Tag: Economic Times

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Education

Work From Home: A Bane Or A Bliss?

Work From Home A Bane Or A Bliss
Work From Home A Bane Or A Bliss

Working from home is the new norm for many organizations. It has changed how the world was previously working.

From large to medium to small organizations, many companies are offering their employees the facility of working from anywhere. According to a report by Prof. Nicholas Bloom of Stanford University in his study at Ctrip found that for WFH employees productivity increased by 13.5% apart from savings in terms of travel costs and workspace costs.

In fact, according to a report by MoveInSync published in Economic Times, ‘An average Indian spends 2 hours on the road which constitutes 7% of their day.’ Indians spend more time in daily office commuting than any other country in the world. The ‘Travel Time Report Q1 2019 vs Q1 2018’ report is based on the data collated from the rides on the MoveInSync platform across Bengaluru, Hyderabad, Chennai, Pune, Mumbai, and Delhi-NCR.

However, many employees also experience high levels of stress and work as working from home has diminished the line between working hours and personal space. Women especially are bearing the brunt of work-from-home as they are struggling to strike a perfect balance between work and home. Many employees also feel isolated and disconnected from their work. They withdraw from the team dynamic and suffer from stress and anxiety. That’s why it is vital to maintain contact with your co-workers and to cultivate a sense of belonging.

Employees feel that they have to be available 24/7 for work and feel mentally spent at the end of the day. There are issues concerning the lack of factors like recognition at work, absence of people who care and share, evaluation of progress, decreased employee engagement, and in turn, employee performance.

So what can you do to make your work-from-home more productive?

Here are 5 steps you can take to make your work-from-home experience productive:

1. Set Boundaries

Make sure any roommates, family members, and dogs (well, maybe not dogs) respect your space during work hours. Just because you’re working from home doesn’t mean you’re home. If you share space with another work-from-home adult, you may have to lay ground rules about meeting times, shared desks and chairs, and quiet times.

2. Take Breaks

At the workplace, we tend to take frequent breaks and have people around us. We can communicate with our teammates, and get to interact with people. But when we are at home we feel guilty about taking breaks. So, don’t let the feeling of guilt take you over. However, rather than just opening YouTube and watching some random videos, go out for a walk, enjoy the fresh air, or spend some time with family members.

3. Prepare Meals the Night Before

Preparing your food a night before ensures that you can use your meal times to eat and that you aren’t performing non-work tasks that spend energy better used at your desk.

4. Join a remote-friendly company

If your work can be done remotely, but your current boss or organization doesn’t allow you to work from home, you might need to get a new job. When looking for a work-from-home job, you can use the same methods you used in finding your regular office job. This includes channels like job sites, local job ads, and social media platforms.

5. Start Your Own Business

Another way to enjoy remote working is to start your own business. If you have a business idea you can work on it with the help of a business mentor and turn it into a successful venture. There are many businesses like candle making, tiffin service, and online businesses that you can start with minimum or zero investment.

Working from home is a boon for many. But it is also a fact that for many it is a cause of anxiety and stress. However, we have shared a few amazing tips that can help you use work-from-home to increase productivity.

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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Motivation & Mind Control

3 Stress Management Tips To Stay Happy At The Workplace

3 Stress Management Tips To Stay Happy At The Workplace
3 Stress Management Tips To Stay Happy At The Workplace

World Mental Health Day in India. Although just one month is dedicated to mental health, it is paramount that everyone should pay heed to Mental Health.

According to a survey report published in Economic Times, “36% are suffering from declining mental health (28% globally), 32% are lacking career motivation (25% globally), and (31%) are feeling disconnected from their own lives (23%).” The survey covered more than 14,600 employees, managers, HR leaders, and C-level executives across 13 countries, including 1,100 professionals from India.

With so many Indians experiencing depression, burnout, and stress at work and home from demanding responsibilities to arbitrary deadlines, the workplace doesn’t come without its share of stress. Common reasons are the growing workload, the absence of tools needed to do the work or a sense of not belonging at work.

Irrespective of the factors, one thing which is pretty much evident in a workplace is that the majority of employees experience work stress which has been shown to negatively impact their productivity, performance, and well-being. Hence, learning to manage it is the key to restoring health and staying productive. And if you want to watch Stress Management Strategies Motivational Video in Hindi by Vivek Bindra, watch them here:

Here are three tips that will help you to manage stress at work:

1. Aim for Work-Life Balance

Many leaders and business motivational speakers talk about the significance of work-life balance but seldom do organizations pay attention to it. So, one has to take care of their mental health organization by learning stress management techniques. And sometimes achieving work-life balance is a matter of saying no. Many employees often take on much more workload than they can manage. But this can be damaging to their physical as well as mental health.

Being clear on what you can realistically handle and setting clear expectations will help you to achieve a state of balance. This does not mean that you should not volunteer for projects that fall outside your workload. It simply means that you should establish what you can do with the time you have set for your family and friends, reading, or learning a new activity or a skill.

2. Make Time to Step Away

One of the best ways in which you can make your time worse at a workplace is not to take any breaks. Our minds and bodies need a break to get recharged. Employees who neglect to take breaks throughout the day and try to “push through” will see their productivity start to decline and their stress levels start to increase. By taking breaks every 75 to 90 minutes you can maximize productivity and alleviate stress. Taking shorter breaks can enhance productivity and refreshes your mind.

Office workers should make an effort to eat lunch away from their desks whenever possible, and remote workers should clearly distinguish between work and break time to refresh and return with a clear mind. Utilize your time outside your work for reading, exercise, or learning new ways to keep you inspired by listening to a podcast of the best business motivational speaker in India.

3. Avoid Stressful People & Subjects

Sometimes it’s not the workplace, the workload, or the job responsibilities but the people with whom you have to work who make the entire experience stressful. People come from diverse backgrounds, carrying different perspectives and behavioral patterns. So, while some people are good to work with, others can be really difficult. Another potential source of stress can come from divisive conversation topics. From talking behind the back to spreading rumors, many people can make the work culture toxic. Hence, the best way to tackle it is to steer clear of sensitive topics in the interest of your mental health.

Every job involves some form of responsibility that also includes some level of stress. However, those who possess or develop strong stress-management skills will always fare better than their counterparts in high-pressure situations. Learn time management skills from Dr. Vivek Bindra- the best motivational speaker in India. To know more visit: www.badabusiness.com

Categories
Finance

5 Key Things Entrepreneur Should Know Before Applying For A Small Business Loan!

5 Key Things Entrepreneur Should Know Before Applying For A Small Business Loan!
5 Key Things Entrepreneur Should Know Before Applying For A Small Business Loan!

In a report published by Economic Times, “the Indian economy is expected to be a $5 trillion economy by 2025 and the MSME sector is expected to play a very crucial role in this growth story.” The MSME sector in our country has been the backbone of the economy. It contributes around 30 percent to the GDP and employment generation.

With the government`s ‘Make in India’ initiative, this sector is set to play an important role in supporting domestic companies and foreign multinationals to set up manufacturing units in India. Till now, 83 startups have entered the elite Unicorn club which has made India the third largest startup ecosystem in the world after the US and China.

But not every startup joins the Unicorn club. Some struggle to sustain themselves due to the lack of funds. And for an entrepreneur, the constant lookout for sources of working capital is like a nightmare, especially for those who run a small and medium-sized enterprise (MSMEs) with limited assets or collateral, finding different ways for fundraising.

So, if you are an entrepreneur and want to take a loan from a bank or a non-banking financial company, here are 5 things to improve your chances of getting a business loan from a bank or a non-banking financial company:

1. Maintain a Healthy Credit Score

A credit score symbolizes the creditworthiness of a person or business. It is assessed based on the payment history of the individual or business. So, the personal credit score of a person or a business is collected from the multiple institutions that maintain the records of the payments. These records can significantly affect the business’s eligibility for a loan.

If you pay your EMIs regularly and on time then you will have a healthy credit score which indicates that you are financially disciplined and are unlikely to default on repayment. Although the credit score that is required to take a loan varies and depends on the lender, a credit score above 700 will enhance your credibility.

2. Maintain Adequate Cash Flow in the Business

When you apply for a small business loan, the financial lender will investigate your business cash flow (past and future projections). An adequate cash flow will determine if the size of the loan that you are seeking is appropriate. Your previous loan history and existing debts will also be analyzed to determine whether you will be able to pay the loan`s monthly installments without defaulting. To ensure your loan approval, maintain the adequate cash flow in the business.

3. Keep all the Documents Required for Loan Application

One of the most important steps is you keep all the necessary documents ready when applying for a business loan. Keeping all the documents ready and in place will streamline the process and will make things smooth for you as well as the lender.

The following is the list of documents for verification:

  • Identity proof
  • PAN card
  • Address proof
  • Proof of business
  • Business and personal bank statements (last six months)
  • Business and personal tax return records
  • Business’s financial statements
  • Business’s legal documents such as commercial lease, and franchise agreement.

4. Be Insured

Being an entrepreneur involves a lot of risks. Hence, personal or business insurance is a must so that the loan can be paid off in case of any unfortunate event. Your probability of getting your loan approved is directly related to the risks associated with you and your business. The less risky your business is, the higher the chances of your loan getting approved.

5. Know the Best Time to Apply for a Loan

Many entrepreneurs often waste their time contemplating the ideal time to apply for a loan. However, there is no best time to apply for a loan, as the time of applying has minimal effect on the chances of your loan getting approved. Many business owners believe that the best time to apply for a loan is when your company is in the need of finances.

Many startups have to close their operations due to a lack of funds. But with a business loan, you can ensure that your business sustains in the market. There are many government schemes as well that offer business loans at nominal interest charges. So keep the above-mentioned points into consideration when applying for a small business loan.

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Categories
Startup

How To Start Tea Stall Business Under 20k In India

How To Start Tea Stall Business Under 20k In India
How To Start Tea Stall Business Under 20k In India

In India, tea or a ‘garma garam chai’ is something that starts a day, ends a day! From greeting guests to making interesting conversations, a cup of tea is the solution to every problem. Mornings are incomplete without them. And it is no secret that we Indians love our morning tea. Whether you have to rush for a morning meeting or manage your household chores, a hot cup of tea gives a great start to our mornings.

According to a report published in Economic Times, India is now the world`s 10th fastest growing market for specialist tea and tea retail chains. The industry is estimated to grow 6.9% a year to Rs 4,540 crore by 2023 in value sales’.

The industry has gained popularity, especially among young consumers. Specialist tea shops attract youth, especially in large cities. So, if you are planning to open a tea stall business under 20K, it would be a perfect time to do it.

Opening a tea shop can be profitable and a self-rewarding business. So if you are a young entrepreneur who wants to become financially independent, open a tea stall business.

Here is a step-by-step guide to help you come up with a brilliant tea shop business plan:

1. Choose a Perfect Chai Stall Business Model

Having the right business model is paramount for any startup business. Hence, you will have to decide which type of business you would like to start. You will have to zero in on whether you want to come up with a small tea stall or a café.

A small tea stall business sells low-cost tea to the customers along with snacks. Depending on your investment capacity, you can decide whether you also want to provide seating arrangements to your customers. You can use disposable cups and provide snacks like omelets, toasts, and other snacks.

This is a low-cost tea shop business idea and can be started with as low as Rs 20K.

2. Should You Go for Franchise or Ownership

In urban as well as cities in rural areas, the demand for tea has gained popularity. A lot of companies are now offering franchise business opportunities to new entrepreneurs, solopreneurs, and wantrepreneurs.

If you want to start a tea and snack stall with a brand, then a franchise is the best option for you. Why? Because an already established brand will attract customers since the very first day.

However, if you want to start your own tea stall business under Rs. 20,000, then starting your own business is more profitable for you.

3. Pick a Location

The next thing that you must do after deciding the business model, you will have to find an apt location for your tea stall. The choice of location can be the deciding factor between success and failure.

  • Always select a place which is located in a busy market or shopping area. This will ensure you get high footfall throughout the day.
  • The location should also be easily accessible by the consumers. Your selected place must also possess great visibility too.
  • It is very important to understand your target audience. You can then choose your location accordingly.
  • The location should be affordable too. It is best to choose a place for your tea stall business that is easily affordable. Also, check the lease fluctuation patterns of the past few years.

4. Business Registration & License

Most of the tea-stall businesses in India run as proprietorship models. If you too are planning to follow the course, your PAN card is sufficient for that. You will also need a Trade License from the Local Municipal Authority.

5. Go Online

With a nominal investment, you can sell your tea online on the internet. If you do not have enough funds to advertise, you can use the power of social media platforms.

The online presence of your brand on popular networking platforms like Facebook and Instagram can help to build your brand`s reputation.

Opening a tea stall business in India is one of the most popular business ideas. However, it also needs a great deal of market research and business planning. You can learn the dynamics of business, challenges you might face, and solutions in advance to make your business successful with our Problem-Solving Courses.

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