Category: Process & Business Expansion

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Process & Business Expansion

5 Fastest Growing Industries to Start a Business In 2020

What industries should excite you in 2020?

Are you planning to start your new business venture?

You must be wondering if you have your eye on the right industry or not?

Starting your own business is not easy. There are so many things to consider, from market demand to competition, but it will all be worth it. 

To help you drive the wheel towards the road to success, we’ve rounded up 5 fastest growing industries to start your business in 2020:

1. Ed-tech

Data Points for the Industry:

  • From 2014 to 2019, more than $1.8 Bn has been invested into Indian ed-tech startups.
  • The sub-segment of test preparation has the highest capital inflow & the greatest demand in India.
  • India’s tech economy growth has also pushed the demand for skill development solutions.

If educating people is something that you’re passionate about, Ed-Tech or Educational Technology may just be the startup industry for you.

The growing popularity of online learning has provided a major push to 3 of the top subsectors in the edtech market:

  • Test Preparation (from k-12 to entrance exams)
  • Online Certification
  • Skill Development

What’s the upside of Ed-Tech industry in India?

Fundamentally, India is one such market where there is a lot of focus on education. Most parents aspire to see their children aim high in education, and hence, people are willing to pay for these services. 

  • As per a study conducted by KPMG, the estimated market size for the ed-tech industry i.e. online certification and the reskilling industry is estimated to be $463 Mn (2021) growing at a CAGR (compounded annual growth rate) of 38% since the year 2016.
  • The key theme and major advantage for the ed-tech industry is: Personalisation and Inclusion
    .

Ed-tech is considered as one of the fastest growing industry in India.

2. HealthTech

Data Points for the Industry:

  • Indian Health-tech sector recorded a total funding of $586.93 Mn in the year 2019
  • Indian healthcare market to be valued at $372 Bn by 2022.
  • Some of the popular healthtech startups are CureFit, PharmEasy, Practo, etc.

Increase in population, changing lifestyles and environmental instability pose newer challenges, as new diseases appear. To tackle these challenges and focus on mass scale solutions, it is important to encourage technology & automation in the Indian healthcare sector.

What’s the upside of HealthTech industry in India?

  • Indian healthcare industry is growing at tremendous pace and is considered as one of the fastest growing industry due to increased penetration of technology, improved connectivity and enhanced healthcare policies.
  • Indian healthcare market is expected to grow threefold to Rs.8.6 trillion by 2022. 

3. FinTech

Data Points for the Industry:

  • India is experiencing a ’FinTech Boom’ by emerging as the world’s second largest fin-tech hub.
  • Indian Fintech sector received a total funding of $3.18 Bn in the year 2019
  • Some of the popular Fintech companies are Paytm, PhonePe, Google Pay, Cred, etc.

For years, FinTech (or Financial Technology) has been a hot startup sector and one of the best industry for business in India. The digital payment space in India is set to witness interesting times as WhatsApp
, the global messaging app, is coming in a phased manner with its payment services.

What’s the upside of FinTech industry in India?

  • As per Deloitte & CII’s Vision 2020 report, India is speedily heading towards becoming a digital economy with over a billion mobile phones, 330 million internet users, and 240 million smartphones.
  • B2B startups in FinTech industry are climbing the ladder
  • Some of the other areas where Fintech businesses are moving in 2020 includes taking insurance to the masses & a new wave of Fintech in education.

There is no doubt that competition in the fintech industry will intensify in the year 2020, however, it will still remain one of the fastest growing industries in India.

4. Gaming

Data Points for the Industry:

  • Smartphones accounts for a majority of online gaming revenues in India
  • India fantasy sports operators witnessed a 7 times growth since 2016, while the user base grew 25 times in India
  • 250 Mn online gamers and game developing companies were recorders in the year 2018, while the numbers were 20 Mn and 25 Mn, respectively in 2010.

Today, gaming industry has grown to become one of the biggest in the entertainment sector in the world and is considered as one of the fastest growing industry.

With smartphone penetration at its peak, the Indian gaming market ranks 5th among the world’s top mobile gaming markets. 

What’s the upside of Gaming industry?

  • Gaming industry was estimated at more than $150 Bn in 2019, and this figure is anticipated to grow to nearly $200 Bn by 2022, with a CAGR of over 9%.
  • The impact of mobile gaming is nowhere more evident than in India, where it always has always been considered a niche form of entertainment.

Games such as PlayerUnknown’s Battlegrounds (PUBG), FarmVille, Candy Crush Saga, and Clash of Clans, with social and multiplayer components, only furthered the trend, making gaming one of the fastest growing industry.

5. Data Security

Data Points for the Industry:

  • The Indian business ecosystem’s poor data security is no secret
  • The BYOD (Bring your own device) work culture is now prevalent across many offices and workplaces in India
  • India business & enterprises don’t have adequate visibility into their cybersecurity health

The more time people spend online, the more they are exposed to data breaches & violations of digital privacy. 

Due to major data privacy thefts & scandals like Cambridge Ananlytica, companies and consumers have now become more aware of these risks.

What’s the upside of Data Security industry?

  • Data privacy breach makes Cyber Security one of the fastest growing industries and creates endless opportunity for entrepreneurs and business owners willing to bet on cybersecurity and data protection as a business.
  • According to a report by PwC, the cyber security market in India is expected to grow from USD 1.97 billion in 2019 to USD 3.05 billion by 2022, at a CAGR of 15.6%

Though Data Security is one of the fastest growing industries, but starting a cyber-security company is no easy feat but the starting point could be by offering consultancy services to local companies.

If you’re thinking about starting a business soon, be where there is enough sunrises. Be a part of those sectors where the next wave of growth will come from.

We have given you a lowdown of the 5 best industries for business in 2020 and should be well considered when establishing a new business 

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Process & Business Expansion

Transformation of Small Businesses in 2020

2020: Shaping new trends for small businesses

2020 is going to be a totally different year for small businesses. With the slowdown caused due to Coronavirus lockdown and companies re-strategizing the way they function, small business trends
will be all about efficiency and productivity in the minimum cost. These are some small business trends that will change the face of business in the coming years:

1. Use of Artificial Intelligence (AI)

AI is becoming an integral part of our life as its opportunities and applications are virtually limitless

Artificial Intelligence is being used in every sector be it healthcare, manufacturing, banking, retail or even education. You name it and AI has an application that a sector can use 

For e.g. Chat Bots to help get initial information from customers, Virtual Assistants to delegate your mundane tasks, smart cars for unique driving experience and many more

2. Rise of Remote Working
 

The coronavirus lockdown has definitely taught us to be more productive while working from home where employees are multi-tasking and working beyond capacity to fight difficult times

Less of overhead costs will be the priority of employers. This will lead to saving costs, time and resources for many sectors

Remote working is going to see a huge rise as one of the small business trends for 2020

3. Leveraging Technology

The competition today is cut-throat not only amongst businesses but also when you are competing with big players and it is only through tech especially the digital tools available that can help you scale

Analytics, CRM tools, Social media marketing, ERP tools- all these tools you can ditch traditional methods of spreadsheets 

Small business trends for 2020 is going to be all about using technology to increase productivity and best employee outcomes

4. Personalized Customer Service & Customer Reviews will be the king

Smart personalized engines will be able to analyze and understand the consumer in a far more efficient manner giving digital side of the business a good boost

Customers will move towards businesses that offer personalized services, give them what they want in the fastest time possible

Another small business trend would be of user reviews or using the a customers as an influencer for others to buy that product

Since small businesses have small marketing budgets, it becomes paramount to focus on user reviews and use this tool efficiently

This will also help build trust of other potential customers who are on the line to get converted into buyers

5. Story Driven Marketing

Social media marketing is going to be all about stories- Compelling stories that connect with the consumer emotionally 

Direct News feed style marketing will be absolutely irrelevant 

Use more visuals that too much text to convey your messaging. This will help in the retention of your brand as well as the brand message

Customer engagement in a savvy and relevant way will be the new small business trend for 2020

6. Millennials will reshape the Workforce and Workplace

Millennials work differently; they bring with them the zeal of new ideas and new ways of doing things. They are going to form an integral part of the workforce in organisations

Millennials prefer to use better tech with better working tools, hence digitization at the workplace will be the norm for them to function properly

The tradition of working 9-5 every day at a cubicle is no longer the norm, with laptops and smartphones, video conferencing and team messaging ’ technology has made remote work easier than ever

7. Leverage highly motivated employees

Coronavirus crisis has made employees handle multiple functions, different teams and sometimes even work with new skill sets

This time will help businesses identify motivated and highly productive employees and leverage them to the best of their abilities 

 With 2020 looming under the corona crisis, the second half of the year will need companies to bounce back and stand up on their feet. They need to look out for these small business trends in order to rekindle their energies and move on the path to gaining growth.

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Process & Business Expansion

Importance of online business courses for entrepreneurs

Importance Of Online Business Courses For Entrepreneurs
Importance Of Online Business Courses For Entrepreneurs

Learn from Home: Advantages of an Online Business Course

We all believe that our home is the first place to learn the lessons of life and what better opportunity when you get to learn from best through online business courses. In an ever-changing business environment, the good thing is that you don’t need to go to a university to learn about new strategies, new business models and new technologies. Everything is available at your convenience and at the click of a button.

At Bada Business it has always been our endeavor to empower the ‘Real Bharat’. Provide small businesses with tools and knowledge that will help them grow their business 10X and make profits.

Here are some of the benefits of subscribing to an online business course for entrepreneurs:

1. Convenience & Comfort

We all know that education is a very powerful tool and can give you information that can do wonders for your business

An online business course can be studied at any time, at your own speed and at any location. It provides you the comfort and convenience that a business owner would need as he is already juggling with many things at hand

Back in the olden days, you might have to visit a Business school to get this information, but in today’s time with the advancement in technology, learning can be done as per your comfort

2. Professional Development

Enrolling for the best online business courses can help small business owners understand some of the core business processes and concepts. It helps you in your professional development

Online business courses help you enhance your skills for managing different functions of the business

One of the top-selling models at Bada Business is the Problem Solving Courses (PSC). These are video courses designed especially for Tier 2, 3 & 4 city entrepreneurs, women entrepreneurs and students. We are curating world-class content with teaching methodologies used by global universities to ensure that our customers don’t just learn, instead, they implement the learnings and grow business

More interactive videos with case studies helps entrepreneurs to understand the strategy & its implementation in an easier way rather than learning from text-based books in colleges. Each course in our PSC module has 15 – 20 videos curated by Bada Business along with subject matter experts

3. Lower Cost
Online courses don’t need a brick and mortar set up, there is no requirement of a physical building and infrastructure, and hence online business courses are much cheaper than traditional campuses

The cost-saving benefits of online courses help in saving money that can be invested back into the business

Our PSC courses are also priced very nominally and we deliver content for a period of 2 years which turns out to be low on cost & high on knowledge

4. Learn from Billionaires & Experts

In your lifetime as an entrepreneur, you might not ever get an opportunity to meet or learn from billionaires in our country. Online business courses give you this chance to learn strategies and effective tools from business icons

In our ‘Everything About Entrepreneurship’ product, we talk to some of the topmost billionaire entrepreneurs on strategies that can be implemented for small businesses. Leaders like Manu Jain (Xiaomi), Kiran Mazumdar Shaw (Biocon), Mohandas Pai (Manipal University), Keki Mistry (HDFC), R.S. Sodhi (Amul) and Acharya Balkrishna (Patanjali) have become Bada Business Professors to educate entrepreneurs

Even in our ‘Problem Solving Course’ subject matter experts are bought onboard to give you the right technique, the right tool, and the right methodology to run a business

5. Better Opportunities for Networking
Networking is very critical for all businesses. The online business course allows learners to interact with people from all parts of the country

The opportunity to interact and engage with fellow business owners is in itself a rare opportunity.

An online business course is affordable, time-saving and a fun way to update or extend your knowledge. Having a good understanding of some of the processes, concepts and developments in your business can also help you to employ the right team to take your company forward. So reap the benefits of the immense knowledge available.

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Process & Business Expansion

Building Customer Communities to Grow your Business

Unleash the Power of Brand Communities!

Today’s brands do more than just delivering a product or a service. They form connections with customers. If you want the consumer to have an everlasting love for your business or product, then think of BUILDING CUSTOMER COMMUNITIES!
 

With businesses having less and less money post the Corona crisis to acquire customers, building communities can be the best way to attain customer loyalty and new buyers.

New-age customers and social media together have fueled this shift to community-conscious brand building

Here are some tips to build communities around your brand:

1. Take the Customer-first Approach

Before you invest in building customer communities around your brand, make sure your product meets customer expectations. Even if the customer base is small, they should be happy customers. If the product is likeable then brand building becomes easier.

2. Give it Time to Build
 

Building customer communities takes time. If you are in a rush, the consumer will sense that and the connection will be lost

For e.g. In 1983, Harley-Davidson was facing a financial collapse. The demand for their products had gone down and a lot of overheads were eating into their profits. 

By 2009, 25 years later the company had completely turned their fortunes around, becoming a top-50 global brand. How’d they do it? 

They invested in building a customer community and working to improve the loyalty of their buyers. They created an aspiration around the brand and that was enjoyed by all bikers, which in turn was used to spread the word. 

So have patience to develop and grow a brand community as in the long run you will see tangible benefits 

3. Think of a Larger Mission 

For building customer communities you need to think of a larger purpose for doing it. Just loving the brand is not enough; it has to trigger a passion or an emotion.

Brands that have a social impact that helps the larger community are especially effective

For e.g. If you see the journey of a brand called 1469, it is known for T-shirts & merchandise that have fun Punjabi slogans written on them. The idea for them was to connect the youngsters with the roots of Punjab. From one shop in Janpath, they now have 5 exclusive stores across Delhi & Chandigarh. How did they do it?

They connected the Punjabi community through an annual fest that saw Punjabi singers come together with the people and celebrate the love for their culture. To make the language fashionable, the owners started by manufacturing good-quality T-shirts with catchy Punjabi slogans which extended to other merchandise as well.

The idea of building communities for their marketing helped this brand scale significantly

4. Involve your Customers through video testimonials

Encourage your customers to make videos of themselves using your product so that it can become viral and organically reach many more potential customers

When you use a video testimonial it becomes even more authentic than just plain advertising

For e.g. Fitness Company Kettlebell Kings featured its customers via videos and those videos were reshared by the company tagging the customer

This helped them build a community around their brand of fitness enthusiasts and also encouraged more people to buy their product and get featured on social media

5. Use the Customer as an Asset

A successful community is when it’s a matter of pride for people to be a part of a particular group

Reward members for doing tasks that have been set by you to engage them 

Don’t underestimate the power of your consumer to make your brand viral and credible 

For e.g. The Salesforce Trailblazer Community is another great example of a company using its customers as assets to grow its brand. It’s a huge community of millions of members now. 

By rewarding members for answering questions and providing help to other members, the community was bombarded with people in no span of time. The certification provided by Salesforce started being considered as an asset when any of their community members joined a company as an employee.

It’s is the perfect example of what a B2B community could potentially become for your business. 

With competition on the rise and imitators everywhere, brand love counts for a lot in today’s economy & building customer communities can have solid benefits in the long run. Cash in on the customer enthusiasm; let them make your brand the talk of the town. What you need to build and make sure is that your product is worthy of a community that will always be evergreen!

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Process & Business Expansion

Business Continuity Plan during Corona virus lock down

Business Continuity Plan during Corona virus lock down
Business Continuity Plan during Corona virus lock down

“is your business falling due to Coronavirus Outbreak?”

Coronavirus Lockdown in India has changed the way businesses think and operate. Planning for operational flexibility is of extreme importance during such a global crisis. Here are 5 key steps that can help you create a Business Continuity Plan during Coronavirus and create strategies and a framework to face such disasters.

1. Know your key Business products or Services

As an Entrepreneur/Business Owner you should rank your business priorities in order of importance. For e.g.

  • Which area of business contributes most to the revenue?
  • Devise a plan of these critical activities and distribute responsibilities to employees on how will these critical functions be managed during Corona Virus Lockdown
  • Analyze how long can you continue with the existing resources. Look into cash flow management and financial implications.

2. How to reduce the negative impact of COVID-19

  • Your Business Continuity Plan during Coronavirus outbreak has to revolve around the people and your stakeholders
  • Protect the health of staff
  • Develop a communication strategy for employees, customers, and suppliers
  • Create a Standard Operating Procedure Guideline so that efficiency is maintained and core functions are carried out smoothly
  • Create a CoronaVirus Outbreak Team that will look into critical functions and will ensure the protection of employees with their preparedness
  • Consider flexible working options- remote working, work from home, alternate working days

 

BUSINESS CONTINUITY DURING Coronavirus OUTBREAK

Teamwork is essential. It will improve coordination and increase productivity. Show you care for the employee and everyone will work towards achieving the goal

3. Supply Chain Management during Coronavirus Outbreak
  • Identify operational and revenue impact
  • Check on feasibility of sourcing goods from other suppliers or perhaps multiple suppliers
  • Make sure that your supplier also has a Business Continuity Plan during Coronavirus in place.
4. Alter your product/value offerings
  • Since direct customer contact will not be possible during Coronavirus lockdown, it is wise to modify you product offerings to match what the consumer wants during this time.
  • For E.g. some businesses can look at digital offerings during COVID-19 lockdown or you can also divert existing employees from a dormant function to the customer service vertical to keep the customer satisfied by offering them better service during Coronavirus Lockdown in India.
  • In this way you might be able to retain existing customers and can utilize the workforce effectively.
5. Communicate and Prepare for the future
  • Devise clear communication strategies for internal employees and for external stakeholders
  • With a slowdown due to Coronavirus outbreak in India and across the globe, utilize the time to think about the future and how to make up for this slump
  • Periodically review your plan and amend if need be according to the external situation
  • Self-learning is a continuous process, hence learn from the challenges thrown at you
  • The Coronavirus outbreak will prepare us for the next global epidemic or slowdown, if it happens.

These 5 steps will help you prepare a Business Continuity Plan for your organization and help fight through the Coronavirus Lockdown. Insights, tools and structured business processes will help entrepreneurs and their businesses geared for pandemic planning.

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Process & Business Expansion

How to win a tender

Introduction

  • Do you lose tenders most of the time?
  • Do you want to know how to win a tender?

Tendering is a process to make your business big, wherein you respond to a company’s tender, expressing your expertise and willingness to work for them.

In this process, a company, government or private, invite contractors through an official channel mentioning their requirement pertaining to a project.

It is followed by an application filed by many contractors for a project.  After analyzing the expertise and cost of contractors, the company chooses the most cost-effective and qualified vendor.

To know how to win a tender, you need to first understand the different types of tendering.

Types of Tendering

Open Tendering
 

In this, a tender is published in public domain like newspaper, tendering portal, in which anybody can come and participate.

The biggest benefit of Open Tendering can be summarized as;

’????? ?????? Choice, ?? ???? Negotiate ?? ???? ???’

Advantages of open tendering:

?  Wide variety of applications

?  More choice and more chances of negotiating

?  No favoritism

?  Newcomers can also participate

Disadvantages of open tendering:

?  Long Complicated Process

?  Time-consuming

?  Money consuming

Negotiated/Selective Tendering

In this, only a few selective vendors are invited for negotiation who are experienced and industry experts.

Advantages of negotiated/selective tendering:

?  Less time consuming

?  Less money and energy spent

?  Industry experts

Disadvantages of negotiated/selective tendering:

? No opportunity for new entrants

? High Favoritism

? Less negotiation power

10 Tips to Win a Tender

Tip #1: NICE Analysis

It is one of the tips to win a tender.

Before filling a tender, you need to analyze your strength and expertise that whether you are able to satisfy the Need, Interest, Concern, and Expectation (NICE) of a contractor.

If you are unable to satisfy the need of contractor then it’s better to don’t fill the tender.

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Tip #2: Verify the Information

To know how to win a tender, after filling the tender form, cross-check it several times with others to ensure that there is no wrong information, which may lead to your disqualification.

Make sure that it is written in clear language and writing, along with required documents. Send the tender through the proper channel in which it was invited.

That is, you must adopt the below-given process;

’Check ’ Re-check ’ Double Check ’ Cross Check’

Tip #3: Client-Focused Compelling Story

While preparing your proposal, you must know how to win a tender that doesn’t miss leave even a single chance for your competitors. 

You have to try to include compelling exciting stories of your clients. Portray how you changed the business of your clients through your efforts to get a humanistic advantage over others.

Don’t just tell how good you are. Tell them nerve touching stories of your clients to strike the right chord of people.

Tip #4: Relationship Can Amplify Your Possibility of Success

No matter what business you are doing, a good relationship always helps in knowing more about your client.

This creates a better understanding and helps in getting tender.

A good relationship creates trust and makes decision making fast.

It is also one of the tips to win a tender.

Tip #5: Secure Your Gross Margin

Sometimes in the quest of getting a tender, you adopt under-cutting and end up making a very low priced bid.

This creates problems in delivery and you adopt unethical practices that hurt your margin adversely. 

It is also one of the tips to win a tender.

Tip #6: Don’t Be Afraid to Ask

To know how to win a tender, you need to understand the tender process effectively.

If you are unable to understand the tender process properly don’t hesitate to ask questions from company representatives.

Make calls or send emails given on tender information to make everything clear before filling a tender that will help you get better results.

Tip #7: Collaborating for a Stronger Big

When you realize that you do not have the required expertise for a particular tender, then instead of losing the tender, you can hire a super-specialist as a sub-contractor.

Though it will reduce your profit share, but something is always better than nothing.

Tip #8: Excellent Presentation

Complicated information always reduces your chances of getting a tender. Therefore,

  • Make your presentation as simple and attractive as you can.
  • Use excellent graphical representation
  • Use sequencing and coherent theme
  • Use the simple and clear congruent message
  • Use to convey a single signal, not mixed-signal

The simpler your presentation will be, the more chances of getting a tender will be.

It is one of the tips to win a tender.

Tip #9: Innovate and Add Value by Focusing on Customer’s Money Making Model

While making your tender proposal, try to understand the money-making model of your customer, that how can you add a distinct value proposition in his business.

Mention how you are going to multiply their business as it helps you grab your customer’s attention.

What will make you ’Standout’, Will also make you ’Outstanding’.

Tip #10: Don’t’ Lose Faith

At last, even if you don’t get a tender after putting a lot of effort, don’t sit back, only step back, to bounce back.

  • Even if you fail, don’t worry and start preparing for the next bid with your team.
  • Try to get feedback from a lost tender and make it feedforward.

Implement these 10 tips to win a tender today itself to convert your Tender Business into a Recurring Revenue Model.

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Process & Business Expansion

How to Grow your Business from 1 Store to 100 Stores

How to Grow your Business from 1 Store to 100 Stores
How to Grow your Business from 1 Store to 100 Stores

Introduction

  • Are you a small shopkeeper, who wants to expand his business?
  • Do you want to increase the number of your stores or branches?
  • Do you know how to grow your business?

The expansion of business has been challenging for Indian entrepreneurs to lack of technical expertise for effective execution of strategies.

In this article, we are going to discuss 5 tips that will help you in expanding your business and increasing your number of stores with the help of a case study of Poojara Telecom Pvt. Ltd.

The founder and MD of Poojara Telecom Pvt. Ltd., Mr. Yogesh Poojara, was a transmission assistant of BSNL in 1983. He started his first shop in 1994 and second shop in 2011.

Today, he has around 50 outlets. How did he do this? By adopting the following five tips of how to grow a small business into a large business.

1. Arey Waah – Low-Cost Marketing Ideas

To know how to grow your business, let us see the low-cost marketing ideas used by Poojara Telecom.

Poojara Telecom comes up with such ideas that a non-consumer becomes their consumers. For this, they do the following things:

  • They attracted ladies (non-consumers) to the mobile stores by setting up a Free Mehandi Camp outside their stores before every festival. As a result, a long queue of ladies converge in front of their outlets and start noticing the stores and purchasing products.
  • They also attracted ladies to their stores by selling selfie sticks of worth Rs 499 at Rs 19. This offer was only for ladies.
  • They provided a special discount as per the weight of their customers. The customers are asked to measure their weight on a weighing machine kept in the store and they will get the discount equal to their weight.
  • They also provided a coupon of 2 Liters free petrol on the purchase of a mobile.
  • They provided free chocolates to kids and free mobiles to students, who get good grades in their board exams.
  • They call customers, send messages and Whatsapp them for CRM purposes.
  • They provide discount vouchers, buyback offers, and privileged customer perks to their customers.
  • They provide a loyalty card named, Humsafar, to their customers on their first purchase and add some bonus points in this card. When the customer visits the next time, he gets a discount on the product on this card.
  • 90 days Box-to-Box replacement guarantee scheme. They say that if there is any problem with the mobile, we will replace it with a new mobile even if the mobile manufacturing companies like Samsung, Lava, Apple, etc. are not giving this facility.

It is one of the tips on how to grow a small business into a large business

2. GHTC – The core values of Poojara Telecom

If you are longing to know how to grow your business manifold then the following core values developed by Poojara Telecom Pvt. Ltd. Will help you out:

G – Genuine, H- Honest, T – Transparent and C – Commitment
It is also one of the tips on how to grow a small business into a large business.

Poojara Telecom believes in selling genuine products. Some of the mobile retailers, who open up the box of the mobile, change the charger, earphones, battery and repack the box. However, Poojara Telecom Pvt. Ltd. avoids such practices in all of its stores.

3. Technology is their Entry Barrier
Poojara Telecom has developed in-house software development team and mobile application

team. They have created their own ERP, CRM, and live customer tracking mechanism.

It is also one of the ways to how to grow a small business into a large business.

  • Poojara Telecom has developed software named, Mobile Promoter Ultra Software that provides you a detailed description of every product available at their store.
  • This helps a sales executive to sell the product easily.
  • This software also helps in comparing two products, which makes it easy for the customer to select and buy a product.

The company has also made software to exchange mobile phones. The sales executive fills the details of the mobile phone (needs to be exchanged) in the software and it will provide an exact amount that the customer will get on its exchange.

4. Right Manpower Will Make You Superpower

The selection of right manpower is one of the ways to how to grow a small business into a large business.

Poojara Telecom has developed an in-house training department. They provide 14 days training to their new employees that include different types of training like product training, mobile technology training, rack training, soft skills training, and selling skills training, Interaction with department and manager, and informed about company and HR policies.

Once the training is completed the employee is assigned the work.

Some of the employee benefits practiced at Poojara Telecom are:

  • A girl working in the organization from last one year and is getting married, then the expenses of her marriage are taken care by the company.
  • The company provides medical facilities to his employees.
  • The company provides monthly “ration” to his lower-level employees.

In all the tough times, Mr. Yogesh Poojara stands with his employees. So, employees never leave the organization.

5. Mobile Service Exchange Accessory (SEA) of One-Stop Solutions
Poojara Telecom store has an in-house mobile service centre. If you buy a mobile from their store and there are some issues with it, then they will repair your mobile at their in-house mobile service centre instead of sending you to the service center of the mobile manufacturing company.

You can’t make a customer loyal by merely providing discounts; you can only make him loyal by creating an outstanding experience.

Poojara Telecom has created its helpline numbers and created customer experience. This helps them to cross-sell and up-sell. This increases the turnover of the company and the customer is getting all the products under one roof.

Categories
Process & Business Expansion

How to Expand Your Business

?Introduction

  • Do you want to expand your business?
  • Do you know how to expand your business at a low investment?

In the last century, the business was done in the traditional way wherein a businessman needed to develop the whole business. However, with the advancement in technology, the way to do business has changed.

Now, you need not develop the whole business. You can convert a small idea into a big conglomerate.

In this article, 6 case studies of renowned companies will articulate you how to expand your business. They didn’t do everything by themselves. Instead, they made one thing their competitive strength and spread their business all over the world.

Case Study -1: Apple iPhone

No one knows better than Apple, the world’s most premium mobile manufacturing company, how to expand business across the world without increasing expenditure. 

Apple manufactures zero mobile of their own. Each and every part of Apple’s mobile is manufactured by a different company. For instance,

  • Batteries of Apple phones are manufactured by Samsung in South Korea
  • The display is outsourced to Japan Display & Sharp Electricals in Japan and LG Display in South Korea
  • Flash memory is made by Toshiba in Japan and Samsung in South Korea, etc.

The main reason behind the success of Apple is that they focused on the asset-light model by outsourcing the manufacturing part to different companies all over the world.

Had it been manufacturing all parts on its own, it needed to spend a lot of capital, manpower to establish and manage its manufacturing plants, which would have made it difficult for the company to spread all over the world.

Therefore, instead of manufacturing different parts, they have focused on innovation and building their strength to get a competitive advantage.

Case Study -2: WhatsApp

WhatsApp, the world’s largest internet-based messaging services provider, has no server of its own. It uses the fly light model, which is one of the ways to how to expand your business. 

Before creating WhatsApp in 2010, Brian Acton and Jan Koum went to get a job in Facebook but they were rejected.

As Facebook felt the warmth of mind-blowing success of WhatsApp, it acquired WhatsApp for $19

billion in 2014.

Case Study -3: AIRBNB

It is another case study which shows how to expand your business.

AIRBNB, the world’s largest accommodation provider, possess zero property in their own name.

They are the first one to directly connect consumers with consumers (C2C).

They earn 10% commission from property owners (i.e. hotels) and 3% on each successful transaction from customers.

Flying on the asset-light model, now, more than 2 lakh people are daily booking hotel rooms through AIRBNB globally, making it 30 billion-dollar company.

Case Study -4: Facebook

Despite having zero content of their own Facebook has emerged as the world’s largest content management company.

Today, Facebook has more than 2.27 billion active users around the globe.

However, Facebook didn’t become what it is today in one day.

Initially, it was created by Mark Zuckerberg as a site, ’Hot or Not’, during his college days, which was a failure.  

From past debacles, Zukerberg learned better how to expand business as he dropped out of college to start Facebook in 2004. 

Learning from his previous failures and understanding the market need, Zuckerberg brought many massive changes in it.

Case Study -5: Uber

It is a case study of how to expand your business.

With no taxi of their own, Uber, has become the largest taxi service provider in the world.

By connecting the taxi owners with travelers, not only they made traveling hassle-free, but they generated hundreds of thousands of jobs around the world. Currently, it has 2 million drivers globally with 50,000 drivers joining it per month.

Case Study -6: Alibaba

Alibaba is the largest network of sellers and buyers. It is the world’s most valuable retailer with zero inventory in its own name.

To scale up the business, Alibaba created its own payment portal. Now, they don’t need a third party for payment gateway.

  • It focused on its strength and innovation.
  • Currently, it has 600 million consumers across the world.

In the above case studies, you have observed that the success of a company depends on how easily it can expand in the different parts of the world. To do so, your business should be based on the asset-light model.

 

If you want to expand your business all across the world, then make it scalable, make it light enough to fly high in the sky.

If you are an entrepreneur or planning to start a business these case studies will undoubtedly help you know how to expand your business with the help of asset-light model. 

Categories
Process & Business Expansion

How to find distributors in India?

??Introduction

  • Are you a new businessman?
  • Do you want to take your product to every corner of the country?
  • Do you know how to find distributors in India?

No matter how big your business is, it is an uphill task to open your stores in every corner of the country.

A good distribution network can help your business grow rapidly and extend reach across the length and breadth of the country.

Before understanding how to find distributors in India to scale up your business, let’s first understand what are the advantages and disadvantages of the distribution network. 

Advantages of Distribution Network

Low Sales and Marketing Cost 

If you deploy your salesman and open stores all over the country, it will cost you very high, but selling through distributors will reduce your cost, and increase profitability.

Market Penetration

Strong distribution network helps you increase your reach in remotest parts of the country, where you cannot reach yourself. It increases your market reach and sales.

Trustworthy Partners

If you get trustworthy partners in the market, it helps you sell your products with more speed. You need to build a chain of distributions that is loyal to you.

Rapid Testing

Through a strong distribution network, you can test your product rapidly and bring the required changes in your product as per market demand.

Efficiency

A large network of distributors increases your speed of delivery of product in the market against your competitors.  All FMCG companies like Hindustan Unilever Limited, Coca Cola, P&G, Dabur, and Patanjali have spread all over the country so rapidly through a powerful distribution network.

Disadvantages of Distribution Network

Risk of Distributor Brand

The image of a distributor in a particular area has a high potential to affect your brands’ sale in that area.  If a distributor has a bad image then it will affect your brand adversely.

Delay in Payment

If you give a long credit period to distributors, who delay in payment on the purchase of products, then it is going to hurt your business and increase the cost of capital.

Lesser Control

Selling through distributors asserts little control over the complete sales process, as you don’t sell a product directly to a consumer, hence you have limited control over the way distributors present your products to customers.

Reduced Feedback Cycle

Since a distributor is not your employee, it is difficult to get actual customer’s feedback to understand their need and bring the required changes.  You cannot compel them to get customer’s feedback.

Increased Cost

Since you have to take care of margin of a retailer, distributor, wholesaler, and purchasing cost of the customer, many times, you are compelled to reduce your own margin, while increasing the capital cost.

How to Find Distributors?

Now with the help of following 11 tips, let’s understand how to find distributors in India:

Tip #1: Sales Representative

It is the first tip on how to find distributors.

Sales representatives work at ground level to sell your product in the market, by ’visiting door to door’.

Tip #2: Channel Sales Executive

They are responsible for ’building channel partner’ in the market for selling your product. You need to have channel sales executives in every city across the country to promote your sales among distributors. This will also help you in selling through distributors.

Tip #3: Join the Industry Association

To know how to find distributors in India, you need to understand the industry association.

In every industry, there is an association, where many big and small business persons converge at one place to work towards a common agenda.

You can also ’build a chain of distributors” through an industry association.

Tip #4: Trade Shows

It is one of the tips on how to find distributors in India.

In trade shows, vendors, distributors, wholesalers, manufacturers, consumers, exporters, importers, buyers, and suppliers of a particular industry come under one roof, where you can get ’bulk order and big manufacturing contracts.’

Tip #5: Meet the Existing Distributors

It is the fifth tip on how to find distributors in India.

Another way to extend your distribution network is to ’get the reference from existing distributors’,
who are aware of their location. It can help you to ’get a hold on the market’
without much effort.

Tip #6: Wholesalers and Distributors Website

The technology has made spotting the wholesalers and distributors easy through an online platform.

You can visit their website to build your distributor chain without extensive expenses. It will help you in selling through distributors.

Tip #7: Subject Matter Expert

Make field visits to understand which product has a high demand among distributors and retailers. You can ask the existing distributors about which product has the highest penetration in the market and make your distribution policy accordingly.

It is another tip on It is the first tip on how to find distributors in India.

Tip #8: Keep an Eye on Your Competitors

Along with building a strong distribution network, you need to understand what your competitors are doing to get an idea about their marketing strategy.

Tip #9: Use of your Website and Social Media to Generate Leads

Try to create your website and social media platform, mention the process of becoming a distributor and advantages to them, to build your strong network.

Tip #10: Meet Alliance Expert

There are many alliances /agents available in the market that can help you in building a partnership to expand your distribution network.

Tip #11: Outdoor Advertisement

Outdoor advertisement tools like posters, pamphlets, and billboards are also necessary to build your distribution network in the market. 

If you follow the given tips on how to find distributors in India, it will certainly help you grow your business as much as you want not only in India but all over the world. 

Categories
Process & Business Expansion

Grow Your Business by Using Fly Light Model

??Introduction

  • Do your business work on the Fly Light Model?
  • Are you planning to scale up your business across the globe? 

Gone are the days when a business needed very huge capital investment to become a conglomerate. The technology has defied all myths and misconception regarding business. 

Today, all global tech or non-tech giants are running their business on the fly light model without investing too much on capital. 

What is Fly Light Model?

If you put 2 kg weight on a kite, it will not fly high, instead, the more you make it light the higher it will fly. 

A business has to be built on a fly light model to make it fly high.

Some companies who have adopted the Fly Light Model are as follows:

WhatsApp:

It is a fly light business model that WhatsApp has become the world’s largest internet-based messaging service, without having a single server of its own. It uses people’s mobile as their server. With only 200 employees, they expanded their business all over the world and increased profit drastically, without investing too much.

Uber:

Uber became the world’s largest taxi service, without having a single taxi on their own name. This is also an example of a fly light business model.

Uber did not spend a huge amount of capital on purchase on assets. What they did do, was connecting customers with the customer (C2C) through an online platform. 

Alibaba:
 

By adopting the fly light business model, Alibaba does become the world’s most valuable retailer, without having even a single inventory on its own name. 

In this kind of business model, owners don’t have to make a heavy investment in the capital; instead, they have to invest in operational expenditure on frequent intervals, which automatically increases profitability.

 

It automatically increases the return on investment of promoter and investor, since capital expend is extremely low. 

Benefits of Fly Light Model

1. High return on Asset

The fly light model gives you a high return on assets as you don’t need to spend huge capital for expanding your business. 

At the same cost of capital, you can scale up your business across every corner of the world, which automatically increases your return.

2. Controlled Profit Fluctuation

In the world of ever-evolving technology, keeping profitability constantly increasing is as difficult as never before. In just the last few decades, technology left much business out of business.  

For Example:

Postman was replaced by telegram, telegram by courier, a courier by Email, Email by social media and now Social media is being replaced by WhatsApp.

Fly high business model is the kind of business in which, you don’t need to invest high capital, and hence you don’t suffer heavy losses abruptly. 

3. Scalability Driven Cost

In the traditional business model, every business needs a heavy cost for its expansion. But in this business model, your cost doesn’t increase, no matter how much you scale it up.  But despite the low cost, your profitability will go on increasing. 

Examples of Fly Light Model
 

1. Franchise

The franchise is the fastest and easiest model to do business for Franchisor and Franchisee. It works on the fly light business model as it reduces their burden on capital expenditure by distributing it between Franchisor and Franchisee. 

  • Here, a big Franchisor doesn’t need to invest more capital to set up a new unit, whereas a small Franchisee doesn’t need to invest heavily on sales, marketing, proprietary tools, training/learning, and development operational expertise of intelligence. 
  • A Franchisee gets trademark, system, signage, software for the fee to get started.
  • A Franchisor gives training to manpower, corporate strategies, sales, marketing, branding support to Franchisee and in return, they get a licensing fee, monthly royalty as a profit. Few models of Franchising are:

Pizza Hut | Domino’s| Subway | McDonald’s

For Example:

Notably, India’s biggest iron rod producer Kamdhenu Group has come on this model. With a chain of 10,000 dealers and distributors, it has given 70 franchisees across the country for producing iron rod. In return, they give them technology, marketing support, distribution, and dealer support.

2. Outsourcing

It is based on fly light model where you reduce your cost of capital and build operational efficiency by shifting your task to an external party. 

For Example:

Apple is the world’s most premium mobile brand though it doesn’t make mobile on their own. 

Apple has outsourced its manufacturing part to Foxconn in China and focused its all resources on designing, R&D, marketing and sales. Hence it has reduced their high cost on manufacturing and increased scalability.

 

3. Asset Sharing Model

Asset sharing model is also one of the types of fly light model.

In the asset sharing model, two or more companies come together to share the cost of a high valued asset to reduce their expenses.  Many big infrastructures like oil and gas companies work on this model where the purchase of an expensive asset is needed. 

It is called the optimization of capital cost, risk diversity, and division of Capital cost. 

For Example:
 

OYO began their business on asset sharing model by sharing the property with property owners without investing heavily on buying a property. It reduced their cost and increased profitability significantly.

 

4. Pay-Per-Use: Co-sharing/Co-working Space

In the traditional business model, if your company wants to open small offices in 5 different cities of the country, then you will have to invest heavily in establishing each office.  

But Pay-Per-Use, a booming form of fly light business model, has made it very easy to set up your office without spending too much. This is the concept of co-sharing/co-working office spaces on pay-per-use, where you pay rent as per usage. 

In this model, you have to share common pantry, internet, printer, meeting room, washroom, and stationery. 

5. Licensing-In & Licensing-Out

It is also one of the forms of fly light model.

Many pharmaceutical companies, in order to save their cost of R&D and brand development, license-in and license-out their products to other manufacturers. 

License-in:
In this, a big company gets a license to sell products of another company. Here a company focuses on manufacturing, sales & marketing. 

Licensing-out:
In this, a company gives license to other companies to manufacture its products. Here a company focuses on R&D and brand development.