Categories
Strategy

COVID-19 Impact: 5 Tips to Help Your Businesses Recover from Coronavirus Pandemic

Businesses have been severely impacted by the COVID-19 pandemic and are now limping back to normalcy. The Indian economy is now expected to see a faster turnaround with less disruptions to business operations as it opens up gradually. The coronavirus lockdown forced several businesses to shut while consumption slumped, investments took a hit and jobs were lost. In the time of crisis, it can be hard to stay calm, be optimistic and find ways and means to drive your business. For entrepreneurs and business leaders, being calm and working under pressure is part of the job.

In this article, we’ve put together some ideas that will help you in business recovery. Your business recovery may not happen overnight, but you can make it achievable by trying and not giving up.

Here are 4 Tips that can help your Businesses Recover from COVID-19 Pandemic

Strategic Marketing Plan

The pandemic and the lockdown slowed down the world. However, this time can be utilised by business leaders to strategically think about different ways to establish themselves in the market again once things get normal. An entrepreneur need to think of ways that can help them establish the brand identity again in the market. You need to understand your competitors and work on the leads.

Expect Delayed Payments

Businesses have witnessed a lull amid the coronavirus crisis. As businesses struggle to get back to normalcy, you can expect any restart to be a little sluggish. Almost all of us are going to be in the same boat. As you are struggling to re-establish a healthy cash flow, it’s highly likely your customers will be grappling with that too.

Look For New Sales Channels

As people now prefer being home as a precautionary measure amid the pandemic, this gives an entrepreneur a chance to establish and look for new sales channels to sell their products. Find out ways to serve your clients and customers via alternative sales channels. If you have a retail business and the pandemic has hit you hard and there is no footfall, trying looking for e-commerce offerings. If you are into hotel business, majority of people are trying and avoiding meeting at public places, in such case, you can be open for takeaways meals instead.

Review Your Website and Enhance Digital Marketing

As the economy opens, this is an opportunity for you to review your website and update the information with latest trends and demands. Take a look at your competitor’s websites and try to understand if you can add more value to your content, which will help you stand out from the rest in the market. Go digital and promote your website on social media platforms like Facebook, WhatsApp, Twitter among others. Try to build a marketing strategy if you are not already doing so. Having a plan and campaign ready as social media marketing campaigns can connect your targeted audience with a marketing message immediately.

Communicate Openly With Your Customers

‘A Customer is the King’ is an age-old business mantra which shows the importance of customers in every business. Businesses that treat their customers as king have reported higher returns than their competitors who puts little to the value of the customers. Hence, be open and clear with your customers and understand their demands. Don’t just sell your product, but provide solutions to them. If this your mantra, no force can stop you from succeeding and taking your business to another level.

 

Categories
Motivational

8 Powerful quotes by Sir Ratan Tata to Inspire you!

Certainly, the world is full of great ideas, but success only comes through action.

Ratan Naval Tata, the recipient of two of the highest civilian awards- Padma Vibhushan (2008), and Padma Bhushan (2000) is an inspiration to many. Recently, this living legend took over the internet by storm by his one more noble act that has won millions of hearts.

Ratan Tata, the most famous industrialist when travelled all-the-way from Mumbai to meet his ailing ex-employee residing in Pune, the social media erupted in applaud. The ex-employee who was not keeping well for the last two years can be seen interacting in the picture that has gone viral on the internet.

Born in 1937, Ratan Tata is the great-grandson of Jamsetji Tata (JRD) – the founder of the TATA group and is one of the most influential business leaders. His strong business ethics, values, and philanthropy have made him a visionary living legend.

Here are some of the most powerful quotes by this legendary entrepreneur to inspire every single cell in your body throughout the day:

1. Ups and downs in life are very important to keep us going because a straight line even in an E.C.G means we are not alive.

2. Ratan Tata says that you must evaluate your strength and then pick on the opportunities and challenges. You are the best judge of yourself, no one knows you better than yourself. So ask yourself what are you good at and make a decision, go all your heart out for that work.

3. Ratan Tata’s first job was to shove coal and limestone into the blast furnace. Hence, his advice for the young generation is, “No work is big or small, one should enjoy whatever work they are doing and do it with sincerity”.

4. Aim big- that is the only way you can chase your dreams. Ratan Tata emphasizes the importance of aiming big to be successful in life.

5. If you want to walk fast, walk alone. But if you want to walk far, walk together.

6. Never run away from your problems because success is always disguised in challenges. Challenges are a prerequisite of success.

7. Trust is an invaluable asset. It is very essential to build trust with the people we work with. Businesses need to gain customers’ trust; as only then they will get closer to you.

8. Make every day count and plan your day early in the morning. Successful people always plan their time early in the mornings and then make sure the plan gets executed.

Anyone who wants to make big in life or simply wants to pump their mind with some extra dose of motivation, these powerful quotes by Ratan Tata will surely inspire you.

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Categories
Finance

What is a Business Credit Score & Why is it Important? Here are Three Benefits of Having a Higher Credit Score

For firms to survive only on equity and owners’ fund is not possible. As a business grows, expands and diversify, more and more funds are required. Owing to the limited funds with the owner, businesses look for external sources and borrowed funds. Availing a loan is a tiresome and lengthy process; firms do not get the debt easily from the market. Lenders will be keen on allocating their money to the business, only when they are sure of uninterrupted growth and return. Here is when a firm’s credit score comes into the picture. Home Business Ideas: 4 Brilliant Work From Home Ideas That You Should Consider Taking Up.

In simple words, a business credit score is a number that indicates whether a company is a good candidate to receive a loan or become a business customer. This score is based on various parameters such as company’s credit obligations and repayment histories with lenders and suppliers; any legal filings such as tax liens, judgments, or bankruptcies; how long the company has operated; business type and size; and repayment performance relative to that of similar companies. Startups in India Bagged $9.3Bn Investments in 2020 Despite COVID-19 Challenges: Report.

Following the separate entity principle of accounting, the process of calculating the score only takes into consideration the financial position and performance of the business. However, in the case of a small business, the lender might check both the businesses’ and owners’ credit scores, since the personal and business finances of such firms are highly influenced by each other.

A good credit score helps businesses in more than one way. Here are three benefits of having a positive credit score –

 Quicker Approval of Loans

A good credit score is an evidence of the credit worthiness of an enterprise. If a firm has a positive credit score then it becomes easier for it to get loans, from small to large, without going through a time consuming and lengthy process. Higher credit score creates a credible identity for the business in the eyes of the lender and therefore gives your application a boost, giving quick approvals to loans.

Lower Interest Rate

Apart from the re-payment of the principal amount, a borrower needs to make regular interest payments as well. However, a good credit score allows the borrower to negotiate a lower interest rate. Businesses’ with higher credit scores are generally able to secure the lowest interest rates available at a given time, thereby reducing the repayment burden on the firm.

Easier Terms of Loans

One of the biggest benefits of having a good and high credit score is that it provides the businesses more bargaining power over terms of the loans, including the repayment period, repayment method, collateral requirements among others. Since a good credit score ensures that the business is capable of timely and full repayment, the lenders are comparatively lenient of the borrowers.

Hence a business should maintain a good and higher credit score to meet its funds requirement and avail quick loans at flexible terms of repayment. It highlights the creditworthiness of the business and attract private and institutional lenders.

 

 

Categories
Startup

Home Business Ideas: 4 Brilliant Work From Home Ideas That You Should Consider Taking Up

At a time when the world is battling the coronavirus pandemic, people have been forced to work from hone than ever. Whiles some are working remotely, some have started their own small businesses amid the crisis. Staying productive and maintaining a balance between professional and personal life is the only way out to survive the crisis. Amid the crisis, employers are encouraging or requiring people to work from home for an indeterminate amount of time. If you are planning to start a home-based business, you need to first understand what interests you and what you are good at!

Remember, a business will survive if there is a need of your product in the market. The struggle comes when you have to create a demand for your product, which takes a great deal of time, efforts and funding. Of course, there are pros and cons to consider when deciding whether a home-based business is right for you. If you’re new to the work-from-home lifestyle, you will have to change some of your routine habits to make working from home a success.

Buy products in bulk to sell

If you want to start with a small business, this hack can work wonders! Amid the pandemic and COVID-19 restrictions, people avoid venturing out to buy things. If you have good contacts, you can buy products in bulk and sell them in your circle, neighbourhood and among your pals. These products can be really simple ones, like cups, mugs, coasters or maybe other daily essential items. Maybe you know of some unique products that aren’t readily available in your market despite a demand for them.

Sell homemade products

Be your own boss and sell what you make. There is no other joy that creating something of your own and selling your own handmade products. If you are the maker yourself, you can consider turning your hobby into a business. If you like making candles, cushion covers, curtains, dresses, or anything else, you can create your products and make it commercial. You can also sell gift baskets, handmade jewellery, sweets, homemade cookies, personalized gifts, etc. The only thing you should focus on is to promote and make it reach large audience via social media. As home business idea, there are plenty of opportunities for designers to create and sell their own clothing from home.

Baker

If you enjoy cooking, especially baking, and you can spend a great deal of time baking in order to create enough goods to sell, taking up baking as a profession is meant for you! It is rewarding which fetches you decent income. With too much competition in the market, it is tough to stand out in the crowd. To take up baking business, buy some equipment and set up a commercial kitchen at home. You can sell your products to local shops or businesses or sell products online. Read up on regulations to be compliant!

Freelance Writer

If you are fond of writing and can play with words, it has huge potential to be one of the most profitable business ideas. Freelance writing is the perfect job for people planning to set up their own blog or digital content firm. You don’t need any formal training to become a freelance writer.

Categories
Business motivation

WhatsApp Shopping ‘Cart’: A Smart Tool for Smart Business Owners!

Now, along with staying connected, WhatsApp users can place orders with the new ‘carts’ feature in the app.  With more than two billion users base worldwide, WhatsApp has more than 340 million Indian users, which makes India WhatsApp`s biggest market.

Having such a vast audience, WhatsApp has gained the attention of small business owners and retailers. This Facebook-owned instant messaging app has allowed small retailers to sell their products via their platform service and has become a ‘WhatsApp e-commerce store’.

According to a recent Harris Poll survey, highlighted by WhatsApp revealed that 76 percent of adults in India said that they are more likely to purchase from a company that they can contact via an instant messaging app than the one they cannot. 81 percent of the Indians agreed that messaging through a chat app is a much easier, faster, and convenient way to communicate.

Hence, to provide more comprehensive services to consumers and ease for selling small businesses, this instant messaging giant has launched a feature called ‘carts’. Resembling a storefront, this new and innovative feature lets the customer’s purchase products without having to switch to another app.

It also gives them access to explore the catalog, chat and discuss a particular shortlisted product with their friends, family, or colleagues and buy it, right from their chat window.

Small business owners, entrepreneurs, and solopreneurs can use their catalog to showcase their goods or services, and then chat with the customer to coordinate the details and payment. Also, the ‘cart’ feature within the app makes the process of transactions easier for businesses through this app.

“WhatsApp is fast becoming a store counter to discuss products and coordinate sales. Catalogs have allowed people to quickly explore what’s available and helped businesses organize their chats around particular products. With more and more shopping happening through chats, we want to make buying and selling even easier,” WhatsApp said in a blog post.

With ‘Carts’- the new WhatsApp shopping button, people can select multiple products by browsing through a catalog and send the order as one message to the business.

More than 175 million send messages to a Whatsapp Business account every day, and around 40 million people check out a business catalog each month, including more than three million in India.

If you are looking to add your business on WhatsApp business, you should do it without any further delay. The new WhatsApp shopping feature will help you maximize the reach of your business and will help you expand it with a large customer base.

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Categories
HR & People Management

3 Tips for Setting Better Business Goals for Employees

Don`t focus on multiple things, focus on your business goals and growth will follow you’. Setting up business goals for employees is very essential for any organization. Goals represent critical and important achievements in your growth strategy.

Goal settings have long been used as a quantitative measure for employee performance. But many organizations find the entire process rather time-consuming and least effective. However, the truth is that if done correctly, business goal setting can help to improve productivity.

According to recent McKinsey research, ‘goal setting for employee elevates the performance, which benefits the organization and helps to achieve business goals’.

Here are three critical things that organizations must keep in mind while setting goals for an employee:

  1. Make Employees Part of your Business Goal-setting

The purpose of a business goal setting is to improve the productivity of the employees. Hence, it makes sense to include them in this process. Managers should develop goals by involving their team members by following the SMART approach- specific, measurable, actionable, results-oriented, and time-bound.

Applying this strategy will inspire commitment and instill a sense of ownership in the individuals to achieve business goals.

  1. Link Business objectives with Employee Goals

When business objectives are linked with employee goals, an effective performance management system is achieved. Employees will be motivated to see how their individual goals fit into the bigger picture. In recent years, many organizations are linking their business goals to functional business objectives. This approach helps them to achieve team-performance goals.

It encourages accountability and individuals to perform better as they see the direct impact of their performance.

  1. Set Realistic & Real-time Goals

Dynamic & evolving! That`s how every goal should be. One common mistake is setting business goals at the beginning of the year and then forgetting about them. However, as realities fluctuate throughout the year, failing to achieve those goals can be demotivating.

Goals should become moving targets, but they should also provide a scope of adaptation, whenever required. Targets should be updated if the assumptions used to set them to change unexpectedly. This approach helps to motivate employee performance.

Nobody likes annual performance reviews, but setting business goals for your employee can flip the game. Goal setting can improve an employee`s commitment and contribution to improving organizational health.

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Categories
Startup

Planning To Start a Business in Beauty Sector? Here Are 4 Tips You Should Know Before You Begin

The beauty sector is among the fastest growing sector. This sector is witnessing constant innovations as new beauty products and services are being launched at regular intervals. Despite the uncertainty that COVID-19 has brought, the beauty and cosmetics businesses have skyrocketed. Over the next few years, the beauty market is expected to continue to rule the retail industry. If you are planning to try your luck in this sector, then this is the best time to get started. This could be a great year for those who want to try their luck in the market. One thing that you should keep in mind is that starting a beauty business can also prove dangerous if managed with poor planning.

Keep Up with Trends

You need to be really well-informed about the latest beauty products in the market to keep your game up the mark. You can’t really run a successful beauty business without following the latest or current trends. This is a very competitive market and you need to always be one step ahead of your competitors. If you are new to this sector, you can subscribe to a variety of well-known beauty/fashion websites to stay updated on their latest products.

Choose a Product

The most important thing that you need to do is ‘Choose a product’. You have to decide on a product that you can create with a unique touch which will make you stand out from the rest in the market. Try and understand what interests you the most and also ensure there is a demand for what you want to produce. Start with only one or two cosmetic products before growing your business. By choosing one or two beauty products, you can perfect the process and know about the wants and needs of your customers.

Use Technology to Spread The Word

In this digital era, consumers use various channels to shop. People are highly dependent on online shopping and have become really techno-savvy. Thus, make sure you make it easier for them to find your brand online. Make your brand visible via online mode and target your consumers by promoting your products through social media platforms like Facebook, Instagram, WhatsApp among others.

Get Funding

If you are planning to start a business, it will requires a healthy amount of investment to get started. Try and meet people who you think can sponsor things to help you grow. For cost-cutting and to get a hang of things, you can opt for second-hand equipment for your business. If you are planning to take your business forward with an investor, determine if you want a partner who is hands on or you want a silent investor. Investors could be family members, friends or business associates.

 

Categories
Startup

Planning to Start a Tourism Business? Here Are 4 Revenue-Boosting Tips for Small Businesses in Tourism

The tourism sector in India is going to be the next growth driver but to achieve that, it needs to survive the impact of the COVID-19 pandemic and emerge to be one of the leading industries in the country. As the country battles the coronavirus pandemic, every sector that has been hit hard is limping back to normalcy after the government has eased the restrictions. At present, each vertical of the tourism industry is under deep stress and hopes to revive in the coming year.

The travel industry is booming with small tourism businesses now. So if you are planning to start a tourism business, the New Year is the best time! There you have it, now it’s time to get marketing, so don’t hold back. Here are 4 revenue-boosting tips for small businesses in tourism.

Expand the business beyond your website

People usually review a place when they wish to plan a travel. A thorough study is done of the location and what it offers. Online searches have become increasingly competitive, even amongst the big companies. One way to expand your business beyond your website is tie up with third party-platforms which provide an online marketplace for travel experiences. They can offer a lot of exposure, for small travel companies and demand a small commission.

Build a Discussion Platform on Social Media

Social media interaction is growing and you need to just talk about your website and promote it to people across groups.  People visiting your area will have plenty of questions that they need answered before they come. Create a discussion platform where people can come and discuss out places they want to visit. A great way to supercharge your tourism marketing is by creating a discussion platform around your Facebook page.

Create Awesome Destination Videos

Videos help a lot in spreading awareness. The world is moving into a digital era and is more inclined to video content more than just reading about things. Videos have a potential to convey a lot of information in very little time, so it’s a great way to showcase about what you can offer to your customers.

Generate interest about a destination with online quiz or a challenge

Challenges have become a well-loved internet sensation and attracts a lot of people at the same time. Promoting your business cannot get as easier as this one because people are far more likely to participate and share with their networks. One thing that you need to keep in mind is that you should create a fun challenge related to your niche.

Categories
Startup

Planning to Start Your Own Business in 2021? Follow These 5 Rules For a Successful Start-Up

The Indian start-up ecosystem is blooming, with more and more individuals giving up their regular jobs and taking the path of entrepreneurship. As per the Economic Survey for 2019-2020, India now ranks in the number of new firms created annually. Quoting the data from the World Bank, the survey concluded that number of new firms in the formal sector has grown by a significant 12.2 per cent between 2014 and 2018, compared to a meagre growth of 3.8 per cent from 2006-2014.

From idea generation to implementation, starting a business takes a lot of efforts, dedication and perseverance. A start-up founder should be extremely careful while making entry level decisions as the initial success of the business depends upon them. Having a business of your own does look like a Herculean task, but with proper research and guidance, starting, surviving and being successful in the business is not impossible. Being a Solopreneur: 5 Business Tools to Grow your Business.

Here are Five Golden Rules Every Entrepreneur should follow to Make the Start-Up a Success: 

Undertake Market Research and Analysis

The first and foremost rule of any business is to properly research the market. This includes analysing the market demand, competition, price range, and channels of distribution among others. Understanding customers’ taste and preferences is also an essential pre-requisite of launching a product or service. Analysing the market trends and patterns help the entrepreneur to make informed decision and deal wisely with external environment challenges. 7 Powerful Marketing Ideas to Boost your Business in 2021.

Ensure Constant Funding

A start-up needs steady and committed sources of funding to establish itself in the market. Many start-ups shut down in the initial years owing to lack of finance. Before jumping into the market, the entrepreneur should ensure that the business has adequate source of funds and have an access to a regular stream of finance. Various private and public sector banks, venture capitalists, angle investors, government grants are among secured source of finance for start-ups.

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Devise Comprehensive Marketing Strategy

For a business to establish itself in the market, it needs to be visible to its potential customer. Marketing and advertising helps the start-ups to increase its reach. Entrepreneurs should carefully choose their marketing plan and advertisement campaigns. Ads should convey real vision of the business and create a positive image in the minds of the people. Efficient marketing policy also helps in generation the ‘want’ for the product among the potential customers, thereby increasing sales and profits.

Know Your Customers

It has been rightly said and preached for generations that ‘Customer is the King.’ Every entrepreneur need to believe and follow the same. Knowing the customers in extremely important as their attitude, preference and tastes effect the business’s offering. Start-ups should avoid indulging any activity that might upset the customers. Businesses should understand the overall society as well, the cultural and social environment also effects the functioning of the start-ups.

Comply With Legal Requirements

In order to undertake various operational and production activities without any hindrances, businesses should make sure that they comply all the legal requirements. There are various legislations that govern any business, to avoid any penalties or fine, entrepreneurs should make sure that all laws are abided by. These include laws related to incorporation, labour, product, customer safety among others.

Apart from these, entrepreneurs should also focus on sticking to the budget, garnering knowledge about the various aspects of business. Start-ups also need a strong and dedicated team of employees to achieve its goal. Starting a business is indeed a big and courageous step which requires perseverance and dedication. However, with proper knowledge and hard work establishing and succeeding in business world is not impossible.

Categories
Motivational

From Basti to San Francisco: The Success Story of Indian Start-up CEO who built a $2 Billion Unicorn!

As 2020 is about to end, this year was indeed special for Indian technology businesses and start-ups. Though the Covid-19 pandemic turned businesses on their head, it also posed new opportunities for many Indian start-ups like ‘Postman’.

This Bengaluru and San Francisco-based SaaS start-up became the fastest SaaS start-up to enter the elite unicorn club in 2020.

Founded in 2014, Postman provides a feasible platform for software developers to accelerate the development process through collaboration with various stakeholders. Claimed to be used by over 11 million developers, worldwide, it helps the coders to run their APIs and modify them without having to create separate code for testing them.

Abhinav Asthana, Founder & CEO of Postman hails from the small town of Basti, which is located in eastern Uttar Pradesh. Abhinav`s father was in the civil services and because of his transferable job, the CEO of the Indian start-up Postman, grew up in small towns all over UP.

During his schooling years from 1 to 5, his family lived in Basti before moving to Lakhimpur, which is located close to the Nepal border, where Abhinav finished his high school.

According to Abhinav, he got his first computer when he was in Class 5. “We got our first computer when I was in Class 5. It was the first Pentium I PC. And basically, my dad told me if I am going to game on it all the time, he is not going to allow that. So, I had to do something else and that became programming,” he added.

“At that time, the internet was just kind of taking off in India. Lots of excitement and there was a dial-up internet thing in the early 2000s if you remember. So, I got connected to people across a bunch of forums and we started building websites”, he fondly reminisces.

So how did he get the idea of launching an API (application program interface)platform? The Postman CEO wanted to solve the problem of API debugging for himself. However, he could not find anything good, and that`s how he started Postman as a side project.

During his college years at BITS Pilani`s Goa campus, he did a lot of side projects and initiated a project called BITS 360. The project gained popularity on campus and among BITS aspirants across the country.

Talking about his entrepreneurial journey, Abhinav says, “I always wanted to start a company and I did. It wasn’t a startup at that time, it was called TeliportMe, and prior to that, I had been founding stuff since my school days. I had a design consultancy that I did in school, made some money out of that.”

 

But in 2013, he found himself at the crossroads of his career. TeliportMe, his first start-up project was doing well and stable too, but it was not what Abhinav wanted to do. “It’s always tough to decide what is the thing you got to be doing”, he added. So in 2013, he left the company and took some consulting gigs on the side to pay the bills as he did not want to ask his father`s help to pay the rent.

He recalls, “I lived in Indiranagar (Bengaluru) and what I realized during that time was Postman had all of those things that I was trying to intentionally build as products in previous generations. It had that user love, a community that was coming around it, and people wanted the product. They wanted it to become better, they were using it, recommending it. It became a key part of their workflow.”

 

However, it still wasn’t a business and had a ‘donate button’ for people to contribute and send in “some money”. “Ultimately it came to a point where a company based in Seattle sent a $500 cheque saying that ‘we want to pay for it but there’s no way to pay”, he chuckles.

In 2014, he was joined by his Co-founders Abhijit Kane and Ankit Sobti and the trio launched the start-up formally. Today, Postman claims to have 1.6 million active users and in June 2020, the six-year-old startup secured a Series C funding of $150 million at a valuation of $2 billion.

The investment was led by US-based venture capital fund Insight Partners. Postman`s existing investors Nexus Venture Partners & CRV also participated in the round.

Business is a religion. Success is a religion. It takes years to figure out what works and what does not work for your business. But why should you waste your valuable years in figuring out- ‘WHY’, when you can learn ‘HOW’ from the years of experience of the most successful billionaire business leaders.

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