Tag: Business Coaching Program

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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

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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.

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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

Categories
Startup

5 Small Investment Business Ideas You Can Start Today

5 Small Investment Business Ideas You Can Start Today
5 Small Investment Business Ideas You Can Start Today

Summary: A good business idea is difficult to come by. But with the right planning, one can kick start a small business with minimum investment.

The first step to becoming a successful entrepreneur is to have a good business idea. There are many business ideas that one can start, but not everyone is ready to invest a large sum initially. Maybe you already have an idea but are hesitating due to a low budget. To help you get started here is a list of small business ideas which you can start easily.

Here is a list of 5 part-time small businesses that you can begin with minimum capital:

1. Resume Writing

If you love writing and have an eye for detail when it comes to writing interesting resumes and cover letters, you can help others and charge them for your services. Many people are not good at writing their resumes. Hence, they download a common template from the internet and fill it with their details. Result? Sloppy, poorly written, inadequately proofed resume and cover letter after the next!

You can either do this business full-time or embrace it as a freelance job while keeping your day job. Either way, you can earn good money. All you need is a good website! To know how you can design a website and increase visitors, you can take a business coaching program online.

2. Paper-Mache Craft

If your heart and soul lie in something creative and environment-friendly too, then give your entrepreneurial dream a kick start with a paper-craft business. Paper-Mache craft items are made of paper pulp mixed with glue.

The best thing about starting a paper-craft business is that it does not require a large investment. The raw materials and designing techniques do not require special tools. This craft includes pendant lights, bowls, decorative flowers, and other home décor items.

3. Tiffin Service

As more and more people are migrating to other cities across India due to jobs or for their studies, the tiffin service has become a profitable business idea. People these days have such a busy schedule that they are looking for home-cooked options. Women who want to be financially independent can start this business with a minimum investment of INR 15000.

All you need to do is research your target clientele and a bit of promotion. Word-of-mouth is your best bet in a tiffin service business. So cook lip-smacking dishes and see your clientele growing in large numbers. Once established, you can learn how to scale your business to earn more profit by taking help from a business coach.

4. Photography

Love clicking beautiful pictures that can leave people awestruck? From newly opened cafes and bistros to real estate firms and auto dealers, many businesses are in constant demand for stunning and high-quality pictures of their products.

Photography is competitive, so you’ll want to develop a focus or a niche. And you’ll need to do some marketing to attract clients. So think through who your target market is, what kind of photography you’ll offer, how you’ll differ from your competitors, what kinds of packages and pricing you’ll offer, and what your marketing message will be.

5. Tutoring

If you are a subject matter expert, excel in sports or music, or are simply brilliant at math and science, you can start tutoring adults and children. You can provide online tutoring on skill platforms right from home without requiring any investment.

Even if your full-time job leaves you with no or very little work, you can pursue the above-mentioned small pass-time businesses with a few hours over the weekend. Kick-off any of these businesses to fuel your entrepreneurial dream.

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 these courses, visit: www.badabusiness.com

Categories
Motivational

62-Year-Old Runs Dream Restaurant Successfully Post Retirement, Serves Homemade Food with Love!

Success Story Of Smita Surendranath Blaggan
Success Story Of Smita Surendranath Blaggan

Summary: Chasing a long-cherished dream, 62-year-old Smita Surendranath Blaggan started Lake View Restaurant in Goa.

Who said after a certain age retirement is the only resort for elderly people? Inspiration can find you at any age! The only thing that it demands is that you recognize your calling. Discovering passion and rekindling your dreams at the age when people expect you to retire is the new ‘IN’ for senior citizens.

The person who we are talking about is Smita Surendranath Blaggan- a 62-year-old restaurateur based in Goa who after getting retired from her government job made her way into the hospitality sector chasing her dreams. Her lake view restaurant is the labour of love and passion of hers and her son Rohit (30).

A Blend of Diverse Culture

Born in Karnataka’s Dharwad district, Smita is a Maharashtrian who married into a Punjabi family. The stark contrast between the two cultures would have given a cultural shock to anyone. However, for Smita, it was a boon. With such a diverse family background, she received exposure to multiple cuisines and flavours.

Not only is she well-versed in different world cuisines such as Italian and continental, but also speaks multiple languages like Punjabi, Konkani, Goan, and Maharashtrian. Smita likes to make all the spices on her own that she uses in her lip-smacking dishes. When it comes to shopping for raw ingredients such as fruits and vegetables, she ensures to do it on her own.

However, the Journey was not Easy!

Smita and her son Rohit started their restaurant in March 2020. But before they could start their operations, the nation went under lockdown due to COVID-19. The following months were full of uncertainties, anxiety, and a sense of unease.

But as they say, good things and good coffee take time to brew, this mother-son duo waited patiently during that time as they were super-confident about their food cooked with delectable flavors and lots of love.

All Roads Lead to Good Food

Recalling her younger days, Smita says, “I remember cooking as early as 10 years old, making jawar roti for my father. Even after I got married and moved to Goa in 1986, food played a very important role. I am a foodie and so I’m always on the lookout for new cuisines and foods to try.”

She continues, “My mother and mother-in-law were both wonderful cooks and I have learned a lot from both of them. My love for good food was so strong that I enjoyed coming into a Punjabi family and learning so many new things. In fact, after eating my mother’s mutton curry, the smell would linger on my fingers for up to three days and I would love that.”

Soon after her marriage, her place became the favorite spot for everyone when it comes to relishing delightful food. From her husband’s colleagues and bosses or her children’s favorites, the food that she whipped attracted people like a magnet.

The 60s’ Gave a New Direction to her Life

For many people starting a new business post-retirement happens by chance. But Smita always wanted to own a restaurant. It was a conversation that she often had with her late husband as well. Every time she would host a bunch of people at her home, her husband would often suggest that food is her true calling.

The restaurant was started when her son Rohit returned to India from Dubai in 2020. Starting initially with a minimum investment of about INR 25 lakhs, her restaurant is located right next to a shimmering lake with a seating capacity of 150, which provides this place an edge over other cafes.

Fun, Food & Flavours

Along with a spectacular view of the beautiful lake, Smita ensures that her guests receive nothing but the best Goan food in Goa. She is particular about everything that happens in her kitchen. From making garlic and ginger paste to the freshly pound masala, everything is made once the order is placed.

Smita says that every day comes with its unique challenges which make life even more interesting. She says, “What is life without some masala and drama.”

From flipping the pages of a cookbook as a young girl to now becoming a proud owner of a restaurant enveloped in the aroma of her various recipes, Smita shares that she is living the dream of her life.

Do you have a business idea that you would like to turn into reality? Don’t wait! Start working on it today! 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
Motivational Strategy

3 Key Steps To Bring A Positive Lens To Workplace Mental Health

3 Key Steps To Bring A Positive Lens To Workplace Mental Health
3 Key Steps To Bring A Positive Lens To Workplace Mental Health

Summary: As employers are focusing more on mental well-being, they are still missing a crucial factor- positive conversation.

According to the World Health Organization (WHO), India accounts for nearly 15 percent of the global mental health burden. Deloitte’s Mental Health Survey states that the poor mental health of employees costs Indian employers around USD 14 billion annually because of lower productivity, absenteeism, and attrition.

The survey titled ‘Mental health and well-being in the workplace was conducted to analyze the current state of mental well-being amongst Indian employees by Deloitte Touche Tohmatsu India.

Around 47 percent of professionals surveyed consider workplace-related stress as the most significant factor affecting their mental health, followed by financial and COVID-19 challenges. The numbers are quite alarming. But despite the severity, there are a lot of stigmas associated with mental health and well-being.

While employers are turning their focus on mental health, they are still missing out on a crucial factor that can deeply impact the mental health of the employees which is- positive conversation. Though addressing stress, burnout, workload, and mental illness is critically important, highlighting new opportunities to move forward is the need of the hour.

Organizations should ask the question: how can we cultivate an inclusive work culture where employees actively participate and make genuine connections? How can work proactively help employees improve their well-being?

Various strategies can help both — employees and businesses. The key three strategies are:

1. Give Employees Opportunities that Promote Learning and Purpose

Every employee wants to make a difference in a fulfilling job. Also, when they have a sense of purpose and feel that their contributions are aligned with a larger purpose, they tend to perform better. Providing training and learning opportunities by the best business coach in India not only fuels employee performance and thereby company performance, but also boosts employee motivation and engagement.

When employees feel they have better opportunities to grow in an organization both- professionally and personally, they have a greater reason to stick to their current company.

2. Foster Connection and Collaboration

The pandemic has given rise to the culture of working from home. Despite having plenty of benefits, this new and profound culture also has a few drawbacks which include a lack of connectivity and collaboration. Emotional and social growth opportunities can empower employees as much as professional development opportunities. And these relationships can build better collaboration, communication, and trust within the company.

You can establish employee resource groups, mentorship programs, and other frameworks to encourage employees to feel more socially connected and comfortable bringing their authentic selves to the workplace.

3. Provide Tools to Support Overall Well Being

Rather than focusing just on employees who are facing mental challenges or experiencing stress and anxiety, you should take a holistic approach. Proactive mental health offerings such as meditation, sleep, and fitness programs, can equip all employees with the tools to take care of their overall well-being.

It can deliver benefits not only by helping employees avoid a mental health crisis, but also by empowering them to create, contribute, and collaborate sustainably. If you feel that your team lacks motivation, you can also hire the best motivational speaker in India to inspire them and boost their productivity levels.

By aiming to make work and the workplace a net positive for employee wellness, companies and management can offer people a more compelling and lucrative opportunity and a more effective working environment.  Keep the conversation positive, clear, unbiased, and transparent so that everyone can bring their “whole self” to work and provide the resources and programs to become their “best selves” while at work!

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 such programs, visit: www.badabusiness.com

Categories
Motivational

5 Key Components To Establish Powerful Performance Management At The Workplace

5 Key Components To Establish Powerful Performance Management
5 Key Components To Establish Powerful Performance Management

Summary: Performance management is an essential process to review the hard work and efforts of your employees. So how can you make it more effective and transparent?

Every business aims to make sales, generate revenues and bring in profits. Revenues and sales are made by employees that work in the company. Employees bring customers, and clients stay loyal because of your human capital.

Since so much is dependent on your employees, companies need to ask themselves how they can make their employees satisfied, valued, and happy in their workplace. Evaluating the performance of your employees is the first and most important system that you have to develop in your organization. Every lead or supervisor must be well-trained in how to evaluate the team. You can also consult with a business coach to establish effective performance management.

Many performance management models with different working models have been tested and implemented across organizations worldwide. But truly effective performance management consists of the following essential features:

  1.     Creates a clear picture.
  2.     It is a continuous process of communication.
  3.     It consists of evaluation with feedback.
  4.     It aims to motivate employees who are not performing much.

However, after COVID the work culture has undergone a huge transformation. And one of the most prominent changes is the global imposition of remote work. So how can you ensure to have performance management which is best suited to your organizational goals?

Here are 5 key components of a performance management system designed to ensure productivity in a remote workplace:

1. Revaluate Goals & KPIs

Due to the changed workplace scenario that the current global economy faces, role workloads have differed considerably, with not all equal roles having equal workloads. Thus, KPI and role should be realigned to save costs while extending support to cross-functional processes.

2. Implement Objective & Key Results Methodology

To set, communicate and track organizational goals, management can implement one of the most popular methodologies- “objective and key results”. As this is an overall approach toward goals and employee performance at various organizational levels, it can help incorporate accountability and quantitative proximity of realizable goals.

3. Set SMART Goals

With the remote work paradigm, goal-setting has become even more critical in the current economic climate. Poorly defined goals can become a cause of bad performance and future worries in a climate already marred by global crises and constant disruption.

Hence, the goals defined by the organization must be SMART- Specific, Measurable, Actionable, Relevant, and Time-bound.

4. Keep in Touch With Employees

Today when companies lay off their employees in huge numbers evoke fear within employees when it comes to their performance. Hence, management needs to understand the significance of maintaining regular contact with employees and keeping them updated on all relevant levels. Encourage them to share about their work, lives, goals, etc.

5. Place your Trust in Employees

It is important to trust your employees and subordinates and give them the privilege of clear communication, especially regarding personal matters. Whether working on-site or remotely, many aspects of human lives are unclear. Hence, having faith while everyone is struggling is a key success factor on all levels. As the remote working culture is prevalent, there may be a few employees who are unable to meet the deadlines. Assuming such employees are not being productive is a serious error of judgment.

Performance management and open feedback systems have become a core part of both our corporate and personal lives. In the end, open and transparent communication is the key to a robust and impactful performance management system, no matter what your physical location is.

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 coaching program, visit: www.badabusiness.com