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Business motivation Technology

How Bada Business Community App Helps Your Business to Grow Exponentially?

How Bada Business Community App Helps Your Business to Grow Exponentially
How Bada Business Community App Helps Your Business to Grow Exponentially

Summary: Are you an entrepreneur who is looking for a dedicated platform to interact with other business owners and industrialists to discuss innovative ideas and creative approaches to various business challenges? Bada Business community is the answer.

“Alone we can do so little, together we can do so much.”- Hellen Keller

This inspirational quote has been a popular one with us. So many times whenever we forget the power of community, this quote reminds us of the unforgettable strength of people coming together for a common and a greater cause.

This theory can be applied in many aspects of life- both professional and personal. For instance, a business can be founded by a single person, but its sustainability and growth depend on its employees. Whether it’s a startup or a large company, an organization can achieve its goals only if its manpower works together and play its part perfectly.

Similarly, in today`s digital world, a brand can make its presence when it reaches out to its target audience. But, not every customer is your customer. And not every platform is meant for your business.

For instance, where Facebook promotes strong family relationships, LinkedIn symbolizes a platform that is meant only for professional relationships. You can share your vacation pictures on Instagram and Facebook, but on LinkedIn, you will have to abstain from doing so. Hence, a company needs to identify its target niche for business growth and scalability.

For so many years, we have been witnessing the surge in social media platforms that are meant solely for entertainment purposes. There is a dearth of good social media platforms that are meant only for entrepreneurs, solopreneurs, wantrepreneurs, SMEs, and MSMEs. A platform that allows its users to learn the twisted dynamics of business fundamentals in a layman language is the need of the hour.

According to InvestIndia.gov.in, our country witnessed the birth of 44 unicorns with a total valuation of $92.77Bn in 2021. In the first two weeks of January 2022, India has got its 2 unicorns.

Since the onset of COVID-19 many young entrepreneurs are looking to take their startup businesses to the next level. But due to lack of guidance and a tailored-fit community, they often end up doing a 9-to-5 desk job. To help the Indian youth with their entrepreneurial journey and small business owners, we have launched the Bada Business community app!

What is Bada Business Community App?

Bada Business community app is India`s 1st platform where a large community of entrepreneurs, solopreneurs, wantrepreneurs, and SMEs come together for learning and growth.

Most often business owners, entrepreneurs, and even popular brands use platforms like Facebook, Instagram, Twitter, and LinkedIn. Though using these platforms might result in good marketing, the absence of a relevant audience and trustworthy partners lead to slow business growth and less lead generation. Where using social media platforms might be helpful for the B2C business model, for B2B business, these platforms often result in a waste of time and effort.

At Bada Business community app, you will find relevant people with whom you can discuss the possibilities of business and share your ideas. What`s more? You can find 1 Lakh active followers in just 100 days, who are genuinely interested in your product or service and are not just looking for a marketing gimmick i.e. follow for following, like for like.

Key Benefits for Bada Business Community App

Apart from helping the community of business owners grow, there are various benefits of using this app. Here are some listed below:

  1. Build Your Network

If you want to become a social media influencer or a content creator for your niche target audience, the Bada Business Community App can help you to build your network. You can easily share knowledge and information and attract more potential customers.

  1. Learn Vital Marketing Skills

When you connect and share with like-minded people, you grow, unexpectedly! Many marketing experts, subject matter experts, and advertisers are present on Bada Business Community App! You can learn advanced sales techniques, digital marketing strategies.

  1. Attend Masterclass by Industry Experts

When we subject matter experts, we don`t mean the self-proclaimed ones! On Bada Business Community Experts we have experts from the industries with whom you can learn the dynamics of the business world. From video editing to data management, sales techniques to digital marketing, you can learn anything from our free Masterclasses!

  1. Create Unique Content

Ever thought of creating content that provides value to your users? On the Bada Business community app, you can upload different modes of content i.e. interactive videos, infographics, and images. You can also get constructive feedback from your users that can help you to make improvements.

Bada Business community app is an interactive platform where small business owners, entrepreneurs, and SMEs can share a platform dedicated to the business community. You too can explore the unlimited possibilities that India`s no.1 platform offers, today!

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

Categories
Startup

4 Big Common Legal Mistakes Startups Make

4 Big Common Legal Mistakes Startups Make
4 Big Common Legal Mistakes Startups Make

Starting a new business is no less than a marriage. Initially, everything is rosy and smooth, but as soon as the honeymoon period fades away, the real hustle begins. This is the reason startups need to have a clear legal agreement in place.

A startup business can face significant legal challenges due to plenty of mistakes made by its founders. These mistakes are generally made at the initial formation of the business, at the early stages of growth, and when dealing with staff. You can also hire the best business coach to get the right guidance.

If you are an entrepreneur and planning to start your dream venture, here is a list of common and legal mistakes you must avoid at all costs:

Mistake #1: Not Making an Agreement with Co-Founders

If you are starting your business with a co-founder, then you should have all the agreements in place at the initial stage of your business relationship. Not doing it can lead to various legal challenges down the road. A founder`s agreement is just like a “prenuptial agreement.” Here are the key legal terms your founder agreement must involve:

  • What are the roles and responsibilities of the founders?
  • How will the equity be split among the founders?
  • What is the overall goal and vision for the business?
  • What salaries are the founders entitled to? Factors that will lead to change salaries?
  • Is each founder’s percentage ownership in the company subject to vesting?
  • If one founder leaves, does the company or the remaining founders have the right to buy back the departing founder’s shares? If so, at what price?
  • How will a sale of the business be decided?
  • What time commitment to the business is expected of each founder? What constraints will be imposed on outside commitments?
  • How will key decisions and day-to-day decisions of the business be made? (by majority vote, a unanimous vote, or are certain decisions solely in the hands of the CEO?)
  • Under what circumstances can a founder be removed as an employee of the business?
  • What assets or cash does each founder contribute or invest into the business?
  • What happens if one founder isn’t living up to expectations under the founder agreement?

Mistake #2- Not Deciding the Structure of the Company

Because founders often start businesses without consulting lawyers, they do not decide the structure of their businesses. One of the very first decisions that any entrepreneur should make is in what legal form to operate the business. Due to the incorrect structure of the company, startups often incur higher taxes and become subject to significant liabilities that could be avoided by structuring their startup business as a corporation or a Limited Liability Company (LLC). You can also take help from the best business coach who can help you navigate with legal formalities.

Mistake #3- Choosing a Disputed Business Name

It is very important to do research when picking a company name as it helps to avoid trademark infringement or domain name problems. It also ensures that the name you select is available to use. Here are some steps that you can do to avoid naming issues:

  • Conduct a Google search on the name to check if it is already in use.
  • Before picking a domain name, search GoDaddy.com or other domain name registrars to see if the domain name you want is available.
  • Ensure the name is distinctive and memorable.
  • You can shortlist 5 names and test market them with prospective employees, investors, partners, and customers.
  • Avoid unusual spellings of the name as it can cause confusion and problems down the road.

Mistake #4- Not Adhering with Securities Laws When Issuing Stocks

If founders form a corporation, LLC, Limited Partnerships, or any other structure the sale of stocks, limited partnership interests, or LLC interests to the investors will be subject to state securities laws. Most laws require that such sales comply with certain disclosure, filing, and various other form requirements unless the sales are exempt. If any business fails to comply with these laws, it can result in significant financial penalties for the entrepreneurs and the company.

Founding a company is not much different from getting married. Everything looks promising in the beginning, but as the business evolves, complexity and stress become a part of everyday operations. So, with all of the things that go into launching a startup, one must get the Founders agreement, right!

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 exclusive problem solving courses that come with Foundation courses, specialized courses, and value-added courses. To know more, visit www.badabusiness.com

Categories
Leadership Funnel Strategy

Make Your Business Pandemic Proof With Powerful Booster Dose of LFP 2.0

Make Your Business Pandemic Proof With Powerful Booster Dose of LFP 2.0
Make Your Business Pandemic Proof With Powerful Booster Dose of LFP 2.0

With the onset of New Year 2022, a new variant of the virus has stuck our nation once again! Where large organizations have adopted the hybrid model of working, small business owners are again worried about the future of their business due to slow business operations. However, many startup owners are taking their venture to new heights despite the lockdown and other business challenges. How? Because they are good leaders!

Good leaders are indispensable, not just for an organization but also for the success of the business. Hence, organizations and business leaders need to train themselves for the right mindset and clear goals-especially when it comes to entrepreneurs.

Successful entrepreneurs are defined by three characteristics- 1. They are powerful risk-takers. 2. They can navigate through uncertain times. 3. They are highly ambiguous explorers. These three traits are critical for anyone who wants to grow as they enable a leader to perform, analyze and find solutions.

A strong entrepreneurial leader can turn problems into an opportunity that not only benefits the organization, but also contributes to his or her personal growth, and society at large. And at Bada Business, Dr. Vivek Bindra strongly believes that entrepreneurial leadership is both a mindset and a skill set. And the best part is that it can be taught!

And with the booster dose of Leadership Funnel Program 2.0, this program will help you to create opportunities for your business and will enable you to lead change, create value across business and society, and solve business challenges. To catalyst your growth, Dr. Vivek Bindra is bringing a powerful booster dose of Leadership Funnel Program 2.0 that will deliver the unique content of 300 days in just THREE HOURS! This course is designed to develop a mindset that will help you to see opportunities where others see challenges and acts as a muscle you can strengthen with the right practices and strategies.

Dr. Vivek Bindra—the best motivational speaker in India will be explaining 26 Strategies that will make your business-Pandemic Proof! Here are 26 strategies that will help your business to grow despite the challenges:

1) Capture the Inconvenience

2) Market Research

3) Talent Acquisition

4) Talent Engagement

5) Talent Retention

6) Talent Off Boarding

7) Team Management

8) Startup Metrics

9) Bait and Hook Model

10) Intellectual Property Rights

11) Design Thinking

12) Brand Positioning

13) Product Pricing Strategy

14) Reduce your COCA

15) Product Packaging

16) Creative Business Cards

17) 10Cs of Content Creation

18) How does a Brand become Viral?

19) Must-Haves in your Ads

20) 5As of Marketing

21) Online Reputation Management

22) Performance Management

23) Billion $ Business

24) Passive Income

25) Designing Effective KRA – KPIs

26) Project Management

So why not give your business the growth that it deserves? Do not forget to attend the powerful booster dose of LFP 2.0 on 26th January 2022.

Register Now: https://badabusiness.com/lfp-booster

Categories
Business motivation

5 Key Reasons Your Business Should Use Google AdWords

5 Key Reasons Your Business Should Use Google AdWords
5 Key Reasons Your Business Should Use Google AdWords

Once Google launched its Self-Service Advertising Program’ back in October 2000, the online marketing game was changed forever. Decades later, Google was making whopping million-dollar revenue from it. And before we knew it, it became a vital part of many successful online businesses. Today, we know this as Google AdWords.

What is Google AdWords?

For those who are not familiar with AdWords, it is a pay-per-click service that allows you to create and run ads for your business. These ads are then displayed in the search results when a user types a specific keyword related to the product or service he is looking for.

If you are using the right keyword, you are already ahead of your competitors because you are reaching your target audiences who have an interest in your product and service. If you have a business website, it can be beneficial for you. Optimizing your Google Ads and website can lead to an increased Return on Investment (ROI).

Here are five main reasons why your business should use AdWords:

1. Progress is Measurable

Let`s suppose, you give an advertisement by following the traditional method of marketing of putting your product out there on a billboard. How will you measure the success of that advertisement? Can you calculate the number of customers who purchased your product after watching that ad at a bus stop? The answer is no.

But one of the advantages that online marketing has over traditional methods is that its results are easily measurable. AdWords is probably one of the best resources you can have to measure what is working and what is not working in your favor. As it comes equipped with plenty of PPC metrics, you can see what you must repeat and what you must not do again.

2. AdWords is Flexible

Another benefit of using AdWords is that it is flexible. It offers customizable options for your campaign to suit your particular requirements. It offers various features like:

  1. Keyword Match- This feature allows you to display your ad for specific keywords that users search. So you can set it to “Banarsi Saree Delhi” instead of a general search like “Banarsi Saree”.
  2. Ad Extensions– By using this feature you can display your product information, contact details, and a pack of links to your business website.
  3. Buyer`s Persona– This feature helps you to narrow down your audience. You can discover their geographical location, time of the day, their language, and which browser or device they are using.
  4. Support of Other Sites- With AdWords, you also get access to other non-search sites like- Gmail, YouTube, and lots of other partner sites at your fingertips.

3. AdWords Works Faster than SEO

When it comes to SEO, you may get great results but it is a time-consuming process. However, this is not the case with AdWords. Once you create an advertisement and the campaign goes live, ads will appear and you will get instant results.

Thanks to its speed, you can discover how effective your keywords are and how much impact they have on your target audience. You can use those keywords later in your SEO campaign to make it more effective. Where SEO plays a crucial role in your online success, PPC will get you to the top of the search results in minutes.

4. AdWords are More Engaging

More engaging ads mean more revenue! And as Google generates revenue from advertisement, it constantly improves AdWords. And along its way to improve one of its primary sources of income, Google notices that product listing ads and in-video ads on YouTube get more clicks. YouTube has over 1 billion unique visitors a month as well as several billion views a day. It comes second to Google when it comes to search engines.

More engaging ads mean more revenue for Google, advertisers as well as your own business. So why wouldn’t you want your business to be seen by your potential customers?

5. You can Set Advertisement Budget

Here is another thing that makes Google AdWords amazing! You can set a maximum cost per day for your campaign. So how does it help your business? It gives you an idea and allows you to decide how much you are willing to spend on a particular advertisement. You don`t have to worry about going over budget. You can reduce your budget or increase it accordingly.

So, if you are looking to scale your business and increase revenue, Google AdWords can be your best bet! However, if you are new to this concept, you can attend our free Masterclass by Devna Maheshwari only on our Bada Business Community App!

Download Link: https://tinyurl.com/nhav2kp6

Categories
Strategy

5 Effective Strategies To Retain The Best Manpower

5 Effective Strategies To Retain The Best Manpower
5 Effective Strategies To Retain The Best Manpower

Manpower is the superpower of any organization. An organization is nothing without the right employees. Despite this truth, not many organizations take many steps which they should make their employees want to stay.

A hard-working employee who is talented and better skilled is aware of the fact that there are many opportunities available to them, so staying with your organization might not benefit them at all. Where a high turn-out rate is a problem for HR personnel, it could also impact the performance of the organization.

So how can you retain your best employees? Watch it here:

As a business owner, if your employee turnover is high, it is time to reevaluate the business. Your first job is to evaluate why your employees are leaving your company before you know how to stop it. There could be many reasons, but some of the most common ones could be a lack of one or more of the following: flexibility, growth, support, appreciation, engagement, and vision.

When one or two employees decide to leave your company, it may seem negligible, but if a large number of employees are leaving your company, especially the important ones, it is a cause for alarm. Here are a few strategies that you can implement to retain your best employees:

1. Provide Flexible Work Options

Since the pandemic has hit the world, many individuals have realized that they can have flexible work hours and still can be extremely productive. Many employees are now looking for an organization that offers a hybrid work system and would take a job over a higher-paying one. Flexibility does not have to be in the number of hours alone. It may extend to working hours, vacation days, or day-to-day regulations including many other things.

Most often people don`t want to work in an environment where rules are set in stone and have no scope of flexibility. Rules are meant to ensure a smooth workflow. But when they are too rigid, employees start to feel smothered. You can also take help from a business motivational coach to build a suitable plan to reduce the turnover rate of your employees.

2. Extend Support to your Employees

Everyone wants to feel they are valued, including people who are working in an organization. An employee who feels supported by his or her employer will likely stick out more with an employer. Ask your staff which area of job they find unnecessarily taxing and what you can do to make it easier for them. This one step can also prevent burnout. Employees who feel overworked will lookout for better opportunities. Support your employees in learning a new skill for their current role. It will be beneficial for you and the organization both.

3. Provide Positive Feedback

At many companies, the only time employees might garner attention for their work is when something goes wrong. Issues need to be addressed to ensure that organizational goals are met. But focusing on the bad can lead to a negative work environment. Your many employees might get overlooked just because they are doing their job well. There could be many teams that are excelling every day, with no one from management ever calling attention to it. Once, employees feel unappreciated they tend to look out for other professional opportunities.

4. Pay Them Well

Financial motivation is the biggest motivation that can make employees stay in an organization. So no matter how many cultural changes you make in your company, it might not make a difference if you are not paying your employees a competitive salary. The desire for higher pay is one of the most common reasons people leave their jobs. After all, a job that you enjoy but doesn’t pay well and cover your financial needs isn’t worth it, especially if another company will give you the same job for better compensation.

5. Be Open to Feedback

Many corporate trainers and business coaches might give you expertise and countless strategies on what should be done to improve the retention rate of your employees. However, not all will help you. Your employees might want different things than what others recommend, and they are the ones you want to worry about. If you want to keep your employees happy, ask them. Let them know you are open to feedback.

In the end, the most essential key to increasing your employee retention rate is common sense. You know that with dictatorship your organization can never sustain. Appreciate your employees, cater to their genuine needs, and reward them for their hard work. Hold onto your best people by treating them as they want them to be treated.

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 business course for entrepreneurs that come with Foundation courses, specialized courses, and value-added courses.

Categories
Private Equity Funding

6 Things You Must Know About ESOPs Before Signing-up!

6 Things You Must Know About ESOPs before Signing-up!
6 Things You Must Know About ESOPs before Signing-up!

Have you come across employee stock ownership plans? Are you being offered one by your organization but are not sure what it is? Whichever is the case this article will tell you everything about ESOPs?

What exactly are employee stock ownership plans?

ESOP is the term that offers employees a chance to have ownership in the firm. It recognizes the best-performing employees and rewards them with an equity stake or cash based on an equity stake. If you have been offered ESOPs in your current organization, it means that the company values your contribution and they wish to make you direct custodians of the company`s long-term growth.

The definition of ESOP was originally introduced in the Companies Act, 1956, which underwent a complete change in the Companies Act, 2013.

There are two types of ESOPs- selective plans and all-employee plans. While the selective plan is only for the senior executives, all employee plans provide the same facility to all employees of the company.

Key Factors you must know before you Sign-up

a). Grant Price- One of the main benefits of getting access to ESOPs is the discount between the grant price and the fair market value, at the time of exercising ESOPs. The lower the grant price, the greater profits you can make while exercising ESOPs.

In the case of startups, the grant price is decided at the face value of the unlisted stock or as value by a Sebi-registered merchant bank. For companies that are listed, the grant price is decided based on the average stock price for a certain period before the issue date.

b). Vesting or lock-in period- ESOPs generally come with a vesting or lock-in period before you become eligible to exercise your option to purchase the stock. The structure varies, depending upon the organization and employee profile. Hence, it is essential to understand what the vesting rules are for the stocks offered to you.

Startups often offer a 1+4 vesting period, which is treated as a minimum period. It maximizes the contribution of an employee in line with the value of ESOPs offered and improves employee retention.

c). Exit Options- When an employee leave the organization before the lock-in period, they lose their right to gain ownership of the ESOPs at the discounted price. If you have vested a certain portion of the ESOPs, they will be held in trust and will be available only after maturity.

However, various myths and facts are revolving around ESOPs need to be addressed. Here are 3 facts every employer and employee must know about ESOPs:

1. ESOP is for Every Organisation

ESOPs are for every organization that is generating profit to support the annual costs of maintaining the ESOP. The profitability of the company is more important than a company`s size. In a profitable ESOP organization, the tax savings alone can be enough to offset the annual costs.

2. Offering ESOPs Does Not Effect Operations

Many company owners feel that after establishing an ESOP, they will have to consult their employees on regular basis regarding the company`s operations. However, the matter of fact is that the management remains in control of the company. Even when the ESOP owns a majority, there is no loss of control of the company.

3. Disclosure of Finances Is Not Required

An ESOP is a qualified retirement plan. Hence, the participants must be provided with the annual statement demonstrating the number of shares and the value for their benefits. No other financial disclosures are required by the organization to its employees who are share-holder.

The companies offer ESOPs to attract more qualified employees. They do it in a phased manner and provide stocks at the end of the financial year to reward their impressive performance.

Many companies startups and companies that can`t provide high packages, offer ESOPs to their employees. We hope we have shed some light on the current trending term- ESOPs.

Are you looking to find solutions for your burning problems? Get practical solutions easily with our step-by-step learning strategies, action plan, frameworks that are designed to empower you with various business functions. From finance to HR, Digital Marketing to IT & Sales, find creative solutions to prominent business problems easily. Click here to know how more about our problem-solving courses: https://www.badabusiness.com/psc

Categories
Motivational

8 Ways To Become A Powerful Public Speaker

8 Ways To Become A Powerful Public Speaker
8 Ways To Become A Powerful Public Speaker

Speaking out in front of people is one of the biggest phobias in this world. Though it may not cause much of a problem in a few areas of everyday business, it could be harmful in the business world. You might have the best startup business idea, but you hesitate to say it in front of your colleagues and peers because of the fear to speak in front of people.

Speaking during the official meetings or conversations helps you to keep engaged with your peers, but also resolves problems and helps to boost your career.  Most often people who have fear of public speaking think that their audience might laugh because they are not being insightful. However, truth be told, no one expects anyone to be 100% witty or insightful all the time.

It is just a matter of starting to present your ideas with a few simple statements or questions. Once, the flow is set, the conversation takes its natural course. Many entrepreneurs miss out on some great opportunities because either they are not comfortable with speaking or they do not speak fluent English.

To get quick tips on learning and speaking English, you can watch this amazing video by Dr. Vivek Bindra, the best motivational speaker in India, here:

Here are 8 ways in which you can gain confidence to speak up:

1. Prep Up Before Finale

If you have a fantastic idea that you are afraid to put out in the open, do a dry run. Share your idea with a person whom you trust and take their feedback. Later, commit yourself to sharing it during a meeting to introduce your idea. You can later ask your colleagues to gain an outside perspective on what they thought of your contribution. Credible feedback from a trusted source can boost your confidence. You can also take the help of a business motivational speaker to help you find your voice.

2. Write Down What You Want to Say

One of the best things to learn when it comes to overcoming your fear of public speaking is to find out an occasion where you felt comfortable speaking.  When you feel comfortable it reduces anxiety and minimizes stumbles and stutters. Hence, write down what you are going to say as it will make you aware of the content. It gives you a clearer picture of what you are going to talk about and makes you sound clearer and more concise. It is okay to read your thoughts and feelings as it lets others know that this is something.

3. Develop Skills in Low-risk Environments

Identify opportunities to get out of your comfort zone. Look for environments and ambiances that are lower in risks and where there are people who are strong support systems for you. Let a colleague or a trusted mentor know what your areas for improvement are and that you want to build confidence in this area. You can ask them to observe and share feedback to help you grow. Like any skill, practice will help you improve and overcome your public speaking phobia.

4. Take Action, Than Seek Perfection

One mistake that most people do is that they often think that they have to feel confident to act with confidence. However, it is just a myth. Confidence comes from taking action. So stop waiting until you are ready or your idea is ready. Create your confidence by taking action and speaking up.

5. Focus on Facts, Not Emotions

To become an effective public speaker, you need to have clear communication. Having clear communication will allow others to align with your opinions, solutions, and suggestions. You will become more confident where you share the stats and facts, and not be emotional around what you are sharing.

6. Pay Attention to your Body Language

Your body language is equally important when you are speaking in front of the public. Working with a trainer or a business motivational speaker can help you make more aware of how you carry yourself and speak in different situations.

7. Become a Better Listener

Effective listeners are just as important as the talkers who fill the meeting rooms with their voices. Listen, watch and observe the patterns of their behavior and speaking style. You will then find your sweet spot.

8. Let go of the Outcomes

One of the things that stop people from sharing their opinions and ideas is the fear of rejection. So let go of the outcome and share for the sake of sharing your knowledge. Be less attached to the outcome and expect less. Speak up, express your position—irrespective of the response, it is worth doing.

Let go of the fears of speaking in public with the 8 tips that we have shared above. You can watch some of the best inspiring videos by Dr. Vivek Bindra on how to become a confident public speaker on his YouTube channel too.

If you are an entrepreneur or a small business owner,  to help you move forward with your business goals, we at Bada Business offer problem solving courses that come with Foundation courses, specialized courses, and value-added courses.

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

8 Most Important Skills Entrepreneurs Must Have

8 Most Important Skills Entrepreneurs Must Have
8 Most Important Skills Entrepreneurs Must Have

Summary: Being an entrepreneur sounds exciting! But what are the skills that make an entrepreneur successful in this world full of cut-throat competition? Find out in this article.

Being your boss, working for your dreams, pursuing your passion, solving burning problems of consumers—these are a couple of factors that define the life of an entrepreneur. But these are just glorified surfaces.

An entrepreneur also has to take care of multiple roles alone. He not only has to ensure the continuity of the business but also has to take difficult decisions regularly.

So what makes an entrepreneur successful? What are the most important skills you need to have as an entrepreneur? To answer all these questions, we have curated a list of 5 skills that every entrepreneur must have:

1. Curiosity

Curiosity has led human kind to a lot of amazing places and discoveries. That being said, it is a no-brainer to mention that great entrepreneurs have held this aspect of their personality closer to their hearts. An entrepreneur is tasked to discover new challenges, bring innovative solutions, reveal potential niche opportunities, and refractor their original business process. This is possible only when someone is passionate about distinct fields of study and business cases outside of one`s comfort zone.

2. Time Management

Defining milestones, carefully planning strategies, execution and iteration are all essential for a business to keep it evolving. However, none of that would materialize and lead towards progress without the right project management and efficient time management methodology that gets the work done.

3. Critical Thinking

No business has ever experienced the course of a smooth road. This simply means that entrepreneurs must learn how to decipher a problem to its core and reveal growth opportunities. This requires figuring out creative solutions to identify the low-hanging fruits.

4. Efficiency

When it comes to resolving a problem, one needs to be highly efficient. Hence, an entrepreneur needs to be equipped with the best of techniques like applying the 80/20 rule and other techniques that will yield higher results in less time. You must also be able to switch between different chores to experience progress effectively day-to-day.

5. Resilience

Not every day is the same! Some days will be good, while some days will be gloomy. Hence, entrepreneurs need to learn how to handle rejections, burnouts, stress, lack of focus, and slow progress.

6. Networking

To scale business operations, networking is very important. Growing a network facilitates business opportunities, partnership deals, finding investors and future employees. With good networking skills, you can expand the horizon of PR and convey the right message on all fronts. Hence, to be a successful entrepreneur one needs to be able to outreach to open new aspects for your startup business.

7. Finance

Finance management will make or break a business. Handling resources properly and carefully assessing investments compared to ROI is a solid requirement for entrepreneurs.

8. Persistence

As an entrepreneur, you will have to be passionate about your business. You must be willing to give whatever it takes- your time, your energy, money, and any other resources to accomplish your goals.

You must be ready to not give up and persist through trying times to achieve the goals you have set for yourself and your team. No successful entrepreneur has ever had a road full of roses. All of them have their share of struggles to reach their path to success. So, don`t give up, when hard times hit you.

If you have these skills, you can become a successful entrepreneur. However, 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 exclusive online courses for entrepreneurs that come with Foundation courses, specialized courses, and value-added courses.

You can boost your sales easily with the right guidance of a business expert.  Learn to generate high revenue earning products for sales, generate payment links for customers, managing account-related details. Solve your problems in just one click: https://www.badabusiness.com/psc

Categories
Leadership Building

5 Skills Entrepreneurs Must Seek In Their Employees!

5 Skills Entrepreneurs Must Seek In Their Employees!
5 Skills Entrepreneurs Must Seek In Their Employees!

As the pandemic has changed the world forever, it has also forced the world to think beyond the obvious and come up with something revolutionary.

In the first and second quarters of 2020, there have been mass layoffs by the companies. According to a report by the International Labour Organization (ILO), around 81 million jobs are wiped out in 2020.

We are in 2022, but every year, one or the other virus variant keeps giving us surprising visits. Thankfully, in India, a significant amount of the population has been vaccinated and the economy has also begun to look promising.

Many startups are doing well and have joined the Unicorn club. Other startups like Nykaa have got themselves listed on the stock market.

Needless to say that building efficient manpower would be one crucial step to transform the businesses. The process of hiring criteria post-Covid is going to be a demanding exercise.

For large businesses or small businesses, the pandemic has paved way for smart thinking. If you are an entrepreneur and looking to expand your team, these set of skills you should be looking for in your prospective employer:

Reliability

Any business becomes successful when it is being consistent in its customer service, product performance, and the productivity of its employees. If your employees are not consistently performing well or focusing on their productivity, your startup business will not experience growth. So always hire people that show consistency in their behavior and resume.

Analytical Thinking

You don`t need hands & legs to drive your organization, you need a head and heart to drive your organization. Thus, people who can think critically, quickly, and can solve problems with ease should be given preference. Complex problems need creative solutions and this new hiring trend will focus on such analytical skills.

Agile & Flexbile

The smartest business decision you can make is to hire qualified people. Therefore, hiring the right people is very important.

Apart from looking for qualifications and skills ‘flexibility’ is what you should be aiming for. Flexibility is the need of the hour, and we all must look for people that can easily adapt to the new working norms.

Hire people who come for the love of the job. A person who loves challenges will deliver the service and products just the way your customer needs and would be the right fit for the business.

Creative Mindset!

Modern problems need creative solutions. If there is one thing that can never be off-the-shelf that is Creativity! Thinking out-of-the-box will always bring a sense of innovation in every dimension of business. Creativity can take you to places and help you discover practical solutions to various business problems. Hence, bringing in a creative mindset will take your business to a whole new level.

Versatility

Courtesy to Covid-19, new tasks, roles, and responsibilities have emerged suddenly. Hence, we all must stretch ourselves to the optimum level considering the hiring trends post-Covid. But, of course, we just can`t expect a CA to fix our desktops. But, yes, an employee must have a vision and a perspective. The prospective employee must bring a set of multiple skills that will outdate role titles and definitions to benefit your business.

Making a comeback from a struggling situation is not easy, but reaching out to the right people is. Shift your perspective from the mainstream recruiting process to a creative one.

As the hiring trends have changed, make use of Twitter and Linked In to interact with job seekers and connect with them on a personal level too.

For other business problems, you can take online business courses for entrepreneurs. 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 exclusive problem solving courses that come with Foundation courses, specialized courses, and value-added courses.

To know more, visit: https://www.badabusiness.com/psc