada Business.

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Motivational

Learn 5 Simple Ways To Have Better Mental Health In Our BB Masterclass

Learn 5 Simple Ways To Have Better Mental Health In Our BB Masterclass
Learn 5 Simple Ways To Have Better Mental Health In Our BB Masterclass

Entrepreneurship is stressful. It is difficult even during the best of times, but now as the world is dealing with Covid-19, Omicron, and a lot of other variants of the virus, it has become more stressful than ever. Also, entrepreneurs today are dealing with a lot of other things like an uncertain future, funds drying up, and worries about their own and loved ones` health.

The impact of the pandemic has been cruel and it has wreaked havoc upon many small business owners and entrepreneurs who are still struggling to get back on their feet with tighter margins, and fewer backup reserves. This is why mental awareness has become crucial more than ever.

There are many ways one can keep their mental health in check. One of the best ways is to take our Free Masterclass on Mental Wellness by Dr. Komalpreet Kaur- Mental Wellness Coach. All you have to do is download Bada Business Community App, where you can attend Masterclass on various topics related to business and its operations by top industry experts at zero cost.

If you are an entrepreneur, here are five ways in which you can have better mental health:

1. Always Remember Why You Have Started

Many times entrepreneurs start their dream business for a reason. It could be monetary, for personal fulfillment or to improve the world in some tangible way. It takes a lot to work upon your goals, and it can be easy to lose sight of that initial purpose due to daily hustle which can be stressful at times.

The best strategy to cope with it is to re-discover your purpose. A strong sense of purpose can help people recover emotionally from difficult and stressful life events. For a healthy mindset and long-term longevity, emotional resilience is extremely helpful. Taking time to reconnect with that sole reason and passion can help entrepreneurs to help improve their mental health during this crisis and the years to follow.

2. Listen to Your Body

A healthy mind resides in a healthy body. So, if you want to have a healthy mindset, you need to keep your body physically fit and sound. Our body is in constant communication with us, but unfortunately, it speaks only through symptoms. Just because you are feeling uncomfortable does not necessarily mean you have a disorder.

It could also simply mean that your body could be dehydrated, sleep-deprived, malnourished, or lack exercise. Sometimes, it could also be due to too much negativity around you. So learn to understand your body`s language and listen to it. Take proper rest and try to maintain a work-life balance.

3. Develop New Self-care Routine

Whether it is morning yoga, going to the gym, or doing meditation while basking in the sunlight, it is very essential to develop a self-care routine. Many people often start a routine, but due to lack of excitement, they leave it mid-way. If you too have done this in the past, it is more important than ever to assess the self-care toolbox and think creatively about replacing it.

4. Eat Right- Sleep Right

The human body is composed of protein, fat, minerals, and water. There is no particular diet that fits all because the composition of protein, fat, and minerals vary. So choose something healthy and best for your body. Stay away from chemically processed foods and eat organically grown food.

Apart from choosing the right food, it is also essential to take 6 to 9 hours of sleep. For optimal brain performance, one should target 8 hours of sleep, however, if your requirement is for 6 hours, you can stick to that routine. The underline message is that do not skip or compromise with your sleep schedule because of tight deadlines.

5. Set Firm Boundaries

Work-life balance has always been a challenge not only for employees but also for entrepreneurs. Many people often think that being your boss gives you the liberty to work at your flexible schedule. However, it is just a partial truth. Entrepreneurs have to deal with tight deadlines and client meetings. Setting healthy boundaries for work is crucial for everyone`s mental health. Whether it is a boundary about the work schedule or what emotional tasks an entrepreneur takes, setting those boundaries straight is the key to mental health in this era.

Prioritizing your mental health is paramount. More than meeting a deadline or a client meeting, taking time out for self-care is crucial. You can get more insights and details regarding mental health and awareness by attending our Masterclass this Saturday on our BB Community App.

Download the app now! : https://tinyurl.com/nhav2kp6

Categories
Startup

7 Expert Tips To Allocate A Marketing Budget For A New Startup Business!

7 Expert Tips To Allocate A Marketing Budget For A New Startup Business!
7 Expert Tips To Allocate A Marketing Budget For A New Startup Business!

According to a report in the Times of India, “India is home to 81 unicorns as of now, with a total valuation of $274 billion.” With so many startups joining the league of Unicorns, it has become essential for the existing ones to focus on their branding and marketing game.

Branding and marketing are those two pillars in an organization that help a business to reach out to its potential customers. But as there are so many marketing avenues, small startup businesses often face the challenge to determine where they should invest their limited marketing resources.

Startups often lack clarity at early stages on how much time, money, and effort they should spend on their advertising, public relations, branding, social media planning, and content strategy at the outset.

So, if you have a startup business made from your dreams, passion, and determination, here is a list of some of the most effective strategies to help entrepreneurs and founders to develop first-time marketing budgets to optimize their investments and achieve maximum results:

1. Master One Method First

Just like when we learn driving, we want to do everything at once. But, as the primary rule, we learn to control the steering wheel. Similarly, as an entrepreneur, you should pick one thing and do it well. Once you have mastered it you can start focusing on building out the other options as you begin to get more business. Focus all your efforts, time, and money on a single method and use that as your power to get more business and break through the noise.

2. Pick Measurable Outcomes

When looking out for the best marketing choices, it is best to find out what you want for your measurable outcomes to be. For instance, if you want to sell 200 products in your first month, with an average value of INR 500 per customer, you should provide this to a marketing company to receive quotes on actions, and not just marketing services. It will help them to filter out the options deemed best for your business on actual budget samples.

3. Allot a Budget to a Few Targeted Areas

It will be unrealistic for any business to allot a budget without considering their revenue. A new startup must need to consider its targeted areas and how much budget should be allocated. It is best to focus on one target area and then grow into others as traction is gained. You can also take an online business course for entrepreneurs to learn more about marketing and advertisement.

4. Find Out How Each Strategy Will Impact Your Business

While budget allocation initially is a smart decision, understanding how each strategy is going to impact your business is paramount. Dedicating between 10 to 20 percent of gross revenue is a good starting point to invest in marketing and advertisement. Basics such as collaterals should not go beyond 5% of your gross revenue unless a brand strategy calls for it. PRs, advertising, communications are all similar. But to determine what will help your business to grow and attract your potential customers is essential. Focus on what is going to help you succeed.

5. Build a Scalable & Multi-Year Strategy

In the first year, you need a logo, a website, and some basic branding elements. But one most essential thing is content. You need great content for any marketing strategy to work. And as your company grows, you can spend more on advertising and promotions. When your company begins to scale, you can increase your budget.

6. Know Your Customer Journey

One of the most crucial things that every startup must do is that they should have a solid understanding of their customer journey. Run test ads on social media platforms and Google to find out how much you will have to spend to acquire a customer. You can also take an online course for entrepreneurs for marketing.

Investing in PR and branding can help you to lower your ad expenditure, only if done right. It will also increase your conversions, and give you a better idea of how much you must invest and in which medium of marketing.

7. Begin with Organic Marketing

There is no magic formula or shortcut to marketing your brand and advertising your products to increase your revenue. Startups should always begin with organic efforts, such as content marketing, PR, SEO, before diving into big ad spending. Why? It offers three benefits:

a).  It reduces your budget

b). It lets you find out what works by trial and error before investing in advertising.

c). Delivers ROI

Every single penny plays an essential role in a startup budget. Hence, it is important to allocate the budget carefully for marketing and advertising. Hope the above-mentioned techniques will help you to seek out choices that will give you the best results for your startup business.

Having a compelling marketing idea is great. But you know what is even better? Personal guidance to increase your brand presence consistently to facilitate sales, engage your customers and close leads. Our Problem Solving Courses can help you to overcome marketing and advertising challenges.

Categories
Startup

5 Reasons Why Strategy Execution Fails In A Startup Business

5 Reasons Why Strategy Execution Fails In A Startup Business
5 Reasons Why Strategy Execution Fails In A Startup Business

Building strategies is one of the most critical aspects of a business as it directly impacts growth. However, it is no longer a secret that most companies struggle with strategy execution.

According to research by McKinsey, “around 70 percent of change efforts fall short of desired results.” Today, senior leaders across the globe have started to take notice of it and realized that the financial losses induced by execution failure are massive.

Building a great strategy is an amazing start. But, organizations must be able to deliver on their intent. Strategies involve changes, and the natural human tendency is to resist them. So, no matter how strong your strategy is or how fantastic your new products and services are, it will only work once it is implemented successfully. To learn the art of executing strategies one can also take an online course for entrepreneurs.

Also Watch here, 4 Step Formula for Strategic Execution by Dr Vivek Bindra:

The first step in finding the biggest challenge that comes in executing strategies is to identify the most essential problems that are acknowledged already.

There are multiple reasons why many organizations fail at the execution level. The common are listed below:

1. Ineffective or unclear communication

Whether it is a personal relationship or a professional relationship communication plays a huge role. The most common problem in strategy execution is bad communication. It means that the communication which is too little, too vague, too late, too early, too much, to the wrong people, or otherwise ineffective can be termed as bad communication. Anything that is communicated vaguely can play a hurdle when it comes to implementing important strategies.

2. Ineffective Management

Failed strategy execution is often seen as a misalignment problem. Alignment means achieving coherence and consistency between different levels of strategy: business strategy, corporate strategy, operational strategy, and functional strategy. Misalignment results in silo behavior and not everyone being on the same page.

3. Ineffective Change Management

The strategy usually involves various changes at all levels. Hence, managing change is an important aspect of strategy execution. Challenges in this area include resistance, no buy-in, lack of commitment, and keeping up appearances. These challenges are largely emotional and mindset problems that come from not engaging people throughout the organization during strategy generation and execution.

4. Ineffective Performance Management

“What gets measured gets managed, and what gets managed gets done.” Hence, performance management is the key to successful strategy execution. If this is done ineffectively, it leads to problems such as unclear or missing objectives and targets, wrong use of measures and performance indicators (KPIs), counterproductive incentives, and failing resource allocation. If you too are facing this challenge, you can take an online business course for entrepreneurs.

5. Ineffective Project Management

Systematic follow-up and project management are two important factors that constitute good strategy execution. The lack of it is a fifth key problem in strategy execution. It comes with unclear responsibilities, missing or conflicting priorities, exceeded budgets, delays, bad time management, and poor or missing leadership at various levels in the organization.

Together, these five problems are responsible for a great share of strategy execution failure in most organizations. These challenges are not new. They have been acknowledged in the 1980s. And so have their solutions. Hence, organizations must consider these challenges and their solutions to ensure that strategies are very well executed at every stage.

Of course, strategy and execution are complex, and resolving these 5 problems can be extremely challenging. But, if there are challenges, so are their solutions.

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 online course for entrepreneurs that comes with Foundation courses, specialized courses, and value-added courses.

Categories
Business motivation

5 Ways To Determine Which Franchise Business Is Best For You!

5 Ways To Determine Which Franchise Business Is Best For You!
5 Ways To Determine Which Franchise Business Is Best For You!

Two years ago, Ram Prakash Misra from Kanpur decided to quit his job in a multinational company and start his own business. But, due to a lack of experience in starting something new from the scratch, he decided to consult with an old colleague who was thriving as a franchise owner of a popular food chain.

After a quick meeting with him, Ram Prakash Mishra decided to get into the franchising business, too. After four months, he says his career change has been a profitable one.  He now spends his time cleaning the ducts of air conditioning and heating systems. So, though Ram Prakash Mishra is happy cleaning air conditioners, it is not for everyone.

But, if you want to get into a franchise business, you are in luck. There are thousands of different types of franchise businesses that you can buy into at various levels of investment of both time and money. But, how would you determine which franchise business should you invest in?

Here is our ultimate guide to choosing a franchise business.

1. Choose the Right Franchise By Knowing yourself

Before you decide to jump on any franchise business opportunity, you need to first understand yourself. You will need to take more than just a step back to analyze your interests, requirements, and many other aspects of your personality. Be brutally honest and introspective about what you are trying to accomplish by buying this business.

2. Ask yourself what do you want out of a franchise business

People buy a franchise for multiple reasons. Ask yourself is this something you want to do out of the hobby? Will you want to make it a primary source of income? Are you looking to build equity? Would you eventually want to buy more than one franchise?

These questions might appear simple, but the type of business you eventually pick is the result of what you are trying to accomplish.

3. How much you are willing to invest?

You might have an idea or you might be contemplating on what type of business you want to get into, but calculating how much capital you are ready to invest will give you a clearer idea and a realistic sense of franchise opportunities that are possible for your budget.

Like any other business, you should not expect that your business will be profitable since day one. Also, loans will not be easy to come by. So make sure that you have enough money to live off while you get off the ground.

4. What is your exit strategy?

This is a common yet the most neglected question that potential entrepreneurs fail to ask themselves. It is important, to be honest about how long you would want to continue it. Is this something you would want to do for 4-5 years? Or is this something you will continue as a legacy? Having a clear answer is very important because different franchisors have different restrictions on selling to other franchisers.

5. How much risk are you willing to assume?

This is one of the most important questions; you must ask yourself before investing in a franchise business. Once you have reviewed your financials, you can probably get a sense of how much risk you can take. Some well-established franchises are working for many years and have a great record of franchising success, but they are not exactly on the cutting edge anymore. Similarly, many new companies are riskier, but they can potentially offer higher returns. By keeping your risk-taking abilities into your consideration, decide on investing in a franchise business.

A franchise business is a wonderful option for those who want to start their own business, but don`t want to begin from scratch. To decide and choose a franchise, you will need to evaluate the pros and cons of both of them. Hope the above-mentioned questions will help you discover and select the best franchise 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.

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Business motivation

How To Take Advantage Of 6 Digital Marketing Trends For 2022

How To Take Advantage Of 6 Digital Marketing Trends For 2022
How To Take Advantage Of 6 Digital Marketing Trends For 2022

Digital marketing is always evolving, but 2022 will be quite dramatic. Startup businesses and brands not only plan to keep up with the future of marketing but should also be prepared to make the most out of it.

Whether you want to be an influencer, or want to take your startup business to the next stage, here is a list of 7 top digital marketing trends to keep an eye on in 2022 and how you can use them to your advantage:

1. Meta is omnipresent

Facebook has changed its name to Meta. Meta is a term for virtual and augmented experiences. In simpler terms, it represents an interactive experience of a real-world environment, virtually. Creating a name for the parent company is quite logical and with that masterstroke, Facebook is betting big on the future of the web.

Pro Tip: This is the time when marketers should start looking for opportunities and experimenting for their businesses in these spaces.

2. Influencers continue to flourish

Influencer marketing is still a hot trend is set to reach $13.8 billion in 2021. This trend is here to stay and will continue to grow. The campaigns by influencers provide context and relevance since the influencer who is followed by millions of people is endorsing the brand. B2B brands will also continue to embrace influencers and many popular and high-end brands have harnessed this trend.

Pro Tip: Marketers should keep looking for opportunities to collaborate with influencers in their space.

3. Marketers get more strategic

As artificial intelligence, machine learning, and business automation have already reduced a lot of the grunt work of digital marketing, marketers need to keep up with the pace and become more strategic. The opportunities in digital marketing continue to grow.

Pro Tip: “What drives your business growth?” should be the primary focus of the marketers and they must think strategically about it.

4. LinkedIn is growing & will keep growing

LinkedIn in each quarter shows considerable gains in monthly active users and also in terms of engagements on the platform. They are continuously launching new features to provide more value and drive better results for businesses and pages.

Pro Tip: LinkedIn will continue to be a rising star in the digital space; hence, marketers should go all-in on LinkedIn.

5. SEO is more integrated

Search engine optimization is one of the oldest and most valuable forms of digital marketing. As search algorithms have continuously become smarter and more contextual, marketers are required to focus more on providing an outstanding and meaningful experience to their users instead of using hacks and tricks of SEO.

Pro Tip: According to the best business motivational coach Dr. Vivek Bindra, marketers should focus less on SEO and more on relevant and excellent user experience.

6. Websites get faster

Page loading time is an important part of any website`s user experience. And most often people let it slide for better designs, functionality or to add more content to web pages. If a user clicks on your website and it takes more than a few seconds to load, they are likely to leave your page. This will result in losing a potential customer and can cost you a conversion.

Pro Tip: Marketers ensure that their website is well optimized and responsive.

7. Less is more

The explosion of digital marketing options means that almost every brand wants to dominate all the platforms. However, smart businesses focus on dominating just one channel. Though it is easy to get distracted by new trends, the majority of the business growth still comes from the foundational tools in digital marketing.

Pro Tip: Don`t forget to focus on your strength and foundation.

If you are an entrepreneur and planning to establish a strong brand presence for your business, the above-mentioned marketing tips should be considered.

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.