Category: Process & Business Expansion

Categories
Process & Business Expansion

How To Write A Business Proposal

स्टार्टअप इनोवेटर्स
स्टार्टअप इनोवेटर्स
create a winning business proposal
A Business proposal bridges the gap between you and a potential client. The proposal consists of key project details, summary and other key objectives about your business. It outlines the value proposition of your business and the primary purpose is to persuade the client to do business with you.
A solid business proposal increases your chances to win a new business. It is a definitive sales record, and answers all the concerns your client has. There can be tons of ways and approaches to write a proposal; from the content to the designing, each piece of a triumphant business proposal requires keen arranging and advancement.
Before crafting the perfect Business proposal, it is important to understand whom are you writing this proposal for, and hence it needs a little preparation.
Preparation
The arrangement stage represents the moment of truth for your business proposal. It guarantees that the proposal doesn’t simply say what your identity is, it recognizes why you are the best choice to serve the customer.
Think about these inquiries before writing a business proposal: 
  • What do they do?
  • Who is the decision-maker?
  • What are their primary concerns?
  • What support or assets do they currently have?
  • Which arrangement would give the best worth?
Here are a few points you need to know before writing an effective Business proposal:-
1. Start with the title
Your business proposal should begin with a cover sheet, which ought to incorporate your name, the name of your organization, the name of the individual to whom you’re presenting your proposition and the date submitted.
  • Make sure you include your name, contact information, logo, your company name, date, and details of the client you are submitting the business proposal to.
  • You should be very clear on the points ’Prepared by’ and ’Prepared for’.
2. Cover letter/Introduction
  • The introductory letter is all about the presentation, mission, and vision of your organization.
  • Start with a small company introduction, a concise background of your organization, and a short passage of what makes your business better and unique than the rest.
  • Highlight the accreditations, awards, and achievements of your company in the introductory letter.
  • Make sure your introductory letter is clear and ought to urge your customers to pose the inquiry.
  • Try to clarify the fundamental belief of your organization.
3. Table of contents
Contingent upon to what extent your proposal is, a chapter by chapter list is a pleasant touch. Incorporate it after your cover sheet or title page, and before you dispatch it into any details. In case you’re conveying it as a PDF, include grapple interfaces/anchor link down to each segment, so it’s easy to get to specific point and area. If you are sending an electronic proposal, make sure you are creating a clickable table.
  • The table of content depends on how long your proposal is?
  • The table of content includes the page number where each segment and sub-segments can be found for easy navigation of your readers.
4. Executive summary
Present your proposal with an incredible executive summary, one that truly sells your business and product you are offering’it clearly states why you’re the correct organization for the job.
  • Explain why you are sending this proposal and why you have the best answer for your prospective customer.
  • Mention how your organization and service is taking care of the consuming issues to make it more engaging and relevant.
  • Summarize the offer and the value proposition of your organization.
  • Your customers ought to have a clear thought regarding your organization and product in the executive summary, regardless of whether they read the full proposal or not. 
The executive summary covers the entire body of your proposal. It incorporates 5Ws and 1H. It includes the problem, solution to that problem, deliverables, project milestones, budget and pricing, clients & references, social proof, and terms & conditions.
 

Let’s separate it to understand better:- 

  1. Problem ’
    Here you need to give the outline of the problem that is affecting your potential client. Show them that you comprehend and feel their concern and the massive need to eliminate it.
  2. Solution ’ 
    You have to tell them that you know about the difficulties in the undertaking and give them a plan of how you would move towards solving the problem. Ensure you alter the solution according to the customer’s needs.
  3. Deliverables ’
    This segment characterizes the statement of work. Covey your exact timelines, manpower, cost requirements. This segment of your business proposal makes the data increasingly critical and time-bound.
  4. Project Milestone ’
    Here you will give the customer a smart thought of how the advancement of the venture will look like. Try to separate the task into a few stages and feature the key events and expectations required at each stage.
  5. Budget and Pricing Create a table for your financial plan that clearly shows your whole product and administration costs. Try not to overestimate the spending that frightens your customer. Be more specific with your costing to negotiate late down the line.
  6. Social Proof ’
    Including tributes and remarks from a portion of your fulfilled customers and clients help in constructing believability. Disclose to them why they should trust you. Have 2-3 effective contextual case studies of your past projects; this will build confidence among the other party that you handle the venture well.
  7. Terms & Conditions ’
    This segment incorporates the insights concerning the payment plan, venture timelines, how the proposition can be revised, and the span of the agreement. Terms and conditions incorporate an outline of what is concurred among you and your customer. Make a point to be extremely clear about the terms and conditions with your legal team before sending it.
  8. Final Touches-
    The final touch is to incorporate space for signature at the end of the document. 
A business proposal is your chance to exhibit your business’ abilities and your one of a kind strategy to address a client’s pain point. Focus on the length and language while writing the proposal. Keep it simple and clear for your customer. Building up a solid proposition should not be done in haste because thought through proposals can lead to big business achievement.
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Process & Business Expansion

Importance of Customer Survey in Business Growth

जॉब
जॉब

3 Ways Customer Surveys Can Improve Your Business

Today it is very easy for business owners to reach out to their prospective or existing customers through an online customer survey. These business surveys allow the company to interact with the market directly.  Customer surveys can help you gauge how to retain existing customers and also find ways on how to attract new ones. 

A Customer survey is a valuable tool for achieving product innovation, making an important business decision and understanding customer pain points. 

Let’s understand a few benefits of customer survey and how it can grow your business: 

1. The survey can help you customize your product

  • Conduct a personalized survey for your customers and employees to ask about your product & get feedback.
  • Ask your customers to rate your product on a scale of 1-10. This technique is also called Net Promoter Score (NPS).
  • Whenever your customer buys any product from your website, send them a survey based on the product which will help you to understand their reaction and behaviour.
  • Customer survey data can tell you about the new trends in the market.
  • A survey can help you identify how much your customers are willing to pay if there is a demand for a particular product.

2. The survey can help you customize your service

  • You should always analyze the data and use that to improve your business strategies.
  • If you notice that your customers are having the same problem again and again it means your service is not addressing the issue, perhaps it is the time to take possible action to improve your customer service. A survey for customer satisfaction will help you address the issue.
  • Use negative feedback as a learning and growth opportunity to improve your services.
  • Try to make the Customer survey short and simple to follow.
  • Survey needs to be prompt and personal if you want to grow your business.
  • The most critical lesson you can take from a survey for customer satisfaction is that there is always a scope of improvement in your product and service.
  • Show your customers that you are taking their opinions seriously and are making some important business decisions based on them. Make them their opinion is important for your company.

3. The survey can help you understand your customer beyond just business

  • In the end, our customers are more than a name on the screen.
  • You should always focus on the pain points of your customers beyond just business to improve the survey for customer satisfaction.
  • Start collecting their birthdays, anniversaries, family details, etc. to touch them emotionally.
  • Send them offers and discount coupons on their special day to make them feel important; this will also lead to more sales and revenue generation for the company.
  • The best Customer survey includes open-ended questions, scaled questions and the combination of yes/no question.
  • Send a thank-you note or good health mail regularly to make them feel that you care for them. This practice will keep them interested enough to come back again for the purchase.
  • Write blogs on tips and tricks on the best use of your product based on customized needs which you have gathered through survey for customer satisfaction.

A Survey for customer satisfaction is more than just collecting the data and improving your product. It also creates a sense of involvement and importance in your potential customers. You want your customers to know that their opinion is important and matters to the company.

Here are the top 4 reasons you must be in touch with your customers regularly:-

  1. Show them that you respect-
    Asking for their valuable opinion shows them that you respect what they say. A customer that feels respected and important will stay with you for the long run.
  2. Measure their loyalty-
    Analyze the existing customer data to know their loyalty towards your company or product.
  3. Identify new opportunities-
    With the help of regular customer surveys; one can identify their need and problem which will lead you to delve on a new opportunity to solve that problem.
  4. Learn more about your customer-
    By understanding their needs, personal feelings and what they want, you can directly get to know how they think and feel. 

Customer survey boosts the overall brand awareness amongst your target group and strengthens your brand image in their mind. Try to customize the look and feel of the survey according to your audience. Select different colors and font for unique customer experience. However, the outcome should be one- valuable insights that can help you garner a high score on customer satisfaction.

Categories
Process & Business Expansion

How to Manage Your Inventory Effectively

बिजनेस
बिजनेस

Tips for Retailers to Manage Inventory Better

Inventory management is one of the most important parts for a retail business Paying attention to your sales data and inventory details is very crucial for the smooth running of your business operations. The objective of inventory control is to strike a balance between sufficient stock and over-stock. The stock maintained by a business entity at a particular point in time should be sufficient to meet the production requirements so that uninterrupted production flow can be maintained at all times. 

Here are some top inventory management techniques for entrepreneurs:
 

1. Use Barcode Reader 

  • Keeping track of inventory is a cumbersome job. These days it is very difficult to keep a record of inventory flow without any software. There must be a proper record-keeping system for all the stock one is holding. Using a bar code reader for inflow and outflow of the stock is one of the best inventory management techniques one can opt for.
  • There are EAN/UPCs printed on most of the products, barcode reader device can scan the EAN or UPC and adds the inventory to the software it is linked to. This way you’ll be able to see the entire inventory on your computer screen with just a single click. For any outflow of inventory similar process should be followed. This way the retailer will be able to see the current on-hand inventory at any point in time.
  • Along with inventory management, daily sales reports can be generated with the available data. You just need to subtract today’s opening stock with yesterday’s opening stock you’ll get the sales numbers for the day.   

    

2. Inventory Racking System

  • Retailers cannot keep the entire inventory on a single pallet. It needs to be segregated to the designated areas and that too with proper labeling. For example ’ in grocery store daily household items like bread, biscuits, chips are kept near the counter as they are perishable and sell out very quickly. Desi Ghee will be kept on a separate rack as it doesn’t move out that frequently.
  • Labeling the racks and pallets helps in creating a separate section for similar products. This way at the time of order you will know which items are placed where and picking & packaging will be done more efficiently.

Segregation of stock proves to be the top inventory management technique because: –

A. Saves time in picking and packing of the products.

B. One can easily find out which items need reordering by just looking at the designated section.

C. Popular FIFO (First in First Out) inventory system can be easily executed.

3. Improve stock ordering

Ordering the right products by keeping your customers’ needs in mind is indispensable to ensure proper inventory management. For this, it is important to keep an eye on how products are moving and to observe how customers are interacting with your merchandise. For example, the average normal usage of a material component A is 50 units per week.

4.  Physical Stock Check

  • With barcode readers and Proper Inventory Systems, the retailer can do inventory management very effectively. There won’t be any issues finding:

?
On hand inventory

?
The bestselling products

?
Products to be reordered

?
Slow-moving products

  • Regular check on the physical stock is required to make sure the inventory showing in the software matches with the actual inventory status. There could be a situation when the retailer forgets to mark the inward stock by barcode and it will not show up in the software, whereas the stock is physically available in the store. Similarly, any miss in the scanning of outward supply can show the inventory in the software but won’t be available physically. Building a strong inventory management technique checklist to fulfill the complete requirement of physical stock checking will help in resolving this issue.
  • To overcome such a situation the best inventory management technique would be physical stock check. No doubt it can be a little time taking activity but is worth the effort. The monthly physical stock check should be a regular practice for a retailer who wants to do the best inventory management technique. 

5. Know the Minimum Stock Level

It signifies ’at least how much to stock’. Every business entity must determine the minimum level of stock required by it. It is the lowest level of material stock, which must be maintained in hand at all times so that there is no stoppage of production due to the non-availability of stock. Suppose the average normal time taken to get an order from supplier to the stores, known as lead time, is 5 weeks. Here, the minimum stock level that must be maintained all the time for material A would be 450 units ’ (50 units ’ 5) = 200 units. 

6. Know Maximum Stock Level of the business

It is important to then determine the maximum level of stock for a particular business. It signifies ’up to how much to stock’. It is the highest level of quantity for any material/inventory item which can be held in stock at any time. Any quantity of stock beyond this level leads to an extra amount of expenditure due to the engagement of funds, cost of storage, obsolescence, etc.

7. Set the level of buffer stock

In any business, some quantity of stock may be kept for the contingency to be used in case of sudden orders. This stock is known as buffer stock.

Almost all businesses today are moving their base online. When the flow of sale and purchase rises, the retailers need to keep track of the top inventory management techniques discussed above to create a flexible functioning of the business.

Categories
Process & Business Expansion

How to Start an Online Business Instantly

ई-कॉमर्स
ई-कॉमर्स

7 Online Business Ideas That You Can Start Immediately

There are several ideas available in the market to choose from if you want to start an online business in India. We tell you a few ready to start ideas that do not require too much backend technology, investment or complete knowledge of its know-how.

1. Blogging:

Writing a blog is one of the best online businesses in India today. If you love to write and want to share your experience and thoughts, blogging can turn out to be a profitable business. It mostly depends on your consistency and effectiveness to do so. Providing persuasive content to generate leads and appreciation is all you need. Blog writing can help you gather more and more followers. Now you can start earning money by selling ad space or products which can be extremely beneficial over the time. Although it takes some time to strengthen your follower base, but eventually it’s totally worth the effort.

2. Become a Vlogger:

You just need to think of unique video concepts and there you are- all set on your journey to become a vlogger or a Youtuber. Record and edit videos via a camera or a smartphone on topics that interest; engaging content is what everyone is looking for. Social Media platforms like YouTube, Snapchat and TikTok help you sell your content directly just by engaging with a good number of followers.

3. E-commerce Retailer:

There is demand for everything and anything. If you have a shop or a small business and want to make your business digital, you can enroll yourself as an e-commerce player expanding your business worldwide and reaping the benefits of online business in India. Of course you would have to work on your delivery mechanism, payment gateways but since you already have presence in retail the backend work should not be much of hassle for you.

4. Freelancing:

One of the most underrated concept amongst all the online business in India. Freelancing can be a great option to earn money as you are providing services as per your ability and expertise and also at the convenience of your time. This of course is not a full-time job or business, but you’ll be able to make some handsome amount of money with time.  

5. Conduct Webinars or Become an Online Professor:

Over a period of time webinars as a concept has gained immense popularity in India. People with good speaking skills, knowledge about a topic along with great presentation skills can conduct webinars and turn it into a successful business model for them. For example ’ if you are a professor or a subject matter expert, you can get yourself registered with educational platforms like Bada Business, where you can create content for entrepreneurs and solve their business problems through your lecture. 

6. E-Book Author:

If you have an interesting storyline which can be converted into an e-book that could attract huge audience, you can work towards getting it published on online portals such as Amazon.

7. Stock Market Trading:

There is an orthodox mindset among a group of people who confuse trading with gambling. Online trading is one of the best online businesses one can think off. You risk some capital to gain some. One can make a good return on capital by just following these two simple  rules:

  • Buy low & sell high
  • Sell high & buy low. 

There are a variety of asset classes available in India to trade, like Equities, Forex and Commodity. All you need is just to open a trading account with a good broker and you are all to set to start your online business.

These businesses do not require too much money to be spent, just a bit of thought and strategy and you are all set to become an entrepreneur by switching or opening a new online business in India.

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Process & Business Expansion

How to Create a Successful Subscription Business Model

How to Build a Successful Subscription Business model

We all have realized that the Subscription business model is here to stay. A large number of businesses are moving from a product economy to a subscription economy. 

Why does a subscription-based business model work?

There are 4 factors that we can attribute to this:

  1. It gives you the opportunity to move towards a recurring revenue model. The model is devised in a such a way that the customer will have to pay monthly, quarterly or yearly for your product and service and if you keep providing him quality, chances are higher that there will be a repeat subscription
  2. It allows you to constantly engage and connect with the consumer. Business-customer relationship should not be limited to just a single point purchase
  3. New revenue streams can be created from the current customers by adding more services to your product
  4. A subscription business model can make you take the plunge into digital which can help you save a lot of cost and can help you scale faster

Now if you have chosen to walk the subscription path, you still need to work hard on your product, on your pricing and your service to make sure it is a success. Here are a few tips to succeed using a subscription model

1. Align your Pricing with the Business Goal

  • Pricing is the most important strategy in a subscription business model to make sure your business is a success. It can help you in a lot of ways to acquire new customers, create more revenue streams from existing customers and also make sure the retention rate is high.
  • Structure your pricing tiers on the basis of monthly, quarterly or a yearly based subscription model
  • Also take into account other factors like usage levels, loyalty, new schemes
  • You can start with some basic pricing tiers & adjust it over time keeping in mind customer feedback

2. Bring in Uniqueness

  • Provide the customer with new products and services that add value to them
  • In a subscription-based business model, customer sometimes might not know about the differentiating services provided by you. Spell it out through constant alerts to prospective clients
  • Your product needs to constantly connect with the consumer for it to work

3. Give the Consumer Convenience

  • Today most companies that provide anytime, anywhere convenience to the customers are the ones making money
  • For e.g. All OTT platforms like Netflix, Amazon Prime, and Hotstar give the consumer an option to watch shows/movies anytime and anywhere. Netflix has also devised a pricing strategy for content watching for mobile-only users. This is cheaper than its usual monthly package.
  • Provide the consumer with variety at the click of a button

4. Streamline Cash flow & Billing
 

  • In a subscription based model most of the cash being received by you is upfront, the maximum credit cycle is also 30-45 days. Hence, make sure you are rotating your cash efficiently
  • Bring in automation and software to ease our the billing process and optimize cash collection

5. Build Customer Relationships

  • Customer Relations form the basis of every business and similar is the case in a subscription business model
  • If the customer is not happy with your product or service he will cancel the subscription for the next time. Hence, innovation and building strong relationships is key
  • Get to know your customer well and then design products for him. This will also help in deciding the pricing strategy

6. Give your Customer a Choice

  • In a subscription business model, the one size fits all strategy might not work well for everyone. Hence, give the customer a choice to choose a specific service or a specific pricing tier according to their likes and needs
  • This will help you attain more customers as paying according to choice will appeal to your target audience

Every entrepreneur wants a regular income in his business for positive cash flow and business growth. Subscription based business models provide the perfect platform to enable that ambition, but the cheery on the cake will always lie in your product quality and customer satisfaction.

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Process & Business Expansion

Learn How to Start Your Company From Scratch

स्टार्टअप
स्टार्टअप

Start a Company with Ease!

Every business has to start from the very beginning, and it’s the passion behind it that drives you to start something and be your own boss. Starting a company from scratch need not be complicated, but requires a lot of planning and backend work. Here are a few tips on how to start a company from ground zero.

1. Research & Refine your Idea

If you are thinking about how to start a company and set a business, you must be having an idea. Thorough background research of the idea is critical

Analyze what market leaders are doing in that space and learn from their mistakes 

Talk to a lot of customers, understand their pain point and try to solve that problem

Conduct surveys, hold focus group meetings and research SEOs

2. Prepare a Business Plan

After researching your business idea, the next phase is preparing a business plan that reflects steady & realistic growth

Don’t rush into things before understanding the key aspects of a business. For e.g. 

  • What is the objective of your business?
  • Your defined customer base
  • Price points
  • Sales projections
  • Operational costs
  • Market Strategy

All this has to be a part of a well-defined business plan

3. Choose your Business Structure

This is very important before you decide to start a company. There are a few structures that SMEs can choose from:

  • Sole Proprietorship where you are the ultimate boss and the cost of setting up is the least
  • Partnership- Where you can start the company with a friend, family member or a business partner and decide your profit and loss sharing ratio
  • Limited Liability Company (LLC)- This is a popular choice for small to medium sized businesses. The cost of set up is not very high and there is a separation between the owners and the company

Once you choose a structure, register the company and follow all mandates to make it official

4. Make a financial breakdown chart

If you are starting a new company, you need to address finances and see how the funding will take place 

One of the ways to do this is to prepare a break-even analysis. This is essential for financial planning to know when your business will be profitable 

The simplest way to do this is to calculate your fixed costs and your variable costs and get the difference between the two

Set a financial goal, this will help in keeping a check of whether you are stretching your budget or there is room for margin

Keep a list of the funding options available to you and at what stage you would like to use them

5. Build a Founding Team

Human resources are important to every business and an entrepreneur should be clear that he cannot manage all the functions

Get together a team by assessing their strengths and weaknesses, so that everyone is an asset to the company

Delegate work effectively

Incentivize the team so that when the company grows, they also benefit from it

6. Improve on the Go

Once you have clarity on all your initial steps, there is never a better time for starting up. Improvisations can be made as you go along. 

Most successful companies have launched with imperfections but that did not deter them from adapting to the changes

Learn from the journey and enjoy every bit of it!

7. Decide a launch Strategy

Once you start a company and your product is ready to hit the market, be clear about how you want it to launch

Think about media spends and the mediums you want to use, how do you want to market the product initially and grow it phase by phase

Start branding yourself using social media. Build a following on Facebook and Instagram to create the initial buzz  

Build a logo, create a website and let people identify with your brand

8. Feedback is Essential

Once the company has started and you have launched your product, let people use it and give feedback. A perspective from the consumer will help you see the product in a different light

Customer feedback will help in improving your business 

There is no perfect route to start a company and grow your business, but a killer instinct and the ability to adapt will help you achieve success. Have a quick problem-solving approach as you will

be constantly competing against time. Don’t rush into things and you will be on your way to building a company that you always dreamt of.

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Process & Business Expansion

ERP For Small Business: Going The Right way!

Transform your business using ERP solutions

Billionaire Entrepreneur Bill Gates has said, ’Vision without execution is day dreaming’. Managing business requires handling many functions and verticals and to align this together ERP software tools need to take center stage.  The advantages of using ERP solutions for small businesses are immense which will eventually help their companies to grow. Here are 8 benefits of implementing ERP small business software:

1. Cost Reduction

  • Implementation of the best ERP tools will reduce administrative costs considerably. This also helps in better turnaround time. Employees won’t have to waste time in doing manual jobs and entries into the system
  • Capability of your employees can be used for bigger and more profitable projects and plans 

2. Automation with Increased Efficiency

  • Automation in workflow will help avoid the possibility of human error. Hence, reduction in any delays or problems related to customer interface leading to increased efficiency
  • Industry best practices can be adopted and aligned with the company’s goal and vision
  • Increased Efficiency is one of the biggest benefits of ERP tools for Small businesses

3. Visibility and Transparency

  • Visibility & Transparency is one of the biggest selling points for ERP small business software. It allows access to most of the critical functions of the business by keeping a track of every department.
  • For e.g. you can keep track of your distribution network, your inventory in the store house and how much of it is in transit as well as your marketing spends & financial books.

4. Single Reporting Structure

  • In SMBs there are not too many departmental heads, hence with the help of ERP small business software, a single reporting structure is created making it easier to analyze, report and draw conclusions

5. Improved Planning & Departmental Collaboration

  • Since the software gives you accessibility and the ability to analyse and compare reports from across departments, it can help plan inventory and financial management in a better and efficient manner making ERP small business software highly beneficial

6. Inventory/Supply Chain Management

  • For businesses with inventory requirements, ERP solutions create the opportunity for another kind of savings in the form of inventory management
  • ERP for small business can help calculate demand for specific materials, decrease overstocking and track real-time supply
  • When supply chain management runs smoothly, the entire organization will benefit

7. Data Reliability and Security

  • Data is the heart of any organization and needs to be secure all the time
  • ERP tools have controls that can keep your data secure by having restricted rights of edit, copy and deletion monitored continuously
  • Since there is a single source of data, accuracy and security are most important

8. Mobility

  • Today organizations are working on the move especially Startups and SMEs, hence effective ERP systems help in giving the same opportunities to employees who are working on the field
  • Employees can have access to a central database where they can carry out work from any location and any device making them a productive asset for the company. 

ERP for small business is a boon that companies need to embrace and understand. The company needs to weigh which ERP solution is best suited to its goals and objectives and can deliver the ROI expected; hence decisions regarding ERP small business software need to be made strategically before jumping the gun.

Though every business has its own need and requirements, these are some of the Best ERP tools for Small & Medium Businesses

NetSuite ERP

Business Cloud Essentials

Sage Intact

SYSPRO

SAP Business One

Oracle ERP Cloud

Sage Business Cloud Enterprise Management

Epicor ERP
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Process & Business Expansion

Tips by Ratan Tata to Run a Successful Business

Lessons for Life: Business Gems by Ratan Tata

Entrepreneurs today are not just building companies, but creating a stronger India. Some of the best business tips revolve around the attitude & determination of an entrepreneur that eventually decides the altitude he can achieve. Growth in business is full of challenges and to reach the top you need to inculcate habits that make your life happy and productive. Here are 10 business tips for success mentioned by a visionary and entrepreneur par excellence- Chairman Emeritus of Tata Group, Mr. Ratan Tata.

1. Giving

  • Businesses need to go beyond company profits, sales & targets. You need to give back to the communities you serve
  • Successful companies have the resources to give back to the society and do good!
  • Build a culture of giving back in the organization, in this ways the employees respect and look up to you even more
  • The gesture of giving only builds mutual respect making your community a better place to live in

2. Persistence

  • Have the ability to push and push till you reach the finish line
  • Persistence in business is one of the best business tip for an entrepreneur as you need to fight failure and bounce back, only then you can be successful
  • Persistence is all about indomitable spirit whether it is in business or in your life
  • Find new ways to do things and you will be able to find new solutions to many of your problems

3. Talent

  • Everyone cannot be the best in everything. Develop your talent and find your unique strength
  • An important business tip for success is to focus on the visible skills and hone them. As a leader you should do this on a regular basis for your employees
  • Build a culture of development- Mentor employees, have one-on-one interactions, devise programs for skill development. This gives employees the confidence to build more capabilities in them
  • Understand the value of learning- Learning is a continuous cycle and for people interested in building new skills, touching new horizons & reaching new heights, learning should never stop

4. Life

  • Embrace life, love life and enjoy every moment of it
  • Don’t stress over things what others say to you.  As Mr. Ratan Tata himself says, let them throw stones at you and you should build a monument out of it
  • You are born to do bigger and better things in life, identify your goal, your mission and put in all your energy to fulfill it. This can be one of the best business tips to lead a prosperous company and will turn you into a happier soul

5. Decision Making

  • Decision making is required at every level of your business; in fact it is required at every moment of your life as well
  • For success, one of the best business tips is to have clarity of thought. Be sure of what you want to do and then devise plans around it
  • Don’t be scared of making the wrong decision, this too is a part of your learning curve
  • Gather relevant information that can help you make a decision and then evaluate your options. This will help you reach closer to your goals
  • Evaluate the results- Evaluation and reviewing helps in judging the effectiveness of the choice made by you

6. Mindset

  • Your mindset can either break or make the goal you have set to achieve. It is your way of thinking to treat a problem as an opportunity or an obstacle
  • Develop a success-oriented mindset; following this mantra is a key business tip for success
  • Be around positive people and find time to disconnect from unnecessary stressors
  • Focus on learning new skills and put yourself in challenging situations, this will help in making you mentally strong and build confidence

7. Change

  • We all know the only thing constant is Change. So embrace it and move on with it
  • Suggest new ideas, introduce new processes and do things differently. A change for the better is the best business tip
  • Predict and prepare for the future. This will help you face challenges in the rapidly changing business environment with ease and preparedness
  • Focus on your values and not the fears. You need to understand that change is inevitable and there should be no inhibitions while adapting to it

8. Challenge
 

  • View any obstacles that stand in your way as a challenge, have the belief that it’s not impossible to overcome a certain business problem
  • In challenging times, the best business tip for an entrepreneur is to don the role of a leader. Show the way to your people and other stakeholders
  • Ups and downs are very important in business to keep us going. It helps us challenge our limits as well
  • Understand the problem first and then put things into perspective before jumping the gun and making a hurried decision 

9. Legacy

  • Follow a set of values, ethics or culture that your forefathers have left behind
  • Build your business on sustainability and not just on the basis of profitability. Money is important but sustainable development is the best business tip for success in the long run
  • Following or leaving a legacy requires immense investment in upholding the value system that has been created

10. Growth

  • Know what you want- If you have clarity about your goal, you will focus all your energies to achieve that and this business tip forms the stepping stone for growth in business
  • Set your eyes on the prize- Measure yourself, your team, and your organizational goals alongside your target. Once you know the how far the target is, everyone can align their energies to work towards it
  • Keep your Passion alive- Keep the excitement and enthusiasm going, it is contagious and spreads to people around you
  • Think People first- Your stakeholders are the backbone for the company. Keep your employees motivated, customers happy and other stakeholders aware of the functioning of the company. This business tip for success will play a major role in your growth strategy

So if you feel a little lost in life, these 10 business tips for success by Ratan Tata can put you back on track and motivate you to bounce back.

Categories
Process & Business Expansion

5 Business Automation Tools to Grow Your Business

Work from Anywhere, Anytime!
 

Have you ever thought of a scenario where you are on a holiday, sipping your favourite drink and your business back home is not only running smoothly but also generating revenue? 

Yes, it is possible! Automation in business gives an entrepreneur the advantage to create more value for himself and his customers. 

As a small business owner if you are not leveraging the power of technology, then in all probability you must be micromanaging everything in your business. In that case, as weird as it may sound, you are in all likelihood just like any other employee in your company with the fanciest title.

The advantages of using business automation technologies
are many. It helps:

  • In leveraging an entrepreneurs time
  • It reduces the time in completing a task
  • It increases the efficiency and productivity of employees
  • Business owner can focus on other important aspects of the business like customer service, innovation, strategies and revenue generation.

With the ever changing landscape of business, business owners need to develop the ability to adapt and use the power of technology and automation in their businesses.

The top 5 Business Automation Tools are-
 

1. Make a Repeatable business model

The model is applied to new products and services for the generation of sustained growth in the company. 

It can be achieved by enabling the people of your company through processes and technology.  

The best example of a repeatable business model is of DMart. The company enjoys the market capitalization of Rs.114,000 crore. Over the years the company has focused on building a good team, robust process and technology. 

2. Smart Marketing

As the name suggests, many B2B and B2C businesses swears by the smart marketing formula. 

Smart marketing not only helps business owners to increase their sales significantly but also allows unlocking their time.

Examples of smart marketing tool-

a) Facebook ads/Instagram Page

Facebook and Instagram are the most popular social media platforms. While Facebook has the largest user base across the globe, Instagram enjoys immense following amongst youngsters.

Both Facebook and Instagram are widely used as an advertising tool that allows you to reach directly to your specific customers based on their interests, gender, age and location.

The icing on the cake is that it is cheaper than the conventional modes of marketing.

b) LinkedIn Ads

If you want your business to get the visibility in the world’s largest professional community then LinkedIn ads are the best and the only bet. 

It helps in creating awareness about your brand, generating leads and increases engagement with your potential customer on a global professional platform.

3. Mail chimp

Mail chimp is a powerful marketing software. It is a tool that redefines the conventional way of connecting with your group of customers. 

With the help of this business automation tool, you can boost your email marketing efforts. It helps you in sending newsletters to thousands of recipients who have signed up for it in one go. 

It also helps in automating your email campaigns and collect leads for your business.

4. Technology

Technology in business is the best enabler. It helps in business automation and reduces operational costs. 

Few examples of popular business automation tools are:

a) ERP-

Enterprise Resource Planning is a centralized database that puts the important parts of business on automation.

ERP can be implemented across the departments of an organization be it Sales, Marketing, Finance, HR, Inventory Management etc.

b) Zoom- 

It is video conferencing platform which is used for conducting video conferencing meetings, webinars, audio conferencing, recordings and live chats from anywhere.

This business automation software saves travel time, helps in better communication, increases productivity without any physical infrastructure.

c) Cloud based Services- 

It is a system where the hardware and software hosted by a 3rd party. It is a service that can be accessed from any location freely through an internet connection. 

This business automation tool is cost effective and improves functionality of your business. 

For Example: Dropbox, Google Apps, Amazon EC2 etc.

5. CRM

Relationship with customers is the most important thing in the business world. To maintain a record of thousands of customers can become a cumbersome task at times. Customer relationship management (CRM) software eases out this process for business owners. 

This powerful business automation tool not only automates the whole process but also collects data from other sources as well.

If you are a small or medium-sized business, it is critical for you to implement these business automation tools to increase efficiency and productivity enables by tech today.

Categories
Process & Business Expansion

Phygital- Redefining the Customer’s Shopping Experience

Shop till you drop with Phygital

Imagine a shopping experience where you just enter the store, pick up what you want and simply walk out. Yes, you read it right! No lines, no checkouts, no payments just walk in, grab and go! Welcome to the world of Phygital.

4 years ago when e-commerce giant Amazon launched it’s first ’Amazon Go’ store, it redefined the entire Customer’s shopping experience. With their ’Just walk out technology’ Amazon Go became the first store of its kind where no checkout is required. 

The Amazon Go app allowed the customers to enter the store, browse through its products and then leave. What bliss for people on the go!

Defining Phygital

  • The marriage between the usages of intelligent technology to boost customer’s shopping experience is the new norm today
  • It is an ecosystem where both physical and digital co-exists.

Both the worlds complement each other in the sense that the consumer experience is not just limited to their computer or mobile screens but makes it way into the vicinity of fancy stores as well. 

The objective of both the premises is to enrich customer’s shopping experience
which has a direct impact on revenue generation and business growth

Importance of Phygital in business growth

With technology and innovation taking center stage of every business, companies now have become more focused on giving its consumers a world-class shopping experience be it in physical store or in the digital domain. 

In an age where time is money, a consumer needs the holistic experience of both the worlds (digital + physical) before buying a product.

In retail, through Phygital a customer can experience the following things:- 

  • look and feel the product
  • Browse through a plethora of options
  • Take feedback
  • Enjoy easy transactions through mobile point of sale units
  • Guided layout to add value to overall shopping experience
  • Virtual add-ons
  • No need to stand in queues 

After making a mark for themselves in the e-commerce space, brands like Lenskart, Myntra, Nykaa, Firstcry.com understood the need of giving this ’wholesome’ shopping experience to the customer.

It allowed brands to move from online to offline seamlessly. It helped them in increasing their offline reach to the customers and in turn helped in their business growth.

The Way Forward

Taking a cue from the retail giant Amazon, back home in India, Dmart also followed suit. 

In its new store format, customers can place their order online or through the app. They can then collect their purchases from the DMart Ready stores, or have it home-delivered for an additional charge. 

Clearly, the idea behind the new format is to provide shopping convenience to customers and to tap into the e-commerce category as well.

Small business in tier2 and tier3 cities should focus on the smooth transformation of their stores/shops into new age customer engagement hubs. 

Tip:

  • A small businessman can create a basic website or app, through which he can accept orders online from customers and customers, can pick up their order from the nearest physical store without having to wait or stand in the queue.

Great opportunities lie ahead for businesses that have a hold in smaller cities. 

Tip:

  • Small businesses should look for the collaboration with online giants like Flipkart, Snapdeal to open their physical stores and target offline customers for their business growth.

The Phygital trend which is catching so fast is here to stay for 2 simple reasons- 

  • In Phygital, physical comfort meets digital convenience
  • Speed meets personalization

Phygital has enhanced the overall shopping experience of a customer by multiple notches and has been an integral strategy for the business growth of many brands. Offline and online stores which were once perceived as opponents, Phygital has surely blurred the lines between the Bricks and the Clicks.