Tag: Business Coaching Program

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Sales

How To Write A Perfect Sales Copy For Your Product?

How To Write A Perfect Sales Copy For your Product?
How To Write A Perfect Sales Copy For your Product?

Summary: Want to increase sales? Discover how you can generate more leads by choosing your words wisely.

Many entrepreneurs often lose their sleep because their ad copies fail to perform! If you are a copywriter, you probably analyze it too, but even if you are not a copywriter, it is critical to understand the critical elements that make a copy good.

If you don’t want to be at the mercy of your marketing director or ad agency, you must understand the inherent structure of an excellent copy that sells.

Here are 4 tips to craft a perfect sales copy:

1. Craft a Perfect Headline

Headlines are significant. If done correctly, it will trigger a spark in that prospect’s emotional core and that’s when the magic begins that can change doubt into confidence, despair into hope, and fear into courage.

And yet not many people invest much time in thinking about the headlines while writing copies. The headline is essentially the ad to your ad. It is crucial to grab your potential customer’s attention to make them read the entire message. To craft a perfect copy, it has to tap into your target audiences’ core. This tip will require you to invest time, but once it is optimized, it will attract customers to your startup business like a moth to a flame. You can also consult with a business coach who has experience in crafting a sales pitch.

2. State The Promise Clearly!

Every winning ad copy that resonates with the promise you have made to your customers works the best. The first two paragraphs after the headline serve the function to restate the promise of your product or service. However, it also states who is it for, and who it isn’t for.

Once your well-written copy grabs the customer’s attention, he or she begins wondering if it has something for them. It is your lead’s job to clarify what your product or service is and what it will deliver. If the message is not clear, a reader will get confused and a confused mind almost always withdraws and says “NO”. A winning lead should be clear, and concise, and deliver the promise that you have made.

3. Make it Clean With Bullet Points

Mystery, novelty, promise, and vivid imagery are the key ingredients to crafting a perfect headline with bullets. We all are aware of the clarity that bullet points provide us in any presentation, article, or blog. These are concise statements that offer insights about benefits but do not reveal anything. The purpose of bullet points is to arouse curiosity. The bullet points that are excellently crafted have elements of. This invokes an image inside a customer’s mind and makes it easier to make readers take action.

4. Body Copy

Body copy is that part of the sales argument, which is often the least-read part. Most of the readers skim through this portion in an unconscious attempt to figure out how it is beneficial for them to read the entire body of the sales letter. To attract more customers for your startup business, use subheadings and unused bullets to divide the letter into distinct sections. Add some images, sales arguments, promises, and proof and push tactics to craft a unique selling proposition around your startup business.

If done right, a copy can become a frictionless call to action. With these four simple steps, you can craft a perfect sales copy. You can boost your sales easily with the right guidance from a business expert. 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 it, visit: www.badabusiness.com

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Business motivation Marketing

How to build a Successful Business with White Labeling?

White Label Solution
White Label Solution

Summary: White labeling has many benefits! Discover how it can help your business to grow without developing a new product.

Do you want to start your own business, but are confused about which product should you come up with? Do you have product ideas in mind, but due to lack of time unable to create it? The White Label is the solution!

White labeling has been around for a long time, but not many people know that it is not limited to just software. For many years brands like Walmart have been buying products from other companies and relabeling them under their brand.

In a start-up world where the competition is fierce and the market is dynamic being an entrepreneur is not an easy task. From taking care of multiple tasks at the same time to managing your products, marketing, brand reputation, and customer service, it is hard to do everything on your own. For an entrepreneur who is facing a business challenge, doing everything on their own could be the first reflex. You can learn white labeling from the best business coach Dr. Vivek Bindra in their online business coaching program.

White-label business solutions are a gateway into the business world. It helps you to scale your business and sell your products at no extra cost and without pre-planning, training, hiring, and implementation work.

What is White Labelling?

White-label products and services are kinds of re-brandable, and re-sellable items that are produced, branded, and sold by one company but are rebranded and resold by another company.

A White Label Solution involves a manufacturer who sells an unbranded piece of product or service to a reseller who then places their logo and sells it to their business clients. Hence, in a white-label market, the manufacturer and seller are two separate entities that work for mutual benefit.

It is not only limited to small business owners and large enterprises but many colleges and institutions are also making the most of this service with White label content creation.

How do White Label Solutions come into existence?

This concept was drawn from the fashion industry where retailers acquired mass-produced goods from the manufacturers and sewed their branding on the product. What did they get? A product that was similar to private label brands. However, at a competitive price point!

Advantages of White Labelling

Naturally, the foremost benefit of white labeling is its cost-saving aspect. However, there are plenty of other benefits that white labeling that every entrepreneur, solopreneur, or business owner must consider:

1. It saves time– Time is money! And since businesses do not have to build or develop solutions from the start by putting their own time and resources, White Labelling saves up a lot of time, financial and human resources.

2. No Infrastructure Needed– As the resellers can purchase the product from the manufacturer and start reselling it under their branding, they do not need an infrastructure to set up a manufacturing unit.

3. Happy Customers– With quick customizations and quicker time to market the products at the reseller`s end, you will have more happy & satisfied customers.

4. Allows you to focus on your business– More often than not, the companies hoping to build a solution find themselves in a precinct that does not fall under their expertise. Pre-packaged solutions with White Labelling that are prepared by experts can help businesses to reach their goals more efficiently.

White Label Solutions can help businesses that are trying to establish themselves in the market to utilize their unique branding to offer a range of products and services without having to incur money in resources, infrastructure, and technology.

By using white labeling entrepreneurs can give their customers a quick solution to their immediate problems. They can also focus on the core competencies of their business, and move towards building a brand and greater conversion rates.

Want to know how you can grow your business with White Label Marketing? Click here to watch this video:

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 it, visit: www.badabusiness.com

Categories
Startup

4 Key Reasons Why Branding Is Super-Important For Startups

4 Key Reasons Why Branding Is Super-Important For Startups
4 Key Reasons Why Branding Is Super-Important For Startups

Branding plays a crucial role in the success of every business. Your brand becomes a part of the customer’s everyday life. If a customer believes that your brand is the best in the market, then a customer will buy it irrespective of its price. This is the impact of having a solid brand image. When it comes to startups, it is vital for the development and growth of an organization.

But many entrepreneurs fail to recognize its importance in the initial stage of the business. They make the mistake of obsessing over their products and turn a blind eye to every aspect of the branding. This can lead to a series of disastrous consequences for the product as well as the company in the long run. Due to negligence, the brand might become unnoticed and irrelevant.

According to an analysis conducted by the Marketing Accountability Standards Board (MASB), brands contribute on an average of 19.5% and if the impact is measured based on firm cash flow, profits, and firm value, the impact could be contributed to over 50% of the enterprise value.

Another report by the Marketing Science Institute (MSI) that included around 220 consumer products found that a superior brand preference or reputation commanded price premiums of 26% on average, even when brand quality is the same.

1. Your Brand Image is like a Living Entity!

If your brand can disrupt the market and generate excitement by showcasing the life, you can get a loyal clientele. Your brand grows and matures over the years and builds its persona just like a living entity and provides a solid competitive advantage.

In this age of digitalization, it is important to have a unique brand strategy that will engage the audience across multiple mediums. Therefore, it is essential for every company to carefully select and invest when it comes to building a brand that speaks volumes about the company’s unique business strategies and core values. You can also hire a business coach who can help you to build a powerful brand image in the market.

2. Branding has a Lot of Impact on Sales

If your brand connects straight away with your target customers, it will result in an excellent customer experience. And according to a report published in Forbes, ‘73% of companies with above-average customer experience perform better financially and also get higher revenue’.

Another report suggests that around 17% of consumers are willing to pay more to purchase from a brand that has a great reputation and market value. The major reason why a customer will choose your brand instead of your competitor will largely depend on how the consumers ‘feel’ about your company.

And why is this factor important for a startup? Startups tend to have major competitors who have a larger team, better infrastructure, brand reputation, and marketing knowledge. A good brand image will help you to attract more customers and your product will finish on top of your competitors.

3. Helps to Raise Awareness About Your Uniqueness

Startups represent innovation and a distinct approach toward the same product that is already available in the market. It’s their uniqueness that connects them super strongly with their customers. However, too many companies want to represent their brand under a perfect and idealized spotlight. This results in a brand image that lacks the character, texture, and trust of a consumer.

Another blunder that most startups do is copying other businesses or internet trends and images. Creating a fake image of their brand that does not represent them would simply mean wasting the most valuable emotional factor due to which a startup ends up eroding its customer base.

4. Effective in Digital Marketing!

With technological advancements, the internet has slowly taken over. Today, with the advent of affordable smartphones, the branding of products online is no longer a luxury. It has become a necessity for startups where they can sell their products to a wider audience.

With cost-effective internet that is available to most people, a business must use this opportunity. Despite the changing times and mediums of advertising, branding is still an integral part of advertising and the business world. Hence, listen to what stakeholders and customers have to say about your brand, and use their feedback to make improvements. This will also build a better brand image.

Learn how you can take your startup to new heights with our business coaching program. Click here to know more about this product: www.badabusiness.com

Categories
Motivational

From Doing Embroidery on Clothes to Supporting the Family to Winning Gold in Weightlifting at CWG, Achinta Sheuli’s Journey is Super-Inspiring!

Success Story Of Achinta Sheuli
Success Story Of Achinta Sheuli

“Success is not final; failure is not fatal; it is the courage to continue that counts.”

Nothing in this world is impossible if you have the passion and determination for it. With sheer dedication and persistence, you can achieve anything that you want in your life. And Achinta Sheuli is the live example!

Achinta Sheuli with his outstanding performance in the Commonwealth Games won a gold medal for India in the men’s 73 kg weightlifting category with a combined lift of 313 kg (snatch 143 kg + clean and jerk 170 kg), creating a new CWG record. From embroidering necklines on women’s kurtas to working in fields Achinta Sheuli has come a long way to creating a record in CWG his journey was anything but smooth!

Followed His Brother’s Footsteps

Hailing from Deulpur in West Bengal, Achinta was first introduced to weightlifting by his brother. His brother Alok was fascinated by weightlifting after watching a body-building competition. Seeing his interest his mother Purnima took him to a gym run by Astam Das in 2010. Achinta followed his brother to that gym after a couple of years, and took to it, as a fish takes to water. Das trained them for free and provided nutritious food too.

But the turning point in Achinta’s life was the Junior National Championship held in 2013 in Guwahati, Assam. Achinta came fourth and was noticed by the Army Sports Institute. Alok said that Achinta was called for a trial by the Institute in 2014.

After his father passed away, it was very difficult for his family to survive financially. Their financial status was so poor that they did not have money to even perform their father’s last rites. To bring food to the table, his mother started doing needlework, and the kids joined in later. They would receive orders to embroider the necklines of women’s kurtas.

The family used to work for 12 hours a day, seven days a week. It was a hard job. On a very good week, they would make INR 1200. While on an average week, it was less.

Achinta and his brother also worked in the fields, harvested crops, and carried the loads on their head because they were given an egg a day and a kilo of chicken at the end of the day.

His Brother Was His Biggest Support

After his father passed away, Achinta’s brother Alok had become the breadwinner of their family. To support his mother, Alok gave up on his dreams. The training and food at Army Sports Institute helped Achinta get strong and gain weight. And he would train and embroider whenever he had the time while going to school.

And the Journey Began…

Achinta left his local school in class 6 and completed his further studies at the Army Sports Institute. He then participated in Youth National Games in Haryana and came third. He later joined the Army in 2015 and received a letter from the Indian camp. He won a silver medal in the Youth Commonwealth Games which was organized in Pune. He went on to win gold at the Commonwealth Championship in 2019 and silver at the Junior World Championship in 2021.

Thanks to the Army job and stipend, Achinta is now able to support his family. His mother does not need to do the needlework anymore and his brother Alok is focusing on his career now.

Achinta believes that a target, focus, and discipline are essential to succeed in life. And rightly so, he has made the entire nation proud by winning gold at the CWG after Mirabai Chanu and Jeremy Lalrinnunga.

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.

Want to read more extraordinary stories of ordinary people? Visit www.badabusiness.com.

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Strategy

6 Smart Tips For Entrepreneurs To Build Strong Relationships With Investors!

6 Smart Tips For Entrepreneurs To Build Strong Relationships With Investors!
6 Smart Tips For Entrepreneurs To Build Strong Relationships With Investors!

Summary: When adequate funds are the only thing that is stopping your startup from becoming successful, you might want to think about establishing good relationships with your investors.

Entrepreneurs put in their immense effort and hard work in pitching their business idea to angel investors to bring them on board because the key to success for most startups is having funds for the growth of their business.

However, a deal is never done when it comes to dealing with investors. If you have wooed your investors once, it does not mean you won’t need them again in the future. Investors with their lots of experience can offer incredible insight and resources that can get your startup business on the right track.

According to experts, nearly one-third of the startups shut down because of a lack of planning about the proper usage of their funds. This leads to investors losing interest and credibility in their business venture at the very early stage. Many entrepreneurs often hire a business coach to help them navigate the rough waters of the business world.

Managing investor relations can make a huge difference to your business. As an entrepreneur, it is your responsibility to strengthen ties with investors to position your current business for success. While a strong relationship can help the startup to grow rapidly, one wrong move can end the game for you.

Therefore, it is highly essential for you to maintain a working, productive, and winning relationship with your investors, even if they are not friendly.

Here are six pointers that will help you to build a strong and cordial relationship with your angel investors:

1.  Don’t Choose Investors Solely for Financial Purpose

Investors can provide not just funds, but also their valuable guidance and experience to accelerate your business. Acknowledge the relationships and expertise investors will bring to your business by giving them a voice. Listen to their underlying apprehensions and concerns. Encourage open conversation and clear dialogue so that you can learn more about their risk-taking appetite. You can consult with a business coach as well to understand how you can maintain dynamics with your investors.

2. Set Clear Expectations in the Beginning

An entrepreneur and investors need to be on the same page as nobody likes surprises in the business. Thus, it is vital to set the goals, nature of the relationship, degree of control, vision, the scale of growth, and exit strategy that is acceptable to both parties.

3. Be Authentic & Respectful

Investing in any firm is not a matter of a “fund it and forget it” scenario for any investor. In fact, they would like to stay updated with the latest ongoing in your organization. And when you are looking to strengthen your relationship with investors, it should be rooted in authenticity and respect. As entrepreneurs are coming into the market with their ideas, they should also respect their investors` opinions, suggestions, and feedback.

Despite the disagreements, they must behave respectfully towards each other. Discussions should happen openly to arrive at a mutually acceptable solution.

To gain investors’ trust, startups must engage with them regularly, instead of treating them as an obstruction that needs to be dealt with.

4. Share Challenges & Achievements With Investors

Every investor wants to stay updated about the current progress of the venture he has invested in. Hence, update your investors regularly with the latest figures, and charts prepared by the startup team weekly or monthly, if not daily.

Also, be transparent with your investors. Even when there are failures or mistakes, be forthright with your angel investors. Keeping your communication channel open with your investors helps you build a positive image of the startup.

5. Pay Respectful Towards your Investor`s Input

Investors can guide your startup business with their expertise and insights gained from years of experience in the market. You don’t have to agree or incorporate every suggestion, but paying heed and valuing them will give your investors a sense of involvement and validation.

6. Address their Concerns

Investors might have concerns about your plans, strategies, or any other aspect of the business. You should make a conscious effort to address those concerns through open discussion, dialogue, and reasoning.

As founders seeking capital quickly learn, finding the right investor is often all about who you know.

If you are facing the biggest challenges from your investors, we can provide you with amazing solutions with our business coaching program. You can learn from the top industry experts how to take your business ahead in the market. Kick start your entrepreneurial journey by clicking here: www.badabusiness.com

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Strategy

5 Effective Tips That Will Make You A Better Negotiator!

5 Effective Tips That Will Make You A Better Negotiator!
5 Effective Tips That Will Make You A Better Negotiator!

From salary discussions to closing the deal with a client or speaking with an investor, it can be difficult for many professionals to strike the right balance when negotiating. Neither they would want to ask for too little nor they would risk asking for too much, potentially ruining the chance of an agreement. It takes awareness, social acumen, and finesse when it comes to negotiating well.

If you feel that you lag behind your peers when it comes to negotiation, don’t worry! Negotiating skill is something that can be learned. You can watch an amazing video on Negotiation Skills by Dr. Vivek Bindra- who is a renowned business coach and motivational speaker in India.

Here are 5 strategies that will help you to become better at negotiation:

1. Discover Other Person’s Interests

While having a conversation with a person, it often happens that we tend to focus on his or her position or what exactly that person is trying to say. However, instead, you should ask relevant questions to know more about the real interest that they have.

Try to figure out what it is that they need out of the negotiation so that you both win. By getting to win-win, both parties will feel good and get what they desire. Conduct yourself as though you’re certain that a great result can be achieved if you and the person on the other side of the table work together as members of a team. Maintaining positivity and an affable demeanor throughout is critical.

2. Believe in the Value You Bring

When it comes to negotiation, your mindset matters! If you go into a tough negotiation feeling like the other person is doing you a favor by offering you a raise or by investing in your startup business, you’ve already lost. Knowing what exactly you will bring to the table will not only make you sound more confident but will also help you to define the value you are going to deliver. Put yourself in the other person’s shoes and ask yourself what would impress you about that person who is asking for the money. You can also learn negotiating skills from Dr. Vivek Bindra- the best business coach in India in this video.

3. Ask For More, Always!

Always ask for more when negotiating on payment terms or otherwise. If the employees ask for more money, ask them for more productivity. If a client asks for a lower price, sell them more products or services. When the other person thinks he or she has won, it is much easier to negotiate after that. Let them win the first negotiation, and they will usually be happy enough to let you win two to three more.

4. Conquer Your Fear First

Most of the time people do not negotiate or have trouble negotiating either because of the fear of conflict or fear of being told “no”. Hence, it is essential to identify what you are afraid of.  This allows you to be present in the conversation. Then, before you go into the negotiation, write out the case for your deserving money.

5. Make More Eye Contact

Maintaining eye contact makes you appear more confident. Hence, try to make more eye contact. By looking them in the eye and holding their gaze, you signal that you are serious and committed to your ideas. Eye contact also helps you analyze the other person’s body language and gestures to determine how they perceive you so you can adjust how you deliver your message.

Negotiations are an opportunity for everyone involved to get more of what they want. People often worry that they will be perceived as greedy, demanding, or ungrateful when they go into a negotiation, but negotiations aren’t personal. Hence, ask for your desired outcome confidently, with no prejudice.

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 courses, visit: www.badabusiness.com

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Motivational

Meet Neha Narkhede; The Youngest Self-Made Woman Entrepreneur!

Success Story Of The Youngest Self-Made Woman Entrepreneur
Success Story Of The Youngest Self-Made Woman Entrepreneur

Summary: Co-founder and former chief technology officer of cloud company Confluent has become the youngest self-made woman entrepreneur in Harun India’s rich list.

Indian American entrepreneur Neha Narkhede (37) has made it to the list of India’s youngest self-made woman entrepreneurs on the Hurun India Rich List 2022. Born in Pune, Neha, co-Founder of Confluent- a streaming data technology company now figures in the IIFL Wealth list for 2022.

In June 2021, Confluent had risen to 25 percent on the NASDAQ, reaching a market valuation of US $11.4 billion. The eleventh edition of IIFL Wealth Hurun Rich List included 1,103 individuals this year, up by 96 from 2021, across 122 cities. With a net worth of Rs 13,380 crores, Neha is 8th amongst the top 10 richest Indian women on the Hurun Rich List.

The Kotak Private Banking Hurun Leading Wealthy Women List 2021, published by Hurun Report, is the third annual list of India’s wealthiest women entrepreneurs and professional managers. According to the list, nine of the 20 women under the age of 40 are self-made.

Her Educational Background

Born and brought up in Pune, Neha did her BSc in Engineering from SCTR’s Pune Institute of Computer Technology. In 2006, after graduation, she joined Georgia Tech and later joined Oracle where she worked till 2010.

In February 2010, Neha joined LinkedIn as a software engineer. In two years she donned various hats on the professional social media platform. In September 2014, along with her colleague she left Linkedin to build Confluent, a multi-billion dollar tech company. She was the CTO of the tech giant until January 2020. Currently, she is an independent consultant to tech enterprises and helps them scale.

Her Father Was Her Inspiration!

When she was asked about her biggest inspiration, Neha excitedly replies—‘My Father’. She shares that her father has been the single largest influence in her career. He would narrate her stories of trailblazing women and has cultivated a sense of empowerment in her.

Neha is also 55th on the 2022 America’s Self-Made Woman list by Forbes. In 2018, she was inducted as World’s Top 50 Women in Tech and also America’s Top 50 Women in Tech. Neha is also the winner of the 2022 Technology Entrepreneurship Abie Award.

Her dedication and self-belief are the major contributors that made her successful. If you too want to achieve something bigger in life, be persistent, passionate, and dedicated 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. These courses will act like tools meant for rising stars just like you. Our apps and services let you manage many aspects of your business with the minimum investment of time and money, leaving you free to focus on the larger picture. To know more about our courses, visit: www.badabusiness.com

Categories
Business motivation

10 Business Quotes By Dr. Vivek Bindra That Are Pure Gold For Your Business!

10 Business Quotes By Dr. Vivek Bindra That Are Pure Gold For Your Business!
10 Business Quotes By Dr. Vivek Bindra That Are Pure Gold For Your Business!

Life is full of ups and downs! Sometimes we face them in full swing other times we might feel demotivated due to constant issues and disappointments especially when you are an entrepreneur. In these times we all need a business motivational speaker who can illuminate our darkest hour with his years of wisdom and knowledge. Dr. Vivek Bindra is one such mentor who has inspired millions of entrepreneurs, students, and small business owners to follow their entrepreneurial dreams.

Dr. Vivek Bindra is a globally acclaimed motivational speaker, corporate trainer, and business coach who has registered 9 Guinness World Records under his name. He is the owner of the world’s largest entrepreneurial YouTube channel because of the number of subscribers.

If you are facing challenges in your startup business and feeling demotivated, here are 10 inspiring quotes that are ‘GOLD’ for your business:

1. You don’t need hands & legs to drive your organization, you need a head & heart to drive your organization.

2. A clear vision or great vision without great people is completely irrelevant.

3. Acquiring the right talent is the most important key to growth.

4. The smartest business decision you can make is to hire qualified people.

5. The way you treat your employees is the way they will treat your customers.

6. Great people are a company’s greatest asset.

7. Satisfied employees will get more customers, and more customers will be more profitable.

8. People are not interested in who you are, they are interested in how you make them feel.

9. Either you grow or you go, either you are distinct or you extinct.

10. Brilliance around you will build brilliance within you.

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. Get practical solutions easily with our step-by-step learning strategies, action plans, and frameworks that are designed to empower you and your business with in-depth knowledge.

Categories
Startup

How To Hire For Startup Business: The First 5 People You Should Hire!

How To Hire For Startup Business
How To Hire For Startup Business

Summary: To turn your small business into a large enterprise, you will need more people. Here are commonly suggested first hires for your business.

You created a product or a service. You started your business. You got your first 100 customers and your business started making a little money. Now it’s time to hire the right people to take your business to the next level. Most often entrepreneurs find themselves confused when it comes to deciding who those people should be. While some people take the right step and consult a business coach, others decide to figure it all out by themselves which often leads to a waste of time and money.

The people you hire today will benefit your business tomorrow. Though hiring people should depend on your business needs, any employee that you will hire needs to have a set of few qualities- flexibility, passion, and integrity. Hire people who have diverse experience and are capable of hand responsibilities until you expand further.

So, starting from the top, here are five roles you should fill immediately:

1. Chief Executive Officer (CEO) & Chief Operations Officer (COO)

CEO and COO are two of the most essential players who can provide a new direction to your startup. Where CEO is typically the brain of the company, and the COO is the heart of the company. The CEO controls the company’s direction, culture, and vision, whereas the COO focuses on the day-to-day operations that keep your business running.

Though the founders of the company assume these two operations, you can also hire externally for these positions. If you and your co-founder(s) already plan to take on these titles and responsibilities, hire the following seven positions next.

2. Product Manager

When it comes to products, a product manager will be your go-to person. From developing a product strategy to vision and development, he will work closely with the engineering and marketing teams to create and market your products. Hiring a person who can dedicatedly work towards building a great product or a service will allow you to start working on the business rather than in the business.

3. Chief Technology Officer (CTO) & VP

It is very important to stay updated and upgraded with the latest technological development in the world. Hence, a team member who specializes in technology and development is crucial to your business’s success. Though you can hire a freelance front-end and back-end engineer, it is useful to have someone on the team who can take charge of this sector.

Having someone with the skills to decide what will work best for your business, as well as managing the integration and management of various systems is the key. You can also hire a business mentor to gain a different perspective and professional expertise.

4. Chief Marketing Officer (CMO)

A crucial aspect of every business revolves around its customers. How customers view your product or service will decide whether they would like to invest their money in it. A Chief Marketing Officer will focus on your customers and build a brand image to promote your product in the market. Hiring an expert with excellent marketing and promotional skills is essential to ensure that your business reaches a wide audience.

5. Sales Manager

No business can thrive without sales and revenue. A sales manager will focus on generating new leads and bringing in money for your company. A startup or small business that masters sales first survives for a longer period. This is probably the hardest position to fill in, but it is worth the time and effort. Hire an amazing sales manager and then use the money they bring in to scale your business.

It’s smart to hire from the top and then expand your team as per your business requirement. Keep your company culture in mind when you are hiring for startup roles. Without filling these positions your company will lack direction and strong leadership.

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 courses, visit: www.badabusiness.com

Categories
Process & Business Expansion Strategy

6 Effective Ways To Measure Your Business Performance

6 Effective Ways To Measure Your Business Performance
6 Effective Ways To Measure Your Business Performance

Summary: How do you know whether your business is performing as expected or if you are on track to achieve your goals?

Business is unpredictable! This is why measuring its output and evaluating the effectiveness of your strategies is very critical for its growth. However, despite you having all your business objectives outlined and your strategies to achieve them in place, will you know that you are on the right path? Also, how do you know whether your business is performing as expected or if you’re on track to achieve your goals?

Being an entrepreneur it is vital to know what works for your business, and what does not. Be it small, middle, or large, every company has its share of success and failure. So it is essential to constantly keep a finger on your business performance to stay ahead of your competitors.

According to a Gartner report, “organizations that use predictive business performance metrics can increase their profitability by 20%.”

Here are six crucial indicators that will tell you all you need to know about your business’s progress:

1. Net Profit

Net profit is the amount that remains after deducting a company’s expenses, taxes, and interest payments over a given time. It is one of the most reliable parameters when it comes to analyzing financial status. When evaluating your business performance, the net profit should be converted into a percentage of revenue- the net profit margin. Businesses must stay ahead of the profit margin in their industry to remain competitive. Anything below the margin means your business is in poor financial status. If you find it difficult to evaluate your business performance, you can hire a business coach too!

2. Customer Satisfaction

Another important way to measure the business performance of your small business is customer satisfaction. Happy customers can impact other metrics directly. Customers can help you improve your business performance. If your customers are satisfied with your products or services, then your business is making progress.

But how do you measure customer satisfaction? You can do that through various surveys, reviews, and honest feedback from your customers. If your business is at a very early stage, you can start developing a client list with an email address to track customers. This way you can keep a count on your new customers and build a strong relationship with your clients.

3. Employee Retention Rate

A good employee retention rate indicates a business with a healthy work culture and with processes in place for success. A poor employee retention rate is a glaring sign that the company is wasting its resources on hiring, training, and absorbing new employees. This will prevent a company from utilizing its resources to drive growth.

4. Set Up a Break-even Point

Setting up a break-even point or a target can help you evaluate the business performance of your small enterprise. The set target is the number you need to achieve in a given period (monthly or quarterly) for the company to cover its expenses to sustain. It is important to reach the break-even point, even if your business is not making a profit.

5. Sales Indicators

The volume and frequency of sales can provide everything you need to measure business performance. You can segregate the sales data into new customers, sales to existing customers, how much profit a particular product or service is making, or any other categories that might prove vital for the business. Keeping track of these numbers can provide invaluable insights into your business performance.

6. Analyze your Goals

While evaluating your business performance, it is also essential to assess your expectations. Many people disregard their happiness when it comes to evaluating business performance. But try to consider your perception when measuring your business performance. It always helps!

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 the course, click here: https://www.badabusiness.com