Author: Nishant Kapoor

Categories
Startup

Bakery Business in India: 4 Innovation Tips Which Bakery Business Can Use to See Success Amid COVID-19 Pandemic

Bakery
Bakery (Photo Credits: Twitter)

Mumbai, December 3: The coronavirus pandemic has affected all businesses across the world. However, this was also the time when we saw a rising demand for healthy and delicious bakery items as people remained confined to their homes.

There has also been a spurt in bakery businesses which people started from home. We have listed four innovation tips which bakery business can use to see success amid the coronavirus pandemic. Restaurant Business: Here Are 4 Tips to Run a Restaurant Business Successfully Amid COVID-19 Pandemic.

Add More Healthy Ingredients to your menu: Consumers have realised that since the majority of the time they are now working from home, they need to give attention to their health. There has been an increase in demand for healthy and functional bakery items like products which consist of multi-grains, nuts and other healthy products.

Market your business on all social media platforms: In today’s age and day, consumers will come to your brand mostly via social media. Therefore, it is very important that you have enough presence on all these channels. Put beautiful pictures of what you bake, entice the audience with them.

Increase engagement with your audience: You need to remember one thing that now due to the coronavirus pandemic, physical contact has become very less, therefore virtual contact needs to be increased.  Stay in touch with your customers and interact with them to create a good brand recall.

Pay attention to hygiene and packing: Hygiene is one of the most essential things when it comes to food and it has become all the more necessary amid the coronavirus pandemic. Don’t compromise on the quality of the ingredients being used. The packing also needs to be professional.

 

Categories
Strategy

Companies More ‘Reactive’ Than ‘Proactive’ on Cyber-Security Issues, Say Experts

Firms are more 'reactive' to cyber security than 'proactive'| Representational Image (Photo Credits: Pixabay)
Firms are more 'reactive' to cyber security than 'proactive'| Representational Image (Photo Credits: Pixabay)

The operations and functions of various business organisations have undergone drastic changes over past several months owing to the restrictions and limitations imposed due to the spread of COVID-19 pandemic at a global level. More and more businesses moved towards the online and digital sphere as countries worldwide started to put month-long lockdowns. Given massive presence of businesses in online spectrum, cyber security experts are of the view that several companies still need to be more proactive in terms of strengthening their systems against cyber attacks.Small and Medium Businesses Disclosing Data Breach ‘Quickly’ Incur 40% Less Financial Loss: Report

Experts however believe that with the coming in Data Privacy Bill, companies will be directly or indirectly forced to adopt better measures to make sure that their systems are better protected from the external attacks. It may also strength the entire online infrastructure and operational activities. Studies show that ever since General Data Protection Regulation (GDPR) was launched in Europe, more and more steps were undertaken by the companies to ensure data protection and cyber security. 5 Ways To Protect Your Business From Cybercrime.

Talking about the issue of cyber-security, Arpinder Singh, India & Emerging Markets Leader, EY Forensic & Integrity Services said, “I think some organisations have been proactive and some organisations have been reactive. Reactive means they have actually had an incident and then they have run around trying to fix it, I think some companies have been smart, when someone has been hit, they have analysed that loss and then thought of protecting themselves. But that’s a slow process in the pandemic. Everyone has tight budget.”

The companies are currently more reactive to the cyber-security issues rather than being proactive. According to the experts, any firm will not be willing to enhance its cyber-security until and unless an external force breaks into its system. Given the magnitude of e-commerce activities being done, owners should be careful about protecting their data. They also stress on the need of training the employees both in the government and private sectors on data security and protection.

Categories
Startup

Restaurant Business: Here Are 4 Tips to Run a Restaurant Business Successfully Amid COVID-19 Pandemic

Restaurant
Restaurant (Photo Credits: Pixabay)

Mumbai, December 2: Restaurant business is one of the toughest businesses to break into. In spite of that, there are thousands of new restaurants are coming up every year. There is immense competition in this space and therefore there are certain things where attention needs to be given.

Restaurants across the country suffered severe losses as they had to be closed due to the coronavirus induced lockdown. Today, as the rules have relaxed and respective governments have allowed them to open, but there are several restrictions that need to be followed. Catering Business in India: 6 Quick Tips to Boost Sales, Attract New Customers & Stay on Top of Customer’s Mind.

We have listed a few tips which can help you to run your restaurant business successfully:

You should be a master at what you are selling:

You should know the food at the back of your art. Customers need to be served good food. No matter, how fancy your restaurant is and you may hire the best chef as well, but if your food is not up to the mark, customers won’t come to you.

Take care of hygiene:

This has become an important point more so amid the coronavirus pandemic. Take utmost care of frequently sanitizing the items and also the place. This will make the customers confident about visiting your place.

Take care of your customers

Along with providing good food, great service goes hand in hand. In today’s age and day, you can’t afford to make your customers unsatisfied. Treat them well, take care of their minute details, remember their special days and make their feel special. Remember, customers are spending money to avail your service, so you should be doing full justice to it.

Update Your Menu

With numerous cuisine coming into place and thanks to Youtube and other social media channels, today a customer is extremely educated and much more aware of different cultures. So, if you are planning to cater to a diverse crowd, it is very important to update your menu with new cuisines. This will not only add a new element but will surprise your old customers as well.

 

Categories
MSME

MSME Employment Opportunities: Centre Plans to Create 5 Crore Job Opportunities in Micro, Small and Medium Enterprises Sectors in India

future jobs
Job (Representational Image) Photo Credits: Picpedia)

Mumbai, December 1:Union Minister Nitin Gadkari on Monday stated that the Central government is planning to create 5 crore employment opportunities in addition to the existing ones in Micro, Small and Medium Enterprises (MSME) sectors alone.

He was addressing at 2020 Horasis Asia Meeting. Gadkari was quoted saying, “The government is planning to create 5 crore more employment opportunity from MSME sectors only. In the coming years, India will become the top automobile manufacturing hub in the world.”

He further went on to compare India’s manpower with China and said that our country has huge potential. The availability of young talented manpower, raw material and favourable Policy of Centre and State governments gives an excellent opportunity for investors to invest in India,” he added.

The government is working to increase the contribution of the MSME sector to the economic growth from 30 percent to 40 percent and also increase the MSME export from 48 percent to 60 percent.

Categories
Startup

Here Are 4 Kinds of People To Avoid When Starting a Business

Startup
Startup (Photo Credits: Pixabay)

Mumbai, November 30: Starting your own business is not as easy as it sounds. There are several factors which need to be considered and they need to fall in place for the proper functioning of the business. When you start a business, it is very important to be in the influence of people who will have a positive impact on you, rather than demotivate and pull you down.

The entrepreneurial journey is extremely satisfying,  but there are several challenges on its path. We have listed a few kinds of people from whom you should stay away.

  1. People Who Are Negative & Doubt Your Capabilities: Stay away from people who doubt your capabilities as one of the traits which are required when you start a business is confidence. So at no cost, you can afford people who doubt your capabilities. People who are negative will have a bad impact on you.
  2. People Who Will Not Stand by Your Tough Times: All days are not going to be the same. There will be days when your business will face a tough time. It is very important to choose people who will not leave you in your tough days.
  3. Those Who Have Big Egos: When you are starting a new company, everyone is on the same page and all the employees need to think of it as their baby. People at this stage can’t carry excess baggage in the form of egos, which will create a negative impact and will hinder the growth.
  4. The Person who keeps reminding you of your shortcomings: Stay away from people who keep on reminding you of your past mistakes and shortcomings. These kinds of people will not let you move ahead in future.We hope that the above ideas will help you to stay alert and maintain a distance from such toxic people, whom you can’t avoid at the start of your business.
Categories
Finance

With Improvement in Automobile Demand, Vehicle Finance Sector Witnesses Speedy Recovery in India: Report

Vehicle Finance sector shows speedy recovery| Representation Image (Photo Credits: Pixabay)
Vehicle Finance sector shows speedy recovery| Representation Image (Photo Credits: Pixabay)

According to a report by the equity research firm, Motilal Oswal Financial Services, the increase in demand of two-wheeler, tractors and passenger vehicles has led to an accelerated recovery in the vehicle finance (VF) sector over the past six months. The report has predicted that the credit costs across vehicle finance players is expected to be 1.7-4.4 per cent in FY21 and gradually revert to run-rate levels over FY22-23.”By August-September 2020, sales in most product categories picked up to prior year levels. PV sales for the industry improved significantly to nearly 100 per cent of prior year levels in 2Q from sub-30 per cent levels in 1QFY21,” the report said.

Similarly, 2-Wheeler and Tractor sales in 2020 surpassed prior year levels in August and September. “2W and PV segments have benefited from the preference towards personal mobility solutions. Tractors have benefited from a healthy monsoon in 2019, coupled with a strong Rabi crop,” it added. But, the M&HCV segment continued to be a laggard. “This segment was under pressure even prior to the Covid-19 pandemic. The channel checks suggest that used CVs are witnessing strong demand given the price hikes in new CVs,” the report said. “The checks also suggest that retail festive sales were in-line with prior trends in 2Ws and tractors and improved sequentially in the case of passenger vehicles.”

The report showed that disbursements by VFs in 2Q were not in line with underlying auto sales due to focus on collections and liquidity preservation. However, it is expected to pickup in 2HFY21. “VFs are well-positioned to witness an improvement in spreads as their yields are at fixed rates while most of their borrowings are at floating rates,” it said. Adding “With the moratorium being lifted in September 2020, most players have moved back to 85-95 per cent CE (collection efficiency).” In addition, the report said that with 120-230bp of COVID-19 provisioning over the past three quarters, the overall buffer has substantially improved. “RBI allowance of restructuring will also provide a breather for exposures facing temporary cash flow mismatches,” the report concluded.

 

Categories
MSME

Small and Medium Businesses Disclosing Data Breach ‘Quickly’ Incur 40% Less Financial Loss: Report

SMBs which report data breach incur 40% less financial loss| Representation Image (Photo Credits: Pixabay)
SMBs which report data breach incur 40% less financial loss| Representation Image (Photo Credits: Pixabay)

A new report by the cyber-security firm Kaspersky has highlighted the direct relationship between the disclosure about data breach and financial losses suffered by the organisations. The report said that the small and medium businesses (SMBs) who decide to voluntarily inform about a data breach, on average, are likely to lose 40 per cent less financial damage than their peers that saw the incident leaked to the media. For SBMs who disclosed their breach to the public within due time reported an estimated loss of $93,000, while those who did not disclose themselves suffered $155,000 when the incident was leaked in the media.

The failure to suitably inform the public about a data breach in a timely manner can make the financial and reputation consequences of a data breach more severe, concluded the report. The same tendency has also been found to be the case in enterprises. The firms who voluntarily disclosed about the data breach in public incurred a loss of $1.134 Million, while where the information was leaked the firms suffered a loss of $1.583 Million, a 28 per cent more than the former. “Proactive disclosure can help turn things around in a company’s favour – and it goes beyond just the financial impact. If customers know what happened firsthand, they are likely to maintain their trust in the brand,” said Yana Shevchenko, Senior Product Marketing Manager at Kaspersky.

One of the real life examples is of Yahoo! The firm was fined and criticised for not notifying their investors about the data breach it experienced. Uber was also fine for covering up an incident of data breach. The firm surveyed more than 5,200 IT and cyber-security practitioners globally. The survey showed that organisations that take ownership of the situation usually mitigate the damage. Around 46 per cent of businesses disclosed a breach proactively. However 30 per cent of organisations that had experienced a data breach preferred not to disclose it. Almost 24 per cent of firms tried to hide the incident initially, but it was leaked to media eventually.

“Although minimal losses were reported by businesses that managed not to disclose the incident, this approach is far from ideal. Such companies are at risk of losing even more if — or more likely when a cyber-security incident is revealed to the public against their intentions,” said the report. It added that the risks are especially high for those companies that couldn’t immediately detect an attack. Nearly 29 per cent of SMBs that took more than a week to identify that they had been breached found the news in the press, which is double those that detected it almost immediately.

 

 

Categories
Startup

Traditional and Rural Enterprises: 5 Schemes by Government to Protect & Develop The Sector

Handloom Industry (Photo Credits: Wikimedia Commons)
Handloom Industry (Photo Credits: Wikimedia Commons)

Rural India has a variety of industrial set-up including cottage industry, single-unit manufacturing, small and medium enterprises among others, since long-back. The traditional industries still thrive and provide employment to many villagers and people in the nearby areas. There are several traditional industries which are viably operative. These include handloom, handicrafts, coir, cashew, beedi, tiles and bricks and other household industrial activities carried out in the rural parts of the country. Traditional industries are labour intensive, relying on skills passed on from one generation to another generation. Mostly these industries comes under the category of Micro, Small and Medium enterprises (MSMEs)

The MSMEs contribute about 30 per cent to India’s GDP In terms of exports as well, they are an integral part of the supply chain and contribute about 40% of the overall exports. MSMEs also play an important role in employment generation, as they employ about 110 million people across the country. Governments at various levels, time and again, have implemented various schemes in order to protect and promote rural entrepreneurship and traditional industries. Here are some the schemes imitated by the government for their development –

 

Prime Minister’s Employment Generation Programme (PMEGP) 

Launched by the centre in 2008, this scheme is a credit-linked subsidy programme undertaken to generate self-employment opportunities through establishment of micro-enterprises in the non-farm sector and providing help to traditional artisans and unemployed youth. The scheme is implemented by Khadi and Village Industries Commission (KVIC) functioning as the nodal agency at the national level. At the State level, the scheme is implemented through State KVIC Directorates, State Khadi and Village Industries Boards (KVIBs), District Industries Centres (DICs) and banks.

 

A Scheme for Promoting Innovation, Rural Industry & Entrepreneurship (ASPIRE)

This scheme  was launched in 2019 to create new jobs and reduce unemployment, promote entrepreneurship culture in India, boost grassroots economic development at the district level, facilitate innovative business solutions, and promote innovation to further strengthen the competitiveness of the MSME sector. The scheme helps by providing for incubation and commercialisation of Business Ideas Programme through technical/research institutes, including those in the field of agro-based industry. These would be designated as Knowledge Partners and would incubate new/existing technologies for their commercialisation.

Scheme of Fund for Regeneration of Traditional Industries (SFURTI)

The scheme aims for the development of khadi, village industries, and coir clusters by providing them with improved equipment, common facilities centres, business development services, training, capacity building and design, and marketing support, etc.  The scheme invites applications from non-government organisations (NGOs), institutions of the Central and State governments and semi-government institutions, field functionaries of State and Central government, Panchayati Raj institutions (PRIs), private sector bodies by forming cluster-specific special purpose vehicles/entities (SPVs), corporate, and corporate social responsibility (CSR) foundations with expertise to undertake cluster development.

 

Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE)

It facilitates credit to MSMEs through collateral-free credit facility (term loan and/or working capital) extended by eligible lending institutions to new and existing micro and small enterprises.  The MSME Ministry and Small Industries Development Bank of India (SIDBI) jointly established a Trust named Credit Guarantee Fund Trust for Micro and Small Enterprises in order to implement Credit Guarantee Scheme for Micro and Small Enterprises. 75 per cent of the loan amount to the bank is guaranteed by the Trust Fund. It provides collateral-free loan up to a limit of Rs 100 Lakh for individual MSMEs on payment of a guarantee fee to the bank.

Credit Linked Capital Subsidy Scheme (CLCSS)

It facilitates technological development of small scale industries, including khadi, village and coir industrial units, by providing 15 per cent upfront capital subsidy with a upper limit of Rs 15 Lakh. Its objective is to upgrade the plant and machinery of small enterprises with state-of-the-art technology, with or without expansion, and also for new MSMEs, which have set up their facilities with appropriate, eligible and proven technology duly approved under scheme guidelines.

Apart from these, the government have certain other schemes aimed towards the development and conservation of the traditional industries in India. It also aims to keep the spirit of entrepreneurship alive and going in the rural area.

Categories
Startup

5 Ideas to Start-Up Business in the Transport and Logistics Industry

Transportation and Logistics Industry| Representational Image (Photo Credits: Pixabay)
Transportation and Logistics Industry| Representational Image (Photo Credits: Pixabay)

The start-up ecosystem is blooming in India. Several young entrepreneurs have emerged for the last decade, establishing businesses in various sectors. However, certain business areas remain less explored. One such highly profitable sector with huge potential is the Transport and Logistics Industry. Though the initial investment in certain cases is quite high, but the industry ensures long term and consistent returns. The logistics market in India is forecasted to grow at a CAGR of 10.5% between 2019 and 2025.

A proper- well linked transportation system is utmost important for the development of any industry, specially the manufacturing, construction and warehousing industries. Without uninterrupted transport facilities, they are bound to be delays in movement of both raw materials and finished goods which leads to huge losses to the business. Not only for business, a robust transport system is essential for commuters to travel on a day to day basis.

Here are some start-up ideas for entrepreneurs looking to establish business in the transport and logistics industry –

Packers and Movers Service:

An all weather-viable business, providing packers and mover services never goes out of business. It is always in demand in every area, from village to cities to inter-state and inter-country moving services are required for people relocating. Despite a huge competition, with the increasing demand establishing business is comparatively easier in the field. Once you get the marketing right and create a trusted brand, you can dominate your designated region. This is a service that will always be in demand and doesn’t require too much initial time or money.

Bicycle Rental Service-

As the people are increasingly becoming health conscious and aware about the rapid environmental degradation, many are turning back to basics. They prefer using bicycles for short distances. Therefore, renting out bicycles is a thriving business, especially in dense urban areas and tourist hotspots.  Ideally the business will be a success if located somewhere near a hotel or resort so you can cater to the steady stream of tourists looking to sightsee. Alternatively, set up a bike rental subscription service near busy offices in metropolitan areas will be highly profitable.

Livestock Transport Service-

Transporting live stock including cows, sheep, goats etc., is another year long in-demand business. Various poultry, dairy and other animal centres need their livestock to be carried from one place to another. There is no license requirement to start the business While it’s the owner’s responsibility to get the livestock ready for transport, it’s your responsibility to make sure they get to their destination safely.

Delivery Services-

With increased online shopping, delivery services are increasingly becoming important. It has become an auxiliary to the e-commerce industry. In this operation, a store doesn’t keep the products it sells in stock. Instead, when a store sells a product, it purchases the item from a third party and has it shipped directly to the customer.

Logistics Services-

A company dealing with detailed logistic services is a sure-shot profitable venture. It has a moderate seed capital requirement. Logistics is generally the detailed organisation and implementation of a complex operation. The primary focus area is providing the right item in the right quantity at the right time at the right place for the right price in the right condition to the right customer.

With the increased demand of transport for carrying goods and people from place to another, setting up business in the transport and logistics industry is a long-term and viable plan. As the country moves towards more and more development and becomes business-centric, transport and logistics industry becomes an indispensable requirement.

 

 

Categories
Startup

Here Are 4 Reasons Why Starting a Business From Home is Not a Bad Idea

Startup (Representational Image Only, Photo Credits: NeedPix.com)

Mumbai, November 27: Starting a business from home considered as a great time in today’s time. Although there was a time when a home-based business wasn’t taken seriously, compared with the usual 9-to-5. However, we can safely say that times have changed and COVID-19 pandemic has also contributed to changing the landscape of operating a business.

The pandemic forced offices to allow employees to work from home. It was then people valued and understood the concept of work from home. Here’s why starting a business from home is actually a good idea.

  1. Increasing Commuting Cost & Traffic Issues: We are all familiar with the traffic jams which we face every day on our way to commute. The situation in metro cities is worst, where employees are spending their majority time in travelling. So, here’s why this hassle can be overcome if you plan to start a business from home.
  2. Giving time to the family: If you are saving time on the commute, you can use that to spend time with your family and loved ones.
  3. No need to pay high rent for office space: The best part of working from home and starting your own business is that you don’t require to rent or buy an office space. Property is a very volatile market and companies spend a huge chunk of their income in paying office rent.
  4. Advancement in technology: Thanks to the ever-changing technology, your work will not be impacted even if you work from home. From good internet bandwidth to online meetings with colleagues, everything can be facilitated from the comfort of your home.

    These days, there are plenty of legitimate businesses that are being operated from homes across countries. These businesses have grown to create one of the largest, fastest-growing commercial segments in the world today. Modern technology makes it possible, easy, and convenient to do business wherever and whenever.

    Today, there are several options which are open for someone if one wants to explore the idea of starting a business from home. If you have an idea, what are you waiting for? Go ahead, and start it today.