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Finance

Gold Rate Today: Price of Yellow Metal at Rs 50,180 Per 10 Gram, Silver Down 2% to Rs 67,660 per kg

Gold
Gold (Photo Credits: Pixabay)

Mumbai, December 22:Gold and silver prices edged lower in Indian markets tracking a similar trend in international markets. On MCX, gold futures edged 0.5 percent lower to Rs 50,180 per 10 gram in the second decline in three days while silver fell 2 percent to Rs 67,660 per kg.

In the global markets as well, gold rates slipped. The Indian spot gold price on Tuesday was at Rs. 50,380 which grew by 0.02 percent; the rate was lower than the global gold spot growth rate of 0.21 percent.  The global spot price is $1881.

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In the global markets, gold slipped today as a stronger dollar offset Gold has climbed over 23 percent this year, mainly driven by a raft of pandemic stimulus measures that stoked fears of inflation. The precious metal is often used as a hedge against inflation.

US Congress approved $900 bn Covid-19 relief package on Tuesday. According to an AFP report, the overwhelming approval in Senate and House of Representatives cleared the way for $900 billion relief package for millions of Americans and businesses battered by the coronavirus. After receiving Donald Trump’s sign it will become a law.

The dollar to rupee conversion today improved to Rs 73 as compared to the previous close of Rs. 74.

Categories
Strategy

Business Expansion: 4 Ways to Grow and Diversify Your Business

Business Expansion| Representative Image (Photo Credits: Pixabay)
Business Expansion| Representative Image (Photo Credits: Pixabay)

Businesses are established with the aim to grow and diversify. Expansion is an important step in the life cycle of any organisation. It is impossible for any firm to sustain in long term without expanding its operation and accommodating market demand and changes. If a business fails to grow and adapt to market’s dynamics, competitors will easily surpass it making firm’s existence and substance difficult. Business expansion is hence an obvious next step after the firm establishes itself in the market. 3 Effective Ways to Upskill yourself & Perform Better.

If the business has a strong and loyal customer base, regular and adequate funds, dedicated and efficient team then business expansion and diversification would not be a conundrum. If the industry is also growing, it provides an added advantage as business expansion is aided. However, businesses should be careful about its operating capacity, expanding beyond the present working facility will exert pressure on the businesses’ operation resulting in huge losses. Here are some tips to expand your tips –

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Product Line Extension

One of the most straight forward ways to expand and diversify the business is to extend the product line. By introducing and offering additional products and services, firm can easily expand its present spectrum of business. It requires an understanding of the customer’s wants and needs. By continuous evaluation of market demand, the business can identify like and dislikes of the customer and add products to its offering accordingly. Proper market research and analysis is advised before launching a new product. 5 Effective Online Marketing Strategies For Your Bakery Business Ahead of Christmas 2020 & New Year 2021.

Entering New Markets

Another way to expand business is entering new markets. A firm can move into a new market and gain new customers in the process. The new market could be customers in a different location from where firm’s existing customers are or a different market segment within the existing location. This typically means opening up a new location or channelising marketing efforts on a new customer segment. Though it may involve certain costs, but once established in the new market the firm will be able to cover them and earn profits.

Expanding Through Franchise Model

Franchise helps the business to expand itself in all the directions. Franchising is a form of marketing and distribution in which the owner of a business system called the franchisor grants to an individual or group of individuals called the franchisee the right to run a business selling a product or providing a service using the franchisor’s business system. Although franchise costs are high and moving to a franchise model is complex and takes a lot of marketing know-how, but it ensures quick growth and additional income.

Entering E-Commerce Sphere

Another sure shot way to expand the business while not increasing the number of physical outlets, is by entering the e-commerce spectrum. All the firm has to do it establish an online market place, develop a delivery network and spread the word about it. Business can reach internal customers by sitting at its existing location. Various bricks and mortar shops can enlist their products on the already existing web platforms to increase its reach, expand customer base and enhance revenues.

 

Apart from these big businesses with sufficient funds can enter into joint ventures to expand and diversify. They might as well go for merger and acquisitions of the smaller but component firms to grow. In order to survive in long term, a firm needs to scale up its present business operations and activities. However, before taking any decision a careful analysis of the market and the financial position of the business should be undertaken.

 

Categories
Business motivation

3 Innovative Business Ideas that will re-shape your Career in 2021!

Best Online Business Ideas 2021
Business Ideas

‘Every negative incident has a positive intent’. And with the recent Covid-19 pandemic, the startup ecosystem of India is expected to go uphill.

With a young population that is willing to experiment with their business ideas, The Indian business landscape is preparing to witness an expansion.

The year 2020 has opened many opportunities despite the setbacks. This might have proven as a setback for the entire world, but it also has encouraged us to think beyond the obvious.

Many young job seekers are now actually thinking about opening a start-up. There are plenty of government schemes to support some of the best business ideas.

But having a unique business idea is important. If you do not have an idea now, we have churned out a list of small business ideas. These new business ideas need very low investment and you can manage it online.

Here are some innovative online business ideas in India that you can make use of to take your career next level:

  1. Content Writing

Writing is an excellent way to start earning online by putting your creativity to its best use. If you are looking to start your business with low or zero investment become a writer. From huge companies to mid-level companies, content is in demand everywhere.

You can become a proofreader, article writer, copywriter, content writer, blogger, and e-book writer. If you love creating heartwarming brand stories then you can get promotions and collaborations and earn a good amount monthly.

  1. Web Designer

Becoming a web designer is one of the best online business ideas. Over the year, how a business makes its impression and establishes itself amongst its niche market has become important. Hence, every company needs a website, logo, and attractive pictures to increase its brand awareness.

You can become a logo designer, website mockup designer, photo editor, icon design, photo retouching, cartoon artist, and poster designer. All you need to do is design a portfolio to showcase your best work to potential clients.

  1. Digital Marketing

‘Success is not changing reality; it is changing the mentality behind the reality’. The year 2020 has channeled our focus into finding more productive ways to earn money.

Digital Marketing is an excellent small business idea that requires no initial funding. .  It has thrown the traditional methods of marketing out of the window and showed us that businesses can operate digitally as well.

Search Engine Optimization, Search Engine Marketing, Social Media Marketing, Affiliated Marketing, Pay per click, advertising, E-mail marketing, and content marketing are all branches of Digital marketing. You can increase monthly income to manifolds. Every company needs a digital marketer to boost their reach, and you can help them achieve their business goals.

Whether you are a student or a professional, with our small business ideas you can start your business that will do well in the coming year. Stay updated with our latest blog posts and subscribe to our YouTube videos to get more business ideas.

 

 

Categories
Strategy

3 Effective Ways to Upskill yourself & Perform Better

Upskill yourself for 2021

When you focus on the problem you lose a goal, but when you focus on your goal you lose the problem. Today we are going to focus on the solutions while discussing the root cause of the problems. With the current state of the job market in India, finding a perfect job could be challenging.

But here is good news! According to LinkedIn`s labor market data, “the job scenario in the country saw a recovery at a 12% year-on-year growth. LinkedIn year-end data shows that in 2020, learning from online platforms and other digital skills are under the focus”.

Indian millennials and professionals are looking forward to upskilling themselves to take on future challenges. If you have a business plan and want to come out with a start-up you will need an upskilling strategy.

We have listed out 3 upskilling ideas that can help you turn your dream of being your boss into a reality:

Stay Updated with Latest Technology

95% of people in this world are busy proving; only 5% of people are busy improving. In this fast-paced world, technology is changing every hour. Thus, keeping up with the latest technology will open new doors of opportunities for you. Upskill yourself will boost your confidence and enhance your productivity too.

Learn Business Analytics

No business in the present scenario can perform well without the help of Business Analytics. Business decisions that are taken based on facts and figures from records can provide correct insights. These insights can prove beneficial when making long-term or short-term business strategies. You can take a Business Analytics course online as it does not require any technical expertise.

Invest in Digital Marketing Course

A sure way to almost zero-defect life is Ritualistic Continuous improvement (RCI). It will be unreasonable to expect improvements in your goals, without upskilling yourself. The best investment that you can make is to put your money in a digital marketing course that will help you in the long run.

As the entire world has turned digital, learning a few tactics about digital marketing course will be beneficial. It can help you take your business to the next level, right from the comfort of your home.

Today, there is a plethora of courses that can upgrade your skills and are affordable too. There are great videos with premium content by Dr. Vivek Bindra that are available online. If you want to learn how can you upskill yourself without spending a dime, this could be a game-changer for you.

Categories
Startup

5 Effective Online Marketing Strategies For Your Bakery Business Ahead of Christmas 2020 & New Year 2021

Bakery
Bakery (Photo Credits: Twitter)

Mumbai, December 21: Christmas 2020 and New Year 2021 is just a few days down the line and the craving for cakes, and pastries are on the rise. If you are in the bakery business, this is the time, when you should focus on your marketing game.

Amid the coronavirus pandemic, like all the festivals, this year, Christmas and New Year is also expected to be a muted affair. However, this won’t stop people from ordering cakes online and having them at home with their loved ones.

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Here are a few effective marketing strategies which you can keep in mind to promote your bakery business.

    1. Make frequent updates on social media: With the help of platforms like Instagram and Facebook, you should frequently update your page with offers, promotional incentives or the menu which you will have for Christmas or ahead of New Year 2021.
    2. Upload good photos: Click good photos of the bakery items. They should be enticing enough for the people to order. Share special stories about the item which you are baking. Add a special note, reading which people may feel connected. Play on their emotion and ride on nostalgia by weaving exciting stories
    3. Share positive reviews of your clients: Share positive reviews by your clients. This will give faith to other customers who have been thinking or hesitating to order from your site.
    4. Make yourself reachable: If you have a shop, then make sure that the location and the how-to reach options are updated on social media pages or on Google. Reply immediately to customers having queries on social media. Update your number and be reachable.
    5. Run promotional offers: Make the customers feel special and loved. You can always run some promotional offers, without hurting your profit. For e.g. ‘Order 1 Kg cake and get 2 cake cakes free this Christmas’.

      We hope these marketing tips come in handy for your business ahead of Christmas 2020 and New Year.

 

Categories
Startup

Kerala-Based Startup Inks Pact With UN Women’s Empowerment Principles to Train, Promote and Empower Women

Women Entrepreneurs in India (Photo Credits: Pixabay)

Thiruvananthapuram, December 21: With an aim to empower women, a Kerala-based startup has inked an agreement with the United Nations Women’s Empowerment Principles. This is for the first time that a woman majority startup named Vydyuthi Energy Services (VES) has signed an agreement with the United Nations body. With the signing of the agreement, the VES will establish high-level corporate leadership for gender equality, promote education, training and professional development for women. It will also implement enterprise development, supply chain and marketing practices that has the capability to empower women, promote equality through community initiatives and publicly report on progress to achieve gender equality.

In India, Kerala is already in the top list of the Niti Aayog for implementing the United Nations Women’s Empowerment Principles. According to a report by IANS, of the 170 companies from India which had signed for the United Nations Women’s Empowerment Principles, 64 companies are from the private sector. The Vydyuthi Energy Services is the 65th company from India and the first from Kerala to have signed the pact.

As per details available, at Vydyuthi Energy Services (VES), the woman help businesses and organizations across sectors to identify energy efficiency drivers and enable them to adopt viable action plans. The start-up firm was established by an NRI, Anoop Babu from Thiruvananthapuram. Meanwhile, Kerala State Electricity Board Energy Efficiency Department is the patron head of VES. The founder, i.e. Babu has a vast experience in the renewable energy sector and is involved in multinational projects in various countries, including the Middle East.

Categories
HR & People Management

3 Skills Entrepreneurs Must Consider when Hiring post-Covid-19!

Critical problems demand creative solutions! As Covid-19 pandemic has changed the world forever, it has also increased our capacity to look beyond the impossible.

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

However, the economy is slowly coming back on its knees with ease of COVID rules & regulations. Jobs are returning to India with major changes in hiring trends post-COVID. Businesses are opening up and industries are right back on track though at a slow pace.

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

The challenging times of Covid-19 have paved the way for smart thinking. Large businesses as well as small business owners are becoming more creative. If you are an entrepreneur and looking to expand your team, these set of skills you should be looking for in your prospective employer:

Critical Thinker

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

Agility will be under the spotlight

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

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

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

Versatility is the Key Factor

Courtest to Covid-19, new tasks, roles, and responsibilities have emerged suddenly. Hence, we all must stretch ourselves to the optimum level considering the hiring trends post Covid. The prospective employee must bring a set of multiple skills that will outdate role titles and definitions to benefit your business.

Creative Mindset!

If there is one thing that can never be off-the-shelf that is Creativity! Thinking out-of-the-box will always bring a sense of innovation in every dimension of business. Hence, bringing in a creative mindset will take your business to a whole new level. This is one hiring trend, one should follow.

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

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

 

Categories
Strategy

Business Risks: 5 Types of Risks All Firms Should Know to Avoid Losses

Business Credit Score| Representational image (Photo Credits: Pixabay)
Business Credit Score| Representational image (Photo Credits: Pixabay)

All the businesses are prone to certain risks. Various uncertainties related to the micro and macro environment in which a firm operates pose as a constant threat to the enterprise. Business risk is the exposure an organisation has to elements that can potentially lower its profits or lead to firm’s failure.  Anything that threatens a company’s ability to achieve its financial goals is considered a business risk. There are many factors that can converge to create business risk. Though certain risks cab be mitigated by continuous analysis of the business environment, complete elimination of the uncertainties is not possible.

Business risk is influenced by a number of different factors including, consumer preferences, demand, and sales volumes, per-unit price and input costs, competition, legal and political factors, technology among others. Here are five types of business risks every business should be aware about –

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Economic Risk

One of the biggest risks a business faces is the economic risks. If the economy does not perform well or goes in recession, all the sectors will suffer. An economic slowdown directs hits the profitability and productivity of the businesses and even lead to closure of various firms. It’s important to watch changes and trends to potentially identify and plan for an economic downturn. To deal with a sudden economic downfall, all the businesses should keep funds in reserves and maintain a steady flow of income. Firms should also be careful while planning budgetary expenditures.

 Compliance or Legal Risk

Another constant looming risk is the compliance or legal risks. Governments have the power to change various legal provisions overnight, including introduction of a new tax, scrapping an old licence, revising the existing regulation rules. Business owners face an abundance of laws and regulations to comply with.  The businesses should carefully follow the existing laws and keep a watch on any new regulation by the government. A failure in complying with all the rules might even results in closing of the company.

Operational Risk

Not all the risks arise because of external factors, sometimes internal uncertainties can also lead to disruption in the business’ functioning. Such risk which originates within the organisation and tends to disrupt the business operations is known as the Operational Risk. It might involve a server outage caused by technical problems, people, or power cut. Many operational risks are also people-related. An employee might make mistakes that cost time and money. In order to reduce such risks, the business should resort to proper planning and continuous assessment.

Competitive Risk

Another type of risk that all the businesses face is the competitive risk, the advantages competitors gain over the firm. In order to survive in the market, all the firms should have an edge over the competitors. A firm faces continuous challenges from its competitors. It should be careful about how its rival firms are performing and garb the market opportunities before others, gaining the first mover advantages.

Goodwill/Reputation Risk

Goodwill aids in long term survival of the business. A positive image of the firm helps in growth and expansion. However, one wrong decision or spread of a rumour about the firm and the entire reputation is lost. If the public conceive a negative image about the firm it will directly impact its profitability, sales and valuation.

Risk and uncertainties are a part of the business cycles, however firms should try and mitigate the potential loss arising from various risks as much as possible to stay afloat in the market. Knowing and being aware of the several risks is the first step in ensuring a healthy business.

 

 

Categories
Startup

Planning to Start a Business? Here are 4 Tips for Women to Become Successful Entrepreneurs

Women Entrepreneurs (Photo Credits: Pexels)

Starting a business is not easy. One has to really think out of the box to become a known and successful entrepreneur. When it comes to creative thinking, women are no less! Female entrepreneurs can do wonders if they are given the right guidance and motivation they need. Right from picking up a business idea, creating a business module to funding, a woman can become a successful entrepreneur in no time.

According to research, entrepreneurship rates among women increased by 13 percent versus 5 percent for men, according to the Global Entrepreneurship Monitor (GEM), which monitors 40 economies from around the world. Female entrepreneurship is growing with each passing but it still has a long way to go. Here are four tips that will empower you to get started today. 5 Schemes Focused on Development of Women Entrepreneurs in India.

Love What You Do

When you are planning to start a new business, keep in mind that you will have to pick a business that you love. Ultimately, you will work with passion for things that you love and wish to do. So, choose a business that you think you will never lose your interest in! As yourself, what are you completely and absolutely passionate about? Maybe it’s a hobby or maybe there is something you’ve been longing to do. When we feel completely and utterly passionate, there is no room for judgment.

Believe in yourself

Sometimes, we doubt our own skills. We often underestimate our talent that leads to failure and rejections. You should always let your passion burn brighter than your fears. Keep in mind that the only thing that you have that no one else has is ‘you’. Your dreams, your passion, your power and the world will be yours. You just need to do one thing- that is, to believe in yourself.

Never give up

Failure is just a part of the deal. If you are afraid of rejections, you will always face hurdles in your business because you are not open to learning new things. This will however, hinder your growth in the long run. For becoming a successful entrepreneurship, all you need to do is keep trying. The formation of great companies like Amazon, Facebook, Google are classic examples of motivating us never to give up on our ideas. Don’t quit. Keep going.

Get feedback

Where there is love and inspiration, you can never go wrong. But you should keep on asking people for feedback. Feedback is critical to validate your business and its reach. It can also help you understand what customers want. You should read reviews, find articles and interact with them to develop and good understanding. Pay particular mind to negative reviews and ask people specifically what they wish they were getting out of the product.

 

Categories
Strategy

Business’ Social Responsibility: 5 Budget Friendly Ways To Pay Back to Society & Build Goodwill

Business' Social Responsibility (Photo Credits: Pixabay)

All the businesses establish themselves, sustain and growth within the ambit of a society. They use social resources and capital to flourish, so it becomes an ethical responsibility of the firms to it back to the society. Working for the society also helps businesses to build a strong reputation and enhance their goodwill. According to studies, 85 percent of consumers will switch from one brand to another associated with a cause the favour, with 91 percent of millennial willing to switch. Two-thirds of millennial and 53 percent of the general population use social media to engage around corporate social responsibility.

It provides a good platform for the firm to promote its business at the same time contributing towards the betterment of the society. Fulfilling social responsibility makes the business a house hold name, thereby helping in grabbing attention of potential customers and increasing the loyalty of the existing ones. Here are five budget friendly ways firms can give way to the society and enhance their goodwill –

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Team-Up with Local NGOs & Self-Help Groups

One of the easiest ways to contribute towards the betterment of the society is to partner with local NGOs in their initiative. Getting associated with a known NGOs help the firm to garner trust and confidence of the society. All the business has to do is participate in their events and drives by providing financial and human resources, to help them. Enterprises can also sponsor or provide business to local self-help groups. These are deeply connected to the society, offering a chance for the business to directly engage with its potential customers.

Organise Charity Drives

Another way to help the community is by organising charity drives for various causes. It can be for women welfare, hunger and poverty alleviation, girl education, collection clothes in winters among others.  The business is able to promote itself while promoting and advertising for the charity campaigns. It helps businesses to reach out to the customers and come in their direct contact. It also helps firms to create a positive image in the minds of existing and potential customers.

Organise Cleanathons and Greenathons

The society is increasing becoming aware of the consequences to environmental damage and people encourage and participates in events aimed at reducing the pollution or degradation and increase greenery. Organising cleanathons or greenathons conveys that the business is an environmentally conscious establishment, thereby creating a positive image in the minds of society. It’s a budget friendly and eco-friendly way of giving back to the society.

Organise Workshops

A firm may even organise worships and impart knowledge of some skills to the community. Ever business has some expertise and all the employees have a fair knowledge about the same, providing the same to the under-privileged section of the society, thereby helping them to get some employment or start their own business is not a bad idea. This is especially applicable to skill-based or service based firms, such as clothing & designing industries, food & restaurant industries, handicraft industries among others.

Promote Local Talent

Many people are still depended on age-old handicrafts and handlooms to earn a livelihood. Another way for the businesses to give back to the society is by promoting such artisans and workers and help them channelize their talents in a bigger platform. All the businesses have a presence of social media; one way to encourage local talents is to put their work on digital platforms. Businesses can also provide exposure to the local artisans to reach at various fairs and haats organised for handicrafts.

Goodwill aids to the long term survival plans of the businesses. Developing connect with the society helps the business in more than one way. For a business to stay rooted in a society for long, it is important for to pay back to the community and contribute towards their development.