No business is immune to the threats in the current competitive world. We always hear the saying “survival of the fittest,” which applies to startups as well. Most people think that the starting stage is the only complex part and the rest is about making money. However, the reality is a violent one that adds numerous layers of challenges and uncertainty. Meanwhile, the ongoing challenges of pandemics are the top concern among entrepreneurs. The uncertainty posed by the COVID-19 pandemic has left entrepreneurs anxious about the future. The halt in the in-person trade and economic downfall is not something any startup wants to experience.
On the other side, some believe that the market competitors are the only challenge their startup will face. With such threatening possibilities, entrepreneurs must conduct prior research to identify the possible threats. It is highly important to execute the plan by incorporating all essential elements to dodge these threats and survive the market. With that said, let’s discuss 4 things that can pose a threat to startups.
- Lack Of Dedicated Team
Even if you are supervising the business all by yourself, you will need a co-founding team that is passionate about the business’s success. Lacking this professional team can lead to severe outcomes for the business growth. It is important for businesses, specially startups, to build a dedicated team that comes with diverse skills and educational backgrounds to fill the demands. For instance, if you are considering an HR manager for the startup, individuals with a human resource program background will be the perfect fit. With the COVID-19 paradigm shifting from traditional classrooms to online, many individuals seek an online program. For that instance, you can also consider candidates with an online masters in human resources for the available position in your startup. The dedication of the team to a position like HR will yield positive results for business growth. The lack of commitment leads to difficulties and hurdles in the business to achieve its goals. So, it is important to build a team that coordinates and stays consistent throughout the business.
- Rising Competition
One of the major challenges that every startup faces is competition. It is extremely rare to start a business with no competition. Every new startup has to face the burden of fierce competition in the market. It takes real motivation and confidence to go head-on against the market competitors and keep the business moving forward. With the competitors already dominating the market with huge audiences, the startups always fall behind and eventually fail. However, there are always opportunities within challenges. That means it is highly important for entrepreneurs to invent creativity within the business to stay ahead in the competition. Be it the product, marketing, or customer service, any such strong factor can give you the competitive edge to rise above. Simply start by the research phase to understand the demographic of customers and their consumption. This way, you can improve the product or services lineup that aligns with their expectations and grab their attention.
- Rapid Change
The sudden change is a potential threat to businesses, specially startups. Every business initiates with limited resources to stand in the market. With the COVID-19 forcing every business to shift to the digital landscape, startups were not ready for the sudden change. The paradigm shift to the digital landscape is demanding a high level of flexibility. With the changing consumer behavior, purchase pattern, and marketing channels, everything is now revolutionized with technology. With this change, adapting effectively is the right approach to keep moving forward. But before going there, it is highly important to rethink the business model. With this, you will be able to identify whether your business is going in the right direction or not. Not every business specializes in quickly adapting to the change. However, prioritizing the parts that yield the best results is key to surviving in the era of risk and instability.
- Finance Management
Every business begins with some starting capital. However, that does not mean this investment is all you need to kick start the business performance. Your startup also needs consistent cash flow. Startups spend more money as compared to the total revenue in two to three years. Meanwhile, along with the revenue, the expenses also increase. That is why startups need to infuse cash to stay clear of the financial threats and continue the operations. There are plenty of options available for entrepreneurs to fund their businesses. You can consider different loan options, attract investors as well as crowd-fund the startup.
There is no magic wand to surmount the startup challenges; these are always part of the business. However, incorporating the right elements and strategies can aid in mitigating their effects. Collaboration and adapting to the given circumstances can reduce the impact of these challenges.
Tips for Organizing Successful Brand Ambassador Programs
Branding is a vital aspect of businesses, and a good strategy will enhance the credibility of a company, making it outstanding. This happens because most businesses rely on the loyalty of their customers to drive the growth of sales. These customers always leave positive reviews about the brand, thereby, piquing the interest of others in the brand.
When companies involve customers in their branding strategies, it makes the company more authentic. Research shows that utilizing customers in brand ambassador programs creates a significant impact on their lives. As a matter of fact, almost three-quarter of new clients will likely buy from a company based on recommendations and reviews of old clients.
Furthermore, a brand ambassador must strive to organize a message that is coherent and makes a good impact on potential customers. They must also keep tabs on the latest trends in the industry. Let’s discuss some tips that will help you organize a successful program for brand ambassadors.
1. Set the Mission, Vision, and Goals of Your Company
Your company’s mission, vision, and goals are the skeleton of all your programs. You need to know what the product entails, your target audience, including the projections you have made for the company. When you put these together, you will be able to come up with enough information that will enable your product to thrive for a long time.
2. Select Qualified Brand Ambassadors
Branding helps your company to get the needed exposure. But not everyone is relevant when it comes to promoting your product. You need to identify people who are enthusiastic and passionate about your product. Allow them to discuss what makes your product unique, as well as why they will choose your product over others.
Additionally, they should share their thoughts about your product on their social media platforms. This will help you know what the fans of your brand want. When ambassadors recommend your product or service on their social media, it increases the visibility of your company.
However, you must check the background of your ambassadors thoroughly before selecting them. Find out how they relate and engage with people. This will give your company the chance to get genuine reviews from people.
3. Plan Some Programs
Companies usually have several products on the market, so one program is not enough for the entire process. Hence the need to plan more campaigns to reach different audiences. Each target market will have a rep that will come up with the right approach that will grab their attention.
The programs should not appear forced. Rather, they should make consumers feel like they shouldn’t miss the opportunity to patronize the brand. Also, you need to have expectations during the campaign period. This will help you evaluate the effectiveness of the programs and where you need to improve.
Additionally, you can consult a branding agency to assist you with this phase. You can visit this website to see how such agencies function.
4. Build Transparency and Trust
For you to build lasting success, you need transparency and trust in your business. These are the ingredients that build a strong foundation for your business to thrive. You need to make your ambassadors feel like they are actually part of your success journey. This will boost their online representation.
You should also communicate with them mutually and inform them of what is expected of them. This communication should be more personal. This is not the point where you send emails. You must communicate with them face to face.
5. Provide Incentives
Brand ambassadors should get some form of reward for the work they are doing for your company. While some of them want cash, others prefer vouchers or gifts. The secret to attracting a lot of ambassadors is offering them discounts on the products they buy. You can also organize memorable giveaways. Ensure you customize the incentives and make them rare in the market.
6. Accurate Timing
This is an essential factor when running campaigns. Check if there is a crisis, if the products are offering an amazing solution, or if a competitor is posing any challenge. Ensure you consider these before launching any ads.
Additionally, you need to choose the most suitable social media platform to advertise your business. Ensure the platform you choose has a huge number of followers. Most importantly, ensure your target audiences are on the platform.
7. Evaluate the Program’s Success
When tracking campaigns, you should consider several variables such as the type and number of people reached, surveys completed, and much more. However, the key factors to consider are
- Number of videos and pictures shared on websites and social media
- Traffic that was engaged
- Reactions from people
You can visit https://www.business2community.com/marketing/9-helpful-tips-to-measure-the-success-of-your-marketing-campaigns-02257422 to find more information on evaluating a campaign’s success.
Ambassadors make positive remarks on the minds of people, especially when they use the product they promote. This is essential for business growth because any message the company spreads will be very effective. Trust, credibility, and easy access are the things that make customers recommend a product or service.
4 Common Reasons for Selling a Business
Did you know that approximately 78% of small business owners want to sell their small businesses to fund their retirement? However, selling a business is not an easy decision. There’s paperwork to complete, property to sell, and, sadly, employees to let go.
If you want to sell your business but aren’t sure it’s the right decision yet. Don’t worry; you’re not alone. From declining sales to burnout, we’ve investigated some of the biggest reasons that made a business owner sell their beloved business.
Now, are you ready to get started? Here’s a quick look at selling a business:
1. Declining Sales
A decline in sales is one of the most common reasons why owners decide to sell. Although, keep in mind that reduced revenue is not always your company’s fault. Sometimes it contributes to reasons outside your control like a bad economy, high jobless rates, or global health concerns.
If you’re experiencing a decline in sales, try and understand the root of the cause and see if it can be managed or even if you want it fixed. After all, sticking it out can lead to frustration, possible financial hurdles, and not to mention burnout. So, think about what you want and whether you want to sign away your business or fight to keep it.
2. Partner Disputes
Partners can push you to think big, but they can also push you the wrong way. If you and your partner are having recurring disputes about the future of the business, that’s a red flag.
Partners should always be on the same page when it comes to a business’s future. Furthermore, if you feel disrespected or not listened to, you should deinvest with that partner and part ways.
Now, you may be thinking, what’s next? Well, you really only have two options: you can find another partner or sell the business altogether.
Depending on your situation, it may be easier just to find another partner. However, if you already have a decline in sales and have lost interest in the business, it might be good to sell the business to someone who can make it profitable again.
3. Financial Reasons
Even a profitable business makes a few financial hiccups here and there; however, these mistakes can lead to serious difficulties. For example, if you over-invested in a project, you could be left with a large amount of credit card debt, or worse, you could face bankruptcy. If you’re experiencing these financial difficulties, your best bet might just be to sell.
If you’re on the fence, check out fusionadvantage.com; they can help you understand what your business is worth.
Okay, let’s be honest no one likes feeling burned out, certainly not a business owner. However, if you begin feeling overly exhausted or stop receiving enjoyment from your work, that’s a for sure sign you should sell. Coupled with declining sales and partner disagreements, it’s time you think about your future away from your business.
Reasons for Selling a Business: What’s Yours?
There are many reasons to sell a business; however, the question remains do you want to? Whether it be for financial reasons or partner disputes, there could be a thousand reasons why you should or shouldn’t sell, but the decision rests solely in what would make you happy.
So, are you ready to let go and start anew, or do you want to hang on to your business for a little longer? The best advice anyone could give is to find what will make you happy, so don’t wait; discover your happiness today!
Now, for more information about selling a business, visit our website. We look forward to helping you!
How to create a GST invoice
What is a GST invoice?
A GST invoice or a GST bill is basically a list of all the goods or services that you or your company delivered and the payment that you expect in return for it. A GST invoice is mandatory if your business is registered under the GST and you must issue it while providing services to your clients. Invoice related decisions of the GST are taken by the chairman of the GST council along with other members of the council under the GST act.
To create a GST invoice you must be aware of the fields that your GST invoice should mandatorily have:
- The name of the customer
- The invoice serial number
- The invoice date
- The shipping address
- The billing address
- If the customer is registered then the customer and taxpayer’s GST number (GSTIN)
- If the customer is not registered and the total value of the invoice is greater than Rs.50000 then your invoice needs to have the following information:
- Name of the recipient
- Address of the recipient
- Delivery Address
- Name of the destination state
- Name of the state code
- The place from which the supply is to be made
- HSN code or the SAC code
- Details of the item: should include things like description, quantity along with a unit of measurement of the good and the total value
- The taxable value
- The discounts
- The rate of taxes
- The amount of taxes (IGST, CGST SGST)
- Is the GST payable on a reverse charge basis
- Signature of the supplier
Note: Reverse charge basis means that the liability to pay the taxes lies on the recipient of the goods or services and not on the supplier
You can create a GST invoice in excel using these values and print them in pdf or you can just use one of the countless online tools for it.
For the supply of goods three invoices need to be issued:
- Original for the recipient of goods
- Duplicate for the transporter
- Triplicate for the supplier
For the supplier of services
- Original for the recipient
- Duplicate for supplier
When should the invoices be issued?
According to the GST act, there are different timelines for different kinds of invoices:
- Goods (if the supply of goods is one time): on or before the date of delivery
- Goods(If the supply of goods is recurrent): On or before the issue of account statement
- Services: within 30 days of the date of supply of services
- Services(Banks and NBFC): Within 45 days of supply of services
What is GST E-invoice?
E-invoicing an electronic validation process by the GST Network (GSTN) and has been approved by the GST council in its 37th council meeting. It helps ensure that the invoices that you have generated are valid and meet all the requirements to be used for processes like bill creation or GST return filing. Hence it is a way to verify different kinds of invoices from different accounting software based on common parameters.
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