According to National Investment Promotion & Facilitation Agency, ‘the toy industry in India is estimated to be $1.5 billion, which is around 0.5% global market share. The Indian toys industry is also estimated to grow to $2-3 billion by 2024’.
The report also stated, ‘the demand for the toys will increase by 1.2 times in Tier II and Tier III cities by 2025’.
The toy manufacturers in India are mainly located in Karnataka, Maharashtra, Tamil Nadu, NCR, and across central Indian states. The sector has 4,000 toy industry units from the MSME sector.
Last year in August 2020, Prime Minister Narendra Modi also urged the young entrepreneurs to focus on bringing innovation in the toy sector as the Indian toy market has huge potential.
The Prime Minister also suggested that the start-ups should come up with creative designs and innovative toys that can instill a sense of pride and can help our domestic toy makers.
Apart from the domestic market, the toy manufacturing business also has potential in foreign trade.
Recently, the Swedish furniture maker IKEA announced to upscale the sourcing of toys from India on March 1, 2021. IKEA has a range of over 1,000 products as part of its kid`s range and is planning to expand its operations by sourcing toys in New Delhi.
Starting a toy manufacturing business is a brilliant low investment business idea. Here are 5 steps in which you can kick start toys manufacturing business startup in India:
1. Research your market
Whether you are planning to start a café or toys manufacturing business, it is essential to do market research. Having adequate and well-researched information will help you to create a business model. You will not only learn about your competitors but also about your target audience.
Hence, before starting a toy manufacturing business in India spend months researching to gather as much information as you can about this business.
2. Bring Innovation!
The toy manufacturing business does not need a huge investment to start it. However, there is one thing that you should have to succeed in the market- creativity!
Try to design unique toys and their exceptional designs will make you stand out from the rest of the toys manufacturer. Toy businesses in India are fast-paced, which means that the market will keep evolving. Your customers will want different things in a very short time. So, it is very important to be creative to meet the demands of your customers.
3. Find your Niche
The toy manufacturing business in India is booming with plenty of opportunities and competition at the same time. If you want to start a toy manufacturing business, you need to know what it takes to succeed in your niche market. Whether you want to manufacture soft toys or you would also like to venture into the market of electronic toys, you must make a decision.
Finding a niche market not only allows you to find your target customers but also gives in-depth knowledge to cater to their needs and preferences.
4. Raw Materials
The process of manufacturing toys is easy and simple. You will need basic raw materials that include pattern, fabric cutting, mold making, fiber for stuffing, sewing machine, eyes, and nose pinching.
However, if you want to venture into the manufacturing of electronic toys then you will need a toy manufacturing machine and raw material. Along with it, you will also need to hire a staff.
5. Toys manufacturing machine
If you only want to manufacture stuff toys, you will need raw materials of premium quality and a sewing machine. But, if you want to set up a manufacturing unit, you will need to secure a space first. Finally, you will need to install the toys making machinery. Some of the most vital machines and equipment are:
Digital Multimeter
Temp controlled
Drilling machine
LCR meter
Analog meter
Tool kit
Electronic screwdriver
Combined soldering desoldering station
High-speed mini drill set
Digital storage Oscilloscope
Tools, equipment, and dies, etc.
You will also have to obtain a fire protection system to protect your unit from fire. The initial investment might take around INR 2,00,000 to 5,00,000 if you want to start a toy store in India.
The toy manufacturing business in India has potential in the domestic as well as the international market. The main driving factor behind its growing popularity is the increased demand for quality and luxury goods.
Are you thinking about setting up your own toy manufacturing business in India? With our ‘Everything about Entrepreneurship’ course you will not only learn how to start a startup but also how to make it successful.
Financial markets are prone to fluctuation. Here, various risk factors are involved along with multiple strategies that you will encounter from time to time. Seasoned traders make various strategies that are parallel to the competitive market situation.
In this article, we will explain trading techniques that will help you to make better investment decisions.
Here is the list of five trading techniques that every trader must consider before investing:
1. Growth Investing
Growth investing is a trading strategy applied when a company continues to grow profits. The focus is entirely on the growth of the capital. Instead of improving operations, companies reinvest the profits to entice investors with dividends. You can attend our free Masterclass to understand many other vital strategies on our Bada Business community app.
2. Income Investing
In this strategy, any good stock is taken by collecting assets. Investors are paid a big part of the income for daily use, specifically when the situation for trading in the stock market is uncertain.
3. News trading
As per its name, this technique is based on news and market expectations before and following news releases. However, it requires a skilled mindset to do the fundamental analysis as news travel rather like a wildfire on digital media. The market needs the energy to move, which comes from information flow such as news releases. Traders will need to assess the news immediately after it is released and quickly judge how to trade it. To know everything about Share Market from the scratch, watch here:
4. End-of-day trading
The end-of-day trading strategy involves trading near the close of markets. End-of-day traders become active when it becomes clear that the price will ‘settle’ or close.
This strategy requires the studying of price action in comparison to the previous day’s price movements. End-of-day traders can then speculate how the price could move based on the price action and decide on any indicators used in their system.
Traders should create a set of risk management orders, including a limit order, a stop-loss order, and a take-profit order to reduce any overnight risk. Download our Bada Business community app to attend our Free Masterclass on trading in the stock market.
5. Intraday trading
Day trading or intraday trading is suitable for traders that would like to actively trade in the daytime, generally as a full-time profession. Day traders take advantage of price fluctuations in-between the market open and close hours. Day traders often hold multiple positions open in a day but do not leave jobs open overnight to minimize the risk of overnight market volatility.
Trading is purchasing and selling shares and the stocks of companies listed on the Bombay Stock Exchange (BSE) & SENSEX that are prone to fluctuation. One can invest and make a lot of profits by knowing the five strategies we have mentioned above. To learn more about these strategies, download our Bada Business community app. You can also attend our Free Masterclass on trading in the stock market.
Salary Negotiation Tips to Help You Reach Your Goals.
“Salary negotiation is the process of discussing and reaching an agreement on the compensation you will receive for your work.“
You can learn some key elements of negotiation by watching this video by Dr. Vivek Bindra:
Why Salary Negotiation is Important?
Salary negotiation is important for several reasons:
Fair compensation:Negotiating your salary allows you to ensure that you are being fairly compensated for the work that you are doing. It can help you avoid being underpaid and ensure that you are earning what you deserve.
Career growth:Negotiating your salary can also have a positive impact on your long-term career growth. By earning a higher salary, you can save more money, invest in yourself through education or training, and even take on more responsibility at work.
Confidence building:Salary negotiation can help you build confidence in your abilities and value as an employee. It can also help you develop your communication skills, which are essential for career advancement.
Setting a benchmark:Negotiating your salary can also help set a benchmark for future negotiations. If you accept a low salary now, it may be more difficult to negotiate for a higher salary in the future.
Overall, salary negotiation is an important part of career development and can have a significant impact on your financial and professional well-being.
Here are 5 Tips that will help you in negotiating well and reaching to the point of your desired salary:
Research and prepare:Before negotiating your salary, it’s important to do your research and gather information about the industry, job market, and the specific company you work for or are interviewing with. This will help you understand what the typical salary range is for your position and give you a better idea of what to ask for.
Know your value:It’s essential to know your worth and the value you bring to the company. Make a list of your skills, accomplishments, and contributions to the organization. Highlight how your skills and experience have helped the company grow or succeed. This will give you the confidence to negotiate a higher salary.
Practice your pitch:It’s important to practice your pitch and have a clear idea of what you want to say during the negotiation. Be assertive but respectful, and make sure to emphasize the value you bring to the company. Consider rehearsing with a friend or family member to get feedback and build confidence.
Be flexible:While it’s important to have a specific salary range in mind, it’s also important to be flexible during the negotiation process. Consider other forms of compensation, such as stock options or bonuses, that may be beneficial to you. Be open to compromise and finding a solution that works for both you and the company.
Don’t be afraid to walk away:If the negotiation doesn’t result in a salary increase that you find acceptable, it’s okay to walk away. Remember that you have value and other job opportunities available to you. Don’t be afraid to advocate for yourself and your worth.
Remember that negotiating your salary is an expected part of the job search and hiring process. By preparing beforehand and advocating for your worth, you can increase your chances of receiving fair and equitable compensation.
You can tell us your thoughts and suggestions about this article by commenting below. If you are looking for ways to start earning money or want to multiply your current income, you should register for the ANYBODY CAN DEFINITELY EARN Webinar by Dr. Vivek Bindra right now.
A motivational speaker is a speaker who delivers speeches intended to inspire or motivate an audience. Such inspirational talkers may attempt to transform or challenge their audience.
Motivational speakers are ordinary individuals who have made their place in this world by going through a series of ups and downs in their lives.They learned from his experience and gained expertise in a particular area.They are manual not only for your professional challenges but also for the issues related to your personal life.
How does Business Motivational Speaker help you?
A business motivational speaker can help you in the following ways:
He/she reignites the passion to achieve your goals.
He/she motivates you to overcome personal as well professional challenges.
He/she inspires you to set and attain goals.
He/she pushes you out of your comfort zone.
So, when a person faces any situation in life where he/she gets stuck, loses direction, loses faith in his capabilities, gets surrounded by negative people, thoughts or situations, or when he or is completely lost a business motivational speaker can instill hope for a brighter future and confidence to attain success.
At such times, we need help from someone who could guide and inspire us to bring a wave of positivity to our lives. Someone who can influence, inspire and motivate us to bring about a change for the better so that we can sort out the problems of our lives. These mentors don the role of motivational speakers to provide help at the right time with their wisdom of words.
Anyone can motivate you. It could be in your family, friends, and relatives as they influence and encourage you in different phases of your life. For instance, as a teenager, your family, teachers, and friends influence you a lot while selecting a career option. These are the people who will always make sure you choose what is best for you.
Many people want to pursue this as a full-time career too. They want to become a motivational speaker because these days it pays well. With the right experience and passion for motivating people to achieve their dreams, you too can become a business motivational speaker.
Motivational speakers choose to do this to fulfill various objectives:
High-level executives who want to share their knowledge.
People who want to educate people in a particular field.
People who want to educate others about social issues and motivate them to take action in this direction.
People who guide others on personal or professional aspects of life.
People who have a story or passion that they want to share with others.
How can a motivational speaker influence the lives of people?
By inspiring people to bring about a change in their lives and achieve their goals.
By providing guidance or education in a particular field.
By aligning individuals with their goals.
By providing new ideas or perspectives to see things.
Are a Motivational Speaker and a Business Coach the same?
Though a motivational speaker and business coach do the same work, they influence and inspire people; there are several differences between the two.
Some of these differences are:
Motivational Speaker
Business Coach
Gives a motivational speech to a group of people from different backgrounds
Guides businessmen or employees on a one-to-one basis belonging to the same company
Inspires and motivates people to bring positivity to their lives
Enhances the knowledge and skills of businessmen and their employees by giving them tips and strategies to perform their work efficiently
Delivers a powerful and encouraging speech, which every individual in the audience can relate to and apply in their life differently
Gives a speech related to a particular topic like a strategy to increase sales, tips to reduce the cost of the company, tricks to create a positive attitude in employees towards the company, etc. So, all the people attending this session will reach the same conclusion.
Can a person develop expertise in both genres?
You can find several people who are either motivational speakers in India or well-trained business coaches, but very few can do justice to both roles.
But, there is definitely ‘one’ person who has been recognized and awarded for excellence in both- Dr. Vivek Bindra. Dr. Vivek Bindra is an international motivational speaker and business coach who has received many awards for his invaluable contribution to developing entrepreneurship in India.
Some of the global recognition awards that he has under his kitty are:
“Best Motivational Speaker” by the International Glory Awards 2019.
“Best Leadership Trainer in Asia” by Marshall Goldsmith at World HRD Congress.
“Best CEO Coach in India” by Times of India –Speaking Tree.
“Best Corporate Trainer in India” by Maruti Suzuki.
“Think Tank of Corporate Asia” by World Leadership Federation.
Dr. Vivek Bindra is one of the top motivational speakers in India and a renowned business coach. He is the Founder & CEO of one of the largest and most progressive organizations in South Asia– Bada Business Pvt. Ltd. (formerly known as Global ACT).
Dr. Vivek Bindra is recognized as the best motivational speaker in India and rewarded everywhere because of his immense knowledge of Business Strategies and his ability to empower entrepreneurs to make it big. As an Indian motivational speaker, he has shown the direction to millions of people to take control of their life and move towards happiness and success.
A little background on Dr. Vivek Bindra (Motivational Speaker in India & Business Coach)
1. Owner of the World’s No. 1 Most Subscribed Entrepreneurship YouTube Channel:
He owns the World’s No. 1 Entrepreneurship & Leadership Development YouTube Channel. He has more than 12 million subscribers globally and 700 million+ viewership
On his YouTube channel, he provides several business strategies and frameworks to solve the business problems of small businessmen, entrepreneurs, and Startups in India.
He also gives case studies on different companies, renowned personalities, and countries to motivate and inspire people.
His YouTube channel is a “Free Digital Learning University” whose objective is to empower every aspiring potential entrepreneur to start his own business and generate employment contributing to his vision of adding to the GDP of the country.
2. Founder & CEO of one of the Most Progressive Organizations – Bada Business Pvt. Ltd.
Apart from being one of the best Motivational Speakers in India, Dr. Vivek Bindra is a revolutionary entrepreneur as well. He is the Founder and CEO of Bada Business Pvt. Ltd. (formerly known as Global ACT). He established this company in 2010. It started as a training company that provides business training to corporates from different industries but has now grown into a ‘University of Entrepreneurial content’ for SMEs.
He is a trusted advisor for over 1500+ corporates and a guide to various entrepreneurs and other top-notch business entities. He has also been an inspirational pathfinder to various high-profile entrepreneurs and other top-notch business entities providing Leadership excellence for taking their organizations to the next level.
As a business coach, he has been instrumental in providing CEO coaching to over the Top 100 CEOs in the country.
3. Launch Various Programs and Events for Motivating People
Dr. Vivek Bindra has organized various seminars and events like Leadership funnel, Bounce Back, etc. wherein he dons the role of both a motivational speaker and a business coach and solves the problems of entrepreneurs by giving powerful tips, strategies, and frameworks.
Problem Solving Courses (PSCs) are designed to give practical solutions to the most frequent and prominent business problems around various business functions like Business Finance, IT, HR, Sales, Digital Marketing, Legal, etc. faced by entrepreneurs.
Recently, he has also launched Business Coaching Program under which anyone can get access to premium courses that are specifically designed to solve business challenges that entrepreneurs face.
Vision of Dr. Vivek Bindra
As the world best motivational speaker, his vision is to empower businessmen in a manner that they can expand their businesses not only in India but around the world. This will help in making India economically stronger; and further, take our country ahead on the path of becoming a developed nation.
Dr. Vivek Bindra’s mission is to help and guide the Indian entrepreneur who is struggling to establish and expand his businesses.
The objective of Dr. Vivek Bindra is entirely different from the people who have taken up motivational speaking as a career choice to either share their knowledge, earn money and fame or do it as a part of service to the society.
For his contributions to empowering and motivating entrepreneurs, Dr. Vivek Bindra has received 100+ awards. Some of them are:
Royal American University, Boston has rewarded him with the highest degree of “Doctorate” in the year 2020.
Hon. Chief Minister of Gujarat Shri Vijay Bhai Rupani awarded Dr. Vivek Bindra for his “Outstanding Contribution in the field of Entrepreneurship Development” in the year 2020.
Economic Times has rewarded him with the award of “Game Changer of the Year 2019.”
Conferred upon with “India’s Greatest Brands and Leaders –Pride of the Nation” award, process reviewed by PricewaterhouseCooper
World Leadership Federation has crowned him as the, “Think Tank of Corporate Asia”.
Dr. Vivek Bindra also holds a place in the Esteemed Golden Book of Records for “Training the Largest Gathering of HR Professionals under one Roof on the topic – Can HR Become a CEO?”
The awards and achievements of Dr. Vivek Bindra, whether as a motivational speaker in India, a business coach or an entrepreneur himself are endless, but the goal is one- to relentlessly work towards the growth of the nation and its people. As one of the best motivational speakers in India, it is his dream to make the entire nation a powerhouse full of entrepreneurs and he is leaving no stone unturned to make it a reality!
5 Effective Ways to Raise Funds for Your Startups Without Investors
Establishing a business from the scratch is not so easy. It is quite difficult when it comes to strategizing, managing, and thinking about different segments of the business. And to build it without the initial capital investment from the investors can be even harder.
Though the process might seem time-consuming, starting a startup in India without the burden of investors can yield benefits that outweigh the cons. If you are an amateur, you can take help from a motivational speaker.
Here are 5 ways in which you can do fund-raising for a business without investors:
1. Keep Your Job as Side Hustle
Since starting a startup business in India without investors can leave you with a lack of funds, it is always a cool idea to continue with your day job. This will give you the advantage of saving your salary.
2. Make the Most of Government Loan Schemes
Whether you want to start your business without an investor or are unable to find one, you can still fulfill your entrepreneurial dream, thanks to government schemes. To focus on ‘Make in India’, the government has started a few loan schemes.
Schemes like CGTMSE, MUDRA, and Stand-up India can provide you with collateral-free debts and can get access to low-cost capital. To get expert guidance, you can work with the best motivational speaker of India.
3. Use your Revenue to do Fund Raising
Not all startups are pre-revenue generators. Many startups have customers and monthly revenue, so why not plan smartly and use that money to grow faster. A Revenue Based Loan can turn your revenues into growth capital and can help you to do fund-raising without an investor. To know step by step process of fund raising, watch here:
4. Go for Crowd Funding
You can also raise money through crowd-funding. Crowd-funding refers to the funds from a large number of people who contribute with a small amount of cash. The process of crowd-funding is typically done via online platforms.
5. Do Everything for Your Business
A business is just like a baby! Hence, be ready to give all your time and attention. Not just that, you must be willing to make sacrifices to free up your time.
As an entrepreneur, you may want to taste success as soon as possible. However, patience is the virtue that makes any business successful. You may feel challenged at the initial stage of building a start-up. If not prepared, you may have to suffer losses too. Hence, get all the information and knowledge from the industry experts.
We know what you are thinking! 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 courses like Business Coaching Program, Problem Solving Courses (PSC) & Lifetime Membership (LTM).
The Big Hairy Audacious Goal (BHAG) framework is a long-term goal-setting framework introduced in the book “Built To Last Successful Habits of Visionary Companies” by Collins and Porras. This framework aims to create ambitious, inspiring, and challenging goals that can drive a company’s growth and success for 12-15 years.
BHAG goals are categorized into four different types, including target-oriented BHAG, competitive-oriented BHAG, role model BHAG, and internal transformation BHAG.
In this article, we will understand the categories of BHAG Goals in Business:
Categories of BHAG Goals:
Target Oriented BHAG: In this category, the goal is to achieve predetermined targets such as reaching a $1 billion valuation of a company in 5 years and becoming a unicorn company. It varies from organization to organization. Achieving a specific goal within a certain timeframe ensures better time management and good results. For example, ‘Microsoft’ target was to ‘A computer on every desk and in every home,’ and ‘Walmart aimed to reach $125 billion in sales by 2000.
Competitive Oriented BHAG: This category involves overtaking top competitors, where the organization faces competition with larger organizations. For example, in 1960, Nike’s original goal was to surpass Adidas, and NASA’s goal in 1970 was to reach the moon, competing with the USSR. Notably, individuals like Sir Richard Branson, Jeff Bezos, and Elon Musk competed to become space astronauts. Sir Richard Branson reached space before Jeff Bezos on July 11, but Jeff Bezos, being competitive-oriented, broke the Guinness world record in 2021.
Role Model BHAG: In this category, the goal is to become a role model. For example, Harvard University is much older than Stanford University, however, both universities hold the same position in the market.
Internal Transformation BHAG: To remain competitive, internal transformation is crucial for businesses. It creates positive change in the business model. For example, Netflix transitioned from DVD mailing to an OTT platform. Another example is Google, which underwent a small transformation to become the top browser in the world.
Internal transformation should be:
C- Compelling and Exciting
A- Action-oriented
D- Decade (minimum 10 years plan)
I- Innovative
In conclusion, the BHAG framework is an effective tool for businesses to set and achieve long-term goals that drive growth and success. By categorizing BHAG goals into different types, companies can tailor their approach to goal-setting based on their specific needs and objectives. Whether it’s achieving a specific target, outpacing competitors, becoming a role model in the industry, or transforming their internal operations, the BHAG framework can help businesses achieve their goals in a compelling, exciting, and innovative way.
Money is the bloodline of business and funds are like the vein. However, lack of funds is one of the common reasons for the downfall of any business. This long meticulous yet thrilling journey from the idea to revenue-generating business needs a fuel named “Capital”. Therefore, at every stage of the business cycle, entrepreneurs ask one major question- “How to Finance business” However, the answer remains the same, where to find it?
In this blog, we will share 10 ways to raise funds for startups in India.
Ways to Raise Funds for Startups in India:
Bootstrapping: Bootstrapping, also known as “Self-funding” is considered to be one of the risk-free ways to kickstart any business. The initial problem for any business is arranging funds while some arrange it from their savings or take it from daily. This step will grant complete control to the founders and could limit the growth of the business.
Crowdfunding: Crowdfunding is one of the easiest and newest methods to collect funds from multiple investors through social media sites or web-based platforms. These funds are raised for various purposes like social causes, charities, ideas, disaster relief, events and more. This idea of raising funds for business promotes social and cultural causes.
Business Incubator: Business Incubators are the early-stage option for raising funds for business. They are like the parents of the business that nurture it by providing shelter tools, training and networking businesses. Helping to assist nurtures a business to walk, this program normally runs for 4-8 hours and requires a time commitment for business owners.
Venture Capitalists: VCs (Venture Capitalists) play a pivotal role in an organization’s ecosystem. They fund early-stage companies with high growth potential and better success. Drawn to make clear and ambitious long-term goals, resilient business model, demonstrating a robust and making strong and competent team, VCS invested in startups expects to secure high returns in future. Note: VCs avoid investing in a startup’s initial or later stages when the competition is igh in business.
Peer-to-Peer Lending: Peer-to-peer lending is a form of money borrowing with no intermediate involved in the process. In this, the lenders lend money to borrowers for their investment purposes and borrowers get money at their disposal to invest in the business. This way, the lenders earn from the borrowers because the interest rate is higher as compared to banks, NBFCS and MFIs.
This lending is regulated by RBI to avoid miscommunication between borrowers and lenders.
Strategic partnerships: Partnerships with the companies can benefits to infuse funds and resources for startups. They open up the door to new markets and technologies, however, aligning a goal and maintaining a balance between partners can be challenging and also require careful negotiation.
Credit Cards: Credit cards are the easiest source of raising funds in business. Easily available after completing few steps, this card can be a course of quick money. However, interest rates and costs on the cards increase quickly and carrying that debt can be detrimental to a business owner’s credit.
Angel Investor: Angel investors are individuals who have surplus cash and are interested in investing in new start-ups in India & worldwide. However, the risk involved in this is more as compared to loans offered by financial institutions. These investors invest higher returns for profit.
Business Loan (Private/Public Sector): Banks are considered to be the source of raising funds for start-up enterprises with reliability and better conveniences of getting good amounts. They provide funds to the business in two forms, loan and working capital loan. The majority of the banks offer loans to both public and private sectors, however, they vary in interest rates, loan payment, repayment tenure and more.
Government Loan Schemes: The government launches various schemes to help start-ups, SMEs, and MSMEs as well as promote the socio-economic growth of rural India, women entrepreneurs, educated youth, individuals from SC/ST category and more. The initiative by the Goverment of India to help start-up enterprises includes the MUDRA Loan Scheme under Pradhan Mantri Mudra Yojana, Start-up India, PSB Loans in 59 minutes, Credit Guara Fund Trust for Micro and Small Enterprises (CGTMSE), Atal Innovation Mission, Make in India, etc.
Changing the E-commerce landscape via digitalization in FMCG.
India is the fourth-largest sector in Fast Moving Consumer Goods (FMCG). With the need for access to affordable services in today’s dynamic world, innovation proves to be a turning point for growth. However, Digital transformation turns out to be a game changer to align the requirements of both suppliers and consumers.
Digitalization paves the way for a dramatic change in the process of running of FMCG company. Although many people link digital transformation with software to manage production, it not only affects the FMCG industry but also incorporates managing systems, efficient data collections, retailers’ profits, and consumer experience.
Digital Conversion: Better Globalization and Reach
The better use of digitalization has made FMCG products reach beyond geographical boundaries. As per the reports of the Department of Applied Economics, University of Lucknow, the FMCG sector will grow by 13-14% over the next five to ten years, expected to reach a value of $220-240 billion by 2025 only through digitization.
Moreover, the rise of the E-commerce industry has broken down the chain of physical appearance of the seller and the consumer. This contributes to pulling more customers worldwide with good profit and earnings.
Ease Down The User-Friendly Interface With Better Customer Engagement
Digitalization has proven to be one of the pivotal factors for the success of consumers. With the new technological innovations of AI, the gathering, and analysis of data on consumer behavior, history, market trends, customer customer-friendly interfaces have made it easy to set the demands of consumers. This user-friendly interface aids with the necessary changes such as approaches to campaigns, customer engagements and services. Similarly, the appearance of E-commerce services has made the comparison of products available in the market along with the prices and the friendly interface acts as cheery on the cake for better customer engagement.
No Barrier or Middleman means No Chain!
The E-commerce platform has developed with an innovation of the B2C model that indicates a direct connection between the company and the customers. This eradicates all the middlemen and retailers. Similarly, digitization acts as a supportive bridge for FMCG to directly coordinate with customers to collect relevant data and reviews.
This creates a safe sphere for the brands to control their product services, consignment money, and command over their brand reputation which often gets deferred by the middleman.
An AI Intervention in the Digitalization of Data
As per the reports of Statista.com, 33% of consumers prefer express delivery options, however, AI has changed the traditional shopping experience of customers by quickly and accurately analyzing data and revolutionizing the online purchase of products. FMCG has easily produced a personalized experience model for consumers.
AI in online shopping not only serve the best customer experience but also helps in making important decisions by predicting future trends and market needs. The data systems can also look through lots of data to find patterns and understand what customers do.
Enhance Inventory: Organized Data and Less Management
Technology is the way to open a business efficiently, especially in the FMCG industry, it has been useful in every sector of the business such as the supply chain, stock management and more. Thus, using digital tools and technology will help the other parts of the business work better like keeping track of money and smoothen the places where things aren’t working smoothly.
Johnson & Johnson and Nvidia Join Hands to Develop New AI Applications for Surgery.
On 18 March, Johnson & Johnson announced their collaboration with Nvidia to integrate new AI devices and platforms for pre- operation to post- operation. These new-scale artificial intelligence devices help surgeons to have all the information under one roof, said Kimberly Powell, Nvidia’s vice president of health care.
Many companies have been using AI to analyze surgical videos and are helping in the automation of time-consuming documentation after a procedure. However, combining artificial intelligence with machines will make the task easier. “Nvidia has been working in medical devices and imaging for more than a decade”, said Powell.
The MedTech unit at Johnson & Johnson creates tools and solutions for major conditions that are commonly spreading within people such as kidney failure, heart failure, and stroke.
Their technology has been used in more than 75 million cases every year. Moreover, Shan Jegatheeswaran, Vice President & Global Head of Digital at Johnson & Johnson MedTech, said “One minute of surgical video is equivalent to 25CT scans. So, having computer power and infrastructure will help to annotate and share video widely to the surgeons.”
Powell further states in an interview, “There’s an ability to use all the sources of data inside an operating room, whether it’s your voice, or whether it’s the video coming from a camera inside the body, or elsewhere, to take advantage of the generative AI moment that we’re in.”
In the shorter term, de-identifying and enhancing the videos will help in the education and training of surgeons whereas in the longer term, analytics will be layered on top of video for real-time decision support.
The more accessible surgical video ensures less dependency of the residents on the insights and availability of more experienced physicians at their institution. Jegantheeswaran in continuation said, “Think about athletes. They look at game tape, and they get better over time as they look at themselves, That’s sort of the starting point. That’s the holy grail in the short term.”
Powell further states, “The collaboration is in the “early innings” and many applications are in the process for fine-tuning and safety implementation”, However, nondiagnostic cases such as automating paperwork will reduce the surgeon’s time and make a difference “right out of the gate.”
Powell concluded with, “I think all of us as patients should get excited about the fact that this kind of technology is going to be able to enter in and be within reach of all the clinicians and all the hardworking nurses and all the health-care staff, They’re going to have the very best tools and information at their disposal.”
India has emerged as the 3rd largest ecosystem of startups globally across 763 districts of the country by 2023. However, taking business to the heights of the mountains required a roadmap, formally known as a Business Plan.
As per the report of the New England Journal of Entrepreneurship, 2021, the act of creating & writing a business plan is correlated with measures of growth and success. Therefore, a Business plan embraces the power of strategic planning and leads to the prosperity of any venture.
In this article, we will look into the process of writing an effective business plan and why it is required for the growth of a business.
What is a Business Plan?
A business plan is a pivotal document in the business that provides immense value for new and existing companies of all sizes. It includes an outline of the business, its key objectives, and upcoming plans and goals. Covering concepts such as market analysis, financial projections, and organizational structure, this plan becomes a source of help for financial institutions and investors.
Similarly, by jotting down the information that can be used to communicate strategic actions to the internal team or attract interest from potential partners and investors, business plans come into play. However, creating a business plan can take time and effort, including lengthy and involved processes.
How to Write a Business Plan?
Drafting a Strong Executive Summary
The section of a business plan should start with an executive summary. It should include 1-2 pages in length that help the potential financiers or partners to get an overview of the business. The business overview should cover the company’s name, location, mission statement, and planned products & services. Although this is the initial part of the business plan, it can be formulated at the end while creating a business plan.
A Detailed Company Description
The detailed company description opens the doors for the readers who might also include potential investors or partners which will provide a clear understanding of the company. This also allows communication of the unique attributes of the business and its offering to meet the current market.
Create Financial Plans
The best way to seek investors and funding is to present financial plans and financial forecasting. It is knowing about the next five years’ plans and their usage of it. It should include forest income statements, balance sheets, cash flow statements, and capital expenditures.
List the Products & Services
The products and services should be well-defined for the investors. The purpose of this section is to design a compelling case for the offering and its needs to meet the target market. The list of products and services should include the following:
Competitive advantage and customer benefit.
Price Strategy
Development stage of the product and offering
Life-cycle of product
Intellectual property such as patents, trademarks, or copyrights.
Marketing and Sales Strategy
Marketing and sales are an integral part of any business. It helps in the growth and success of the business shortly. Once deciding the customer persona, working on reaching them is the second step. The customer hangout on social media apps such as Facebook, Instagram, Pinterest, Twitter, or LinkedIn helps in understanding the customer and in formulating the sales strategy. This strategy includes:
Target market needs and motivation of customers.
Position of Brand
Distribution channels
Outsourcing needs for the products
Secured market partnership
Customer relationship management
SWOT Analysis
SWOT (Strengths, weaknesses, opportunities, and threats) analysis works on the overall analysis of the customer. Jotting down all the parameters gives investors and partners confidence that it won’t bury their heads in the sand. This should include:
Reputation
Technology
Location
Experiences of customers
Staff and suppliers
Understanding Competitors Analysis
Understanding the competitor’s upcoming projects and analysing them ensures staying in the market for the long run. It includes:
Cost leadership by offering lower prices than the competitors.
Differentiation in services and products from the current cost leaders.
Segmentation helps focus on a specific or niche, target market and aims to build traction with a smaller audience before moving on to a broader market.
Making Customer Retention Strategy
The business’s success relies heavily on the relationship with the customers. While making a customer retention strategy, consider the following pointers:
Business capacity to increase the number of repeat customers.
Working on referral or loyalty programs.
Understanding the follow-up of post-purchase in place
Conducting surveys to track customer satisfaction
Ways to find and deliver outstanding customer service.
Jot down the way to continue adding and educating value to the customers.
Making an Exit Strategy
Exit strategy helps the financial stakeholders to take a return on investment. For example, adding pointers in the business plan when to sell the company at some point or going public. Similarly, outlining the succession plan ensures the business operates well in the future. Documenting all the details ensures that everyone is on the same page and that potential investors have this information upfront.
For better results and growth of the business, jotting down the information, planning, and executing the business plan is crucial. This ensures that all information and resources are at your fingertips and doesn’t create any pressure for last-minute hassle. A well-thought-out business plan can avoid generic information and ensure better growth.
