Categories
Motivational

5 Steps To Be A Great Stage Presenter

The greatest change-makers and world leaders have all been great presenters on stage. To be a great stage presenter, read the strategies below:

Being a great stage presenter or an inspiring speaker is an art. The few that have achieved this success are PM Shri Narendra Modi, Former USA president Barack Obama, Renowned Business coach Dr. Vivek Bindra, Famous American Motivation speaker, and Coach Tony Robbins.

In the times of social media it has now become mandatory for every leader to be fascinating on stage. Your public appearance creates a perception that establishes your personal brand and recall for your business too. Here are few steps which can help you to be a great stage presenter.

1. Be keen about your topic

The first step towards your journey to be a great stage presenter is to be keen, updated and strongly knowledgeable about your topic. 

  • Also more critical is to be passionate about what you are communicating; if you say with passion listeners will also feel connected to it.
  • For Example- Look at the way how respected PM Shri. Narendra Modi addresses people. You can feel the passion in his speech, people feel connected and that’s why his communication engages everyone.

2. Practice and then dive into the audience

Practice makes a man perfect is well-known phrase it’s old but still carries gold.

 

  • Just practice, even before you engage with your audience, imagine that the audience is in front of you and start practicing at home, office, within among small group of friends even ask them to help or make your prepare by cross-questioning.
  • For Example- Renowned Motivational Speaker and Business Coach Dr. Vivek Bindra have said it many times in his videos that don’t get tired until you reach the desired objective and never stop practicing till you reach your goal. 

3. Take a voice lesson

Your voice holds great importance for the success of your presentation. Sound is as important as how it looks. Strong voice modulation leads to a strong engagement. Voice catches the audience a lot more.

  • As you practice, record your voice on your mobile phone and listen to yourself. Thoroughly listen to how you react and how you speak. Keep improving the way your voice modulates.
  • There are many aspects to need to learn like when to change your voice, its timbre, depth, when to take a breath while speaking, phrasing, sounding, deeper tones reflect more confidence and gathers great attention, humour factor to some extent can be conveyed on many occasions.
  • For example-Tony Robbins the famous American public speaker, life coach, and philanthropist and much known for his infomercials, seminars used to say that one needs to add more value than anyone expects from you, active voice lessons would certainly help you out to add much needed value.

4. Be a great storyteller

To create a buzz among the audience any leader aspiring to be a good stage presenter must be a good storyteller too. It’s better to start your speech while gathering the audience by telling a story which acts a tool to create a buzz around the topic you want to cover.

  • People might forget many things about your speech but the chances of remembering your story are much higher.
  • For Example- We all know how the former president of the USA Barack Obama commanded the stage. Most of his speeches had stories attached to it, he talked about his parents, about his hope to lead America and many more stories were the part of his speeches during his tenure.

5. Be Yourself

At the end, you need to be real and know yourself. Don’t try to copy someone else, this may bring more flaws to your speech and it will act as a hurdle in your path to be a pronounced stage presenter. Be humble, real and honest to your audience, this will help you immensely and you will get the desired results in return accordingly.

To be an accomplished stage presenter is an uphill task, but not impossible to achieve. The above mentioned few tips will surely help you out on your route to be one of the better stage presenters.

Categories
Startup

5 Business Strategies That Can Run Business Without You

Learn the art to build a business which runs on its own

Business Strategies
defines your business, Do you work for your business, or does your business work for you?

  • If by any reason you can’t look after or run your business regularly then will your business will be affected?
  • Would your business still succeed, would it merely survive, or would it suffer a tragic failure?

These are some obvious questions that every business owner must answer. We tell you 5 Business Strategies run a business without your daily involvement:

1. Decide on your goal

The first business strategy is to decide what your objectives are. Are you in business to scale or is it only a passion that you are growing? Do you want to continue to do the work yourself, say, like a software engineer or chef? Or a business is desired which can be run without your regular involvement?

  • For example, if you decide to continue to do the work yourself, then you will not have the time to build a business. You can hire associates to help the company bring in more revenue, but that revenue is split among the partners. So, this will not work as that business model will be run by other partners.
  • A professional like a CA, Doctor, Lawyer is a professional. They are still an entrepreneur but more like someone that is employed by his own self.

The first basic Business Strategy starts with you deciding to step away from a managerial role and bring a leader attitude towards everything.

2. Narrow the service you offer

Another important business strategy is to take a decision as a leader to streamline the work. Remember only process can scale.

  • For example, if you provide SEO services, and, for a typical client, you did everything from on-page optimization to building backlinks to PPC advertising. To make any business successful and scalable you need to choose the services in which you are skillful enough to deliver.
  • For example, let’s assume you just focused on GDN advertising then you become the specialist in that one particular area. It’s really important for you to be passionate and proficient about the work you choose.

When you narrow the service that you offer, you become a specialist. Specialists can be professionals or they can become leaders and build a large scale business. Specialists always command more value. Also they can always train more people to work for them in a certain defined process.

This is exactly what you must learn. Be a specialist and create a process that can be replicated by other people.

3. Train people to unlock your time and then build a team that repeats this process

Now that you’ve got your goal defined and services are narrowed, the third business strategy to apply is to start hiring smart talent that can unlock your time.

  • The business strategy applies here is, you don’t have to hire the best talent. You only have to hire competent and passionate people.
  • Important thing is to manage these newly hired staff effectively, you need to have a leader’s attitude and set an example in the company. This involves planning, predictability, control and culture.

4. Use technology for business automation

Business automation is the key. You must understand what technology will help you automate process, increase people’s efficiencies and save time. All technology must lead to an improvement in people and processes.

To understand business automation better, subscribe to the Busyness to Business problem-solving course by Bada Business. Download the Bada Business app or call 9810544443.

5. Hire your successor

At this point, you are now prepared to do one of the most important aspects, now the final Business Strategy would be to hire someone to take your place.

Prepare a plan to hire your successor within a particular time. That plan should answer the following questions:

  • When do you want this to happen? In one year? Two? Three?
  • Who will be your successor? Will you hire someone from in house team or from other sources?
  • What are the qualities required that are important to this position? Strategic thinking, risk taking or talent management?
  • What are the technical competencies that are important to this position? These will be specific to your industry.

These are the five business strategies for creating a business that can run on its own, especially helps you out when you reach that point where you can step away for few months and not have to worry whether you will have a business when you come back.

Categories
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.

Categories
Leadership Building

Successful Leadership Strategies For Crisis Management

Successful Leadership Strategies For Crisis Management
Successful Leadership Strategies For Crisis Management

Learn the Art of Leadership during a Crisis

In the time of crisis, all employees look up to their leader for guidance and support. The onus then lies on you to come up with successful leadership strategies the make employees believe in the organization, ‘When the going gets tough, the tough gets going’, which means uncertain times like the breakout of COVID-19 is a test to demonstrate capable leadership. Here are 5 important leadership strategies that will help you emerge as a successful front-runner.

1. Communicate, Communicate and Communicate

The more you communicate with your employees, the more comfortable they become to face the hardships. All successful leadership strategies have to be devised keeping the employee first.

Open, honest, clear, and timely communication will help to build trust

Take a humane approach to address their fears and make sure you update them regularly

Show your preparedness for the crisis, make sure your other leaders don’t feel burdened by the pressure but are willing to fight it despite the pressure

Take continuous feedback from employees. You might not be able to address all the issues faced by the employees but the fact that you have a listening ear will help them remain calm

2. Be flexible and Adaptive

Leaders must be adaptive to changing times and take quick decisions for the welfare of his company and the employees

Be flexible with work policies. Make revisions in your sick leave, health and travel policies to ensure your employees that you care

Collaborate with your employees to find solutions to problems

A successful leadership strategy has to have an open mind

3. Maintain positivity for a Productive output

When the waters are rough, you can either swim and cross the river or give up and invite death

Positivity is the key to maintain productivity. You employees & subordinates look up to you for guidance, information, decision making; so keep them inspired to work hard

Motivate & galvanize people around you

4. Don’t put emotions before logic

Remember to not take things personally. You can also make mistakes as things might not turn out the way you want

Don’t feel dejected. As a leadership strategy you need to move on and take the next decision. This might help you in improving your decision making capabilities

Think keeping the facts, situation and numbers in mind

5. Set Clear Goals

Set clear goals and expectations for everyone in the organization during a crisis situation. All employees will then have a framework to follow

Be decisive, you have to take a little risk to take some tough decisions. Make your employees understand your intentions behind doing so

It is these tough times that separate the leaders from mediocre bosses. Crisis management teaches you many skills but a successful leadership strategy is what is going to make you sail through with the support of your employees.

Categories
Startup

In Times Of Corona What You Need Is Motivation

Are you getting demotivated in this corona downturn?
 

Staying positive in this tough situation is even hard for optimistic people. We have to take this virus very seriously as it is capable of severe illness, death and a long team change to how we work and live.

It is even cripple the economy. With all these things it is hard to stay positive and motivated.  There are many things you need to know and apply in coronavirus outbreak to protect and motivate yourself.

You should focus on the positivity so that you can fight and pass this difficult time.

Here are the things you can do to stay motivated in this downturn:-

1. Watch motivational videos

There are many motivational videos on YouTube. You can watch Dr. Vivek Bindra’s motivational videos which are full of motivation and knowledge. If you are an entrepreneur then these videos, can give your ideas related to your business. With these videos you can motivate yourself and stay positive in this downturn.

2. Reset your goals

In this tough time, when you have to be at home, do reset all your goals. Plan your day differently. Start learning a new thing. Start working on your weaknesses. Work on your future plans. Incorporate learning as you go through this time. Ask how this will affect the future of your enterprise and make adjustments. Work on your passed resolutions. Analyze your new project and work on that. Always remember that you have to motivate yourself to bring changes and positivity.

3. Invest time on yourself

Investing time on you to make yourself empower. Start learning new technologies. You can also consider Bada Business App by Dr. Vivek Bindra for free business and motivational learning that can help you achieve new goals. These videos on Bada Business app can solve the burning problem of the entrepreneurs. Invest time on your talent and hobbies. Connect with your clients, friends, relative and partners to rebuild the relation.

4. Take a daily inventory

Close your day with a positive acknowledgment of something you have accomplished, learned or are grateful for. It will help you to dilute the negativity and remind you that not everything that is happening right now is bad or depressing. Do something different every day to motivate yourself.

5. Maximize your productivity

Now that you are not spending time on commuting and have more time to pay attention to how to use the time smartly. Chart your most productive time of the day while you are working from home. This will help you to understand what time of the day to tackle the important tasks. ’You have time; get to know more about yourself’.

In this time of constant negativity, you need an antidote of motivation so that you can keep your positive and march forward with determination and hope. Be deliberate in positive activities.

Together, we will get through this. You just have to motivate yourself.

Categories
Startup

Top Successful Startups In India

Achieve the Unthinkable: Stories of Top Most Indian Startups

When an entrepreneur starts a business, its success depends on various factors. Stories of successful Indian startups and their journey can provide many learnings to new and budding entrepreneurs. Most successful Indian startups have disrupted the market and created a huge impact. We get you case studies of 5 such startups that have become a household name in the last few years.

1. Chaayos

Founders
– Nitin Saluja & Raghav Verma

  • The idea started brewing when Nitin Saluja and his wife, while they were in USA, wanted to have a ’garam cup of chai’ post-dinner, but couldn’t find a place that gave them freshly brewed tea. That’s when the idea struck him.
  • 2 years later when Nitin Saluja came back to India and met Raghav Verma. Both had worked together in a software company before.
  • Their love for tea and the huge growth opportunity they saw in the market made them start a tea caf’ that will serve ’apne type ki chai’. They made tea a bit more contemporary so that modern consumers also ordered or came to their caf’.
  • For the next two years, Nitin and Raghav launched a full-fledged market research, and the results only brought them good news.
  • That is how Chaayos launched its first cafe in November 2012; since then, the chain has been adding outlets at a rapid pace, with more than 100% growth year-on-year since inception.

Journey

2012- Launched their first outlet in Gurugram

In 2015, Chaayos had a total of 15 caf’s in the Delhi NCR

2016, it expanded to Mumbai with a total of 33 tea caf’s in the country

2018- The number grew to 52 Chaayos cafes

Today, Chaayos operates in six cities with more than 65 cafes making it one of the most successful Indian startup

2. UrbanClap (UrbanCompany)

Founders
– Abhiraj Bhal, Varun Khaitan, Raghav Chandra

  • UrbanClap is another booming startup that helps its users in finding the right service professionals for the activities required by them. Services such as beauticians, sofa cleaners, carpenters and all kind of technicians are available on this platform.
  • Today UrbanClap is available in 4 countries with more than 5 million customers and 25000+ professionals associated with it
  • In 2013, two college friends, Abhiraj Bhal and Varun Khaitan decided to quit their jobs and pursue their entrepreneurial dream.
  • After launching their first venture Cinema Box, which failed miserably, they met their third wheel Raghav Chandra
  • The three of them together pooled in Rs10 lakh each to set up UrbanClap, which was incorporated in December 2014
  • From being a mere search and discovery platform, UrbanClap went on build a business model that included on-boarding service providers, training them, & managing quality control 

3. Wow Momo Foods

Founders
– Sagar Daryani and Binod Kumar Homagai

  • Wow Momo which started with an investment of just Rs. 30,000 now valued at more than 100 crores. Like many other successful Indian startups, Wow Momo was also born out of the love for eating momos and making it an organized business idea.
  • Sagar started experimenting with different momo combination and when he discussed the idea with Binod, he jumped at the opportunity
  • Wow Momo was born in 2018, from a small kitchen with 1 table and 2 temporary employees in Kolkata.
  • As they started getting a positive response from the customers, in 2010 they opened their first independent store
  • Today they have more than 95+ outlets all over India

4. Urban Ladder

Founders: Ashish Goel and Rajiv Srivatsa

  • After working for top corporates both Ashish and Rajiv were looking out for online opportunities to start their entrepreneurial venture
  • Around that time they had bought new flats next to each other and had a very bad experience while buying furniture for their house. They could not find one decent platform from where they could order furniture of their choice with variety on display
  • After some market research & thinking through, this duo gave birth to their startup- Urban Ladder
  • It started in 2012 as a 10-member team out of a house in Bengaluru
  • After 8 years, they are present in 17-states, providing the best quality & service. What began as a simple idea has prospered into one of the most successful Indian startups

5. Swiggy

Founders
:  Nandan Reddy, Rahul Jaimini, & Sriharsha Majety

  • Launched only 4 years ago, Swiggy today is one of India’s fastest-growing internet companies and one of the most successful Indian startups in recent times
  • Nandan & Sriharsha had already faced a failure with their first startup, later they met Rahul and the three of them started Swiggy- an online food delivery platform in 2014
  • They built a proper logistic network & convinced restaurant owners to partner with them. Soon they had over 100 restaurants onboard and were delivering over 70,000 orders on a monthly basis
  • 2016 was slightly rough for them but with the help of VC funding and the startup was back on its feet
  • Disruptive ideas, innovation such has cloud kitchen and a sound customer experience got more and more investors interested in the company
  • Today Swiggy has access to more than 50000 restaurants in 50 cities

These successful Indian startups are just a few of the fishes in the big pond comprising of many new ventures. The milestones achieved by them are no easy feat and each one’s journey has a unique takeaway for our business owners. Get inspired, aim for the stars as nothing is impossible!

Categories
Startup

5 Ways To Protect Your Business From Cybercrime

Prevention is better than Cure: Learn how to protect your business from Cyber-Attacks
Hacking, phishing, data-stealing are the new buzz words in the business environment. Though cybersecurity is not considered significant enough in small companies, protecting business from cybercrime
should move up the priority list. Cybercrime is on the rise and so it is important to know how to fight it. We tell you 5 ways to protect small businesses against cyber-attack.
1. Keep your servers and softwares up to date
System updates can be time-consuming but some businesses don’t understand that it can help in protecting the data. 
Hackers usually know all about the updated softwares in the market and hence target the low hanging fruits, businesses that don’t have a System security plan in place
2. Train & Educate your employees about the Cybercrime threat
Educating your employees about phishing attacks is the fastest and the safest way to protect your business from Cybercrime
Cybersecurity training should be conducted on a regular basis and the IT staff should be upto date with new technologies 
Educate employees on not to open unknown pop-ups, downloading files from unknown sources
Devising an IT policy for staff will help in protecting small businesses from cyber-attacks; for e.g. not allowing the employees to use office wifi from unsecured devices. This will help in keeping cyber threats at bay
3. Strengthen Passwords
Make sure your password policy forces employees to keep strong passwords- which means, have more than 8 characters in your password, with a mix of special characters, upper and lower case alphabets and numbers. If you just have only numbers or only alphabets in your password, the hacker can crack it in less than 8 secs. For a few longer ones, it is just a matter of hours and your password is out. So frame it with the most difficult combination which you can remember!
Make sure the passwords are changed after every 3 months
The more complicated the password, the better. This will help in protecting business from cyber crimes 

4. Encrypt and take Back up of Important Data

Data is the foundation for many businesses today. Have multiple passwords to open sensitive date
Also don’t keep the data in one source, divide it into various segments 
Encrypt servers, desktops, laptops, mobiles with advanced internet security so that when data travels from one network to another it is not compromised and you can protect the business from cyber-crimes
5. Get Insured
God forbid if a cyber-attack takes place, there is insurance for cyber risk that you can avail. However, there is no insurance in the world that can make up for lost data, but it can off-set the cost borne due to business interruption.
Protecting business against cybercrime
is an ongoing process. You cannot be complacent and should always be prepared for a cyber-attack. Strict limitations and having a security framework that covers all points of breach is the only way to minimize the occurrence of such attacks
Categories
Startup

Business Guidance By Multi-millionaires On Starting-Up!

Business Guidance By Multi-millionaires On Starting-Up!
Business Guidance By Multi-millionaires On Starting-Up!

Life-changing Business Lessons from Multi-Millionaires

It has been seen that when it comes to starting your business or wealth creation, many people want to learn from the most successful, people who are their business idols.

Learning from multi-millionaires gives a peek into their struggles and their rags to riches journey.

Today India is amongst the top 3 nations in the world with the largest number of unicorns (billion-dollar companies) and we are poised to grow faster, but this will only happen when education and entrepreneurship spread across the remotest districts of India.

As a part of one of our top selling products- Everything About Entrepreneurship (EAE), India Inc and Billionaire entrepreneurs share life-changing business lessons with our customers. Under business guidance by multi-millionaires, small business entrepreneurs learn business strategies and how to implement them in their organizations.

Here are some key learnings from multi-millionaires on things to keep in mind before starting your business:

1. Create something that solves a problem

  • If your product or business is solving a burning problem that the customer is facing, it is bound to connect with the people and become successful.
  • Research, talk to consumers and learn before you start a business

2. Be ready to face failures

  • An entrepreneur should not be scared of failing. Fear of failure forces you to play safe and that will not help in the long run
  • You might be able start your business, but over time it will curtail your from scaling up or hamper your potential to earn more money
  • As a part of our EAE course, for the first time ever in India these multi-millionaire entrepreneurs have assumed the role of professors contributing to the growth of entrepreneurship.

3. God is in the Detail

  • When you are starting a business be obsessed with details
  • Be very particular about processes, work delegation and delivery and timelines of your business journey
  • There are many entrepreneurs who start a business, but he one who is more than passionate about detailing will find a way out to succeed
  • One great business guidance that we got from our EAE interview on the Bada Business App is by Dr. Velumani, Chairman & MD, Thyrocare. He said, “If you know COGS (Cost of goods sold), you can do business. But, if you know COGS of COGS, you can bring Disruption”. Through our ‘Learn at Home’ model, we want each of our entrepreneurs to bring about disruptions in their business that can change the fate of this country and its people

4. Learn from your mistakes

  • When you start your business, it is natural to make mistakes. Most billionaires have learnt from the trial and error method and become successful
  • An entrepreneur who treats failure as a natural stepping stone to success  and is willing to learn from his mistakes, will surely make it big!
  • Don’t let your ego come in the way, learn to accept that you don’t know everything

5. Have the courage to make Big Bets

  • When you need to take decisions that won’t be easy, but your heart allows you to do so then go for it
  • Facebook founder Mark Zuckerberg got a lot of backlash when they started the ‘News Feed’ feature in 2006. But he and his team did not give in to the popular opinion and finally News Feed became the highlight of Facebook’s interface

6. Have Clarity of thought

  • The greatest business leaders in the world have established certain competencies. The most important of them is clarity
  • Clarity leads to speed in decision making and execution. Clarity creates ownership
  • Many of our billionaire Bada Business Professors stand testimony to this clarity. They have shared their success stories, and therefore make excellent role models for young and upcoming entrepreneurs looking for the right bit of motivation to get them that competitive edge
  • Xiaomi’s MD, Manu Jain in one of our videos of ‘Everything About Entrepreneurship’ gave business guidance on the clarity of thought. He was very clear from the beginning that Xiaomi phones initially will be only sold online-only, and this strategy gave them an immense boost in sales

One of the ways to learn important business lessons is to emulate successful leaders, learn from their mistakes and then tread on your own path to success. At Bada Business it is our endeavor to build a New India and make India stronger from bottom up. Business guidance from millionaires at the comfort of your home is a revolution in the making that is going to create entrepreneurs in every household of this country!

Categories
Startup

How To Re-Structure Business Loans In Times Of Crisis?

How To Re-Structure Business Loans In Times Of Crisis?
How To Re-Structure Business Loans In Times Of Crisis?

Are you worried about how to sustain your business? Learn the approach to Business Debt Restructuring

Many borrowers face serious trouble in normal debt repayments during a financial crisis which will eventually lead to increasing number and volume of non-performing loans in banks’ portfolios.

In order to deal with these issues, Business debt restructuring techniques like payment rescheduling, debt-equity swap, and write-offs to ease debtors’ debts are being looked into to help businesses survive the crisis.  We get you the approach for restructuring of business loans:

The key objective of a comprehensive and timely business debt restructuring is to help get access to sufficient finance to sustain businesses

Approach to corporate debt structuring can be of many forms:

1. Debt rescheduling –

This means we restructure the existing terms of loan. It can be lengthening the time of debt repayment so that the payment amount in one installment is reduced increasing the number of payments.

2. Interest rate deduction –

The interest rate is at which a bank or a creditor lends funds. A reduction in the rate can help in reducing the amount of payment.

3. Debt-for Equity Swaps –

When a company wants to restructure its debt and equity mix to better position itself for long-term success, it may consider issuing a debt for equity or equity for debt swap. The logic behind this is an insolvent company cannot pay its debts or improve its equity standing in the market. The debt for equity swap reduces liabilities in the balance sheet and allows business lenders to have some upside in restructuring once the company returns back to normalcy.

4. Debt Forgiveness –
In this approach, a partial of the loan is forgiven or written-off for financially troubled businesses. The aim is to help the company in its business debt restructuring so that it can become financially healthy and pay off the remaining loan

5. After deciding what approach to use, the next step would be to design a point of departure in while drawing a framework for corporate debt restructuring strategies. Once the crisis is over, how would the next restructuring phase be devised?

6. Focus on Policy Measures –

During an economic crisis, the Government devises reforms/moratorium initiatives that can help restore not only businesses operating in the country but the banking system as well.

When you face a business crisis, the companies affected the most should work towards business debt restructuring.

It is only wise to do so if you want to improve operations and revisit your strategies for growth. Financial challenges will be there in a business cycle, but the important part is to overcome them with a systematic and sensible approach.

Categories
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!