Category: Process & Business Expansion

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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.

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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.

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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

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.

Categories
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.

Categories
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.