Category: Business motivation

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Business motivation

Best 4 Ways to use Instagram for Business that will grow sales unexpectedly!

Instagram for Business

Would you like to grow your business and increase your brand`s reach to a wider set of customers?  Would like your products to be seen by more people, grow a strong following of customers who relate to your brand, and get paid for it? If you can feel yourself nodding while reading this article, then Instagram is your magic spell!

In 2010, a global app was launched with a simple idea- allow people to share their amazing photographs online. Back then no one knew that this global app will bring a digital revolution into the dynamics of business.

Yes! You heard it right! Instagram has become an effective marketing tool for the business personnel and does more than just photo-sharing.

With nearly 112.5 million users in 2020, Instagram has become one of the most popular social media platforms. From gathering insights to selling products, Instagram for business has helped many entrepreneurs, solopreneurs, small business owners, and influencers to establish their brand presence.

If you too are an entrepreneur who wants to boost business sales, here is how you can use an Instagram business account in the best 4 ways:

  1. Create Cool Insta Bio

Your Insta Bio is the best way to connect your business with its potential customers. The more catchy, crisp, and creative your bio the more followers and customers will flock towards your account. Using Instagram for business can reflect the unique and candid side of your business, which might stay hidden under layers otherwise.

  1. Instagram Stories

Thinking about a creative way to showcase your products to customers? Instagram stories are the way to go! A perfect way to increase customer engagement, Instagram stories are the best way to display your products in the form of short videos for 24 hours. So beef up and start creating interesting stories for your Instagram for business.

  1. Hashtags

The world is now operating on ‘Hashtags’! Everything which is trending on social media is now turned into a hashtag. Using trending Hashtags is the best way to make your customers follow you. Your hashtags should be in alignment with your products. You can also do deep research to find out hashtags that work best for your business.

  1. Collaborations

Want to attract new customers? Collaboration is a new way! All you have to do is to find a social media influencer you feel is the right face to promote your brand. Contact the same and close the deal. Once the deal is done, you can collaborate with the person to showcase your products most creatively.

Make sure that the influencer must be popular and should have a maximum no. of followers.

Every business needs customers and Instagram business could be your knight in shining armor when it comes to marketing. If you know how to use it effectively, it could be the best marketing tool for creating your brand presence.

If you are struggling to increase your business sales during the pandemic, take the help of our Problem Solving Courses. Specially designed by the top industry experts, these courses can help you take your business ahead in the market. To know more, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

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Business motivation

5 Amazing Benefits of Business Process Management you must know!

business process management

From the departmental store in your locality to Google headquarters, there is one thing that remains common in every business- processes. Processes are the heart of the way every business operates. Whether you are an entrepreneur, solopreneur, or a business owner of a small Kirana shop, understanding a business process is vital.

Every department has a specific process attached to it. That is why it is important to know the importance of business process management.

What is BPM?

BPM or business process management helps to optimize all the important business processes. It helps to improve the company`s overall performance.

So can business process management help your company to achieve its goals? It`s time to dig deeper and explore the 5 benefits of an effective business process:

  1. BPM can Reduce Costs

To stay functional and steady in the business world, companies need to focus on reducing costs. By optimizing the business processes, you can determine which process is vital for the growth of the company and what is not.

  1. Increases Productivity

A business process helps the organization or a company to construct a solid framework for every process. All the processes are documented, monitored, and optimized. This enables the team to carry out processes with very hiccups, which increases productivity.

  1. Reduced Errors

Errors are difficult to track when the processes are managed in spreadsheets. The primitive tools like spreadsheets and emails make it hard to keep everything organized and up-to-date.

With good BPM practice, the frequency of errors is greatly reduced. People involved in these processes are informed of their duties. It also ensures that the stakeholders are meeting the expectations.

  1. Ensures Policy Compliance

Every organization has multiple departments, and hence, department-specific policies to comply with. A business process mapping tool will ensure the smooth progression of these policies.

  1. Reduces Micromanagement

Micromanagement might get the tasks done at hand. However, it could be destructive for a company in the long run. The leaders try to micromanage their teams to reduce errors. Here, BPM eliminates the need for management. All the standard operating procedures are mentioned and employees are also aware of their duties.

Employees realize what is best for their teams, and they think about creative solutions, which help the organization to achieve its business goals.

You too can reduce the old methods of handling your business processes. You can learn how to build an effective business process management that your team would want to use. Learn business techniques at your own pace from the industry experts in easy-to-understand language from our Everything about Entrepreneurship course. To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

5 Steps to Start an Online Clothing Business

clothes business

Convenience has been the driving force behind a plethora of innovations. The COVID 19 pandemic has put a pause on our real-time shopping activities. As a result, the demand for online clothing businesses has risen. Many clothing business websites have been cropped up in the past few months.

According to a paper published by Technopak in Business Today, “the $130-million e-retail apparel has attracted investments worth $70 million, or 40% of the total funding Indian online retailers received in the past two years”.

So if you are an entrepreneur who wants to enter into this segment, starting a clothing business online has a lot of scope in the market.

  1. Find your Niche

Not everyone is your customer. Every business has a niche market, so you need to do your homework. The better you know your customers, the better are your chances to give your customers what they want.

You will be dedicating a lot of time to your business, so research well. Always keep in mind that your clothing business idea is creative and authentic.

  1. Business Plan & Startup Capital

Having a well-researched business plan is very important. A business plan is a road map that will guide you to reach your ultimate destination. From manpower, warehousing, marketing, costing, sales to delivery logistics, and fund requirements, a business plan consists of everything.

Whether you wish to manufacture clothes or want to sell them wholesale, your business plan must be as per your need.

  1. Showcase your USP & Pick your brand name

What sets you apart from the crowd? What makes you different from your competitors? Why customers should buy your product? It could be your designs, your premium quality fabric, authentic patterns, or fine-cuts. Find out your USP and build your marketing strategy on it. It will not only set you apart from your competition but will also attract customers.

Once you have defined your USP, it is time to pick your brand name. A brand name is going to represent you in the market. So, make sure that the name is catchy, easy-to-remember, and crisp. Most importantly, it should define your USP.

  1. Choose an e-Commerce platform

Whether you decide to sell clothes online or planning to set up a clothing store, choosing an e-commerce platform is beneficial. An e-commerce platform will help you to connect your store with your potential customers.

This will give you a platform to showcase your designs to a wider set of audiences. Even those who are sitting far away will be able to buy from you.

  1. Build a Website

Create a visually appealing website. Having an official website can provide benefits to your online business. You can accept orders round the clock, provide excellent customer service, and showcase all your products.

As consumers are likely to stay home for a longer period due to the pandemic, starting an e-commerce clothing business can be profitable. If you are interested in starting one, join our ‘Everything about Entrepreneurship’ course and learn the in-depth concept of the clothing business from the industry experts.

To know more about our course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Cosmetic Business Store: How to open your store in 7 Easy Steps

cosmetic business

From the ancient beauty practices rooted in Ayurveda to international brands introducing their organic makeup products, the market is brimming with cosmetic stores. The Indian beauty industry has seen enormous innovation and entrepreneurship in the last couple of years.

According to a Redseer report, the cosmeceutical market is in India is growing at a CAGR of 25 percent. India is set to become one of the top five global markets in 2025 by revenue.

In India, the history of beauty practices dates back to the Indus Valley civilization. There has been historical evidence that proves the indulgence of both men & women in self-beautification. As the ancient practices paved way for the modern ones, the rise in the cosmetic business has been observed.

If you are a young aspirant who is interested in beauty and skin products, opening a cosmetic store is a brilliant idea. The market is flourishing and the demand for beauty products is increasing with each passing day.

Want to start a cosmetic business? Here are 5 things you must do to start a cosmetic brand of your own:

  1. Understand the Market

Be it a printing press or a cosmetic store, understanding your target market is important. To establish a successful cosmetic business keeping an eye on the popular trends is crucial. Understand your consumer behavior and what they expect from your product.

You can take a survey by preparing a specific set of questions and asking your potential customers. Or, you can take help from professionals to conduct market research to get the real picture.

  1. Create a Business Plan

When we say, we are asking you to ‘create’ a business plan and not just write it. It takes a lot of information and thorough research to come out with an excellent business plan. A detailed business plan is a must for a cosmetic business store.

Understand your business goal. Evaluate all the factors such as the capital, rent for space, salaries of staff, procurement of products, and marketing & advertising in your business plan.

  1. Learn about the cosmetic industry

Understanding the fundamentals of any industry is essential to ensure the success of any business. So, if you want to a successful entrepreneur, understand the dynamics of the cosmetic industry. Research and know more about your competitors and what makes them popular.

  1. FDA`s Regulation

In India, FDA has specific rules about the ingredients that you can or cannot in your products. So, get a sound knowledge of the FDA`s regulations about the manufacturing and labeling of cosmetic products. You must also understand the ground rules for sale, labeling, and production.

  1. Register your Cosmetic Store`s Name

If you are planning to open a cosmetic store at a small level, you can start it without registration. But, if you want to start it on a big level, then you must select a nice name and register it with the local authorities.

  1. Choose a range of Cosmetic Products

It is essential to always select cosmetic products by keeping the market analysis in mind. Always keep a range of cosmetic products in your store that is in demand.

  1. Take your store Online

In this digital age, almost every business is trying to grow its online business. An online cosmetic business store can open a world of opportunities for you. Create a beautiful design with an excellent user interface. Use the power of social media to attract more visitors. Build a meaningful relationship by interacting with customers online and make a great profit margin in the cosmetic shop.

A business cannot survive without its customers. So, whether you already have a cosmetic store or planning to open one, building an online presence is a must!

What else you will need to open a cosmetic business store? Discover all the insights and in-depth knowledge related to business with our Everything about Entrepreneurship. To know more click here: EAE = https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business Confidence in India Improves As Economic Activities and COVID-19 Vaccination Drive Gathers Pace: NCAER Survey

Evaluation of Business Performance
एंटरप्रेन्योर

New Delhi, February 8: The business confidence in India has improved as economic activities pick up and vaccination drive gathers pace. A study by the National Council of Applied Economic Research (NCAER) stated that the NCAER Business Confidence index (BCI) rose 29.6 per cent on a q-o-q basis during the third quarter of FY 2020-21. “The BCI rose further by 29.6 per cent on a q-o-q basis, rising from 65.5 in 2020-21:Q2 to 84.8 in 2020-21:Q3,” and NCAER statement said.

The report stated that the business sentiments remained worse than they were during the corresponding period in the previous year. According to a report by IANS, The proportion of respondents expecting that ‘overall economic conditions will improve in the next six months’ increased by 4.8 percentage points. This was 29.8 percent in 2020-21, Q2 to 34.6 per cent in 2020-21, Q3.

The respondents are also expecting that the ‘financial position of firms will improve in the next six months’ increased by 3.1 percentage points, from 27.7 per cent in 2020-21, Q2 to 30.8 per cent in 2020-21, Q3, the study reported.

The BCI increased for the consumer durables sector by 26.1 percent on a q-o-q basis in 2020- 21, Q3. For consumer non-durables, it increased by 32 percent, for intermediate goods by 37 per cent, for capital goods by 27 per cent, and for the services sector by 32.5 percent, the report added.

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Business motivation

Ease of Doing Business in India: 4 More States Complete Ease of Business Reforms, Total 12 States Become Eligible To Mobilise Additional Financial Resources

New Delhi, February 7: The total number of states in India that have undertaken ‘Ease of Doing Business’ reforms stipulated by the finance ministry has gone up to 12 with the addition of four more states. On Saturday, four states — Assam, Haryana, Himachal Pradesh and Punjab undertook the ‘Ease of Doing Business’ reforms. With this, these states have become eligible to mobilise additional financial resources and have been granted permission to raise additional Rs 5,034 crore through Open Market Borrowings.

The ease of doing business is an important indicator of the investment friendly business climate in the country. Improvements in the ease of doing business will enable faster future growth of the state economy, a finance ministry statement said.

In India, total 12 states that fall in the list include Andhra Pradesh, Karnataka, Kerala, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu and Telangana, Assam, Haryana, Himachal Pradesh and Punjab which was confirmed by the Department for Promotion of Industry and Internal Trade (DPIIT). After completion of reforms facilitating ease of doing business, these twelve states have been granted additional borrowing permission of Rs 28,183 crore.

In May 2020, the government had decided to link grant of additional borrowing permissions to states that undertake the reforms to facilitate ease of doing business. In view of the resource requirement to meet the challenges posed by the COVID-19 pandemic, the Government of had on May 17, 2020 enhanced the borrowing limit of the states by 2 per cent of their GSDP. Half of this special dispensation was linked to undertaking citizen centric reforms by the states.

So far, 17 states have carried out at least one of the four stipulated reforms and have been granted reform linked borrowing permissions. Out of these, 12 states have implemented the “one nation one ration card” system, 12 states have done ease of doing business reforms, 5 states have done local body reforms and 2 states have undertaken power sector reforms. Total reform linked additional borrowing permission issued so far to the states stands at Rs 74,773 crore.

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Business motivation

Evaluation of Business Performance: 5 Ways to Measure True Success

Evaluation of Business Performance
एंटरप्रेन्योर

“What gets measured,” the infamous Peter Drucker famously observed, “gets managed”.

Business is unpredictable, and what makes it more complex is the cut-throat competition. The trends that are ‘in’ today will be ‘out’ tomorrow. So the only thing that you can count on is that everything in the business world continuously changes.

Hence, it is super important to measure your business performance constantly. A Gartner report suggested that organizations that use predictive business performance metrics can increase their profitability by 20%.

Being an entrepreneur it is vital to know what works for your business, and what does not. Be it small, middle, or large, every business has its share of success and failure. So it is essential to constantly keep a finger on your business performance to stay ahead of your competitors.

If you too want to evaluate the business performance of your small business, here are 5 ways you can do it:

  1. Analyze Financial Statements

Money is important! And, one of the best ways to evaluate the success of your small business is to see how much revenue your company is generating. If your business is generating revenue, then you can pursue your entrepreneurial dream. Without it, your business will not survive in the long run.

  1. Check Customer Satisfaction

Another important way to measure the business performance of your small business is customer satisfaction. Customers can help you improve your business performance. If your customers are satisfied with your products or services, then your business is making progress.

But how do you measure customer satisfaction? You can do that through various surveys, reviews, and honest feedback from your customers. If your business is at a very early stage, you can start developing a client list with an email address to track customers. This way you can keep a count on your new customers as well as build a strong relationship with your clients.

  1. Reach Break-even Point

Setting up a break-even point or a target can help you evaluate the business performance of your small enterprise. The set target is the number you need to achieve in a given period (monthly or quarterly) for the company to cover its expenses to sustain. It is important to reach the break-even point, even if your business is not making a profit.

  1. Sales Indicators

The volume and frequency of sales can provide everything you need to measure the business performance. You can segregate the sales data into new customers, sales to existing customers, how much profit a particular product or service is making, or any other categories that might prove vital for the business. Keeping track of these numbers can provide invaluable insights into your business performance.

  1. Assess your Expectations

While evaluating your business performance, it is also important to assess your expectations. Many people disregard their happiness when it comes to evaluating business performance. But try to consider your perception when measuring your business performance. It always helps!

Entrepreneurship is not easy. However, with the right expertise and guidance, one can master the skills that are imperative for the progress of your business. So why not learn it from the business gurus? Join our ‘Everything about Entrepreneurship’ course where you will discover the fundamentals of business.

To know more about the course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Here are 4 Simple Ways to Protect your Business from Cybercrime

Protect your Business from Cybercrime

Cybercrime is on the rise. And in a classic web-based fraud that involved a well-renowned NDTV journalist Nidhi Razdan falling prey to an internet scam in January 2021, the attacks have become undetectable.

Not only individuals but cyber-attacks on MSMEs and SMEs have been on the rise. According to a 2019 study conducted by Accenture, 43% of the cyber-attacks worldwide have small-and-medium-sized businesses on their radar.

In India, there are 6 crores SMBs that contribute around 30% in the GDP as per the Confederation of Indian Industry. Their digitalization can increase their contribution further.

Unlike large organizations and enterprises, many SMBs often do not have sufficient resources and manpower to deal with the evolving threat landscape. Also, the major reason behind the less spending on cybersecurity by small business owners is their perception. Most of the decision-makers in small enterprises did not think they would be the target of cyber-attacks. It is this perception that discourages them to invest in cyber-security.

So how can you protect your business from cybercrime? Consider these tips to upgrade and stay protected from ransomware and other cyber-attacks:

  1. Update Software Regularly

If you do not update your servers and systems regularly, you could leave your networks vulnerable to hackers. One of the most common ways through which hackers gain access to your computer is via code defects, which is also known as exploits

Some of these exploits remain unnoticed for years and can affect all software from browsers to operating systems and more. Hence, keeping your system and software updated will protect the business from cyber-attack.

  1. Invest in a reliable VPN

Virtual Private Network or VPN is software that helps to create a secure connection over a less-secure network between your operating system and the internet. It makes you invisible to hackers and protects your sensitive credentials like passwords, login details, and other transactional information. As there are many VPNs available in the market, it is best to determine your organization`s needs.

  1. Divide, Encrypt & create a Backup Sensitive Data

Data is imperative for any business to make constant growth. So protecting it should be the topmost priority. Hence, protect your data by keeping it behind as many layers as possible. Divide it into different segments and do not keep it in a single source. This approach might appear less convenient, but if hackers try to breach the security, hackers will not get access to your entire data bank.

Use advanced data encryption methods to ensure that in case the data get stolen, hackers will not be able to use it.

  1. Put Strict Limitations on company Computers

Put security limitation on every computer which is used in your company. Make sure that no one can install unauthorized software without approval from your system administrator. This step will prevent any malware from infecting your company`s network and protect your business from cyber-attack.

These days, cyber-security can no longer be treated as a choice. A security breach can prove to be catastrophic for small as well as large businesses. The only way to protect businesses is to upgrade and invest in quality cybersecurity software.

Want to know more about managing your business? Get insights from business leaders and success stories from leading industry experts, demonstrating ways to apply emerging technologies to reach strategic business and digital ambitions with our Everything about Entrepreneurship course.

To know exclusive offers on EAE course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Building a World-class Customer Experience: 3 Strategies to stay ahead of your Competitors

world class customer experience

Given the cut-throat competition in the market space, delivering a world-class customer experience that guarantees customer satisfaction is more important than ever.

The impact of the pandemic has impacted customer behavior. The majority of the industries have cut-down their expenditure and the purchases have shifted from in-person to digital channels. Public safety has become the topmost priority for both the customers as well as the companies.

According to a Gartner report from the 2019 Customer Experience Management Survey, organizations nowadays are more committed to customer experience (CX).

A study by American Express stated that around 60% of people are willing to pay more if an enhanced customer experience is guaranteed.

Today, the leaders are realizing how vital the customer experience is and have gained rapid insights to build customer loyalty. The data obtained with the help of advanced analytics can help to achieve revenue gains of 5 to 10 percent and can reduce costs by 15% to 25%.

Post the COVID 19, companies all across the globe are preparing for the long haul. However, the path is rather vague due to uncertain customer behaviors and trends.

To win in the next ‘normal set-up’, companies need to identify the trending patterns and customer behavior to build the strategies in the near term.

Here are the 3 key strategies that will help companies to build a world-class customer experience:

Observe the Current Customer Behavior

Customer behavior is constantly evolving. Thus, observing the current trend and pattern is important. A customer journey consists of various touch-points that together add up to the experience they get upon interacting with a brand or a company.

Seeing the world as a pool of potential customers can help the companies and small businesses to organize better and mobilize their employees around the customer requirements.

Seamless Omni-channel Experiences

Due to the personal and financial losses inflicted upon people all across the world due to the pandemic, the financial flexibility of the customers is limited. But many customers now face a surplus of time. This has stimulated a record-high engagement on digital platforms.

Consumers these days have a low tolerance for bad experiences. A good or bad experience in any single channel can result in winning or losing a life-long customer. So, businesses these days can`t afford to risk ignoring a customer`s touch-points.

Make meaningful Connections with Customers

To build meaningful relationships with customers, companies need to interact with them across multiple channels (website, live chat, social media, and more). While the customers appreciate the candid interaction across multiple channels, they want it to be consistent.

For instance, India has 53 IKEA stores, and if you visit any store across not just India, but across the world, you will get the same experience. IKEA focuses on customer experience and invests heavily into it. And how did it help them? Not only IKEA is one of the most beloved companies in the world, but its revenues have risen to $40 billion worldwide.

No one wants to do business with a company that no treats you well. Hence, providing an exceptional customer experience is vital in today`s time. By using the above-mentioned techniques, you can build strategies to give your consumer a world-class experience.

Want to build a strong relationship with your customers? Bring your company and customers together! With the Everything about Entrepreneurship course, companies have achieved a whopping boost in their business sales productivity. To know about this most-loved course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

 

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5 Cost-effective Inventory Management Tips for Retailers to Save More Money!

Inventory-Management

If you are a retailer, you must be aware of how difficult the process of inventory management is. The major goal of every retail business is to sell inventory. But mismanaging your inventory can incur losses in the business.

Inventory management is one of the strong pillars of a successful retail operation. Efficient retail inventory management can lead to more customer satisfaction, increase profits and reduce costs.

What is retail inventory management?

Retail inventory management is the practice through which retail businesses ensure that the right products are available in the right quantities, at the right time. It may sound simple, but it also includes coordination with vendors, managing your in-store inventory, product list, tracking products, and also coming up with a price strategy in mind.

Any retailer who wants to be successful must have brilliant inventory management. Here is a list of 5 top inventory management techniques that will increase your sales:

  1. Organize your Storehouses

One of the best inventory management techniques is to have a segregated store. An organized inventory store is a key to infrastructural continuity. A disorganized store can lead to stocks getting lost or backed up. E.g. if you have perishable items in stock that have an expiry date, there is an existent possibility that they will turn sour, if not sell in time.

Disorganized inventory management can lead to unnecessary wastage of products and loss to your business.

  1. Decrease Product Range

If you are carrying multiple items in stock that are not much in demand, it is time to narrow down the product range. An overstocked inventory increases the cost of inventory as it leads to the storage of obsolete products that are not in demand. You will have to discount, bundle or donate these products later.

All that extra stock will also take up the valuable space of the products that your customers do want to buy. On the contrary, a smaller inventory will decrease your inventory costs and will also help you avoid holding excess inventory.

  1. Avoid deadstock

Deadstock is a stock that can no longer be sold because it has either gone out of the season, fashion, style, less demand, or otherwise become irrelevant. Hence, manage your inventory better so that you can avoid dead stock.

  1. First-In-First-Out (FIFO)

The principle of “first-in, first-out” is very important for inventory management. It simply means selling your oldest stock first, followed by your newest stock. This principle is apt for perishable products so that you don`t end up with unsellable spoilage.

  1. Invest in the Right Talent & Technology

Automation of inventory management is crucial for every retail business. Hence, invest in an excellent inventory management system, and most importantly, hire people who know and pay attention to details.

Are you in a retail business and struggling with inventory management? Worry not! With our Everything about Entrepreneurship course, you can get the support and guidance of the Business mentors.

It’s a wonderful opportunity to learn more about starting a business and maintaining inventory. So do seize this opportunity now! Click here: https://www.badabusiness.com/?ref_code=ArticlesLeads