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MSME

SMEs Shifted Towards Online Marketplace to Cope-Up with COVID-19 Pandemic, Says Report

SMEs adopted digital platforms to cope up with COVID-19| Representational Image (Photo Credits: Pixabay)
SMEs adopted digital platforms to cope up with COVID-19| Representational Image (Photo Credits: Pixabay)

Various businesses suffered huge losses this year owing to the COVID-19 outbreak and the consequent lockdown. All the economic activities, expect for essential items, came to a standstill. However, many businesses did find an alternate route to keep going – the online business platform. Firms increasingly took their businesses online and avoided the traditional physical marketplace. Small and Medium enterprises also entered the digital business spectrum. According to a survey report by CRISIL, smaller enterprises have shown a “big digital shift” to shore up sales in pandemic times. National Startup Awards 2021: DPIIT Invites Entries to Reward Outstanding Startups; Know Eligibility, Prize and How to Register Online at startupindia.gov.in.

The survey was undertaken in November with the aim to find out the level of change in digital activities and access of the small businesses owing to the COVID-19 pandemic. The survey concluded that, the adoption of digital sales channels among micro and small enterprises (MSEs) has increased significantly since the COVID-19 pandemic struck. According to the survey by CRISIL, around 60 per cent of the respondents adopting digital selling said it helped them weather the pandemic-induced stress, while the rest said it boosted sales. 5 Auspicious Dates in January 2021 to Kick-Start a Startup!

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“These respondents were also more positive about their near-term business situation compared with those that didn’t take the digital route,” said Bhushan Parekh, Director, CRISIL. “About 29 per cent of the MSEs surveyed were using digital sales channels such as online aggregators or market places, social media, and mobile marketing before the pandemic struck,” added Parekh.

“That number has shot up to 53 per cent among small enterprises and 47 per cent among micro enterprises as of November. Despite their limitations, micro enterprises are not very far from small enterprises in digital adoption. Also, many more are now saying they will take the digital route soon,” he said. “This underscores the fact that increasing digitalisation enlarges the footprint of MSEs, helping them tap newer markets and improving their access to credit,” said CRISIL’s director.

In the manufacturing industry, SMEs belonging to gems, jewellery and textile sector recorded the maximum improvement, as per the survey. Textile SMEs showed a massive jump of 38 percentage points in adoption of digital channels. Adoption in pharmaceuticals was unchanged at 29 per cent because of relatively higher offline demand during the COVID-19 pandemic.

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Startup

National Startup Awards 2021: DPIIT Invites Entries to Reward Outstanding Startups; Know Eligibility, Prize and How to Register Online at startupindia.gov.in

Startup
Startup

The Department for Promotion of Industry and Internal Trade (DPIIT) has launched the second edition of the National Startup Awards (NSA) 2021 and have called for entries to reward the outstanding startups. This initiative by the DPIIT aims to acknowledge  the efforts, initiatives and resilience demonstrated by the startups over the period of unprecedent challenges during the pandemic.

This year, additional categories have been introduced to NSA 2021. The NSA aims to recognise innovations focussed towards indigenisation of key products essential for realisation of an Atmanirbhar Bharat.

Here’s How to Apply for National Startup Awards (NSA), Eligibility and More

  1. Startups can register for the National Startup Awards (NSA) 2021 on www.startupindia.gov.in. The applications for the awards are open till January 31, 2021.
  2. The awards for startups will be given in 49 areas classified into 15 broad sectors. The 15 sectors are Agriculture, Animal Husbandry, Drinking Water, Education and Skill Development, Energy, Enterprise Systems, Environment, FinTech, Food Processing, Health and Wellness, Industry 4.0, Security, Space, Transport and Travel.
  3. In addition, there are six special awards for startups from educational institutions, making impact in rural areas, women entrepreneurs, potential for import substitution, innovation for combatting COVID-19 and content delivery in Indic languages. It will also reward exceptional incubator and accelerator as key building blocks of a robust startup ecosystem.
  4. All the other details of the application process may be seen at www.startupindia.gov.in.

Awards for National Startup Awards (NSA) 2021:

  1. A cash prize of Rs 15 lakh each will be awarded to one winning incubator and one winning accelerator as well.
  2. A cash prize of Rs 5 lakh each will be awarded to the winning startup in each area.
  3. The winner and two runners up will also be given opportunities to present their solutions to relevant public authorities and corporates for potential pilot projects and work orders.
  4. They will also be given priority for participation in various national and international startup events. Click Here for more details on awards.

DPIIT had initiated the first ever National Startup Awards in 2019 with a view to recognize and reward outstanding startups and ecosystem enablers that are building innovative products or solutions and scalable enterprises, with high potential of employment generation or wealth creation, demonstrating measurable social impact. Taking forward the overwhelming success of the first edition of NSA, DPIITnow announces the launch of second National Startup Awards 2021.

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MSME Sales Startup Strategy

4 Successful Tips to Run Discounts & Special Offers For Your Business Ahead of Christmas 2020 & New Year

Discounts, Special Offer
Discounts, Special Offer (Photo Credits: Pixabay)

Mumbai, December 24: 2020 was an extremely difficult year for most sectors due to the lockdown amid the coronavirus outbreak. However, towards the latter end of the year, green shoots of recovery were seen as the economy started to open up.

So far, the festivals have been lacklustre in India because of several other factors, including people not willing to spend on unnecessary things. However, the sentiment has picked up and there is a momentum in sales as we approach the year-end.

If you have an online business or a store, then you can offer some discounts to entice your customers for Christmas and New Year. However, promotions and discounts should be given in such a manner, so that they don’t eat up the profit margin and help you in increasing sales.

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Define your objective: 

Before you start any promotional offer, you should define the objective. What is the purpose of running this sales offer? Is it to get new customers or target the existing customers? Is it to increase sales or hook them to your brand. Be clear in your head with these answers.

Should have a fixed timeline:

Sales, discounts and any offers should be there for only a limited time period. The promotion of your brand should clearly mention the start time and the end time.

Market well:

If you are running a sale and your customers are not only aware of it, then the entire purpose fails. Therefore, make sure to advertise your promotional offers, incentives properly. Promote the news of your sales on social media. Spend money to run promotional campaigns and target audience based on your location and TG.

Track Your Results:

After any campaign, it is very important to track your results. This will help you to understand your customer behaviour, which segments are responding better to your campaigns or which type of campaigns are more effective. You need to study the results and this will help you to run your next campaign

We hope that these tips will come in handy for your business and you run successful marketing campaigns.

 

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Business motivation

Top 3 Christmas & New year Business Ideas to Start Now!

Christmas and New year business ideas

Planning to start your own business in 2021? Christmas and New Year is the best time to transform your idea into a beautiful reality. However, it is essential to take the new normal into account.

There are plenty of factors that make Christmas 2020 & New Year 2021 immensely special due to the challenging times that we have faced this year. Although the world prayed for the current situation to get better, the festival of Christmas brings a ray of hope and happiness to brighten up our lives.

 

Most of the people take a break from their monotonous routine to celebrate it with their family. However, this day also offers several opportunities to start your own business. If you can create an exceptional experience with customers, we have a list of creative holiday business ideas for you.

 

Check out these small business ideas that you can start with a little spin to make money during this holiday season:

  1. Virtual Party Planner- Considering the current scenario, most people will avoid traveling due to the Covid-19 pandemic. Become a virtual party planner and help families by suggesting fun ways to plan and coordinate amazing get-togethers on video calls. Let your imagination go wild and come out with exciting games that can be played remotely.

 

  1. Designer Crafts & Gifts Baskets- Christmas is all about exchanging gifts. If you enjoy making someone`s day special, selling your personalized holiday gifts online can be a unique new year business idea. You can also focus on decorated gift baskets with different themes.

 

  1. Flower Decorator- Becoming a flower decorator is another great small business idea as people look for good quality flower arrangements. If you have the right skill, creative mindset, and adequate knowledge, it is the perfect time to start your own business.

 

Starting a business might seem daunting at first, but if you have a unique Christmas or New Year business idea, then without wasting any further time, execute it with smart business strategies.

Want to know about key business strategies that can help you set up a start-up? Visit http://www.badabusiness.com You can find premium online business courses explained in layman`s language. https://www.badabusiness.com/psc Visit now!

Categories
Finance

5 Most Common ITR Filing Mistakes You Should Avoid!

income tax return filing

The year 2020 did not start on a good note, however, for taxpayers; there is a piece of great news. The deadline to file your Income Tax Return (ITR return) for FY 2019-20 has been extended to December 31, 2020, from the earlier deadline of November 30, 2020.

As the extended ITR return on the last date must have given the taxpayers some respite, the deadline to file your ITR return is fast approaching. As the taxpayers gear up to file for their ITR, we would like to point out five mistakes that can prove costly for you.

Here are 5 mistakes you must avoid while filing for your ITR return:

1. Not Filling Correct Bank Details

While filing an ITR return, a taxpayer is required to list out all the bank-related details. Make sure that you enter the correct name of your bank, account number, IFSC & MICR code while filing ITR returns online. Along with bank details, your details for communication should also be correct. The income tax department communicates through email and mobile phone. Hence, double-check all the required details.

2. Not Disclosing Every Bank Account Details

Not disclosing all the bank’s account details while filing an ITR return is the biggest mistake you can commit. All the details regarding your accounts in multiple banks need to be disclosed. Not disclosing that information is illegal. Thus, if you have multiple accounts in your name in different banks, you must disclose the information while filing ITR return online.

3. Not reporting incomes from investments

A taxpayer needs to report all the income from investments such as interest gained from fixed deposits (FDs), capital gains from mutual funds, or any other such assets. Most people generally forget to report interest received from their savings account in banks, recurring deposits, fixed deposits, etc.

4. Mismatch Income Form 26AS and TDS certificates

For employed taxpayers- Form 26AS is very essential and one should be careful while filing ITR. One little mistake can lead you to payment issues later. Keep all TDS certificates like Form 16, bank interest certificates Form 16A, TDS certificate from the sale of property-Form 16B. Also, check whether the correct TDS has been deducted against the PAN mentioned in the 26AS form.

5. Not Verifying ITR Return Online

Last but not least! It is important to verify your ITR return online to complete the process. You can verify your ITR return file via Net Banking, De-mat Account, Aadhar no., and bank account details. You can check your ITR return status online.
Keep the above-mentioned points in mind and ensure that you fill in all the necessary details carefully to avoid any future hassles.

Categories
Business motivation

Converting risk into opportunity: 3 Sectors that May See Massive Growth in Post Covid-19 Era!

Converting risk into opportunity

The Indian economy has taken a blow, due to the Covid-19 pandemic. But some sectors have converted this threat into a lifetime opportunity. The companies are fighting for their survival challenges; however, the current job market is expected to see immense growth post-COVID era.

Even though the economy is witnessing a slow recovery, few sectors are expected to perform better shortly. This will have a deep and positive impact on the job market in India and might also help to minimize the current lay-off scenario.

Following are the top 3 sectors that will be offering opportunities for both the professionals and entrepreneurs who are looking to target the segmented market:

Digital & Technology: The course of the pandemic has changed the dynamics of the way we work. Most people are now working from home which has made digital medium paramount. Whether it is entertainment, education, work, or business, online platforms have seen a boost.

The huge demand for meetings over video calls has inspired the platforms to come-up with innovative features. Entrepreneurs and job professionals can find ample jobs and career opportunities despite after covid-19 pandemic.

FMCG & Retail: If there is one sector that has seen growth during the pandemic times, it is FMCG & retail sector.  During the lockdown, consumers opted for eating home-cooked food. Consumer behavior shifted from eating outdoors to indoors. The continuous confusion among the consumers heightened the need for healthy food and essential supplies.

Multiple brands have launched new products in the food and healthcare categories to increase their distribution reach. From big to small, the food-based retail chains have emerged as clear winners. This sector will see many opportunities in the current job market.

Healthcare Sector: Despite facing the hardships owing to the lockdown, this sector is going to see immense growth in the aftermath of the pandemic. The importance of health investment is realized all across the world. Demand for PPE kits, masks, and sanitizers has seen a rise.

Many companies are using this opportunity by introducing a different segment of the product mix. While new brands are trying to mint the situation, established brands that have earned the trust of their customers over the years are leading through this rat race. Thus, we can hopefully expect increased jobs and business opportunities in this sector.

Difficulties of your life are not the dead ends; they are just the sweet bends. So, look for opportunities in the sectors that are faring better. It would be a smart move!

Categories
Strategy

7 Successful Business Strategies to Help your Business Grow

7 business stretagies

Growth is fundamental for any business`s existence and survival. According to a study conducted in 2017 by IBM Institute for Business Value & Oxford Economics published in Forbes, around 90% of Indian start-ups fail due to lack of innovation, technology, and unique business models.

Although these numbers are more or less the same across most industries, the data highlights the importance of a growth strategy in a business.

Check out 7 key business strategies that will help you grow your business:

 

Bring PPT in Repeatable Business Model

If you think PPT is an abbreviation for PowerPoint, think again. PPT here stands for People Process Technology. Every successful business has a competent team that is process and technology-oriented.

  1. a) PEOPLE- A successful company makes a profit with the help of an efficient team that is a process as well as technology-oriented. Hence, hire people who work on processes and are technologically driven.
  2. b) PROCESS- A business strategy that is accurate, consistent, and efficient is required to run any organization smoothly. Your business model should give accurate results, persistently at a rapid speed.
  3. c) TECHNOLOGY- As technology is getting advanced with each passing day, constructive use of it can take your business to a large scale. A technology-driven business strategy can help you achieve your goals at a great speed with less manpower.

Make RBG Dashboard

‘A dashboard needs to be in the light, focused on K`s in the Key Performance Indicator (KPI)’. Make a dashboard to review the performances of every department in your company. Ensure that every employee in your department is aware of his job role and goals. This business strategy will help you keep a record of every department along with their performances.

CGP Safety Trinity

Cash, Growth & Profit! The combination of these three factors can help to grow your business. Hence, it is very important to see the CGP data for the current month, last quarter, and year to date to come up with a successful business strategy.

Form a CEO`s Team

It’s never a 100 meter-dash, running a business is a marathon. When there are multiple things on your mind, it is hard to focus on growth. Thus, pick up your key performers and make a team that can manage the office in your absence. They can attend meetings, do planning, resourcing, and can also manage the workplace. This way, you can focus on growth, make innovative strategies, and come up with future business opportunities.

Invest in a Good Productivity Tracker

A productivity tracker is an excellent way to keep track and boost the productivity of your employees. It detects and analyzes distractions that may interfere with work.

Reports generated through a productivity tracker can help identify potential productivity issues, increase productivity, employee performance, and allow real-time monitoring.

Main thing v/s Multiple Things

Multiple things take away too much time and can push you off the main goal. Thus, create a ‘things-to-do’ list with important things placed on top and less important things at the bottom.  A successful business strategy is to stay focused on the main activity, execute the plan, and finish it on time to drive results.

Restructuring the Business Model

Passive income is a must, because you may retire, but your money will never retire! Passive income will help you generate business from anywhere and anytime. Hence, restructuring your business model is important to grow your income.

Many businesses do not sustain in the long run in the absence of a successful business strategy. If you want to grow your business read about our problem solving courses that are available on our website.

Categories
MSME Startup

Kisan Diwas 2020: Here Are 4 Agriculture Business Ideas Which You Can Start in 2021

Organic Farming
Organic Farming (Photo Credits: Pixabay)

Mumbai, December 23: The coronavirus crisis has impacted all sectors across the world, but agriculture continues to be one of the most evergreen sectors. The best part is you can start your agriculture business with low, medium and large investments, depending on your budget.

You can start any agriculture-related business and earn a good income out of it. This sector has also witnessed huge changes thanks to technology which has improved efficiency. Earlier this sector used to depend much on the climate for its flourishment but with the introduction of technology and science, the agricultural business has also has witnessed huge development.

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On the occasion of Kisan Diwas 2020, we have listed 4 agriculture business ideas which you can start in 2021:

Mushroom Farming: Mushroom business is very profitable. It can be started with low investment and it requires less space also. Mushrooms today have become a popular ingredient that forms a part of different cuisines.

Fertilizer Distribution: This is another business which you can get into. Here, you have to plan and buy fertilizers from big cities and sell them to rural areas.

Dry Flower Business: This is another business, which you can start as dry flowers have been becoming extremely popular. Demand has increased for dried flowers over the past few years, as more people discover easy and fun DIY challenges.

Organic Vegetables: This is a profitable business as people have been increasingly purchasing organic vegetables because of health benefit.

We hope that these ideas come in handy if you are planning to invest in this sector in 2021.

 

Categories
Strategy

Customer is the King ! 5 Ways to Improve Customer Satisfaction

Customer Satisfaction| Representational Image (Photo Credits: Pixabay)
Customer Satisfaction| Representational Image (Photo Credits: Pixabay)

A happy customer is the pre-requisite for a business to succeed and survive in long term. It helps the business to face the competition as well. Customers are undoubtedly the king of the market. All major objectives of a firm including sales maximisation, profit generation, wealth maximisation and growth are fueled by customer satisfaction. Firms constantly look to acquire more and more buyers. However it is equally essential to retain the existing customers.  According to Forest Research, it costs five times more to find a new customer than to retain a current customer, so it is essential that a firm keeps a tab on its customer’s expectation and satisfaction. 3 Innovative Business Ideas that will re-shape your Career in 2021!

Customer satisfaction can be defined as how happy the customers are using the company’s products or services. It can be also reflected in how a customer rates the business and how they refer it to their friends or families. Here are some efficient tips of improve customer satisfaction –

Know the Customer

Understanding the customers is the step towards customer satisfaction. Customers feel valued when a firm listens about their concerns and work on them. It starts with knowing your customer and understanding their needs and wants. It also the firm modify its products & services to match customer needs and interests.

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Customer Dealing Etiquette

Business should be very careful while dealing with the customers. Firms also need to train their employees in customer dealing. They should be treated properly, avoid using harsh words, listen to their complaints patiently and respond to their queries. According to Global State Report, 82 per cent of consumers worldwide mentioned they have stopped doing business with a brand after a poor customer service experience. 5 Effective Online Marketing Strategies For Your Bakery Business Ahead of Christmas 2020 & New Year 2021.

Quick Redressal

Another way to increase customers’ satisfaction is to provide quick solution to their grievances and queries.  Response time is an essential element of customer satisfaction. The lesser the response time, the happier the customer. According to surveys, two most common customer service frustrations are waiting for sales or support assistance and being put on hold for a long time. This results in creation of a negative image of the business in the minds of the customers.

Value Customers’ Feedback

A firm should always sought valuable feedback from the customers on their products, services or campaigns. The feedback should be always taken seriously. Businesses should ensure to work on the negative feedback and amend the issue. Business needs to keep a regular check on the reviews and comments made by its customers.

Engage With Customers

Businesses need to develop a long lasting relationship with the customers. They need to engage with the buyers. Organise contests and encourage customers’ participation. Wish them on their anniversaries, make them feel important. Keep a regular dialogue through message or mail alerts on new products, discounts, and schemes etc., Customers should feel like a part of the business.

Customers’ satisfaction is important for the growth and survival of the firm. A happy customer attracts more customers than any advertisement campaign. McKinsey reports say, “70 per cent of the customer’s journey is based on how the customer feels they are being treated.”  So make sure to make your customer feel as the king.

 

Categories
Startup

Google India Partners with Sheroes to Support 500 Rural Women Entrepreneurs in India; All You Need to Know About the Programme

Rural women entrepreneurs

New Delhi, December 22: In a bid to support rural women entrepreneurs in India, Google India on Monday said it has partnered with Sheroes to support 500 women entrepreneurs by connecting them with experts and enabling access to resources, guidance and mentorship. In 2019, Google had started a small pilot for an accelerator programme for 10 women entrepreneurs in rural India across its Internet Saathi network. The programme by the tech giant is centered on solving for basic business issues like customer acquisition, selling and marketing, digital presence, management and self-confidence.

Google has now joined hands with Sheroes to scale this to 500 rural women entrepreneurs. Under the initiative, the tech giant would connect them with experts, urban women entrepreneurs in the same or adjacent industries and enabling access to the right resources, guidance and mentorship over a six-month period. Kerala-Based Startup Inks Pact With UN Women’s Empowerment Principles to Train, Promote and Empower Women.

In a statement, Google India said within three months, there was a rise in confidence among the participants and the women went back and applied the learning to their businesses. It stated that 80 percent of them started working on their digital presence and one of the participants had a working website within months. In a separate statement, Google said it has launched new insight tools for the travel industry.

In 2015, the Internet Saathi programme was initiated in collaboration with Tata Trusts to bring basic digital literacy skills to women in Indian villages and have them become informal teachers for other women in their communities. Since then, the programme has touched over 30 million women across the country.