Categories
Strategy

5 Powerful Parenting Strategies You Should Implement in Business

5 Powerful Parenting Strategies You Should Implement in Business
5 Powerful Parenting Strategies You Should Implement in Business

Running a business needs discipline, ground rules, and working as a family towards a common goal. Find out how you can blend a few parenting skills with your business.

Whether it is a large organization or a small company, every business owner considers his company as a “family.” Starting a business is very similar to having a baby. Just like a baby needs continuous love, affection, and proper diet on time, a company too needs every department to work in sync.

Successful leaders and business owners do not shy away from applying the art of parenting to good business practices. Here are five parenting strategies in business that can help you to become a better entrepreneur:

1. Ensure Rules Across the Organization

The best possible way to achieve your goals is through discipline. Ask any parent and they will swear by having rules. Enforcing essential rules is essential for business growth. It is very important to clearly outline behavioural expectations in communication. It is also important to ensure that employees clearly understand them.

Just like family members remind each other what is acceptable and what is not, give your employees a space where they can remind each other of the rules. Make sure that everyone understands the consequences of breaking the rules.

2. Focus on Values

Creating values in a company is no different than creating a positive environment in a family. Parents often try to model behaviour for their children because kids tend to adopt what they see. The owner of a business should use this approach of parenting to teach their employees some core values.

The application of the art of parenting in business also means encouraging good behaviour of the employees and discouraging negative behaviour of those in the team. When you see it happening in your team or your organization, call out the offending employee(s). Have an open discussion and send out clear messages about how employees are expected to treat each other.

3. Multitasking

Being an entrepreneur is more or less similar to being a parent. Just like parents have to play multiple roles for their kids at different times, entrepreneurs have to don multiple hats. Sometimes they have to be a salesperson, an accountant, or an assistant while taking care of business operations.

4. Keep Calm & Maintain Composure

One of the most important traits of parenting strategies in business is to keep your cool no matter the situation. Being a parent means taking care of the different requirements of children, which also includes their emotional needs. Children who are growing every day and getting exposed to new things frequently also experience mood swings, to which parents have to cater without losing their calm.

Similarly, building a startup from scratch is not an easy task. There are multiple things to be taken care of and various challenges that an entrepreneur may encounter. Keeping your patience and calm is the key to thinking about out-of-the-box solutions to overcome those challenges.

5. Always Be Fair

Changing rules without making people aware who will be impacted directly can create a chaotic environment in a family. Similarly, employees perform best when they feel appreciated. Each employee should feel that he/she is being treated fairly and nobody is getting preferential treatment. Ensure that you apply consequences even-handedly when a rule is broken, no matter who they are.

Every startup company is like a small kid. You need to constantly work your socks off for its growth and sustainability. So why not implement these parenting strategies in business?

Learn about the “Art of Parenting” by Dr Vivek Bindra, which is a free-for-all webinar. Be ready to learn some excellent parenting strategies on 10th July 2022.

Register Now: https://www.badabusiness.com/art-of-parenting/?pp_code=BHBB000078&ref_code=SocialMedia

Categories
Business motivation

5 Facts About Business Coaching That Will Surprise You

5 Facts About Business Coaching That Will Surprise You
5 Facts About Business Coaching That Will Surprise You

Are business coaches for entrepreneurs the ultimate saviors of your business? Do they have a magic wand that can fix anything? Find all these answers right here.

When it comes to hiring a business coach or working with one of them, entrepreneurs often find themselves on a two-way street. The reason behind their dilemma is very simple: their inadequate knowledge of working with a mentor.

Many entrepreneurs often believe that they know the business world inside and out. However, when they encounter challenges, they realize that nothing can replace the experience and guidance that a business mentor brings with him/her.

Since nobody has proper information regarding the role that a business mentor plays professionally, most people often think it is a waste of money. However, this couldn’t be farther from the truth.

Here are five of the most common misconceptions we see:

1. Hiring a coach is only for failing businesses

One of the most common misconceptions that many entrepreneurs with stable businesses have is that coaches are only for businesses going downhill. This unfortunate belief keeps many business owners away from learning some of the most key business lessons.

Business coaching can turn a good company into a great one. Take a look at successful companies, and you might believe that they are doing great. However, they too have challenges. While some business owners have a solid business model, others struggle because they just don’t know how to grow. Here, a business coach for entrepreneurs can play a key role in helping company owners realize their potential.

2. Business coaching is therapy

Small business owners often believe that coaching is a way to improve their business. But to treat, a therapist should be distant and objective. But a client is not a patient, and a business coach has to work side-by-side with entrepreneurs to guide them through their challenges.

A business mentor needs to be personal, curious, and invested without getting involved. A coach has to be subjective enough to connect and understand while maintaining enough objectivity to see and understand the path an entrepreneur needs to take.

3. A Business Coach is Like a Cheerleader

People often think it is the job of a business mentor to stand on the sidelines and cheer their clients on. Sure, a business coach is happy for their clients’ success, but coaching is about accountability first and foremost. Also, while every coach likes to pump up their clients with motivation and inspiration, their key role is to see and reflect on what their clients need to do to grow and improve their business needs.

4. A Business Mentor does all the hard work for you

If you think that working with a business coach means that you can simply sit and relax, you will be highly disappointed. A business mentor is more interested in helping you to achieve your goals and create a thriving business model. You can’t bring the desired changes to the organization unless you do everything on your own.

5. Business coaching is a quick fix to all the problems

Coffee is a quick fix as it can surely uplift your mood, but your business needs consistent guidance and support to grow. So, while many think that working with a mentor can grow a business overnight, let us burst the bubble of sweet dreaming. Business coaching is a development process. To achieve your goals, you will have to take the necessary steps. A business coach can show you the path, but you will have to walk down the road on your own.

A business coach talks about your company, its vision, products, and services. He or she looks at your company as a whole and not just at a single attribute of it. It takes a lot of work. So, pick the right business coach for your startup and work towards your goals.

The idea of managing a business is easier said than done, and we completely agree with you. This is why, to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with foundation courses, specialized courses, and value-added courses.

To Know More, Visit:  https://www.badabusiness.com/

Categories
Business motivation

5 Things About Entrepreneurs That Are Not TRUE!

5 Things About Entrepreneurs That Are Not TRUE!
5 Things About Entrepreneurs That Are Not TRUE!

Ask any entrepreneur who has built a startup, and he or she will tell you that starting a company is just like having a baby. Just like parenthood, entrepreneurship is not for the faint-hearted. It is emotionally draining, physically, and spiritually tough even if you are working with the best business coach for entrepreneurs.

Starting a business requires courage to take risks, patience to face the worse, and confidence to manage everything with panache. That being said there are plenty of ideas, notions, assumptions, beliefs, and most common myths that surround entrepreneurs.

Some of them might inspire a lot of you; while some of them might prove to discourage you to start your own business. However, these myths are far from true and superficial too.

Here is a list of all 5 common misconceptions about entrepreneurship that we will go through and debunk to present the truth behind them. If you are on the fence about building a startup, take a look at these myths getting debunked:

1. Entrepreneurs are Workaholics

Lots of people believe that entrepreneurs work 24 hours a day, 365 days a year. But part of being your boss means you can schedule your working hours and can take time off whenever you want. Though entrepreneurship can take grueling working hours and commitment, it is not true that entrepreneurs do not have a personal life.

However, it does not mean that you can take off whenever you don`t feel like coming to work, it simply means that you can attain a cordial work-life balance.

Also, one of the key skills to becoming a successful entrepreneur is to acquire brilliant time management skills. So, if you can establish a proper work routine, you won`t have trouble finding free time. If you are struggling with managing your time, you can watch this amazing video by Dr. Vivek Bindra on time management here:

2. Entrepreneurs Wait for a Perfect Time

When it comes to launching a business, a common misbelief that most people have is that they should wait for the right time. Perhaps, this could be one of the reasons, why most excellent projects never see the light of the day. The truth is that there never really is a “right” time. Most people never feel fully ready. And waiting can certainly prove costly.

The secret behind the success of a few entrepreneurs is that they prepare themselves for the future by taking small steps. You can take all the time in the world to plan, build and then put it off for years, but if you don`t execute it, you are not going to go anywhere.

If you wait for the right moment, you will keep waiting forever. There is not a set date or an alarm that will go off announcing, “Today is the day!” The sooner you begin, the sooner you will get closer to a sustainable and profitable business. You can also take help from the best motivational speaker in India to take guidance and support.

3. You need to Know Everything Before Taking the Entrepreneurial Leap

In the bestselling book, Rookie Smarts, author Liz Wiseman asks the million-dollar question- Is it possible that we can be at our best despite being under-qualified or trying something for the first time? The answer is yes- with the right, focused, and positive mindset.

Being new, curious, and somewhat naïve is an asset in today`s dynamic world. Sounds strange, right? However, there is a logical reason behind it. To be successful at anything new requires energy, innovation, creativity, and the ability to step outside your comfort zone.  It`s often not what you know, but how fast you can learn is that counts.

4. Entrepreneurs are Risk Takers

Entrepreneurs do take risks! However, this doesn’t necessarily mean putting yourself in a high-risk situation consistently. Entrepreneurship is generally considered a risky proposition and many risks are associated with your business. However, contrary to popular belief, entrepreneurs smartly plan their every step to reduce risk.

They follow a calculated learning and experimentation process, actively taking steps to mitigate risk early and continuously.

5. Entrepreneurs are motivated only by Money

Generating revenue is not the only motivation for small business owners. It is not even first on their list. Following their lifelong dream and achieving their passion is the main motivation for entrepreneurs.

But does that mean entrepreneurs start a business in which they can`t make huge profits? Never! However, there is more to it- Financial Stability.

It does not mean that you are buying Ferraris. Being financially stable simply means that you are living a comfortable life and able to make ends meet. Money is a motivator, but not as important to entrepreneurs as people assume. If you have an amazing startup idea that can provide ease to people`s lives, you can take help from a business coach for entrepreneurs for support and guidance.

Dreams and ideas are two fundamentals, but also you will have to believe that it`s possible to achieve them. More and more men and women are starting a business. Everyone can get the skillset and mind of an entrepreneur. But to be a successful entrepreneur passion, confidence and the willingness to never give up are the most essential.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. To know more about our business-related courses, visit: www.badabusiness.com

Categories
Startup

5 Ways Digital Marketing Helps Startup in Business Growth

5 Ways Digital Marketing Helps Startup in Business Growth
5 Ways Digital Marketing Helps Startup in Business Growth

Internet today has become an indispensable tool for almost any consumer who has to make a purchasing decision. According to a report by Forbes, people are spending time online more than ever before, and internet usage is increased by 50-70 percent. They use the internet for three hours on average for communication, research, entertainment, and information.

The data above indicates that business owners today must focus on connecting with their consumers digitally. Even if you are not selling any products or services online, your target audience is present on the internet and looking for the products you are selling.

Given the pace at which the market technology is changing, small business owners need to update themselves with go-to-market strategies.

Everyone has realized the power of digitalization in the crisis, from large organizations to small companies. The adoption of digitalization will be the key to unlocking a brighter future and many entrepreneurs are now working with the best business coaches in India to build strategies aligning with their company’s goals.

This is why Digital Marketing is defined as the future of marketing. You can learn how to do digital marketing without burning a hole in your pocket efficiently!

But First, Let’s talk about Digital Marketing.

The concept of marketing has always been about connecting with your audience and meeting them at the right place and at the right time. Digitalizing everything means connecting with your audience and building a solid customer relationship where they are already spending maximum time- on the internet.

Any marketing tactic that uses electronic devices to promote their business services or products on the internet is called Digital Marketing. Businesses use digital channels such as search engines, email, social media platforms, and other websites to connect with existing and potential customers. Many small companies also take assistance from a business coach for entrepreneurs to leverage the power of digital marketing.

What makes digital marketing crucial for startup growth?

When you purchase an advertisement on a billboard or physical newspaper, you reach a limited number of subscribers. It is distinct from the traditional marketing methods and targets potential buyers. It is more cost-effective than conventional advertising methods and enables you to measure daily success.

If you are an entrepreneur, here are the top five ways how innovative use of digital marketing can help you in business growth:

1. Reach Your Target Audience @Minimum Investment

As we have mentioned above, picking traditional advertising methods like billboards, magazines, or TV does not guarantee to hit your target audience. Also, the conventional techniques give little control over who sees your ad. Though you can measure demographics like viewership, readership, or population in a particular area, it is still a shot in the dark.

Digital marketing allows you to identify and target a particular audience interested in purchasing your products or services. It also lets you send personalized, customized, high-converting marketing messages as it allows you to research and identify your buyer`s persona. Implementing these strategies by working with a good business trainer is easy.

2. Helps You Achieve More Results with Minimum Investment

With digital marketing, you can track campaigns in real-time and collect data to analyze what works and does not work with your target audience. It can also give you complete control over where you spend your money and of what amount.

Work in a small company or have a small business with a limited budget for advertising. You can try investing in blogging, social media, or SEO that can guarantee high ROI even with minimal spending. It is a beautiful way to build your online presence. You can also work with a business coach for entrepreneurs to make powerful marketing strategies.

3. Helps You Understand Your Competitors Better

Small business owners or entrepreneurs can use digital marketing to stay ahead of their competitors even if they do not have millions of dollars to spend on advertising. With effective digital marketing strategies like content marketing, SEO, and social media, small brands can create awareness and strong brand identity. Search engines do not care which brand is the biggest and work on a simple algorithm.

4. Lead Generation

One of the primary reasons behind advertising and marketing is lead generation. Though many advocate that traditional methods generate more leads, there is no way you can measure it. Media buyers may say that people saw your commercial, but how do you prove it?

A digital ad allows you to create an ad, track its engagement, and generate leads. The digital ad tells you how many people got engaged with your ad and enables you to add them to your email and phone lists. You can contact them to qualify the lead, which is critical for converting a lead to a sale. If you are working with a good business mentor, they can help you develop robust strategies for lead generation.

5. Stay Connected with Your Customers

“Out of sight is out of mind,” which is why it is essential for brands to stay connected with their customers, especially after they have done business. Social media platforms give a golden chance to every business to engage and build relationships with their customers.

Digital Marketing has the power to turn the tables around for startups if used strategically. We hope the above reasons will encourage you to actively and strategically incorporate digital marketing.

The idea of managing a business is more straightforward said than done, and we agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program with Foundation courses. These specialized courses focus on business challenges like Digital Marketing and value-added approaches.

To know more, visit: www.badabusiness.com

Categories
Business motivation Startup

How PhysicsWallah Became India’s 101st Unicorn

How PhysicsWallah Became India's 101st Unicorn
How PhysicsWallah Became India's 101st Unicorn

Summary: From a free YouTube channel to raising a $100M fund in Series A, PhysicsWallah joins the unicorn club. Read the inspiring story.

“A dream does not become a reality through magic; it takes sweat, determination, and hard work,” said Colin Powell, and we couldn’t agree more.

Many people often complain despite having all the privileges in the world. They blame the situations, consequences, and sometimes people for their inability to achieve their goals.

But, there are people like Alakh Pandey (Founder and CEO, PhysicsWallah) who fulfill their dreams despite life’s challenges.

If you have been living under the rock, then let us tell you about Alakh Pandey and the success story of his Noida-based startup- PhysicsWallah. His Edtech startup PhysicsWallah has become India’s 101st Unicorn. He received funding in its Series A round from investors, including Westbridge and Funding.

Want to know how you can raise funds for your business? Watch this video: 

Many believe that the availability of financial resources makes a person successful. But nothing can be further from the truth. Having a solid financial background can help a person, but one has to walk the road to success on his own.

Born and raised in Allahabad, Alakh loved to learn as a child. He wanted to pursue engineering at the Indian Institute of Technology. But coming from a humble background, he couldn’t fulfill his dream of studying at IIT.

He was admitted to Harcourt Butler Technical University, Kanpur, to study mechanical engineering. To fund his education, Alakh’s father had to sell his house. To help his father, Alakh began teaching JEE/NEET courses at coaching centers during his graduation.

Soon Alakh realized that many students couldn’t afford expensive coaching classes. So in 2016, he started a YouTube channel offering free physics and chemistry lectures for JEE/NEET examinations. In 2019, he was joined by Prateek Maheshwari, an IIT BHU alumnus who founded startups like Night Panda, Pen Pencil, and Moon 2 Noon. They knew they would be fundraising for their startup in 2022.

After a few meetings, Alakh asked Prateek to join him as a co-founder, and in May 2020, they launched the PW app. The app crashed on day 1, not because of a technical glitch but because there were so many downloads. In seven days, there were three lakh downloads.

Born as a free YouTube channel in 2016 with just an investment of about INR 30,000 used to purchase a camera phone, tripod, whiteboard, and a few books, today it is a family of more than six million students and 1,500 staff, who aim to provide quality education at an affordable price.

PhysicsWallah got subscribed by 10,000 people in the first year and 50,000 in 2017. In May 2020, they developed an excellent tech idea for their business model and launched their Android version.

The course structure is divided into two categories: live classes and scheduled recorded lectures. They are further sub-divided into free (on YouTube) and paid batches (on the app).

“It is a very student-friendly app. More than 5.5 lakh students consume 90 minutes of educational content every day. The overall rating of the app on the Google Play Store is 4.8. Moreover, the PW app is probably the only one to conduct the largest live online class,” Prateek claims.

Students can access daily practice problems, one-to-one sessions with mentors, and live doubt sessions by top facilities, including PW founder Alakh Pandey.

From a free YouTube channel to becoming India’s 101st Unicorn, Alakh Pandey has had his shares of challenges. But he was determined to achieve something in his life by providing solutions to others, and he sure did!

Bada Business wishes Alakh Pandey more success in the future!

Categories
Startup

Launch Your Startup With These 5 Financial Tips From The Experts

Launch Your Startup With These 5 Financial Tips From The Experts
Launch Your Startup With These 5 Financial Tips From The Experts

According to a report published on Inc42.com in 2016, the primary reason behind many startup shutdowns was due to lack of funding. In 2017 lack of market demand was the primary reason for the startup shutdowns.

Starting your business venture can be a daunting but rewarding process. While a great business plan is imperative for entrepreneurs, financing is one of the most crucial elements that help a startup succeed. Many entrepreneurs often take help from a business coach to receive fundraising guidance.

Securing funding to launch a startup can be difficult. More often than not, entrepreneurs use their savings to start their businesses. Another report by NASSCOM states that around 25% of Indian startups shut down untimely due to failure to raise follow-on funding rounds beyond Pre-Series. A good and effective management of finances can make a massive difference between a business that keeps climbing the ladder of success and one that falls at the very first challenge.

Here are five financial tips that would help every entrepreneur or small business owner manage their finances better:

1. Create a Dedicated Emergency Fund

A contingency or an emergency fund to provide financial security in desperate times. This fund helps an organization meet significant expenses in unforeseen circumstances. Ideally, one should have six months of living expenses as a contingency fund.

If you own a business, it is suggested to create a larger emergency fund if your company has seasonal cash-flow fluctuations. It is best to build such a fund and invest it in a mutual debt fund as it will give far better returns than a savings account and help you encounter unforeseen challenges.

Having an emergency fund will also give you peace of mind, and you can make more confident decisions for your business. A good business mentor will help you how to create a dedicated emergency fund.

2. Avoid Expensive Credit Loans

Credit is the lifeblood of any business, especially for startups. Hence, entrepreneurs need to keep their credit scores high. Always pay your bills on time. When it comes to financing your business, the cost of credit is a critical factor, especially in the initial months of operation.

In the beginning, when the business has not even reached the break-even point, the company’s financing should be done by keeping the interest cost at the bare minimum. This will reduce cost and attain profitability. Never miss a payment or delay the payment date, even if you face a financial crunch.

Also, keep your credit utilization ratio under consideration. The credit utilization ratio is the percentage of your available credit limits that you borrow during the month. Keeping your credit utilization ratio below 30% will help you maintain a better credit score.

3. Keep personal & business accounts separate

It is wise to keep your business and personal bank account separately. It will provide the benefit of easier accounting at the end of the financial year for tax purposes and eliminate the cash crunch situations in business caused due to withdrawals for personal expenditure.

4. Bad Debts

Debts that cannot be recovered are called bad debts. When credit sales are not recovered, bad debts are created. Entrepreneurs should eliminate the situation of a fund crunch in business due to withdrawals for personal expenditure. Instead, these debts should be repaid in the next year so that a healthy financial position of the company can be showcased in front of potential stakeholders. You can also take guidance from a best business coach to plan your finances.

5. Develop Financial Goals

Keeping the in-flow and out-flow of your finances is extremely important. Planning a year for significant expenses in advance can help small business owners to reduce the financial burden. If your future business goals involve expanding and launching new products or services in the market, it is essential to plan everything related to finances.

If you are not sure how to manage your finances or ensure a solid financial future, you can also take the help of a certified financial planner. A financial advisor can also help you build a strategy to meet your business objectives.

Instead of investing all your profits back into your startup venture, save for your future by investing your funds into multiple investment schemes. A wide array of investment schemes is available, from stocks to mutual funds. You do not have to invest every last penny into your business; save for your future.

If you can improve your finances with a better emergency fund, a solid credit score, and a robust retirement savings portfolio aside from the equity you own in your business, you can run your startup with a more focused and peaceful mind.

And for business owners, who are some of the busiest people in this world, having financial security is genuinely priceless. Are you planning to launch your dream startup business but worried about managing your finances?

Do you have any other financial tips for our entrepreneurs? Please share them with us in the comment section below.

The idea of managing a business is more straightforward said than done, and we agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more, visit www.badabusiness.com.

Categories
Education

9 Business Terms Every Entrepreneur Must Know

9 Business Terms Every Entrepreneur Must Know
9 Business Terms Every Entrepreneur Must Know

Summary: Starting a new startup business? Here are nine business terms everyone should know.

Running a startup business involves constant learning. Whether you are starting a business for the first time or have a more established small business, knowing a list of financial terms can help you grow your business.

Being an entrepreneur also means being a learner throughout your life because there is always a new market trend, a new tool to explore, a new challenge to overcome, and a new vocabulary to understand.

Many entrepreneurs often work with the best business motivational speaker and feel they don’t need to equip themselves with the business terms. However, knowing these financial terms will help you understand and negotiate.

Here is a list of business terms and finance terms that will help you find your way to successful small business funding:

1. Accounts Payable

Accounts payable is a financial term representing your small business’s obligations to pay debts owed to suppliers, lenders, and creditors—depending upon the type of credit provided to the company by the lender. It is sometimes referred to as A/P or AP in short.

2. Accounts Receivable

Accounts receivable represents money owed to your small business by others for goods or services rendered. These accounts are labeled assets because they represent a legal obligation for the customer to pay you cash for their short-term debt. They are also known as A/R or AR.

3. Bookkeeping

Bookkeeping is a method of accounting used to time record all financial transactions for the business.

4. Capital

Capital in business terms refers to the overall wealth as demonstrated by its cash accounts, assets, and investments. Often called “fixed capital,” it refers to the long-term worth of the business. Capital can be tangible, like durable goods, buildings, and equipment, or intangible such as intellectual property. Understanding these terms can help you navigate better financial deals even if you are working with the best corporate trainer.

5. Working Capital

It consists of the financial resources necessary for maintaining the day-to-day operation of the business. Working capital, by definition, is the business’s cash on hand or instruments that you can convert to currency quickly. It should not be confused with fixed capital; working capital is another business finance term.

6. Cash Flow

Maintaining tight cash flow control is essential to any small business, especially if it is new since ready cash can be limited until the company begins to grow and produce more working capital.

The business finance term and definition of cash flow refers to the amount of operating cash that “flows” through the business and affects the business’s liquidity. Cash flow reports reflect activity for a specified period, usually one accounting period or one month.

7. Depreciation

Depreciation occurs due to wear and tear. So, the value of any asset can be said to depreciate when it loses some of that value in increments over time. Various depreciation methods are used by businesses to decrease the recorded value of assets. You can also learn a few essential industry-related terms from your business coach.

8. Fixed Asset

A fixed asset is a tangible, long-term asset used for the business and not expected to be sold or otherwise converted into cash during the current or upcoming fiscal year. Fixed assets are furniture, computer equipment, equipment, and real estate.

9. Intangible Asset

Non-physical business assets are considered intangible. These assets can be items like patents, goodwill, and intellectual property.

Whether you are an entrepreneur or not, the business terms mentioned above are essential for everyone. They will help you to understand the diverse concepts in the business world.

The idea of managing a business is more straightforward said than done, and we agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more, visit: www.badabusiness.com

Categories
Finance

5 Smart Ways To Help You Settle Business Loans Quickly!

5 Smart Ways To Help You Settle Business Loans Quickly!
5 Smart Ways To Help You Settle Business Loans Quickly!

Summary: Is your business running in losses? Are you losing your investors because of the debt? Do you want to take your small business out of debt?

Rising interest rates and high corporate debt levels are giving sleepless nights to lots of investors and small business owners. It is impossible to predict the future, and with the latest happenings in the world, the period of consistent declines in the GDP of India, it is challenging for small business owners to run their business operations with the guidance of an expert.

Though most entrepreneurs begin their startup by arranging funds through debt funding, equity funding, loans, or other less formal sources like friends & family, the experience of being in debt can be scary and overwhelming. To avoid making drastic mistakes at the initial stage, many entrepreneurs also hire the best business coach in India.

If managed smartly, borrowing funds can help you accomplish your goals; if mismatched, it will affect your financial well-being and cause mental stress, especially to small business owners that are worse affected due to the Covid-19 pandemic.

The Indian government launched many loan schemes to offer relief to MSMEs in subordinated debts, collateral-free loans, and equity infusion through its Fund of Funds (FoF) scheme in 2020. This scheme proposes to purchase up to 15% growth capital in high-credit MSMEs.

You can work with a business coach who can help you manage funds more efficiently. Also, if you have a well-thought financial plan, you can solve the cumbersome process of taking your business out of debt, just like others. Here is how you can chart your way out of debt:

1. Reorganize the Debts 

The first step that will take you closer to managing your debt is to organize all the details of precisely what you owe. Make a list of your debts with EMIs, interest rates, and tenures. This will help you recognize the costliest obligations.

2. Pay Urgent & Costliest Debts First!

After sorting out your debts, pick the costliest one! If not paid on time, expensive debts will extract the highest interest. This can drain your finances. Hence, settle your costliest debts on a priority basis. Take help from the best business coach for strategies that will help you pay your debts.

3. Make Monthly Budget

One of the most vital debt management techniques is planning a monthly budget! Make a list of your income & expenses while deciding on your monthly budget. This will allow you to think about ways to reduce your daily expenditure. Having details of monthly cash flow can help you save money that you can use to clear your debt.

4. Consolidate Loans

Sometimes keeping track of all the loans can be difficult. If you have too many loans, it can be a good idea to consolidate them into one. This will leave you with just one EMI. Business loans, personal loans, and credit cards provide you with this option. It will remove various debts and leave you with just one loan to track. Consult with a business motivational speaker today to understand your finances. 

5. Protect yourself Against Economic Shocks 

The future is uncertain, and it is wise to protect yourself from uncertainties you might be exposed to. For E.g., a loss of a job could lead to delayed EMIs. So, to avoid such situations, create an emergency fund to help you sustain yourself during a bad phase. Ideally, this fund should be 3-6 times more than your current monthly income.

Repaying loans is a moral, legal, and also a financial obligation. With intelligent and effective debt management strategies, you too can get your business out of debt. Learn how to manage your debt with the top-industry leaders from our Problem Solving Courses.

Categories
HR & People Management

Build High-Performing Team With These 4 Simple HR Practices

Build High-Performing Team With These 4 Simple HR Practices
Build High-Performing Team With These 4 Simple HR Practices

Companies that invest in their human capital achieve their business goals and promote a positive culture. A study by Darwish, T.K., Singh, S., & Mohamed, A.F. (2013) and Huselid, M.S., Jackson, S.E., & Schuler, R.S (1997) published in Forbes indicates the importance of aligning human resource strategies to achieve business goals and improved business performance.

Your business may face severe consequences because of the lack of skills and knowledge. But it is entirely unrealistic to build a successful business without building people, especially in a startup.

So whether you are a solopreneur, an entrepreneur, or a wantrepreneur, if you want to create a professional and efficient culture in your company, here are three best HR practices that will guarantee a more productive culture in your organization:

1. Find the Right Fit for the Right Role 

Wrong hiring can harm an organization in the long term. Along with the essential skill set and a positive mindset, it is also crucial to consider the cultural fitment of the candidate.

Hiring the right candidate with a positive approach can help to create a culture in the organization where everyone feels welcome and participate.

Ensuring that the purpose of the position is met with the desired candidature of the job applicant is very important. It provides personal and professional aspirations are being met. Select people who are self-motivated, goal-oriented, talented, and driven by passion and also share your vision. An improved and enhanced team will remain motivated. This will eventually accelerate your business growth.

2. Build Employee-friendly policies

The employees should be empowered to mold their work environment within the defined boundaries. Also, a set of policies that limit the border within which it is to be carried out should be defined clearly.

The Policy or the handbook forms the foundation of the agreement on service conditions with the hiring candidate. This needs to be signed during the acceptance of the offer, and every time the request is amended. You also consult with a business motivational speaker to keep your team inspired.

Looking for a bit of expert advice on building a high-performance workforce? Click here:

3. Create a Performance-driven culture 

Business owners who invest in their employees, in turn, invest back in the business. Performance drives the success of any organization.

An agile and motivated man force is every organization`s biggest strength. Whether you are an entrepreneur or an HR working in a large organization, it is necessary to ensure that your staff members are delighted with their role in the organization. You can conduct a training session from time to time and a session with the best motivational speaker in India, Dr Vivek Bindra, to increase your team’s productivity.

Employees should clarify their current job role and growth opportunities as ambiguity can lead to non-performance. Encourage your employees to do self-evaluation. Try to nip the problems at the early stages.

As an entrepreneur, you must retain good employees and promote growth within the organization by making the entire staff skilled. An employee’s development could be vertical as well as horizontal. Make your employees trained and more capable.

One of the most standardized and joint initiatives that entrepreneurs can implement is new employee orientation. An orientation program will inculcate a sense of commitment in the employees and encourage a sense of ownership.

4. Conduct Systematic Performance Review  

If the business size is small, it is advised to have a systematic performance review. A quarterly performance check would make more sense in a startup. If you want to scale up your business and promote its growth, be honest about the performance.

The idea of managing a business is more straightforward said than done, and we agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more, visit: https://www.badabusiness.com/

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Sales

5 Unique Ideas To Increase Your Sales This Year

5 Unique Ideas To Increase Your Sales This Year
5 Unique Ideas To Increase Your Sales This Year

Summary: Want to increase sales this year? Read for out-of-the-box ideas that will increase your sales.

The sales department is an essential aspect of a business that drives performance and growth. There is ebb and flow to it, and the longer you are in the industry, the more you start to see it in your sales. You may experience more sales during the summer season with lower sales during winter.

No matter which type of product or service you are offering, a want to increase sales around the year is expected. Entrepreneurs often think about different ways of increasing sales. They often work with the best business coach in India to get their expert advice.

If you are looking for some unique ideas to drive more sales this year, here are five innovative ideas to help you:

1. Highlight the Unique Value of Your Business 

Gone are those days when customers used to believe the advertisements. Today customers are discerning and want a value for what they are buying. They want complete information about the product they are purchasing and how it solves the problem which they might be facing currently.

So, put on your thinking cap and develop your business’ Unique Value Proposition (UVP) that tells why they should shop with you rather than with your competitors. Emphasize why your business is different than the rest and why it is a better option for your customers.

2. Engage With Your Customers

As Dr Vivek Bindra, the best motivational speaker and CEO Coach, says, “Your customer is the king” we couldn’t agree more. If you are experiencing a dip in your sales or fewer consumers in your store, it is time to think of something new.

Give a positive customer experience to your existing customers as it will bring them back to your online website or store. This will provide word-of-mouth marketing to other potential customers. Utilize the advantage of identifying possible pain points and strengths by engaging customers online or in person. Once you have figured out where you excel and need improvement, you can implement strategies to make necessary changes.

3. Use Super Creative Marketing Language

Who are your potential customers? What helps them to make their purchasing decision? What are the challenges that they are facing? While conducting market analysis, you consider all these questions and when you develop marketing strategies, always consider the language that your customer base generally uses.

Figure out if your target base is a more mature generation who connects with more serious advertising or a little younger who are more used to memes and puns. Depending on the demographics of your customer, add a little humor, engaging imagery, or relatable language to leave a lasting impression.

4. Share Your Startup Story

Why have you started your startup business? What made you establish it? What triggered the idea? Why did you choose to sell your products or services? A genuine business story intrigues the customers and allows them to feel connected. They understand why you do what you are doing. Customers see who, what, and where your business is. Understanding what you are doing allows them to determine how like-minded they are with you and your company. You can hire the best business coach to understand the consumer`s journey.

5. Thank Your Customers

People like to feel appreciated. A thank you to your customers is an excellent way to let them know you enjoy their visit with you. This way, you can develop an ongoing relationship with them. This small gesture determines how grateful you are for their business. Make your customers feel special by giving them a personalized experience.

Not every unique idea guarantees success. However, failure of a few ideas shouldn’t stop you from experimenting. Instead, get back to the drawing board and brainstorm a few more.You can boost your sales quickly with the proper guidance from a business expert.

Learn to generate high-revenue earning products for sales with our Business Coaching Program. To know more, visit www.badabusiness.com.