Tag: tips for small business

Building your own business brings along a sense of financial freedom and achievement which can be expressed in words. However, the journey to this sense of achievement and financial freedom is anything but easy. Any entrepreneur worth their salt would vouch for how much it takes to build a  business from scratch.

Some very useful business tips from some very successful entrepreneurs around the world will help you understand the essence of entrepreneurship to help you understand the concept in its entirety. 

Put Yourself In The Shoes Of The Customer And Try To Fill The Gap

Time and again it has been said by many that in order to come up with a world-class business idea is to look into the gaps between the market and the consumer. First and foremost, try and put yourself in the position of your target consumer and think about what’s the need of the hour and how can you help fulfill that need. Observe your surroundings and the environment and try to find your niche with the help of which you can serve society!

Observe And Learn

When a brilliant idea strikes your mind, you get on the top of the game to start executing the idea as soon as possible. However, that may not be the wisest of the decisions. In case the business idea belongs to a field or domain that you are fairly new to, it is advised to get some hands-on experience first to understand how things work at the grass-root level. Even for a rocket to reach for the stars, it has to find its ground first.

Lend That Feedback An Ear

No matter how confident you are of your idea and planning, hearing what your near and dear ones have to say could really be beneficial. They will give their feedback from the perspective of your future prospects. How could that not be beneficial? With all the valuable feedback you can make appropriate changes to give your business a chance to shine even brighter.

Nail That Execution

Businesses often try to hire people with super high creativity level but tend to forget to hire those who actually have the ability to turn that plan into a reality by seamless execution. Execution is that very stage where most of the businesses feel overwhelmed due to how underprepared they have been throughout the planning phase. Don’t let your business entrap in this situation and try a striking balance between planning and execution.

Market Your Product Only When You Are Absolutely Prepared

New businesses often tend to make a mistake by spending a huge chunk of money on the marketing campaigns without being absolutely sure of the product/service or the ways they are going to measure the performance of the campaigns. That’s a big No-No! Go for these extensive marketing campaigns only when you are prepared with your marketing goals and the KPIs to measure the success of your campaigns. 

Establishing a business while emerging as a capable leader is already a task daunting enough that you can use all the advice that people have to give to you. If you are selective with your approach, go for seeking advice from the people who have already aced the game, the experts. You have nothing to lose but a lot to gain from the wisdom the experts have.

With big dreams in their eyes, many amongst us have been aspiring to become a great entrepreneur to make a difference in the society or even just to pursue their passion. Many of those are ready with their perfect idea but do not have someone to guide or advise them on all stages and crucial. This article is our genuine effort towards helping those dreamers with some super effective business tips to put their best foot forward while laying the foundation of their ambitious business plan.

Soak All That You Can

Regardless of whatever initiative we are in the middle of taking, we always lend our ear to those who give any piece of advice to give to us. Be a sponge and absorb everything that your family, friends, professionals, even experts have to say about the whole process. All this is part and parcel of the process of writing a coherent business plan. While writing this business plan, research, ask, and observe all you can.

The Simpler, The Better

We all have seen our parents and teachers telling us the same thing, again and again, that focus on one thing at a time and deal with one problem a day. This funda may seem very simple but has the ability to solve the worst of the problems. When you start your journey as an entrepreneur, try and work on your niche. The moment you see things going over the board, take a halt and figure out what are you going wrong with and how have you complicated the products/service, or management for that matter. Just remember that god lies in simplicity.

Hope For The Best And Expect The Worst

It is no secret that 90 percent of the businesses are forced to shut down in the first five years of their existence for many reasons. No entrepreneur would want their business to be trapped in such a situation and to be left with nothing to survive or get back on their feet for that matter.

Always be ready with a plan b in case your business for some unfortunate reasons doesn’t work out. It’s better to have a back up rather than falling flat on your face.

Budgeting Is Key

Budget is something that every entrepreneur who is about to start a new business struggles with. Once you are done figuring out what your next business is going to be all about, it is important for you to plan the budget. Plan how much resources are going to cost you, what would the rent be looking like, how are you going to manage the production,  and also try to plan some unexpected expenses. Once you are done calculating the lump sum amount, multiply it by 4. Yes, it actually ends being more than what you had already planned. So, be more prepared than facing hiccups once you are in the game.

There is no particular protocol to follow or tricks to exercise as such to make your business a sure shot success, however, the tips that we have shared with you will certainly open up your mind and will let you think of things with a whole new perspective.

Starting a business is not everybody’s cup of tea and it’s even difficult to keep it running smoothly considering how flawed the startup ecosystem is at the moment. Looking at the recent surveys it is observed that a huge chunk of the population is going to start its own business venture by the end of 2020, but how many do you think will make it?

Read these super useful business tips which when combined with your hard work and dedication will not only help you survive but thrive beyond imagination.

Plan It Out

Once on paper, always in mind. This might sound vague to you but we’ll walk you through the significance of these 6 words. There might be a billion ideas going in your mind around how you are doing to manage your business, rather than helping you out this chaos will make you forget doing even the most basic tasks. Getting organized is the need of the hour and writing your daily tasks would be the best way to stay in sync and to be on the top of your game.

Keep An Eye On The Math Of It

How important do you think it is to keep track of the finances in your business? Turns out very! You need to figure out where to stand in terms of financial growth. Make a detailed plan of where you are and where you want to be with your financial projections but this could not be done until and unless you regularly keep a track of all the financial activities such as cash flow. Consider it a very essential move and form your future strategies accordingly.

Put On The Thinking Hat And Get Creative

Why should you try to blend in when you are born to stand out? No matter how amazing a product or a service you plan to offer if it fails to catch the attention of your target customer, your business will bear the consequences. Nobody wants that to happen and that is why we are suggesting you let those creative juices flow and think of the amazing ways in which you can market yourself to the customer.

Consistency And Persistence Matter

How consistently you try to put your hard work into growing your business and community every day tells a lot about how badly you want your business to be successful. To make a business successful, the kind of passion and dedication required to showcase isn’t something that is witnessed on a day to day basis. The ones who managed to showcase, emerge as true leaders. So, ensure your best work with praiseworthy consistency and be ready to work day-in and day out to ensure your strong market presence.

Don’t Lose Focus

If you listen intently to your long term goal, you will hear it saying, “focus on me”. Yes, don’t ever let your focus deviate from your long term objective by the routine difficulties that you are meant to experience in the process of making it all work. Never forget why you started this business in the first place. The business won’t immediately start experiencing sales or growth, it will take its own sweet time but until then don’t lose focus and keep working your hardest.

There are already enough businesses that are falling prey to the inefficient startup ecosystem across the nation and we know you don’t want to join the bandwagon. If you pay attention to what has been said in this article, it will only be a matter of time before you find yourself riding high on success.

Any entrepreneur worth his salt knows that launching a business is a tough job and running it smoothly over a course of years is even crazier.  When you start a business, you work tirelessly to grow it in order to earn a greater market share. But you are not alone, there are tons of competitors out there waiting for you to make one wrong move. 

Yes, it just takes one wrong move for your competitor to knock you out and ruin your business. If you do not want to let that happen, read this article until the end to get your hand on some very easy but crucial tips to strengthen your position in the market.

Work on Building Relations, Sales Can Wait

Yes, we all understand that business is started with the ultimate goal to be financially viable and make good money, but that shouldn’t happen at the cost of running your image in the eyes of your consumers. Don’t just try and make sales, that will make you come off as greedy and self-centered. Work on building cordial relations with your customers and try to build a community first. Let them know what is the purpose of your business and ask them what are their preferences and feedback on your service/product. Sooner or later, this hard work will pay off in the form of skyrocketing sales.

Try To Sell A Solution, Not A Problem

Nobody wants to hear how amazing your product or service is no matter how many adjectives you decorate your product with. The customer out there wants his problem to be solved. Instead of listing the benefits of your product, tell them exactly how your product or service could possibly put an end to that problem by proving a kickass solution and help them achieve their goals.

Choose Your Employees Carefully

Your employees are the face of your brand. Considering this factor, you need to ensure that each and every employee of yours shares your ideology of being customer friendly. If we pay attention to what surveys have always been saying, it is highly likely for a customer to buy a product from a sales attendant who is nice to them. So, we would recommend you to hire employees who have a pleasing personality, are cheerful, and are genuine.

Identify And Nourish Your Unique Selling Points

Know what you’re best at. Work on planning, developing, and strengthening that one product of yours that has made your business what it is today. Always focus on that one product that will never let you lose your position in the market for years and years to come just for the fact that you have been great at it consistently. Be known for that one solid product/service that the whole world vouches for your credibility.

All in all, please understand that keeping your business alive and kicking does take hard work and effort but the protocol doesn’t always have to be complicated. The tips that we have mentioned above, and believe us there are many more such tips, will surely help you make a name for yourself.

It is said that it is better to be safe than sorry later and we strongly agree. Starting a business is one hell of a task that has the potential to make even the best of the lot anxious and nervous enough to make mistakes. This article is intended to be a manifestation of our efforts to help the entrepreneurs with some business tips that could help them take the required decisions with utmost confidence and sincerity.

Your ambitious dream project will need the best of everything that you have got, be it a perfect idea, your work ethics, the skillset, confidence, or perseverance. Once you figure out the balance between all these factors and support them with some important business tips, no one can stop you from becoming successful.

Be A Sponge that Soaks In All The Knowledge

From the moment you think of an idea of starting your own business, consciously or unconsciously, you tend to observe every little thing that revolves around that idea. This is a  habit that needs to be developed as it helps you conduct productive research around your niche. Now that you know this is an important and basic step to follow, make a conscious effort to talk to the market experts, your mentors, your friends, and your family. Hear what they have to say and pay attention to everything that could make your business launch successfully and stay afloat in the future.

Solve A Burning Problem

What business idea according to you has a brighter future; the one that you have always wanted to do or the one that actually solves a busting problem of society? Although it is important to step into something that has your interest and it’s the most important that the product you develop actually solves a problem. Don’t try to become an ordinary salesman, but aim to become a problem solver. This will have you spend a good amount of valuable time into thinking about what should be your niche. What is that one business idea through which you can serve society as well as fulfill your dream?

Too Many Experts Spoil The Broth

We are all aware of this saying which means when too many people try and work on the same task, things tend to go haywire. Similarly, when as a new and inexperienced business owner, you introduce many features and products at once, it generally confuses the public and complicates your business management. To avoid the whole fiasco that could shatter your dreams, we would highly recommend you to write down all the services/products that you want to offer and narrow down one of the many that will help you get identified in the market by strengthening your presence.

Make That Money Work In Your Favour

It’s good to count your blessings but even more important to count those coins when it comes to preparing a budget for your business. When you are done researching the business that you want to set foot in, you should now look at all possible expenditures that will come your way. Calculate all the expenses and increase the amount four-folds. Yes, Four folds because there is much that you will miss out on and it’s always a better option to be over-prepared than to run short on funds once you are on the battlefield.

No matter how amazing a pan to roll out, it’s highly unlikely that events will unfold the same way you had planned. All you can do is to stay wary of all things important for successfully setting and operating a business. We hope that the tips we have shared with you will help you widen your horizon and will push you to see things from a different perspective.

There are several prestigious business schools all over the world to provide you with the best of education and business tips on how to run a successful business. But, what if one is not financially sound to bear the hefty fees? As unfair as it may sound, many businesses around the world, big or small, have been thriving even without the owners having a degree from a credible B-school as well as the business management tips that always come in handy.

This success is only and only a result of the perfect business sense that a business owner possesses. However, when this amazing business sense is combined with some expert guidance, a business can truly unleash its maximum potential. Join us in our effort to share some very useful tips for small business owners that are worth paying attention to.

Focus On Your Goals And Be Specific With Them

First and foremost, We would always suggest all entrepreneurs set their goals. It is of extreme importance to do that as, without a goal, all your plans and executions will make no sense. Considering that A goal and a plan, go hand in hand, identify what you want to achieve with your dream venture. Once you have the bigger picture, these goals should be further simplified or broken down into short term goals/objectives. These short term goals should be quantifiable as they will help you assess the growth your business has made and how much is still left to do to achieve that final, much bigger objective.

Distribute Responsibilities

It is always a good practice to delegate. Although we have seen businesses being managed single-handedly before, the fact can not be denied that dividing tasks among the team members can improve the efficiency of a business by leaps and bounds. Avoiding redundancy in the roles and responsibilities of each member makes for better use of time, resources, and money, which are extremely crucial for small business owners.

Stick To What You Excel At

Many businesses have been met with failures and bankruptcy because they tried to do too much too soon. There is no denying the fact that being ambitious is a great thing to stay motivated, however, being over-ambitious has seldom proved to be fruitful for most of the businesses, especially small-scale businesses. It is highly advisable for small businesses to stick to their niche and make the most of it rather than trying your hand at every other opportunity.

Network On Social Media Platforms

With a huge chunk of the population now presents across all social media platforms, it would be a huge mistake not to build your own social media presence. Please understand the fact that a business is highly likely to survive if it is seen and reached by a large number of consumers. The best way to do that is to let them know of your products, services and offers via social media channels.  Social media is an amazing platform to also generate sales leads for your business as people these days like to spend most of their time on their phones that even includes online commerce. You need to come up with the content that will provide value to your potential customers.

All in all, it’s always a great idea and practice to look forward to what your mentors and experienced professionals around you have to say if you own a business or looking forward to starting one. We understand that running a business of any size is a daunting task on its own and we just hope to make it a bit easier on our entrepreneurs by sharing these quick tips so that they plan out all the necessary steps they need to achieve success. 

 MSMEs are undoubtedly the backbone of our economy. The havoc this global pandemic has wreaked has not spared even the biggest of the businesses, one can only imagine how hard it must have been on these micro, small, and medium enterprises. MSMEs can use all business management tips along with several schemes introduced by the government that can help them stay in existence as they are the ones who contribute heavily to the GDP of India and should not be compromised at any cost.

Even though our government and other bodies are constantly making an effort to fight the economic depression with several schemes and policies, there are many businesses across the nation that are highly concerned about the future of their respective businesses. In this article, we present some top business tips that will prove to be helpful for MSMEs to revive their businesses post-COVID era.

Perform A Financial Analysis

In these unprecedented times of economic crisis, it is advisable especially MSMEs and SMEs to once assess the financial situation of your business and company. The protocol is to sit with a professional such as a CA and assess the cash inflow, finding out the assets, liabilities, expenses, and so on. This information would be very important in making a plan for your business post COVID. However, before making a plan, please consider all of the schemes and policies introduced by the government and other bodies that can benefit your business financially. This plan will help you in deciding if your company can survive further expenses, new recruitments, etc.

Hold Hands With Digital Technology

No one can deny the fact that digitization has emerged in the form of the biggest change in the world of business. Covid-19 has taught us the importance of going digital. Those businesses who were procrastinating the task or underestimating the power of digital media are now forced to step out of their comfort zone. Turns out, digital media, not only helps you showcase your business to a wider audience but also helps in marketing it better. We all know that more than half of the world uses the internet now, hence, there could not have been a better time for business to build their digital presence.

Manage Crisis Like A Warrior With Crisis Management Strategy

In these trying times, we all learned our lessons the hardest way. We learned that neither can we predict a crisis, nor can we escape one. The whole and sole existence of your business would depend on how effective your crisis management is, if and when a crisis hits hard. This management strategy is all about the immediate call to action as well as to manage the longer impact it could have on your business. Put the experts to work, and figure out a master plan that proves to be the shield that protects your hard work from getting ruined forever.

Don’t procrastinate is what we have to say to each and every business out there that has been affected by the pandemic in some way or the other. The need of the hour is to identify the issues and start working on them immediately. After all, we can not let any crisis take away from us what we have been putting our hardest work building up.