Tag: Entrepreneur

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Marketing

4 Powerful Twitter Marketing Tips can Help Your Business Grow!

4 Powerful Twitter Marketing Tips can Help Your Business Grow!
4 Powerful Twitter Marketing Tips can Help Your Business Grow!

Summary: Twitter is an excellent place for businesses to grow. But with things moving so quickly on this platform, can you promote your brand on this platform?

Do you know what the average lifespan of one tweet is? 18 minutes. Yes, that’s it. Every second around 7,000 new tweets is sent across the world.

This is why your marketing strategies for Twitter have to pack a punch to get people`s attention.

If you are an entrepreneur and want to promote your brand through social media, you will have to find a perfect strategy. You can also hire a business coach for guidance and support.

Here are four powerful marketing tips for Twitter that works:

1. Pick the Right Handle, Right Picture, Header Image

Recognizable, easy-to-remember, and short- your Twitter handle should have it all. Having a simple but relatable and catchy Twitter handle means people can easily remember you and tag you. You will be easily searchable, which will eventually result in increased followers.

Keep your names consistent across all social media profiles. Using a different character from your brand or company name might confuse followers or make your page hard to find.

If you’re just getting started, choose a Twitter handle that is as close to your brand’s name as you can get. Avoid picking irrelevant numbers or any punctuation marks.

With a short Twitter name, you’ll be more likely to get @mentions from other users and brands because people are less likely to mention businesses with long Twitter handles due to the character limit of each tweet. You can also work with a business mentor who can help you build a more powerful and engaging brand image.

2. Showcase Your Brand`s Personality via Optimized Bio 

Can you showcase your brand in just a 160-char space? If yes, start creating a kill bio that will be visible to the entire world, including your potential customers, right below your profile image.

However, make sure that it is simple and easy to read. Just tell the entire world about yourself, your brand, and your vision in short, sweet sentences.

Factors you must include into account:

a). Tell people precisely what your brand is.

b). Incorporate some personality or humor. Say something original. Don’t be afraid to use your wits.

c). Brag a bit. If your brand has some outstanding accomplishments under its belt, let people know.

d). Write a bio that will attract people who fit your target audience.

e). Add relevant hashtags so that people can find your account when they search for those terms.

f). Tag other brands you may be associated with within this space.

3. Tweet During Peak Hours

Every time is a good time- while this might be true in various other aspects of life, it is undoubtedly not applicable to social media. There are certain days of the week or times of day when users are more active on Twitter, meaning they’ll be more likely to engage with your posts. There are many tools through which you can schedule posts. Some of them are available online for free.

By identifying those hours and days and posting during them, you’ll gain more impressions, boost engagement, and get tons of clicks. For Twitter, if you post tweets on Friday, Saturday, and Sunday, they will have higher CTRs than those posted during the other days of the week.

4. Use Hashtags Sparingly

Tweets with more than two hashtags receive a drop in engagement by 17%. Using hashtags in your post is essential but overusing them can backfire and do more harm than good.

Wouldn`t it be nice that your target customer is looking for your product or services every second? Twitter is a platform where you can easily reach and find your target audience. All you need is a powerful marketing strategy.

You can also work along with the best business coach for expert guidance. If you are struggling with business challenges, you should read our article on how a business coach can help your business grow?

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

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Leadership Building

5 Key Leadership Skills Every Entrepreneur Needs To Develop

5 Key Leadership Skills Every Entrepreneur Needs To Develop
5 Key Leadership Skills Every Entrepreneur Needs To Develop

Summary: To become an effective leader in business development, it takes an individual who is more than just a manager.

When you start a small business, you have to take on many roles. From being the marketer of products to analyzing the market, there are so many responsibilities that you will have to take in the initial phase. Though having some basic knowledge about various business operations can go a long way, having leadership skills can add a new dimension to your startup business.

Having a set of leadership skills will help you close some of the most important business deals, but it will also help you establish a good relationship with your customers. This will also increase productivity in the future. If you want to sharpen your skills, you can work with the best leadership trainer in India, like Dr Vivek Bindra. 

Here is a list of 5 key leadership skills every young entrepreneur needs to develop:

1. Social-Emotional Intelligence

Whether you are talking to your peers and co-workers or trying to close a deal with your client, social-emotional intelligence (EQ) is a crucial skill to master. An emotional quotient or emotional intelligence is taking charge and managing emotions.

When you take charge of how you feel about a particular situation and understand your emotions, you can turn it into an advantage. In this world where along with computers, humans are also becoming mechanical, this skill is needed more than ever. Want to take charge of your emotions? You can consult with leadership speaker in India.

2. Passion

It is easy to dream but challenging to work upon it. Great leaders do not just have long-term goals but also have the dynamism and tenacity to work toward them through an ecosystem of people, data, culture, technology, and more.

3. Ability to Adopt New Technology

Technology is evolving every day. Hence, every great leader should focus on leveraging new technologies that can help to give their business a rapid growth. A touch of technology will ease down daily tasks like finding qualified leads, finding the sales pipeline, and tracking ROI. It will also provide greater value not only to clients but also internally.

4. Communicate Simply

Simplicity is the key, and this applies to every aspect of a business. However, with the advancement of technology, there is an ever-growing stockpile of solutions for any given problem. But each subsequent answer sometimes is far more challenging to understand than the previous one.

In this case, any entrepreneur needs to explain their solutions in a simple, easy-to-understand manner for clients to understand what they may be buying into. You can take help from a professional leadership speaker in India to hone your skills.

5. Coaching

Not everyone can become a powerful business coach or a mentor to their colleagues. But a great leader does! Practical coaching skills are essential in today’s world. Entrepreneurs need to be more than just managers committed to their success. A well-coached leader will not just outperform their competitors but will also build relationships for future business. They are more likely to be professionally equipped and dedicated to their professional and personal goals.

Approaching challenges with an open mindset and untraditional approach is essential in today’s business world. Therefore, being an effective mover and shaker in this dynamic business world takes a humble leader with a vision who can guide a team and the business towards growth.

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

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HR & People Management

3 Soft Skills Every Company Looks In A Candidate While Hiring!

3 Soft Skills Every Company Looks In A Candidate While Hiring!
3 Soft Skills Every Company Looks In A Candidate While Hiring!

People often spend their entire lives honing their industry-related skills. But they often miss out on developing soft skills. Soft skills are how an employee interacts and relates with other people. These are the traits that involve teamwork, listening, and communication and are extremely valuable to employers.

Do you want to know how to get your dream job? Here are the 10 best tips to get your dream job:

Whether you are a fresher who has just graduated from college, a mid-career professional who is looking to take a leg up in your career, or a working professional looking to secure your next promotion; there are few important soft skills you will need to achieve your career goals.

Though the importance of hard skills can`t be neglected, soft skills are priceless. Where hard skills are teachable and easy to quantify, an employee must cultivate soft skills as well. If employees don’t have these basic soft skills, it can hurt the overall success of the company.

Here are three soft skills that must possess if you are looking to accelerate your career:

1. Positive Mindset

Failures and setbacks are part of life. But how you choose to get past them is what determines your success. It is the ability to bounce back in the face of obstacles and failures that help you succeed.

Professionals with a growth mindset are highly motivated to achieve higher levels of success by continuously learning new skills to keep pace with a changing market. You can listen to the best motivational speaker in India Dr. Vivek Bindra to learn how to develop a positive mindset.

2. High Emotional Intelligence

Managing work-related roadblocks by producing innovative solutions requires a positive mindset and a creative approach. Building meaningful relationships in the workplace is one of the most important skills. It is also important to be curious and passionate about learning new skills so that you can give your best performance and distinguish yourself.

3. Curiosity to Learn

The ability to grasp and learn new things is another important soft skill of the 21st century. Whether you are an entrepreneur, solopreneur, or a job-seeker, it is this one skill that will keep you ahead of the crowd.

The illiterate of this century is not someone who does not know how to read and write, but a person who is not willing to learn, unlearn and relearn. In this fast-paced world where new trends fade as quickly as they emerge, success is more about adapting your skills by growing and adapting and less about what you already know.

There are many other skills that hiring professionals look for in a candidate. But the three soft skills that are mentioned above are in great demand. Showcase your positive attitude and the skills above by mentioning times when you took the initiative to learn a new skill to improve your performance.

You can boost your sales easily with the right guidance from a business expert.  Learn to generate high revenue earning products for sales; generate payment links for customers, manage account-related details. Get your marketing game back on track. Grow through self-learning and see your website traffic increasing with marketing collateral designed especially for you. Learn more here: www.badabusiness.com

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Process & Business Expansion

5 Ways To Make Your Product Launch Successful

5 Ways To Make Your Product Launch Successful
5 Ways To Make Your Product Launch Successful

You have a unique idea for a new product that will magically resolve all the challenges that customers in a particular segment are facing. You create a killer product that may bring a revolution to the world. Now you want the entire world to go crazy to purchase it (think about people standing in a queue to buy an iPhone).

But none of that happens, and you get up with sweat beads all over your forehead. All of your hard work and efforts that you have put in to create a product now appear futile. Isn`t it terrifying?

It is extremely easy to get ahead of yourself when you are trying to create a new product. Envisioning all the sales, profits, recognition, and success that will emerge after your product launch can often take us away from reality. But just like any other business initiative, a product launch also requires time and careful planning says the Best Business coach in India –Dr. Vivek Bindra.

And, launching your product in the market without having your ducks in a row is a recipe for disaster. Thus, if you have created a brilliant product after investing your hard-earned money and efforts, here are five steps every entrepreneur should take before releasing a new product:

1. Be Strategic in Defining your Target Audience

Whether you are creating the new iPhone or a food joint, it is important to find and learn from your core audience. Establish your base and build their confidence in you.

As you prepare for your product launch, research your competitors. Learn from your competitors as there are no original ideas, only repurposed ones. Take what is good, learn from their mistakes and make improvements where you believe there is room for improvement.

2. Go All Out When It Comes to Publicity

Obscurity kills businesses. If you do not shine like the sun when it comes to publicity, you won`t get the attention that is needed to be successful. Before launching your new product, ask yourself two things-

a). How far will I go to get attention?

b). How consistent will be my attempts?

If you will not go overboard when it comes to marketing your product launch, you will not get your customer`s attention. Also, having a thorough understanding of the challenges that your product or service is solving is imperative to your business growth. Make them your Unique Selling Points while advertising your products. You can also take online business courses for entrepreneurs to learn more about advertising and marketing.

3. Be Clear & Concise About Your Target Audience

If someone asks you, “Who is your target audience?” you should have a concise answer. Otherwise, it’s a red signal! Being an entrepreneur is not an easy deal and thus, it is suggested that you should research well about your target audience.

Apart from knowing your audience, you must be well aware of your product`s value. Take testimonials from your customers who have had success with your products as it can help you for make improvements.

4. Trace & Understand the Buyer`s Journey

What is the foundation of all the marketing and sales activities? The Buyer`s Journey! The process that revolves around the buying process forms the basis of all the activities related to marketing. Thus, it is essential to understand the customer`s pain points, from where do they get their information, and what influences their decisions while making a purchase.

5. Focus on Major Media Outlets

Attention is the currency of the internet. The average person consumes an enormous amount of information daily. To hold someone`s attention, cut through the noise. Develop the right media strategy that is suitable for your product launch. Pitch yourself as an expert and focus on high-profile media outlets. However, your pitch must have a sensational hook with actionable advice.

Also, do not just use the traditional medium of advertising. Use the power of social media and create hype to engage customers. Make strong brand guidelines to ensure you got the powerful one. Make use of social media platforms to generate interest among your target audience.

Another brilliant way to create a buzz around your product before its launch is to reward your customers. Offer discounts for preorders, first-time users, or anything else that can entice users to buy your products when they are launched.

Launching a new product or service is not easy! There are lots of steps involved that can have a great impact on a product launch. These steps can make or mar your product in the niche market. Know what is best for your product or service with our Problem Solving Courses.  To know more about it, click here: https://www.badabusiness.com/psc

Categories
Leadership Building

3 Leadership Secrets Every Entrepreneur Must Know

3 Leadership Secrets Every Entrepreneur Must Know
3 Leadership Secrets Every Entrepreneur Must Know

Summary: New entrepreneurs often try hard to make a mark in this world. But to become a great leader takes more than sweat and blood.

Startups are often a delicate project. A new startup business is like an unexplored aspect of organizational performance. A promising business venture meets a young mind that results in the demand for a strong leadership

So how a young entrepreneur who has just started can instill an effective leadership methodology to optimize his company`s performance?

1. Keep Innovating

Innovation is the key to keeping businesses alive. Just like stagnant water begins to stink, a business running on age-old norms will eventually come to a shutdown. So, when you apply the spirit of innovation to your own company, think beyond coming up with a new product or a service. Consider various ways to enhance your customer experience and keep your teams motivated. You can offer a mentorship program to your employees through the best business motivational coach to create a dream work environment.

2. Communicate Clearly

First of all, let`s try to understand the meaning of communication. Communication is a two-way street. Many entrepreneurs often forget that to communicate also means to listen to your colleagues. Listening can make the difference between a mediocre organization and a great one. Don`t just share your ideas with your employees and customers, but convey a clear message that aligns with your organization`s goals.

3. Be Open to Advice

Elon Musk says, “don’t tell me what you like, tell me what you don’t like.” It is perhaps because of this trait that he has become famously known as one of the biggest innovators of all time. His advice for the entrepreneurs who want to be great leaders? We should not have a culture where the messenger gets shot. We should rather celebrate the person who called a potential threat or risk to our attention.

So, if you want to have a positive work environment encourage free sharing. Instead of team meetings, you can rather suggest teamwork activities from time to time.

When people get to know each other better, more sharing and innovation happens. This will also help your company to build bonds and a productive work environment. If you want to cultivate powerful leadership skills, you can try the aforementioned strategies.

You can also join the Booster dose of LFP 2.0 on March 27, 2022, to learn how you can become a great leader. 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 plan, frameworks that are designed to empower you with various business functions. From finance to HR, Digital Marketing to IT & Sales, find creative solutions to prominent business problems easily. Click here to know how these courses will benefit you: https://www.badabusiness.com/psc

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Business motivation

4 Golden Tips To Transform Your Small Business InTo A Large Business!

4 Golden Tips To Transform Your Small Business InTo A Large Business!
4 Golden Tips To Transform Your Small Business InTo A Large Business!

Summary: Want to transform your small business into a big brand? This article is just for you.

Running a small business is challenging! One has to reinvent the wheel of strategies, don multiple hats, play distinct roles, and provide exceptional service to clients. All this, while also ensuring that the small startup business is on a growth path.

So if you are a small business owner who wants to scale your dream venture, you can transform it into a large business by following the tips given below without losing money and your sanity:

1. Be Seen & Known

No business can expect growth if it is not known. A customer will only buy your products when he or she is aware of the range of products that you sell or the services that you offer. To scale, your brand needs attention and you need to generate enough awareness to own the entire market. Whether it is through podcasts, videos, ads, articles, or paid marketing, you will need to spend time and effort to build awareness for your brand.

2. Hire Right People

Scaling a small business is about building creative strategies and hiring the right people for a particular job. You can also take guidance from the best business coach Dr. Vivek Bindra. Though rapid growth can be difficult for any business, one can take two steps to achieve it. First, focus on your supply chain. Always ensure that you have enough stock to keep up with an influx of orders.

Second, invest in the right leaders and managers to help you. Hiring the right human resource for a particular department or a specific role is essential. To properly scale and maintain that growth for your small startup business you will need a productive and high-performing team.

3. Build Proven Business Concepts & Systems

Every entrepreneur dreams about scaling his startup venture. However, it is essential to ensure that you are working on a proven business concept. Gambling on an idea that is not well-thought or isn’t working will burn cash fast. But there are two ways to scale a winning concept.

First, hire amazing people who are ready to share the load. Don`t take all the responsibility on your shoulders. Start delegating, and with the right people, you can do it easily without having to keep a double check if the work is getting done.

Second, build automated systems. Tasks that are repetitive and require human involvement should be automated. You can reduce these manual tasks by incorporating automated processes and tools that can help your team to collaborate and plan.

4. Focus on “Who” instead of “What”

Transforming your small startup business into a big business is not that easy. But taking your first step towards it is. One of the biggest mistakes that small business owners make is focusing on ‘what’ their business requires, instead of thinking about ‘who’ their business needs to grow. The most essential ingredient for sustainable growth is always a “who”, not a “what”.

Start by listing out all the tasks that you enjoy the most, you excel at, and that also impact your bottom line the greatest. These are the tasks that you should be focusing on more. Now, make another list of the tasks that you do and take up your considerable amount of time. These are the tasks that are diluting your focus and hindering your business growth. You can hire people for these tasks.

Next, make another list of the tasks that are important for the business growth, but are not getting done. If you need to create a position for this, do it. If you have to hire a person, hire one. Don`t be afraid to start small. If you don`t have the budget, you can hire a part-time employee or a freelancer to get the job done. How to hire the best talent for your business? You can take a business coaching program to understand the nuisance of distinct departments of an organization.

Scaling a small startup business is not a very easy task. The grind is real and hard. You will have to play different roles at the same time for a long duration. To get help from an expert, you can take a BCP Bada Business or LFP Bada Business.

Categories
HR & People Management

3 Effective HR Practices Every Organization Must Adapt

3 Effective HR Practices Every Organization Must Adapt
3 Effective HR Practices Every Organization Must Adapt

We all have heard about the old metaphor, “jack of all trades and master of none”. But the fallacy of this idiom does not fit in the modern world. In doing so, it may lead entrepreneurs to make costly mistakes in terms of money and time.

Not only will your business face some serious consequences because of the wrong hiring. But it is completely unrealistic to build a successful business without building people, especially in a startup. Companies that invest in their human capital achieve their business goals and promote a positive culture.

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

1. Find the Right People

The hiring of the wrong candidate is detrimental to the startup business. Ensuring that the purpose of the position is met with the desired candidature of the job applicant is very important. Hence, along with the essential skill set and a positive mindset, it is also crucial to consider the cultural fitment of the candidate.

Hiring the right candidate with a positive approach can help to create a culture in the organization where everyone feels welcome and participate. Select people who are self-motivated, goal-oriented, talented, and driven by passion and also share your vision.

2. Build Employee Centric Policies

The employees should be empowered to mold their work environment within the defined boundaries. Create a set of policies that defines the boundary within which it is to be carried out staying in alignment with the values professed by the organization.

You can also create a policy. The Policy or the handbook forms the foundation of the agreement on service conditions with the hiring candidate. This needs to be signed during the acceptance of the offer and every time the offer is amended.

3. Develop a Performance-driven culture

When you invest in a financial scheme, you get returns! Similarly, when business owners invest in their employees, they, in turn, invest back in the business. Performance drives the success of any organization.

An agile and motivated workforce is every organization`s biggest strength. Whether you are an entrepreneur or an HR working in a large organization, it is necessary to ensure that your staff members are fully satisfied with their role in the organization.

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

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

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

Creative ideas, proactive solutions, emerging trends, and innovation stems out of a fully engaged workforce and not otherwise. Looking for a bit of expert advice on how to build a high-performance workforce? Watch here :

You can also take LFP Bada Business which will provide in-depth knowledge from starting a startup to expanding your business. Learn from the top industry leaders on the front line. To know more click here: www.badabusiness.com.

Categories
Strategy

5 Ways Entrepreneurs Can Deliver Exceptional Customer Service

5 Ways Entrepreneurs Can Deliver Exceptional Customer Service
5 Ways Entrepreneurs Can Deliver Exceptional Customer Service

No matter how unique your products are or how lowest the price you are offering on the internet, it doesn’t guarantee customer loyalty and conversions.

Given the cut-throat competition in the market space, it`s only an exceptional customer experience that sets you apart. Hence, delivering a world-class customer experience that guarantees customer satisfaction is more important than ever.

According to a Gartner report from the 2019 Customer Experience Management Survey, organizations nowadays are committed to improving their customer experience (CX) more than ever. A good customer experience is the sum of all interactions that a customer has with your company. It is a summary of they reach your business website and their transactions. It also includes interactions before and after a sale.

If you are an entrepreneur, you can also find many online business courses for entrepreneurs where you can learn how to give your customers an unforgettable experience. It is a crucial aspect of any business as it determines whether or not consumers will buy from your brand and become loyal customers.

Here are the 5 key strategies that will help companies to build a world-class customer experience:

1. Create a Customer Experience Vision

Before you start making a unique strategy to give your customers a unique experience, it is important to set a vision. Being an entrepreneur requires you to create a clear strategy that is consistent and sets out straight your objectives.

2. Understand Customer Behavior

Customer behavior is constantly evolving. Thus, observing the current trend and pattern is important. You can`t provide a good customer experience without knowing your customers in and out. A customer journey consists of various touch-points that together add up to the experience they get upon interacting with a brand or a company.

A quick tip that you will not find in any online course for entrepreneurs is that you should interact with your customers directly and have every level of the organization speak with your customers and not just through the customer support team. This will give you a clear insight to provide your customer with an excellent experience.

3. Think of Customer`s Pain Points

Due to the personal and financial losses inflicted upon people all across the world due to the pandemic, the financial flexibility of the customers is limited. So what frustrates your customers? What makes them change their mind while making transactions? What stops them from being loyal to you? Consumers these days have a low tolerance for bad experiences. A good or bad experience in any single channel can result in winning or losing a lifelong customer. To offer a unique customer experience, you have to listen to your customers. You can do it by analyzing data related to their user journey, by directly interacting with them, or focusing on social media pages. So, businesses these days can`t afford to risk ignoring a customer`s touch-points.

4. Build Strong Relations with Customers

To build meaningful relationships with customers, companies need to interact with them across multiple channels (website, live chat, social media, and more). While the customers appreciate the candid interaction across multiple channels, they want it to be consistent.

5. Focus Less on Who Your Customers are and More on What they do

Focusing more on what people are doing rather than who they are will be more important metrics in years to come. Having this data record will have a dual benefit. It will help to improve the customer experience without compromising a person`s privacy.

No one wants to do business with a company that treats you poorly. Hence, providing an exceptional customer experience is vital in today`s time. By using the above-mentioned techniques, you can build strategies to give your consumer a world-class experience.

Want to build a strong relationship with your customers? Bring your company and customers together! With the Problem Solving course, companies have achieved a whopping boost in their business sales productivity. To know about this most-loved course, click here: https://www.badabusiness.com/psc

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Finance

5 Smart Ways To Eliminate Debt & Grow Your Small Business

5 Smart Ways To Eliminate Debt & Grow Your Small Business
5 Smart Ways To Eliminate Debt & Grow Your Small Business

If you ask any small business owner or entrepreneur to name their foremost hardest challenges that don`t let them sleep in the night, they will say without a second thought- money!

Paying off debts, growing business, increasing profitability, and achieving financial freedom are a few challenges that SMEs and MSMEs often face. This was true before the pandemic, but after it, it has become even more crucial for entrepreneurs to overcome money challenges.

According to a survey published in Forbes, “95% of businesses surveyed said the pandemic had affected their bottom line, and 53% estimated that 2020 revenue would drop by more than a quarter.”

Even the best business coaches often come across questions like ‘how to get my business out of debt’ or ‘how can I repay my loan as soon as possible’ by small business owners.

Most entrepreneurs begin their start-up by arranging funds through debt funding, equity funding, loans, or through other less formal sources like friends & family. But the experience of being in debt can be scary as well as overwhelming.

If managed smartly, borrowing funds can help you accomplish your goals. On the other hand, mismanaged business debts can not only affect your financial wellbeing but can also cause mental stress, especially to small business owners that are worse affected due to the Covid-19 pandemic.

There are many government schemes to help small business owners with loans. The Indian government had offered relief to MSMEs in the form of subordinated debts, collateral-free loans, and equity infusion through its Fund of Funds (FoF) scheme in 2020. This scheme proposes to purchase up to 15% growth capital in high-credit MSMEs.

You can watch this video by Dr. Vivek Bindra on “How to Pay Off Your Loans”:

If you have a well-thought financial plan, you can solve the cumbersome process of taking your business out of debt, just like others. Here is how you can chart your way out of debt:

1. Manage Your Debts

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

2. Settle Costliest Debts First

After sorting out your debts, pick the costliest one! Costly debts, if not paid on time, will extract the highest interest. This can drain your finances. Hence, settle your costliest debts on a priority basis.

3. Plan Monthly Budget

One of the most vital debt management techniques is to plan your monthly budget. Make a list of your income & expenses while deciding your monthly budget. This will give you a clear picture to think about ways to reduce your daily expenditure. Having details of monthly cash inflow and outflow can help you save money that you can use to clear your debt.

4. Consolidate Loans

Sometimes keeping a track of all the loans can be difficult. If you have too many loans, consolidating them into one can be a good idea. This will leave you with just one EMI. Business loans, personal loans, and credit cards provide you with this option. It will remove various debts and leave you with just one loan to track.

5. Insure Against Economic Shocks

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

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

Categories
Business motivation

5 Tips To Write A Great Business Plan

5 Tips To Write A Great Business Plan
5 Tips To Write A Great Business Plan

Summary: Having a strong business plan can lead to plenty of opportunities. If you are planning to start a business, here is how to write the best one.

An idea can only give birth to a business, but an excellent business plan ensures that it grows into a successful one. An idea is often what garners attention from the investors however a business plan is definitely what is required to get financial support from them.

What exactly is a business plan?

A business plan is a written document defining your vision, goals, and objectives of starting a startup business. It outlines the goals, direction, team, finances, and future planning of your venture. It is created for investors, in a bid to raise capital, or used as an internal document to align with teams and provide direction.

It also exhibits financial documentation, and an overview of your business strategies and marketing strategy which requires extensive market research, and competitor analysis.

Why is it crucial?

Writing down a business plan provides a structure to your startup idea. It also gives you a blueprint of how your business will be operated. A business plan is also necessary to get support for your vision and to communicate it. It also helps you benchmark and checks your progress as the company grows.

So how your business plan should look like?

Your business plan should be crisp, clear, and concise, free from any naïve goals and visions. It should include key tactics, key strategy points, tasks, metrics, important milestones, and essential projections such as expenses, sales, and cash flow.

A business plan for a startup business can be 10 pages or less, depending on the nature of your idea and how complicated or simple it is. Your business plan can be written as a document or designed as a slideshow, or a PowerPoint presentation. Depending on the investors, it may be beneficial to create both versions.

Here are five tips that will help you to write a winning business plan:

1. Steer Clear from Gray Area

When writing a business plan, always be as concise as possible. Remove any filler language as despite sounding nice, it gets you nowhere and wastes space. Keep it short, clear, and simple because no investor would want to read a long business plan. Get to the point quickly.

2. Determine Your Purpose

One piece of advice that the best business coach of India Dr. Vivek Bindra gives is that entrepreneurs must focus on what they are going to do. For instance, they must answer ‘why’, and ‘how’, as it answers various crucial points like what makes employees get up every morning, and what are the values of a business.

Being an entrepreneur, you must take the time to identify and articulate your business`s core values and purpose. This will give direction to your business for all the decision-making processes.

3. Build Your Vision

The key to business success is having a clear vision of what you want to accomplish as an organization. But before you decide to pen down your idea and conception to write your business plan, you should come up with three to five key strategies that will help you to achieve that vision.

Another thing that is vital when writing down a business plan is the mission statement. The mission statement defines why you are doing a certain thing and what drives you to do it. It should begin with why you are in this specific business. Once, you fully understand the why then you need to define ‘what’ you are going to do, and ‘how’ you will achieve it.

The final part of the mission statement should be the ‘who’ your target customer is and how you are going to treat them. If you have any confusion and questions regarding the business plan, you can attend our free Masterclass on Bada Business Community App to know from the experts.

4. Be Realistic

Be honest with yourself in your business plan, which is why it is important to consider challenges and opportunities.

5. Be Creative

When writing down a business plan include a creative element in your business plan to stand out and grab someone`s attention. You can inspiration from various templates, but do not forget to give your personal touch to it. Do something out-of-the-box.

If you need help to write a business plan, you can take expert guidance in our Masterclass. You can also take our exclusive problem solving courses.