Tag: Vision

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Finance

7 Essential Financial Tips For Beginners

7 Essential Financial Tips For Beginners
7 Essential Financial Tips For Beginners

Many people these days like to know where they are putting their money. They would establish a budget for their daily expenses or take a more active role in managing their expenses. However, they don’t know where they should start. This scenario is more common with young adults who have just started earning or got their first paycheck.

But with an abundance of expert advice, beginners often feel overwhelmed and confused about where they should start. So, if you listen to Dr. Vivek Bindra- the best motivational speaker in India, you can learn some really useful money management tips from him on his YouTube channel.

If you are starting your journey toward money management, we have got you covered. Here are 7 tips to help you actively track and manage your finances:

1.  Think About the Destination

Though you can start without having a goal in mind. But that would be a complete waste of energy, effort, and money that you are saving. Most often, people work to get through their day and pay the bills. But seldom does anyone think about why they are working and what their goal in life is. So, apart from your expenses, income and savings, think about the final goal that you want to achieve in your life. It is important to have a vision in your life.

2. Track your Money

It is very important to know where your money goes every day, every week, and every month. This forms the crucial foundation for a financial plan. If you use cash, it could be difficult to track it down. However, you can always note down your daily expenses and monthly bills like rent, and phone bills to keep your money organized. This will help you to build the proper groundwork for a new financial plan.

3. Determine your Net Income

Before you retire, you need to save money to lead a comfortable life. Hence, saving is non-negotiable. When you are tracking your money down, ensure that the first thing that you take into account is to look at the net income amount. Your net income amount is what you save after 15% of your gross income goes into multiple different types of accounts.

4. Use Multiple Bank Accounts

If you use one single account for multiple purposes, it could be difficult to plan your budget. Keep your budget to under five categories and use multiple bank accounts for each category. This way you can easily track your account balance without having to number crunch each time.

5. Transfer Money into Investment Account

Budgeting is not always fun! It is hard, so you should keep it simple. Just transfer the amount of money out of your account to your investment account. Your investment account should be different from your savings account. By investing for the future, you are less likely to transfer the money back into checking and spending it.

6. Reach Out to Your Network

Entrepreneurs leverage more from forging relationships and growing their network. So, reach out to your network and you will be surprised to find some of the best templates and tools for managing finances by just asking other startup businesses. You can also hire a business coach to help you grow your network.

7. Understand Your Investment Goal

Are you planning for retirement or do you simply want to save so that you can fund your startup? You need to understand and be clear about your investment goal. It is also important to understand the investment horizon. Keep it for two years when investing in the market because the ‘buy low, sell high’ theory needs you to keep an eye on the market.

The seven tips from professionals will not just guide you on your way to saving money, but will also help you to create wealth. So, keep these tips in mind and let us know how they work for you!

Starting a business may sound exciting but is indeed a hard deal! If you have no prior experience, it could lead to a downfall. So learn the skills from the master via Business Coaching Program by Dr. Vivek Bindra. To know more, visit: www.badabusiness.com

Categories
Business motivation

5 Tips To Write A Great Business Plan

5 Tips To Write A Great Business Plan
5 Tips To Write A Great Business Plan

Summary: Having a strong business plan can lead to plenty of opportunities. If you are planning to start a business, here is how to write the best one.

An idea can only give birth to a business, but an excellent business plan ensures that it grows into a successful one. An idea is often what garners attention from the investors however a business plan is definitely what is required to get financial support from them.

What exactly is a business plan?

A business plan is a written document defining your vision, goals, and objectives of starting a startup business. It outlines the goals, direction, team, finances, and future planning of your venture. It is created for investors, in a bid to raise capital, or used as an internal document to align with teams and provide direction.

It also exhibits financial documentation, and an overview of your business strategies and marketing strategy which requires extensive market research, and competitor analysis.

Why is it crucial?

Writing down a business plan provides a structure to your startup idea. It also gives you a blueprint of how your business will be operated. A business plan is also necessary to get support for your vision and to communicate it. It also helps you benchmark and checks your progress as the company grows.

So how your business plan should look like?

Your business plan should be crisp, clear, and concise, free from any naïve goals and visions. It should include key tactics, key strategy points, tasks, metrics, important milestones, and essential projections such as expenses, sales, and cash flow.

A business plan for a startup business can be 10 pages or less, depending on the nature of your idea and how complicated or simple it is. Your business plan can be written as a document or designed as a slideshow, or a PowerPoint presentation. Depending on the investors, it may be beneficial to create both versions.

Here are five tips that will help you to write a winning business plan:

1. Steer Clear from Gray Area

When writing a business plan, always be as concise as possible. Remove any filler language as despite sounding nice, it gets you nowhere and wastes space. Keep it short, clear, and simple because no investor would want to read a long business plan. Get to the point quickly.

2. Determine Your Purpose

One piece of advice that the best business coach of India Dr. Vivek Bindra gives is that entrepreneurs must focus on what they are going to do. For instance, they must answer ‘why’, and ‘how’, as it answers various crucial points like what makes employees get up every morning, and what are the values of a business.

Being an entrepreneur, you must take the time to identify and articulate your business`s core values and purpose. This will give direction to your business for all the decision-making processes.

3. Build Your Vision

The key to business success is having a clear vision of what you want to accomplish as an organization. But before you decide to pen down your idea and conception to write your business plan, you should come up with three to five key strategies that will help you to achieve that vision.

Another thing that is vital when writing down a business plan is the mission statement. The mission statement defines why you are doing a certain thing and what drives you to do it. It should begin with why you are in this specific business. Once, you fully understand the why then you need to define ‘what’ you are going to do, and ‘how’ you will achieve it.

The final part of the mission statement should be the ‘who’ your target customer is and how you are going to treat them. If you have any confusion and questions regarding the business plan, you can attend our free Masterclass on Bada Business Community App to know from the experts.

4. Be Realistic

Be honest with yourself in your business plan, which is why it is important to consider challenges and opportunities.

5. Be Creative

When writing down a business plan include a creative element in your business plan to stand out and grab someone`s attention. You can inspiration from various templates, but do not forget to give your personal touch to it. Do something out-of-the-box.

If you need help to write a business plan, you can take expert guidance in our Masterclass. You can also take our exclusive problem solving courses.

Categories
Motivational

7 Essential Traits For All Successful Entrepreneurs

7 Essential Traits For All Successful Entrepreneurs
7 Essential Traits For All Successful Entrepreneurs

Vision, focus, and determination- these three qualities can take entrepreneurs anywhere they want to go. They also have good leadership skills and can be a great motivational coach to peers around them.

Whether it is the most respected industrialist like RatanTata or a great businessman like Dhirubhai Ambani, every successful entrepreneur has a few critical attributes that can help thousands of business leaders, as well as the young entrepreneurs of India, succeed.

Here is a list of 7 essential traits that every entrepreneur must have to be successful:

1. Problem Solving

One of the most essential qualities that every entrepreneur who is planning to start a startup business must have is the ability to solve problems. “Having a mindset that is capable to think critically about various issues at hand is an amazing trait”, says Dr. Vivek Bindra- one of the most popular business motivational speakers in India.

The most successful entrepreneurs always go above and beyond to find solutions and get their job done while keeping calm under pressure.

2. Impeccable Communication

As an entrepreneur, you are required to meet new people for networking purposes and other requirements. You will accomplish little to nothing if you lack good communication skills. It is necessary to express oneself clearly and concisely, which can often make the difference between an ordinary and extraordinarily professional.  If you are an introvert, you can also take professional help from a business coach to excel in this as well as other departments.

3. Determination to become Successful

Failure is the stepping stone to success. And only those who have tasted the failure with a pinch of salt can appreciate—determination. Running a business does not necessarily mean that everything will be all rosy. There will be setbacks, challenges, and hurdles too. But a successful entrepreneur does not let anything stop them from achieving their goals.

It does not matter how many times an entrepreneur fails, his determination to succeed overpowers each failure and makes it appear like a minor setback.

4. Hunger to Keep Learning

The world of business is always evolving. Sometimes it’s a new tool, other times it’s a new technology that can help a business to grow. A successful entrepreneur keeps himself updated with the latest trends and networks with like-minded people to form professional relationships.

To be successful in your niche, take some time each week to reflect on what new they have learned about the business industry. Also, decide if there is any way that you can implement this new piece of knowledge into your business for growth. With continuous learning, you can get closer to your organizational goals.

5. Powerful Leadership Skills

While leadership attributes are important for everyone, they become necessary for entrepreneurs who are running their businesses. If an entrepreneur lacks leadership skills, his or her team will not be able to perform to the best of their capabilities.

6. Passion & Ambition

Passion and ambition are what drives an entrepreneur to do what they do every day. Starting a startup involves a lot of risks and is not for the faint-hearted. This is why entrepreneurs need to be passionate about what they are doing.

7. Ability to Look at a Larger Picture

To launch a new product or service, extensive research is required. Sometimes in this process, disregarding assumptions about what currently exists in the market is necessary. To meet the expectations and demands of consumers, it is necessary to shake off the traditional pattern and embrace innovative products, even if it means unlearning current beliefs.

Life doesn`t always go according to the plan, but there are plenty of ways to achieve desired results with consistency, persistence, and perseverance. If you want to be a successful entrepreneur you need to cultivate these traits within you.

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 for Entrepreneurs that comes with Foundation courses, specialized courses, and value-added courses.

Grow through self-learning and see your website traffic increasing with marketing collateral designed especially for you. Learn more here www.badabusiness.com

Categories
Business Case Studies

How to Make your Business Successful

?Introduction

  • Do you clearly know the purpose of your business?
  • Have you planned to make your business successful in the long term?

In this article, we will analyze the Vision, Mission, Objective, Strategy and Action Plan (VMOSA) of some well-known organizations like Tesla Motors, Microsoft, Facebook, Burger King, Google, etc.

We will also discuss VALUES i.e. What, Where, When, How and Why of the company.

We will give you very simple frameworks which you can easily apply in your company.

Numerous small and large entrepreneurs have been benefitted by implementing these frameworks in their organizations. 

Some of the keys to a successful business are discussed as follows. 

Vision and Mission

To make your business successful, you should have a clear vision and mission statement of your company.

People generally don’t know the difference between vision and mission. Let’s understand this. 

Suppose you are at point A and want to reach point B, this projection is called Vision. It is generally five to ten years. 

’Vision is where you want to reach and mission is why you want to reach there.’

Profit should not be a mission, it is an outcome. When you will focus on purpose i.e. your mission, then profitability is just an outcome. 

Making money shouldn’t be the sole purpose of your company.

The problems of your customers which you will solve should be the purpose or mission of your company. 

Vision and mission act as a motivating factor for your employees, which is crucial for a company’s success.

’You cannot see the vision with physical eyes but from the mental eyes’.

Vision and Mission are the keys to a successful business.

Objectives, Strategy, and Action Plan

Objectives, strategy, and action plan are the keys to a successful business. 

What do you need to do to reach from point A to point B? This comes under objectives, strategy and action plan.

For this, you need to answer the following questions:

  • Where you want to go?
  • Why do you want to go?
  • What needs to be done to reach there?

Make your business successful by defining the objectives, strategy, and action plan of your company.

Values
 

How will you behave in this process is called values. It includes nature, belief system, and work culture of your company. 

It is also one of the keys to a successful business. 

To make your business successful, you need to define the values of your company.

For Example:

Jack Welch, the founder of GE Company, said, ’If any of our employees, irrespective of his/her performance, was not following the core values of our company, then he/she had to leave the company.’

Even Bill Gates does not hire the near-fit employees but perfect-fit employees who follow the value system of Microsoft.

This helps in forming a ’strong and deep-rooted organization’ with a clear sense of direction. Hence, clarity is power.

Vision and Mission Statement

Let’s have a look at some interesting Vision and Mission statements of a few companies.

Elon Musk’s Tesla Motors

VISION
– ’To create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.’

MISSION
– ’To accelerate the world’s transition to sustainable transport.’ 

There are 3 important components to it.

  • First, ’accelerate’ i.e. they will work with high speed.
  • Second, ’World’s transition’ i.e. shifting from diesel/petrol vehicles to cleaner alternatives.
  • Third, ’Sustainable transport’ i.e. using renewable sources of energy.

Microsoft

VISION
– ’To help individuals and businesses realize their full potential.’

Individuals and business – clearly identify their key customers i.e. both individual and business

Amazon

VISION
– ’To be Earth’s most customer-centric company where customers can find and discover anything they might want to buy online.’

MISSION
– ’We strive to offer our customers the lowest possible prices, the best available selection, and the utmost convenience.’

Here, Amazon wants to sell a wide range of products at the best possible price by providing due comfort to the customers.

Intel

VISION
– ’If it is smart and connected, it is best with Intel.’ Here, anything and everything which is smart and connected works best with Intel.

P&G

VISION
– ’Be & Be recognized as the best consumer products and Service Company around the world.’ 

Google

MISSION
– ’Organizing the world’s information.’

Google may say that they are the best search tool for the web but by their mission statement, it is very clear that they need to work on the back-end to organize the information for you.

Nike

MISSION
– ’To bring inspiration and innovation for every athlete in the world.’

Here, Nike cleared that its sole mission is to inspire and bring innovation so that every athlete can optimize their potential.

Hindustan Unilever Limited

MISSION
– ’To add vitality to life.’

We meet everyday needs for nutrition, hygiene and personal care with brands that help people feel good, look good and get more out of life. 

It clearly states what they will offer and how it will help consumers gain vitality in their day to day life.

Burger King

MISSION
– ’Offer reasonably priced quality food, served quickly, in attractive and clean surroundings.’ 

In their mission statement, they focused on the core of customers’ needs i.e. price, quality, quick-service, and hygiene.

Facebook

MISSION
– ’To give people the power to share and make the world more open and connected.’ 

Here, Facebook wants to empower the people and provide them a platform to share and connect with the world. 

Let’s quickly summarize it-

  • VISION – Where do you want to go?
  • MISSION – Why do you want to go?
  • OBJECTIVES, STRATEGY & ACTION PLAN – How will you get there?
  • CORE VALUES – Your behavior and belief system which will help you achieve your vision.

You should also define the vision and mission statement of your company to make your business successful.

A businessman who solely works for money is doomed to decline. Money is only an outcome which will fuel the growth of your company. 

For Example:

?1. If a doctor opens a hospital to make money, then he will definitely resort to malpractices.

Just to make money, he will suggest various costly operations like cesarean, angioplasty, open-heart surgery, etc. even when they are not required.
Within 30-60 months, the whole town will come to know about the unethical practices of that hospital. This may result in their debacle.
2. On the other hand, if a doctor has made a mission to provide affordable healthcare service to people, then his brand will become popular soon.
Within 30-60 days, the whole town will come to know him as a highly efficient & professional doctor and he will become famous across the town. This doctor will not only make a good profit but sustain in the long term.

Hence, the mission should be to solve the burning problems of your customers, and profitability will come naturally.