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3 Key Elements Of Every Successful Business!

Startup Admin

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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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How To

Time Management Tips For Marketers

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As a marketing manager, you perform numerous duties and have many responsibilities in a single day. Managing time effectively plays a crucial role in shaping your days and weeks as a whole. Time is money and money is something that can’t be ignored.

We only get 24 hours a day. So, maximizing every second is crucial especially for entrepreneurs who are busy scaling growth for their businesses. You may not realize how much time is consumed while setting up meetings, calling up the customers and keeping a track of them back and forth.

Here’s a list of some fantastic tips about how to prioritize things and then schedule them into your day!

Begin With Goal Setting!

The first and the foremost step to start off with is to set a proper goal. To increase sales for instance, find out where your customers and prospects are and how your business can benefit.

Set a goal regarding when and what needs to be done accordingly. Then define these goals in terms of the activities necessary to achieve within a time limit. Begin with calling your prospects, but be very careful whether that time suits your schedule or theirs?. If you’re not calling potential customers when it’s convenient for them, you’re not effectively managing your day!

So, set clear sales and income goals in order to reach your daily required targets!

Do Not Multi Task!

There are so many misconceptions people have regarding the ability to be able to do multiple things at one time. Go hour by hour with your tasks!

Start with your most important task. This will give you a visual picture of your upcoming day and allow you to get back on track.You could also choose an online tool based on where most of your customers and prospects are. This way reaching your daily marketing targets get easier and faster!

Just work on one task at a time, cross it off your list, and then move onto the next task.

Prioritize your activities and focus on one thing at a time to maximize your productivity.  

Avoid Distractions!

When you lose your focus at work, it can take you twice as long to back into the path. So, you need to make sure you avoid distractions. We often leave our email and social media profiles open all day, checking them multiple times per hour. This disrupts our train of thought, leading to even more time lost while we get back on track. While dealing with your customers and prospects one thing you could do is shut down irrelevant apps on your phone and computer!

Begin to pay attention when you find yourself most distracted.

The 80/20 Rule

If you are a marketer, 100% of your sales and targets are generated by the number of minutes you spend concentrating on them! The 80/20 Rule helps you allocate your time effortlessly and effectively.

Here’s how this rule works!

Everyday, you have different tasks that needs to be completed and each of these hold different level of significance. All you have to do is segregate your tasks in two basic categories.

The first category lists all significant tasks which require strategic thinking and the approach to move your project forward.

The second category contains the tasks and activities that just have to be done. Now the first category is your 20% and second is the 80%. You should make sure you invest more time in the 20% category and not in the latter. So, moving ahead with your tasks you need to ask yourself whether the task falls under 20% category or the 80% category! This rule is pretty well known among the managers as it helps you to prioritize and implement the necessary from the chaff, accordingly!

Do you struggle with time management in trying to set things right in business? These tips may not add hours to your days but they can help you make the most of the time you’ve got! For more tips and hacks to manage your time better, visit – ClickTime

 

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How To Create An Outstanding Company Culture For Your Startup

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Company culture is the collective behaviour of all the team members. Having a good company culture is quite important to keep up with the momentum of the work. It is all about supporting people who share the same mission and values with regard to the company. Why is it necessary to have a set company culture? Because a work place culture can make or break your company!

Startups often face challenges in building a culture that is in sync with the company’s codes, rules and ethics. A culture should be designed in such a way that it leads the company to its stated end goals. A productive culture should be attained in the very beginning itself. This way when the company grows, it would be easier to follow through with the same culture and values.

The key to a good office culture is to set a firm chain of command and control of tasks. Apart from that, it is important to establish clear, honest and open communication. Knowing how to share opinions, challenges, discussions and mutually agreeing to a solution is essential. If at all there are any differences then you must be able to resolve the issue. As your company grows it becomes even more important to create the right culture as it could directly have an impact on the productivity of the individuals. Lack of employee motivation could also developed due to poor startup culture. So, create a fruitful culture that not only promotes good sportsmanship in business, but also keeps the team motivated to complete their tasks. Also, treating all the employees equally helps in keeping up with the culture of the startup. If you treat your workers right, you’ll figure out how to prevent them from going to other companies. If the employees are happy, they are not looking for other jobs!

Here’s how you can create an outstanding company culture,

  • Define the company’s ethical values and codes
  • Hire smart employees
  • Communicate more clearly
  • Treat employees equally  

At last you should be constantly reviewing your company’s culture. Culture may vary from company to company so, concentrate more toward creating an effective and a healthy culture from the very beginning!

 

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What Makes A Leader Stand Out?

Smruthi Kishore

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What makes a leader stand out? What makes some people say exactly what you want, but in a way which makes others listen? Influential leaders stand out because they have one difference as compared to other people: the X Factor. There are several ways one can become noticed as a great leader. However, if you’re still having trouble understanding the nuances that go into becoming a force to be reckoned with, then these points might just help!

1. Empathy 

Listening is a tool not many have. The more you listen, the more you understand what’s happening around you. As a leader, if you miss cues of your team and don’t understand the issues faced by your team, then you cannot rise above the ordinary and become great. Be empathetic, listen to other people and keep your eyes and ears open at all times! Who knows? Major controversies can be solved by being a good listener!

2. Know what you’re talking about 

There are some leaders who just talk about things without realising what they are saying. Always be aware of what you’re saying because at the wrong time, your credibility will get questioned. Build a track record with your good deeds, rather than the bad. A side note here; Steve Jobs may have been questioned for his leadership skills, but never for the weight of his words.

3. Situational agility 

Every client, every situation and every field is different. While some want hard facts, others like their news with a cherry on top. The same goes for the people you lead at work. Some prefer the bandage to be ripped off instantly while others like the good news first and then the bad. As a leader, figuring out the kind of person you’re dealing with helps in creating a positive flow of communication, there by increasing the productivity of the work.

As a leader, if you want to stand out, let it be the voice which guides you to the path of success. P.S., If you have difficult leaders, feel free to show them this article!

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