Author: Editor's Desk

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Motivational

8 Golden Rules For Living A Successful Life

8 Golden Rules
8 Golden Rules For Living A Successful Life

To live a rich life, one does not necessarily need to be affluent; even a tiny portion of a wonderful life is worthwhile. However, the things that will allow you to live lavishly and make more money are habits, behaviors, and ultimately “rules“. It requires time to be completed. This requires time but before that, there needs to be a quick way to do it.

Often in life, you fail, but if you keep trying, and keep getting better, eventually you will succeed. However, if you believe that you will never be successful, you will never become capable of doing so. Here are 8 golden rules that will help you in living a successful life if you embrace them in your daily life:

1. Invest in your future

Investing in oneself is the most beneficial investment you can make. Always strive for listening and learning. Engage in the activities you enjoy. Making time for oneself is essential. We, humans, are more productive when we are internally happy. Whether it’s spending time with your loved ones or your dog, pampering yourself at the spa, reading a book, playing sports, napping, or simply enjoying music; it’s all part of your “me time”.

2. Never Compare Yourself to Anyone

Never compare your targets, growth, and outcomes to those of others. Instead, distinguish yourself from your former self. Ask yourself if you’re doing better today than you were the previous day. Even if you are only 1% better than what you were yesterday, you are progressing significantly.

3. Embrace Positivity

You’ll be happier and have access to a lot more opportunities if you adopt a positive outlook. By seizing the possibilities that come your way, you can enable yourself to be on the path that leads toward success. You can know the ways of building positive energy by watching below video by the best motivational speaker Dr. Vivek Bindra.

4. Recognize Your Worth

Do not accept something less than what you are worth. When you understand your worth, don’t be hesitant to ask for what you can claim. Never do anything for free if you are extremely good at it. Once you understand your worth and even what you are bringing to the table, don’t be intimidated to ask for anything, and always try to go above and beyond what you deserve.

5. Stop Living in the Past

Nothing but your prior experiences makes you smarter and stronger. Move ahead of past mistakes, make corrections, take things as they are, and learn from them. Only if you get beyond your past mistakes, they will guide you to make sound choices; else, you’ll just keep making the same ones.

6. Build a Solid and Supportive Network

A person is supposedly recognized by the association they maintain. Have a solid, upbeat group of friends who discuss personal development, objectives, and thoughts and not other individuals. Be surrounded by good friends, colleagues, advisors, and colleagues who can assist you in achieving your objectives.

7. Enjoy the little things

 Never stop appreciating the little things in life, despite how much farther you have moved ahead in life. Always be appreciative, modest, and grateful for everything you have. Your current circumstance might not last forever.

8. Track Your Personal Growth

Don’t stop improving yourself; reinvest in yourself. Continue to learn and develop yourself by observing. Learn something new from each person you meet and each new challenge you have. By establishing personal objectives, seeking out new possibilities, and picking up new abilities, concentrate on growing yourself.

Rather than chasing bad things, you should allow good things to grab you to live a rich and happy life. These 8-pointers will work well for the cause surely.

Categories
Process & Business Expansion

Use These 5 Ways To Build Your Business On Instagram

Use These 5 Ways To Build Your Business On Instagram
Use These 5 Ways To Build Your Business On Instagram

Creating a social media presence for your brand is essential in the modern digital era. You may sell your goods or services more widely and reach a worldwide audience with the help of social media platforms. Instagram is among the most widely used social media platforms today, with over 2 billion active users. This makes it a great advertising tool for addressing the general public and attracting potential clients from all over the world.

Young people under the age of 35 make up about 71% of Instagram users. Businesses may simply sell their products by collecting interesting information and creating attractive images based on current trends. Today, every company can use Instagram to expand their business and build a complete brand. Here are five ways to help you launch and develop your business on Instagram:

Instagram Stories are Important

Instagram postings are great but are insufficient to promote your company on this platform while maintaining audience engagement. Instagram stories are becoming more and more popular since they enable users to maintain stronger relationships with the brands and friends they follow. Instagram stories make users monitor their profiles more frequently since they expire after 24 hours and generate a sense of urgency. The person is encouraged to remain at the forefront of the page by using Instagram stories.

Instagram stories may be used to update your audience on company news, such as impending sales, promotions, or the introduction of fresh lines or features.

Hashtags Help You

Utilizing hashtags on Instagram enables you to expand your audience and achieve organic reach. To locate your profile and post on Instagram, users frequently use hashtags and other search terms related to relevant businesses. Use a variety of tags on your postings and consider using the comment box to prevent having overloaded captions. You may find suitable hashtags based on the phrases you select by using digital sources for hashtag generation, which can help increase your Instagram interactions.

Keep an eye on the Followers Count

Growing your followers is one of the best things you can do to raise the authority of your presence on social media. More engaged and active followers will give the idea that your business is reliable and trustworthy, which will attract visitors to check out your material.

You can start increasing your follower count by following other regional businesses in your niche, charities, well-known people, and news sources. These will support your efforts to obtain feedback while expanding your network and increasing brand recognition in your community. To increase your followers, the popular suggestion is that you join any local groups that promote nearby establishments.

Work Together With Regional Brands and Businesses

You can integrate postings on Instagram with those from other companies thanks to its attributes. This is a straight forward but powerful method for raising brand awareness and promoting page growth. By tagging others or making use of the combined post option, you can work with other businesses, including your clients, vendors, and rivals. Utilizing each other’s followings, will guarantee a win-win scenario for both businesses and assist you in expanding your follower count as well.

Utilize Influencer Marketing

If you have sizable marketing expenses, we advise collaborating with regional leaders who have a sizable Instagram following in your sector. These customers or influencers might give feedback on your goods or services and motivate their followers to come into your business. This will enable you to reach new viewers and gain from word-of-mouth advertising. To prevent spending time or resources, conduct an in-depth analysis of the local influencers in your area and get in touch with individuals who are already engaged in your profession.

Your online presence, particularly on Instagram, can work well in the rapid expansion of your company. Reaching a worldwide audience and enhancing brand visibility are both possible with Instagram. Keep your Instagram followers interested by posting frequently by including the use of Instagram stories for any updates. You can generate leads and manage the sales of your business easily with regular use of this platform. To boost your sales to newer heights become part of the Super Sales Secret Webinar and learn some unique ways to do so. Visit to know more: https://www.badabusiness.com/webinar/ibc/weekly_event?ref_code=website27

Categories
Motivational

5 Powerful Quotes By Virat Kohli For A Stronger Comeback

5 Powerful Quotes By Virat Kohli For A Stronger Comeback
5 Powerful Quotes By Virat Kohli For A Stronger Comeback

One of the finest batters in the world made his debut for India some 14 years ago. With years passing by, Kohli went on to change the way sports was perceived in the country and became one of the greatest players the world has ever seen.

From bringing the revolution to breaking unthinkable records, Kohli’s contribution to the game was unparalleled. Born on 5th November 1988, this Delhi boy has come a long way. From being a regular next-door chubby boy to a gluten-free athlete, Virat has climbed up the ladder of success with his sheer hard work, passion, and determination to succeed.

Here are 5 powerful quotes by the world’s greatest batsman who never shied away from expressing his true self:

1. The bat is not a toy, it’s a weapon. It gives me everything in my life, which helps me to do everything in the field.

— The cricket bat isn’t just a toy or tool for Virat Kohli, it is a weapon that helps him express himself on the field.

2. I always like to lead from the front and set an example for whoever is playing with me or around me. I like taking responsibility. That is my natural thing.

No matter the circumstances, Virat Kohli always believes in leading the team from the front and putting himself in the line of fire.

3. Whatever you want to do, do it with full passion and work hard towards it. Don’t look anywhere else.

Virat Kohli believes in his capabilities, leaving it all on the field no matter who the opponent is. This quote represents his love, dedication, and passion for sports and perfectly represents his passion for the game and his hunger to perform well.

4. A lot of people tell me a lot of things about my conduct, my game, and my future… but I try to stay away from their words of wisdom. I don’t let it distract me. On the field, you will be facing the ball alone. If you fail, you will be the only one to blame. So, you should be the one deciding for yourself.

There will be as many opinions in the world, as there are people. So no matter what critics say or what the experts tell him, Virat Kohli doesn’t let the outside noise distract him.

5. I love playing under pressure. If there’s no pressure, then I’m not in the perfect zone.

Virat Kohli isn’t someone who gets bogged down by big challenges. He loves to perform under pressure and gives his best when there is pressure.

While Kohli remains one of India’s favorite cricketing sons, his charisma goes across the globe. The Indian cricket team skipper has fans all over the world. Virat Kohli has been out of form for some time as he was struggling with depression. But with his stellar performance in the recent Ind v/s Pak match in ICC World Cup 2022, he has amazed everyone!

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. To know more, visit: www.badabusiness.com

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Startup

5 Small Startup Business Ideas To Start In 2023

5 Small Startup Business Ideas To Start In 2023
5 Small Startup Business Ideas To Start In 2023

Starting one’s own business is everyone’s dream. However, most budding entrepreneurs see their dreams in cold water due to lack of funds and sometimes due to a lack of good ideas.

But, if you possess some special skills you can start your own small business with low investment. Today, with a great business idea and help from the best business motivational speaker in India, you can start a small online business with minimum investment. While some profitable small business ideas can be operated from your home, in other cases, you may need to lease small premises.

A good business idea may seem hard to come by, but with some planning and preparation, you can easily launch a profitable small business to supplement your income — or become your full-time boss.

Here are five small online business ideas that can be started even in small villages and rural areas that can be considered to increase job creation:

1. Start Your Blog

Various bloggers are making handsome incomes by writing about their passion or expertise. Try to understand your niche by using your content and you will make more money with your blogging career. According to a report, 73% of the bloggers who earn above INR 8 lac per year focus on their content. Make a content calendar and start building a loyal audience base using various email marketing and marketing automation software.

2. Jewelry Making

If there is one thing after food that never goes out of fashion and demand is beautiful pieces of jewelry. The best example of it is that even during the COVID-19 pandemic when many businesses were shut down, the demand for artificial jewelry pieces stayed high.

There are portals like TradeIndia where people can create an online shop to contact good manufacturers for procuring jewelry and selling it. Also, the first customer of the business can be your friends and family members who can endorse your products in their circle. To grow your online business you can consult with a motivational coach for entrepreneurs.

3. Baking

If you have a thing for a bakery, you can also start your own bakery business. This business does not require a large investment. You only need a minimum investment to procure an oven and buy ingredients for baking. When starting from a small scale, there is no need of doing branding. However, it is essential to focus on the quality and delivering a product, which customers would relish. This business can be started with an investment between INR 15,000 and INR 25,000.

4. Homemade Candles

In the last few years, many people are getting inclined toward aromatherapy and scented candles. Candles are a wonderful way to enhance the interiors of homes and for gifting purposes. You can start this business online with a minimal investment either by manufacturing it at home or procuring it from a third party.

You will require wax, wick, molds, thread, aromatic oils, and more to start your business. Apart from this, you will also need to have some candle-making equipment, which includes a melting pot, pour pot, thermometer, weighing scale, hammer, and an oven to melt the wax. Once your business starts growing, you can also hire a motivational coach for entrepreneurs.

5. Graphic Designing

From designing marketing collaterals, including posters, banners, and logos to creating stunning designs of landing pages, graphic designing offers an ocean of opportunities to those who are passionate about their work. You can pitch your design skills to small business owners or individuals to start your gig. If you have prior knowledge of this field, then getting clients would be helpful. However, learning the basics of graphic design from scratch is pretty easy, with a vast number of online courses.

If you have a great small business idea, you can begin to work on it because they require minimum investment. To ensure that your business runs smoothly, you can also consult with the best business coach in India.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. To know more, you can visit www.badabusiness.com.

Categories
Motivational

11 Powerful Quotes Of Indra Nooyi On Leadership Success

11 Powerful Quotes Of Indra Nooyi On Leadership Success
11 Powerful Quotes Of Indra Nooyi On Leadership Success

From a quiet young girl in Madras (known as Chennai today) to becoming a ferocious leader in the boardroom, Indra Nooyi is the former Chairman and CEO of PepsiCo. Her journey showcases her persistence, passion, determination, and her hunger to achieve something big in her life that led to her huge transformation.

Here are eleven powerful quotes from the “Dragon Woman” Indra Nooyi that will help you become a successful business leader:

1. As a leader, I am tough on myself and I raise the standard for everybody; however, I am very caring because I want people to excel at what they are doing so that they can aspire to be me in the future.

2. I’m very honest – brutally honest. I always look at things from their point of view as well as mine. And I know when to walk away.

3. I pick up the details that drive the organization insane. But sweating the details is more important than anything else.

4. The distance between number one & number two is always constant. If you want to improve the organization, you have to improve yourself and the organization gets pulled up with you.

5. The one thing I have learned as a CEO is that leadership at various levels is vastly different. As you move up the organization, the requirements for leading that organization don’t grow vertically; they grow exponentially.

6. CEOs and leaders have to be life-long students. Not just students in the sense of attending courses or reading a book. You’ve got to learn how to read widely, walk the market, look at the trends in the marketplace, and make connections that don’t seem obvious. And start painting pictures of what the future could be. Then watch the consumer behaviors.

7. Most importantly, we want to create a company where every employee can bring their whole self to work.

8. Please help others rise. Greatness comes not from a position, but from helping build the future. We should pull others up.

9.  Take a stand. Be known for your courage and confidence.

10. Bring together what is good for business with what is good for the world.

11. Whatever anybody says or does, assume positive intent. You will be amazed at how your whole approach to a person or problem becomes very different.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. To know more about our courses, visit: www.badabusiness.com

Categories
Motivational

4 Ways To Teach Your Kids To Become Entrepreneurs

4 Ways To Teach Your Kids To Become Entrepreneurs
4 Ways To Teach Your Kids To Become Entrepreneurs

Does your child have entrepreneurial skills? Here are four ways to teach your kids to become entrepreneurs.

While some kids have to be groomed, some kids are born with a natural entrepreneurial spirit. Most often, we have seen that some kids perform better at fairs and fates because of their creative bent of mind. By the time they hit nine or ten, they can be seen selling sports cards, pencils, candy, and gum to their classmates during recess.

By the time they hit their teens, they can be seen making the most of social media by monetizing reels for money. If you have ever seen the spark in your child’s eyes, then you must nourish their skills and make them ready for the future. Join our FREE-TO-ALL Webinar ‘Art of Parenting & Success Mantras for Kids’ by Dr Vivek Bindra—India’s best motivational speaker. The webinar will be conducted on July 10th, 2022.

Here are four ways to encourage your children to become entrepreneurs:

1. Assist them in identifying opportunities

Entrepreneurs have an eye for details. They do not miss an opportunity and always find ways to approach a challenge with a creative solution. In cases where there is a problem that is not acknowledged, entrepreneurs spot them and find a way to resolve them. In cases where the problem and its solution already exist, entrepreneurs find distinct ways to make the solution better.

With your smart parenting skills, you can teach your kids how to recognize opportunities that lead to entrepreneurs creating a product or a service.

2. Teach Them Real-World Applications

The only constant thing is change. And a lot of times, people find changes to their distaste. Of course! Now, no one likes to compromise with their comfort zone. However, life is all about making things better. So, if your children express their dissatisfaction with something, encourage them to think of better ways. Start simply. If they come up with ideas that already exist, appreciate them, nonetheless. Just like you use your parenting strategy in business, teaching your children to spot opportunities and act on them will contribute greatly to the probability of their future success.

3. Let them solve problems.

To protect them, most parents often hold their children back. They often do not allow their children to think and make decisions. Instead, they take charge of making decisions, rushing to fix any problems their children may encounter and protect them from harm. But entrepreneurs often have to make decisions that are sometimes very difficult. So, children who are not used to making their own decisions might feel lost. Hence, let your kids face adversity so that they can make decisions independently.

4. Develop Patience, Acceptance & Resilience

Life is not a bed of roses. Instead, it is like a roller coaster where you will experience ups and downs. Because no one has ever learned to walk without falling, one should know that kids are eventually going to fall. What’s important is that they should know how to get back on their feet.

You must teach your children that failure and disappointment are parts of life. Every successful entrepreneur gets knocked down at least a dozen times in their life. They taste delightful success only by turning losses into victories. No matter if you are an adult or a child, entrepreneurship entails resilience.

Though there is much debate on whether entrepreneurial traits are the result of nature or nurture, research does show that encouraging cognitive thinking in kids will help them cultivate entrepreneurship.

If you want to train your children for a brighter tomorrow, do not forget to join our FREE-TO-ALL Webinar ‘Art of Parenting & Success Mantras for Kids’ by Dr Vivek Bindra—India’s best motivational speaker. The webinar will be conducted on July 10th, 2022.

Register Now For Free Webinar: https://www.badabusiness.com/art-of-parenting/?pp_code=BHBB000078&ref_code=SocialMedia

Categories
Business motivation

5 Facts About Business Coaching That Will Surprise You

5 Facts About Business Coaching That Will Surprise You
5 Facts About Business Coaching That Will Surprise You

Are business coaches for entrepreneurs the ultimate saviors of your business? Do they have a magic wand that can fix anything? Find all these answers right here.

When it comes to hiring a business coach or working with one of them, entrepreneurs often find themselves on a two-way street. The reason behind their dilemma is very simple: their inadequate knowledge of working with a mentor.

Many entrepreneurs often believe that they know the business world inside and out. However, when they encounter challenges, they realize that nothing can replace the experience and guidance that a business mentor brings with him/her.

Since nobody has proper information regarding the role that a business mentor plays professionally, most people often think it is a waste of money. However, this couldn’t be farther from the truth.

Here are five of the most common misconceptions we see:

1. Hiring a coach is only for failing businesses

One of the most common misconceptions that many entrepreneurs with stable businesses have is that coaches are only for businesses going downhill. This unfortunate belief keeps many business owners away from learning some of the most key business lessons.

Business coaching can turn a good company into a great one. Take a look at successful companies, and you might believe that they are doing great. However, they too have challenges. While some business owners have a solid business model, others struggle because they just don’t know how to grow. Here, a business coach for entrepreneurs can play a key role in helping company owners realize their potential.

2. Business coaching is therapy

Small business owners often believe that coaching is a way to improve their business. But to treat, a therapist should be distant and objective. But a client is not a patient, and a business coach has to work side-by-side with entrepreneurs to guide them through their challenges.

A business mentor needs to be personal, curious, and invested without getting involved. A coach has to be subjective enough to connect and understand while maintaining enough objectivity to see and understand the path an entrepreneur needs to take.

3. A Business Coach is Like a Cheerleader

People often think it is the job of a business mentor to stand on the sidelines and cheer their clients on. Sure, a business coach is happy for their clients’ success, but coaching is about accountability first and foremost. Also, while every coach likes to pump up their clients with motivation and inspiration, their key role is to see and reflect on what their clients need to do to grow and improve their business needs.

4. A Business Mentor does all the hard work for you

If you think that working with a business coach means that you can simply sit and relax, you will be highly disappointed. A business mentor is more interested in helping you to achieve your goals and create a thriving business model. You can’t bring the desired changes to the organization unless you do everything on your own.

5. Business coaching is a quick fix to all the problems

Coffee is a quick fix as it can surely uplift your mood, but your business needs consistent guidance and support to grow. So, while many think that working with a mentor can grow a business overnight, let us burst the bubble of sweet dreaming. Business coaching is a development process. To achieve your goals, you will have to take the necessary steps. A business coach can show you the path, but you will have to walk down the road on your own.

A business coach talks about your company, its vision, products, and services. He or she looks at your company as a whole and not just at a single attribute of it. It takes a lot of work. So, pick the right business coach for your startup and work towards your goals.

The idea of managing a business is easier said than done, and we completely agree with you. This is why, to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with foundation courses, specialized courses, and value-added courses.

To Know More, Visit:  https://www.badabusiness.com/

Categories
Startup

Launch Your Startup With These 5 Financial Tips From The Experts

Launch Your Startup With These 5 Financial Tips From The Experts
Launch Your Startup With These 5 Financial Tips From The Experts

According to a report published on Inc42.com in 2016, the primary reason behind many startup shutdowns was due to lack of funding. In 2017 lack of market demand was the primary reason for the startup shutdowns.

Starting your business venture can be a daunting but rewarding process. While a great business plan is imperative for entrepreneurs, financing is one of the most crucial elements that help a startup succeed. Many entrepreneurs often take help from a business coach to receive fundraising guidance.

Securing funding to launch a startup can be difficult. More often than not, entrepreneurs use their savings to start their businesses. Another report by NASSCOM states that around 25% of Indian startups shut down untimely due to failure to raise follow-on funding rounds beyond Pre-Series. A good and effective management of finances can make a massive difference between a business that keeps climbing the ladder of success and one that falls at the very first challenge.

Here are five financial tips that would help every entrepreneur or small business owner manage their finances better:

1. Create a Dedicated Emergency Fund

A contingency or an emergency fund to provide financial security in desperate times. This fund helps an organization meet significant expenses in unforeseen circumstances. Ideally, one should have six months of living expenses as a contingency fund.

If you own a business, it is suggested to create a larger emergency fund if your company has seasonal cash-flow fluctuations. It is best to build such a fund and invest it in a mutual debt fund as it will give far better returns than a savings account and help you encounter unforeseen challenges.

Having an emergency fund will also give you peace of mind, and you can make more confident decisions for your business. A good business mentor will help you how to create a dedicated emergency fund.

2. Avoid Expensive Credit Loans

Credit is the lifeblood of any business, especially for startups. Hence, entrepreneurs need to keep their credit scores high. Always pay your bills on time. When it comes to financing your business, the cost of credit is a critical factor, especially in the initial months of operation.

In the beginning, when the business has not even reached the break-even point, the company’s financing should be done by keeping the interest cost at the bare minimum. This will reduce cost and attain profitability. Never miss a payment or delay the payment date, even if you face a financial crunch.

Also, keep your credit utilization ratio under consideration. The credit utilization ratio is the percentage of your available credit limits that you borrow during the month. Keeping your credit utilization ratio below 30% will help you maintain a better credit score.

3. Keep personal & business accounts separate

It is wise to keep your business and personal bank account separately. It will provide the benefit of easier accounting at the end of the financial year for tax purposes and eliminate the cash crunch situations in business caused due to withdrawals for personal expenditure.

4. Bad Debts

Debts that cannot be recovered are called bad debts. When credit sales are not recovered, bad debts are created. Entrepreneurs should eliminate the situation of a fund crunch in business due to withdrawals for personal expenditure. Instead, these debts should be repaid in the next year so that a healthy financial position of the company can be showcased in front of potential stakeholders. You can also take guidance from a best business coach to plan your finances.

5. Develop Financial Goals

Keeping the in-flow and out-flow of your finances is extremely important. Planning a year for significant expenses in advance can help small business owners to reduce the financial burden. If your future business goals involve expanding and launching new products or services in the market, it is essential to plan everything related to finances.

If you are not sure how to manage your finances or ensure a solid financial future, you can also take the help of a certified financial planner. A financial advisor can also help you build a strategy to meet your business objectives.

Instead of investing all your profits back into your startup venture, save for your future by investing your funds into multiple investment schemes. A wide array of investment schemes is available, from stocks to mutual funds. You do not have to invest every last penny into your business; save for your future.

If you can improve your finances with a better emergency fund, a solid credit score, and a robust retirement savings portfolio aside from the equity you own in your business, you can run your startup with a more focused and peaceful mind.

And for business owners, who are some of the busiest people in this world, having financial security is genuinely priceless. Are you planning to launch your dream startup business but worried about managing your finances?

Do you have any other financial tips for our entrepreneurs? Please share them with us in the comment section below.

The idea of managing a business is more straightforward said than done, and we agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more, visit www.badabusiness.com.

Categories
Education

9 Business Terms Every Entrepreneur Must Know

9 Business Terms Every Entrepreneur Must Know
9 Business Terms Every Entrepreneur Must Know

Summary: Starting a new startup business? Here are nine business terms everyone should know.

Running a startup business involves constant learning. Whether you are starting a business for the first time or have a more established small business, knowing a list of financial terms can help you grow your business.

Being an entrepreneur also means being a learner throughout your life because there is always a new market trend, a new tool to explore, a new challenge to overcome, and a new vocabulary to understand.

Many entrepreneurs often work with the best business motivational speaker and feel they don’t need to equip themselves with the business terms. However, knowing these financial terms will help you understand and negotiate.

Here is a list of business terms and finance terms that will help you find your way to successful small business funding:

1. Accounts Payable

Accounts payable is a financial term representing your small business’s obligations to pay debts owed to suppliers, lenders, and creditors—depending upon the type of credit provided to the company by the lender. It is sometimes referred to as A/P or AP in short.

2. Accounts Receivable

Accounts receivable represents money owed to your small business by others for goods or services rendered. These accounts are labeled assets because they represent a legal obligation for the customer to pay you cash for their short-term debt. They are also known as A/R or AR.

3. Bookkeeping

Bookkeeping is a method of accounting used to time record all financial transactions for the business.

4. Capital

Capital in business terms refers to the overall wealth as demonstrated by its cash accounts, assets, and investments. Often called “fixed capital,” it refers to the long-term worth of the business. Capital can be tangible, like durable goods, buildings, and equipment, or intangible such as intellectual property. Understanding these terms can help you navigate better financial deals even if you are working with the best corporate trainer.

5. Working Capital

It consists of the financial resources necessary for maintaining the day-to-day operation of the business. Working capital, by definition, is the business’s cash on hand or instruments that you can convert to currency quickly. It should not be confused with fixed capital; working capital is another business finance term.

6. Cash Flow

Maintaining tight cash flow control is essential to any small business, especially if it is new since ready cash can be limited until the company begins to grow and produce more working capital.

The business finance term and definition of cash flow refers to the amount of operating cash that “flows” through the business and affects the business’s liquidity. Cash flow reports reflect activity for a specified period, usually one accounting period or one month.

7. Depreciation

Depreciation occurs due to wear and tear. So, the value of any asset can be said to depreciate when it loses some of that value in increments over time. Various depreciation methods are used by businesses to decrease the recorded value of assets. You can also learn a few essential industry-related terms from your business coach.

8. Fixed Asset

A fixed asset is a tangible, long-term asset used for the business and not expected to be sold or otherwise converted into cash during the current or upcoming fiscal year. Fixed assets are furniture, computer equipment, equipment, and real estate.

9. Intangible Asset

Non-physical business assets are considered intangible. These assets can be items like patents, goodwill, and intellectual property.

Whether you are an entrepreneur or not, the business terms mentioned above are essential for everyone. They will help you to understand the diverse concepts in the business world.

The idea of managing a business is more straightforward said than done, and we agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more, visit: www.badabusiness.com

Categories
Finance

5 Smart Ways To Help You Settle Business Loans Quickly!

5 Smart Ways To Help You Settle Business Loans Quickly!
5 Smart Ways To Help You Settle Business Loans Quickly!

Summary: Is your business running in losses? Are you losing your investors because of the debt? Do you want to take your small business out of debt?

Rising interest rates and high corporate debt levels are giving sleepless nights to lots of investors and small business owners. It is impossible to predict the future, and with the latest happenings in the world, the period of consistent declines in the GDP of India, it is challenging for small business owners to run their business operations with the guidance of an expert.

Though most entrepreneurs begin their startup by arranging funds through debt funding, equity funding, loans, or other less formal sources like friends & family, the experience of being in debt can be scary and overwhelming. To avoid making drastic mistakes at the initial stage, many entrepreneurs also hire the best business coach in India.

If managed smartly, borrowing funds can help you accomplish your goals; if mismatched, it will affect your financial well-being and cause mental stress, especially to small business owners that are worse affected due to the Covid-19 pandemic.

The Indian government launched many loan schemes to offer relief to MSMEs in subordinated debts, collateral-free loans, and equity infusion through its Fund of Funds (FoF) scheme in 2020. This scheme proposes to purchase up to 15% growth capital in high-credit MSMEs.

You can work with a business coach who can help you manage funds more efficiently. Also, if you have a well-thought financial plan, you can solve the cumbersome process of taking your business out of debt, just like others. Here is how you can chart your way out of debt:

1. Reorganize the Debts 

The first step that will take you closer to managing your debt is to organize all the details of precisely what you owe. Make a list of your debts with EMIs, interest rates, and tenures. This will help you recognize the costliest obligations.

2. Pay Urgent & Costliest Debts First!

After sorting out your debts, pick the costliest one! If not paid on time, expensive debts will extract the highest interest. This can drain your finances. Hence, settle your costliest debts on a priority basis. Take help from the best business coach for strategies that will help you pay your debts.

3. Make Monthly Budget

One of the most vital debt management techniques is planning a monthly budget! Make a list of your income & expenses while deciding on your monthly budget. This will allow you to think about ways to reduce your daily expenditure. Having details of monthly cash flow can help you save money that you can use to clear your debt.

4. Consolidate Loans

Sometimes keeping track of all the loans can be difficult. If you have too many loans, it can be a good idea to consolidate them into one. This will leave you with just one EMI. Business loans, personal loans, and credit cards provide you with this option. It will remove various debts and leave you with just one loan to track. Consult with a business motivational speaker today to understand your finances. 

5. Protect yourself Against Economic Shocks 

The future is uncertain, and it is wise to protect yourself from uncertainties you might be exposed to. For E.g., a loss of a job could lead to delayed EMIs. So, to avoid such situations, create an emergency fund to help you sustain yourself during a bad phase. Ideally, this fund should be 3-6 times more than your current monthly income.

Repaying loans is a moral, legal, and also a financial obligation. With intelligent and effective debt management strategies, you too can get your business out of debt. Learn how to manage your debt with the top-industry leaders from our Problem Solving Courses.