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3 Key Elements Of Every Successful Business!

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3 Key Elements Of Every Successful Business,Startup Stories,2018 Latest Business News,Inspirational Stories 2018,3 Characteristics of Every Successful Business,Three Tips of Business Success,Successful Business Tips 2018,Business Success Plan
While every business has elements that are unique to it, every successful business shares common characteristics with other successful businesses.
The first element of a successful business is a clear concept of what the business is, its aims and ambitions. This concept includes more than the idea of a product or service or technology. This includes the market need and opportunity to have the potential for profit.
 
It is never easy to define the business concept in the initial stages or understand the true market potential of your business model. However, you can identify such elements through observation, trends or personal experience. These elements include these three fundamentals.
 
Executive Summary:
An executive summary is a snapshot of your business plan. If your company is a startup, then focus on your background. If you are better established, make sure to include details such as when the business was started, the names of the founders and their roles, how many employees you have and where your operations are situated. Key elements that should be included in the executive summary are
 
*Business Concept: This describes your business, the products and the market it serves. It speaks about what will be sold, to whom and why the business will hold a competitive advantage.
 
*Financial Features: This gives you the financial points of the business including sales, profits, cash flow and returns on investment.
 
Business Description:
Explain what your company does and how it stands out from the competitors. List major customers as well as markets you plan to target in the future. You will have to include competitive advantages, such as expert personnel you hired or the location.
 
You should also provide information on any new products or developments that will benefit your business in the marketplace. Using all the reliable data and appropriate information regarding the company, you can also approach investors for funding. Apart from describing the business, you should also concentrate on structure and all the necessary legalities. This information should include whether the business is a sole proprietorship, partnership or corporation and its principals.
 
Market Analysis:
It is crucial to understand the market you plan to enter. Find out who your competitors are, then analyze their cash flow, profit margins and research technological developments in the industry.
Analyze your customers based on how much they spend on products and create a general market consensus. For instance, if the distribution of your product is confined to a specific geographical area, then you can further define the target market to reflect the number of users or sales of that product within that geographic segment. Once the target market is ready, further determine the total feasibility of the market. This will help you understand the portion of the market that can be captured within the environment with very little competition.
 
Such key elements help companies come up with solutions that will enable brands to make more informed marketing decisions and, ultimately, increase sales.

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Five Ways To Build An Effective Startup Team

Smruthi Kishore

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No matter how strong your idea is, the ultimate fate of your startup lies in the strength of your final team. It takes only one weak member to topple all your hard work and in order to avoid that, it is extremely important to make sure you have crossed all your T’s and dotted all your I’s. Here are a few tips you could follow to get the perfect team for a startup which could change the world.

1. Identify The Positions 

Before you start the hiring process, identify the positions you need for your startup. Be sure to prioritize. Figure out which position to fill first and balance out the hiring. It does not make sense to hire five project managers and not a single programmer. Be sure to have enough money or customers to pay for staffers before you start hiring them.

2. Envision The Bigger Picture 

When you go out to hire people for your startup, let your vision drive you. Why were great thinkers like Steve Jobs or Verghese Kurien so successful? Because they had a dream and they let the world know their dream. The people they hired believed in their passion and because of that, their companies are still rock solid.

3. Adopt A Game Management Approach 

Great cricket, football and basketball coaches always talk about watching films and studying the competition. As a new startup founder, you should do the same thing. Identify the competition. Understand where their strengths and weaknesses are. This helps get a clearer picture of where you are as a potential game changer. Just like our favourite coaches and quarterbacks, having a head start always helps increase your chances of winning!

4. Get A Consultant 

Every movie has the main guy and the Right Hand Guy to help with the more serious work. A consultant is also just like that. They will tell you things you do not want to hear and they will get the job done for you whether you like it or not. Get one! Play the game safe and play it right.

5. Post Hire 

Once the entire process has been finalised, it is important to do a background check on the people you are hiring. What if they look really good on paper but have serious flaws within? To avoid issues like hiring an employee with a police case or a fraud case on them, do a background case and avoid all the hassle.

Your company is as good as the people you hire. Hire the right kind of people and who knows, you could become the next Microsoft or Swiggy!

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Relationship Between Manager And Employee

Smruthi Kishore

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Relationship Between Manager And Employee,Startup Stories,2018 Best Motivational Stories,Inspirational Stories 2018,Boss and Employee Relationships,Employee Relationship at Workplace,Manager Employee Relationship,Superior Employee Relationship,Employee Relationship Management

The relationship between a manager and employee is extremely vital to the entire mood of the office. A poor relationship brings down the entire moral and effects the productivity of not one but every employee. On the other hand, a good relationship breeds positivity and fosters a functional work environment.

According to multiple studies, more than half the employees were unhappy with their direct supervisors. This friction between management and staff not only manifests itself in poor attitudes and work culture, but it can also have a deleterious effect on a company’s productivity and revenue. What employees lack in the workplace is one simple thing, cooperation.

Managers are successful only if they keep reinforcing the fact that performance at work is not always about competition. While healthy competition is always encouraged, it goes against the overall work atmosphere of the company if the competition becomes too negative too soon. Performance is about coming together to serve a common purpose: that of delivering a brilliant product at the end of the day. As a manager/employee, once you convey this message to your team and tell them you actually mean it, the work flow makes more sense.

As a manager/superior, you can create a positive work life by simply charting out certain details. Delegate specific responsibilities to certain employees and make sure each responsibility is linked with the next in a ceaseless effort to provide exceptional products. Find ways to bring your team together. Hold workshops, have constant feedback meetings and create goals for each team with a reward incentive at the end of a successful task.

Workers without a career advancement or a near goal in mind are usually demotivated. Develop and guide talent to ensure you have a loyal and stable workforce that can fill the needs of the present and future. In short, do not, at any point, make your employees dread coming to work. Get the pay cheques rolled out on time, ensure you have enough number of holidays planned for the year and make sure you and your employees always have a strong connection.

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5 Ways To Use Social Media To Build Your Business!

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Social media has played a key role in marketing and marketing strategies in the recent past. Once upon a time, social media was considered to be a passing fad, something the kids were using but businesses could never use for their benefit. But, over the time, all the doubts about social media have been proved wrong. Today, there are over 4 billion internet users and over 2.5 billion of them have active social media accounts.
In fact, popular social media platforms like Facebook, Twitter, Linkedin, Pinterest and Instagram have helped 82% of small business owners to grow their businesses. If you are still standing on the social media sidelines, there’s never been a better time to get started.
Here are 5 reasons why to use social media build your business.
Gain valuable customer insights
Social media marketing helps you to generate a huge amount of data about your customers in real time. Every day there are over 500 million tweets on Twitter, 5 billion likes on Facebook and 95 million photos and videos uploaded to Instagram. Behind these huge numbers, there is a treasure trove of information about your customers, including who they are and what they like.
Through daily active engagement and social listening, you can gather relevant customer data and use that information to make smarter business decisions. Find the conversations happening around your brand and manage real time reports.
Need To Increase Brand Awareness
When you have a presence on social media, you make it easier for your customers to find you and connect with you. Connecting with your customer on social platforms is likely to increase customer retention and increase your brand loyalty.  
Targeted ads with real time results
Social ads are cost effective to promote your business and distribute your content. They also offer powerful targeting options so that you can reach the right audience. For example, if you are running a Facebook advertisement, you can target your audience based on location, demographics, interests, connections and behaviors. If you run an advertisement campaign on LinkedIn, you can segment market based on sections like location, company, job title and gender among others. You can track and measure the performance of your social ads in real time.
Generate higher converting leads
Social media can immensely increase sales and customer retention through regular interaction and timely customer service. In a 2015 Sales Best Practices study by the research institute MHI Global, world class companies rated social media as the most effective way to identify key decision makers and new business opportunities. In another study, nearly 75% of companies that engaged in selling on social media reported an increase in sales in 12 months.
Increase website traffic and search ranking
The biggest benefit of social media for business is using it to increase your website traffic. Social media can help you direct people to your website, the more social media shares, the higher the ranking. For example, if every person who follows your company on Twitter retweets a post, it is more likely to rank higher in Google search engine for variations of social media for business.
Social Media provides a very easy to use platform to not just spread the word but to boost sales as well. All one needs to keep in mind is to use these services effectively and efficiently.

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