Articles

Small and Medium Enterprises have been struggling in today’s economic era of growth due to various reasons and little is being done to improvise the issues. There are many types of problems that SMEs face in the competitive age of industrial development. Some of them might be lack of proper management systems, finances and much more

Following are few steps that can be put in place to avoid huge issues arising from small issues.

  • FINANCES:

    A big fault which has been observed with many small companies is the lack of preparation when the need for cash flows arises. The companies as they function neglect the prospective investors and venture capitalists just for the reason that they have sufficient cash flow for the time being. The companies/entrepreneurs need to realize the importance of keeping the prospective investors and stakeholders updated with the balance sheets and other documents so that they wouldn’t have to explain the whole concept of the company when in need of the cash

  • PROCESS DEFINITION:

    There are many small companies that have faced this issue at one time or another. The processes that are made and put in place are not set up to face contingencies that arise during normal work hours. Contingencies can never be anticipated but the top management needs to understand the market that they function in and put in place backup plans that can come into full functional mode when the time arises

  • PROCESS OPTIMIZATION:

    Process definition and process optimization are 2 different things! Though it helps us understand how the work is to be completed; process optimization helps us speed up the output and extra cost involved in the production. Production companies that do not put up methods to reduce/optimize production often end up losing big on cash that they are putting in.

  • STRATEGIZING THE LAUNCH:

    It is quite obvious that customers are the ones who decide which product runs and which ends up hitting the trash can. Before launching any product it is mandatory that the product first reaches the testers and experts in the product field. There are many enterprises that end up losing big time because their product was not tested in the field and were prematurely launched!

“It is always better to be safe than sorry”- a famous and true saying that is required in today’s competitive corporate world! These are few tips that can help you avoid some of the common mistakes that companies make!

 
 
Have you ever noticed something? When you speak instantly you may fumble but when you take a minute to think before and then say whatever you have to, you deliver it with a lot of confidence. Ever wondered why? If a minute’s thought before such a small activity can be of so much impact, imagine the magnitude of the impact caused by hours and days and years put into creating a plan. They leave their marks on the pages of history.
 
Activities performed after rigorous planning have a probability of delivering better results because these calculate the risks involved in the process and its impact on the expected results. Unplanned activities are based on chance. Lady luck might be on your side once, twice or even thrice but not always. The idea is to understand that not everything in life can be left on chance. The higher the investment made, the higher are the risks involved; consequently greater is the need for planning.

TAKE TIME FOR YOURSELF

Always try and take some time out from your schedule just for yourself. Check if your efforts are headed in the right direction. Check the returns on your invested time and efforts. If it is justifiable, keep moving the same way, if not, consider revamping your plan. But do plan your activities. 24 hours is all everyone gets in a day. The difference lies in the way of using and extracting the most out of those 24 hours differs.
 
Sometimes the first step is where most of us are stuck at. We do not know how to plan. It is not at all embarrassing, you know why? It is because the first step is also many times the hardest. When you are stuck, take help. Never ever be shy of needing help. There are a million and one things to learn in life and so less time. So, people will need each other’s help and expertise at some point or the other.
 
Reaching to a destination at times is more important than how we reached there. It is totally up to individuals to reach there with or without someone’s help. But always remember there are hundreds and thousands of people waiting for the same opportunity, you missing the bus is only be someone else’s gain.

In today’s world of cut-throat competition, everyone is striving for success. In a world of 400 million entrepreneurs, everyone wants to stand out and become the next top entrepreneur but there is only a very small percentage of entrepreneurs who exactly know what they have to do to be the best. We like to think there isn’t anything standing between us and successful entrepreneurs who are getting great results with their businesses. And when frustration sets in, we tell ourselves the biggest lie of all: that maybe we just aren’t cut out to be a business owner. But here’s the truth – if your business isn’t thriving, then yes, there is a clear difference between you and other successful entrepreneurs. Let’s just look at some key points they always focus on and so should you if you want to rule:

  • RIGHT MINDSET AND ATTITUDE

    Thinking in the right way is the cornerstone to building a successful business. There is nothing out there which a right mindset can’t achieve. If you will start your business thinking that you will achieve success and profits right away, there is no way you’re going to make it to the top. Being downhearted or feeling dejected after some failures will bring you down even more. Keeping the vision of what you want in the future and working with the righteous mindset and attitude every day is exactly what people don’t focus on and come last in the rat race.

  • INNOVATION

    Innovation should be the first priority as it would be the first one to make an appearance in your entrepreneurial journey, after ideation and the brainstorming phase. Without innovation, your business would be like another fish in the pond without anything to distinguish it from the competing businesses. If you cannot completely create a new idea, take an older-existing model and modify it according to the environment. Innovation is the most important key to success.

  • IMPROVEMENT

    There is always scope for improvement in business and in life in general. As an entrepreneur, you need to understand that the economy, customers, and services don’t stay same for too long. You can always improve your policies, infrastructure, marketing, branding, and even your ideation. Only the adaptable survive on an evolving landscape.

  • CULTURE

    The culture of your business is what’s going to keep your team working hard. If your culture starts to deteriorate, it would become difficult to make your work force stay. A healthy culture boosts the motivation of the employees and results in marvelous work efficiency.

  • ORIGINALITY

     Never lose sight of why originally you wanted to become an entrepreneur and your original idea of a business. Don’t get lost and confused trying to copy others. Remember it’s crazy out there and you will only be able to survive if you stick to your roots and do what you think is best for you.

These points will help you reach the destination of a successful entrepreneur. Don’t ever forget to keep your priorities straight and make decisions that will work in favour of your business. Take calculated risks because it will bring you huge benefits and nothing great can be achieved by always playing on the safe side.

 
Do you find yourself confused at times? Not being able to decide which direction you’re headed to… If the answer is yes, then you should definitely read this article because then you’ll find me telling, how every second or third person next to you also feels the same. Believe me, when I say it is not a problem and you are not alone, you’re only human…
 
But do you know when and where it does become a huge problem? When you do not act on it or try to do something about it. It becomes too evident when you have waited for more than you should have, for it to disappear that it finally leaves a deep stain instead. Having doubts is good because it proves that you are trying to think seriously about something. But make sure that you get your doubts answered to be at peace and really focused in life. Do not let chaos settle on your life cover, you need to deal with it with or without help.
KEEP A BACKUP OPTION READY
Most of the people I interact with have brilliant ideas, many times they are good with more than one area of expertise which is what makes them confused and unable to decide the direction in which to move ahead. At that time question this to yourself, which area of expertise if left, would make you the most unhappy? You should get an answer, choose that as your path ahead but do not leave the other area altogether. Keep doing something about it and save it as your backup option.
 
If you are facing a problem formulating a business strategy or deciding the best way ahead, you can always seek advice. People who learn from their life experiences and mistakes gain knowledge but the ones learn from the mistakes and experiences of others are wise. One cannot always afford to make mistakes and then learn from them because sometimes there may not even be a second chance. If you get stuck at any step of the way in your professional career or in your business, you should always seek counsel. Learn, adapt, change and keep moving.

“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work”-Steve Jobs. There will never come a time when you would think that you have done everything you could to take your business to the highest level because sky really has no limit; it is endless like the world of opportunities that we live in.

Here, for you, are 5 ways to make your business the best for you:-

  • LOOK AT TRENDS

    Trends change every now and then. New trends emerge and completely or partially eradicate the old ones. Using social media to promote your business was just a trend in the beginning but now has become prerequisite for businesses and start-ups to have promising results. An entire new trend was recently created called the Share Economy, and new companies like Uber, Airbnb, Relayrides, Sparefoot and Lynda emerged as the new titans of business. How can you adapt to the new trend and learn from this phenomenon? How will you position your company to gain benefits out of this trend? Modifying your business policies according to the latest trends will not only help you grow but sustain yourself in the market for a very long time.

  • MAKE AND FOLLOW NORMS

    Discipline is the bridge between goals and accomplishment. Process and structure create habits and a well built strong structure is the road to a well established business. No organization can work without proper norms and people who don’t follow them. To create a strong building, you need to have a strong foundation and creating reasonable norms is the first step towards building that foundation.

  • SELL SOLUTIONS, NOT STUFF

    Keep the vision in your head that you want to make the lives of your customers better, keep the vision that you need to discover and develop a solution, not a product. If you will always keep your customer’s best interest at heart, there is nothing in the world that could stop you from becoming the next big thing. Solutions win customer’s interest because they make their life better and make them happier. Bringing this small a change in your strategy can help you achieve wonders.

  • LOOK AT YOUR COMPETITORS

     Competition is healthy and learning from your competitors is even healthier. Studying the weaknesses and strengths of your competitors will help you identify gaps in your company that no one might be focusing on. Gaps lead to opportunities. Whatever you must be lacking in your strategies, might just get unfolded while you’re studying your competitors.

  • VALUE YOUR EMPLOYEES

    The secret behind a company becoming a Multi National Company is not its strategy but its employees. Dedicated and workaholic employees bring out exceptional work and significant work leads to growth and development and thus SUCCESS. Your employees are the pillars that will hold your company together and it’s important that they are valued and respected.

These skills will help you achieve what you desire but always keep in mind that there is no substitute for hard work and dedication. Keep in mind that nothing is constant and you can always work better to make your business more desirable.

Good luck!

Happy Working! Happy Winning!

If asked what you can do best in, I am sure each one of you would have couple of areas to talk about. But did you ever think, how you can do so well in that area? The answer is simple, it is because you tried. Your forte today or rather area of expertise which you are so comfortable doing was also an unexplored area once, wasn’t it? You must have been scared at one point. But you took that risk anyway and succeeded. Business also speaks the same language, it abides by the same rules. It has its own risks and its own rewards.

BEYOND YOUR COMFORT ZONE

You are beyond amazed at times when you see yourself performing well in those activities that you had never tried before. You are also demotivated by the ones where you could not excel. But, whether you exceed or fail miserably is an outcome that you get, only when you are willing to go beyond your comfort zone. Growth happens only when you enrich yourself with new learnings and experiences.

EXPERIENCE

The biggest reason why most people are hesitant to go beyond their normal is fear. What if I don’t succeed? What if I lose a lot of money? Questions like these come naturally when one thinks of trying something new altogether and believe me, this makes a lot of sense. But at that moment, question this to yourself: How will I know unless I don’t try it out? It would be absolutely delightful if you succeed and if you don’t, maybe you come across a plan or an idea that would work for sure. Even if you fail, you are not empty-handed. What you take back is an experience, a true learning.

PREPARING A BACKUP PLAN

Being an entrepreneur & managing your own business also involves making difficult decisions and taking risks at some point. It puts you in situations where you are not at all comfortable being. I do not advise you to go for it always. But you should be wise enough to give it a try when you think there’s no better way of doing it. At the same time, what you need to ensure is that you have carefully assessed the risk you are willing to take. This involves checking how many downfalls your business can take without going into loss entirely and preparing a backup plan for your business.

What you need to remember is that we all live our lives but we grow only through the experiences and leanings, we gather along the way. Entrepreneurship is one such profession that tests your limits and checks the extent to which you can push your envelope every time a challenge comes your way. So, extend your boundaries and come out of your comfort zone to make it big tomorrow.

Being a woman entrepreneur is strenuous; you will not only be presented with enormous hardships but will face the pressure of self-doubt from time to time. Entrepreneurship comes with a host of challenges; consequently rewarding, but harsh nonetheless. The propensity to peer through the adverse can prepare one to be better prepared for the difficulties ahead.  Over the time, I have gained experience from the various facets of life that have taught me a lot, basis which I am sharing with you, my acquired wisdom.

Here are the best 5 pieces of advice I wish someone would have told me before I started my business-

  • PUT YOUR FAMILY FIRST

    You are going to start your journey from scratch; would have to put in hours before you would actually start making some real money. You will toil a lot to build yourself up and your business but on your way don’t overlook the people who held your hand right through it all. Learn to create a balance and don’t neglect the things that really matter.

  • THINK ABOUT THE NEXT STEP

     You have got a great idea for the business, undertook the necessary brainstorming you had to, invested all your money, but are clueless, what is next? Think about the next move before every decision, before you go any further because that would form the basis of what your business becomes in the future. It is better to be one step ahead in the race than to be trapped in a debt you possibly couldn’t have anticipated.

  • DON’T ASSUME IT’S GOING TO BE EASY

    People often enter the line assuming that things will magically work out for them. You will have to put in a lot of hard and smart work and perseverance before things start falling in place. It’s going to be like walking a tightrope, it will get a lot tougher as you proceed towards the centre.

  • TAKE TIME ON IMPORTANT DECISIONS

    Investing most of your time in planning is the key to a successful venture. One must spend the maximum time in detailing and laying out the blueprint for the successful implementation. Who you choose as a business partner, how you structure your partnership, type of business you start, etc are all pertinent decisions that you should take with utmost due diligence. It’s important that you set your mind in the right direction before you take any decision.

  • IT’S ALL GOING TO BE WORTH IT

    Even if you fail at being a successful entrepreneur, when things go entirely wrong for some time, you would have gained insights from this entire experience. Adversities teach you a lot and help you to discover unique character traits that you never knew about. So always maintain high rectitude and a positive attitude towards everything that is in the offering.

Keep these things in mind before you start your journey of entrepreneurship and you will be good to go and don’t forget that it’s always going to work out in the end.

THE FINGER SIMILE…

Have you ever noticed the difference in our fingers? Each finger is of a different size, ever wondered why? When the almighty was carving humans, he shaped every finger differently because each was supposed to support our actions in a different way but it does not mean at all that the one which is the shortest is the least important and vice versa. Every finger contributes to our activities in its own way. You might be wondering what this has got to do with organization culture or diversity. Well, the same thing implies to employees in an organization too.

HOW SIMILAR?

Every organization has different set of expectations from different employees, before they finalize the best suited person to fulfil the required roles & responsibilities. The number of people to be hired depends on the nature of job. For instance, for strategizing there may be a Manager or a Chief Executive Officer (CEO) and to fulfill the task at the ground level there may be ten Executives or Associates reporting to that Manager or CEO. But the company will definitely not hire ten CEOs, right?

THINK WHAT IF?

Now let us consider two situations where in company A, in a team of ten employees there are people of seven different origins, race, sex, experience, family background and ethnicity. Then there is a team B, where every employee shares the same background, similar experience, origin, ethnicity etc. There is no deciding that which team is better and which is not. But which team do you think has more potential of bringing new ideas on the table based on different experiences in the past? The probability of new idea generation is definitely high for team A as every individual brings his own experience with him and a different perspective of looking at the same thing.

THE SCENARIO TODAY…

Today, organizations are in a desperate need of smarter and cost-effective solutions because of high competition and cost of production. So, there is a high need of innovative ideas rather than the traditional ones. This does not mean at all that the traditional way of running a business does not work anymore. It is just that people are moving towards a smarter fit of technology and innovation.

Further, with the new ways of doing business, comes the need of developing a strong organization culture. Your employees are your ambassadors and the reputation of your company depends on what your employees feel while working with your company. A strong organization culture is reflection of organization growth and the path towards a greater vision to bring about an overall change in the society.

 
Most entrepreneurs agree that the ability to consistently execute is a key factor in surviving the start-up phase & ultimately winning. That said you could not make a pig fly, no matter how much you stick with it. In other words, a crummy plan executed well still gets you crummy results. So start with a solid strategy. If you are going with a plan, your plan should work for you.
 
Management journals, books, blogs & articles are filled with countless approaches to strategic planning. The definitions for the various components of a strategic plan can be debated endlessly: a vision versus a missioninitiatives versus tactics and goal versus objectives. Whatever the terms you prefer, cut through the clutter by answering six simple questions about your business:
WHY DO WE EXIST?
Once you have the solid understanding in your mind of the reason why you even started at the first place. You know what strategy will let you achieve that motive.
WHERE ARE WE GOING?
You must have a dream for which you created a plan and then worked on the right strategy. Keeping that vision & mission in mind, one needs to work to progress.
HOW WILL WE CONDUCT OURSELVES?
While some may not agree, but it is always good to conduct business sticking to the moral codes and ethics to attract unnecessary risk to one’s business.
WHAT WILL WE DO?
Your business should revolve around what you believe in and what you are passionate about. Life cannot be just about solving problems, there have to be things that are inspiring & exciting that make you glad to be alive.
HOW WILL WE MEASURE OUR SUCCESS?
Success means different things to different people. It may be earning higher profits for some, increasing the market share for some, establishing higher brand recognition for others or achieving high product quality for someone else. So decide what success means to you.
WHAT IMPROVEMENTS OR CHANGES WE MUST MAKE?
Feedback is of utmost importance if you want to be there in the race for long. Take feedback to know where you lack currently in meeting the expectations of your customers due to which your product is not doing well currently. Improvise on the specifications from the feedback so collected & keep growing to deliver more value to your customers.
 
Answering these questions will get you started with a solid plan you can execute. So check if you are implementing these in your business strategy.

From writing a successful business plan to developing the most suitable strategy, you take the next step and that is to put your plan into action through the right strategy. Your business takes the plunge. But is it the time for you to stop putting your efforts too? No, definitely not. It is the time for you to start strategizing and make your business grow. Without aspiring for growth in business, you cannot survive for long in the market.

   Each one of us looks at the future in different ways. Hence, there can be different ways of working the best growth strategy for your business. Let us discuss some of these further:

  • Reaching out to new customers to buy your existing products

A business should always aspire and keep working on increasing the number of customers to increase its market share. Every new customer you make today is an opportunity for tomorrow. So try your best always.

  • Working on new products to tap new customers (Greenfield strategy)

   Once you have started your business, it is good if you think of diversification or developing new features to stay ahead of the competition. But keep the product cost and the overall cost involved in mind always before delving into this strategy. Also, think of the return on your investment to decide if it will be profitable for the business or not.

  • Reaching out to existing customers for new products

   To try your new product and look for customer satisfaction & their valuable feedback what can be a better way than approaching your existing customer base. They know your company, they trust your product so they would be willing to try whatever new you are offering them.

  • Building customer loyalty by converting existing customers

   Do you know that practically it is six times cheaper to keep a client than going after a new client? So you really need to take care of your existing customer base to look after our revenue growth. Eighty percent of your revenues comes from twenty percent of your clients.

   It is time for you to tie your shoe laces and pull up your socks. Your business is your baby. Give it all you have to reap the best you want to. After all whatever you invest is what comes back to you in the end.

Page 3 of 4
Load More