How to make your business successful internationally?

Indian economy is growing and so the businesses that are operating in the country also growing. Businesses are now poised to throw their hats in international markets through collaborations abroad and that is really great.

business

There should be a fruitful collaboration across cultures and businesses for both the partnering companies and mutually beneficial for all those involved. When any businesses wish to cross the national boundaries to form collaboration, a crisis can develop due to improper communication, lack of cultural knowledge and poor leadership between the two.

Here are a few suggestions to overcome the problem.

Prepare yourself, your company, and team for going international

In your company, you can conduct cultural understanding training that will help understand and familiarize the team with the unfamiliar culture of the foreign country. Though it may look absurd and an unnecessary expense but in a long run it will save your time and money. The training can either be permanent or temporary but it infuses your team with a new perspective and challenges other than the basic cultural assumption one has of the partnering companies’ country.

Gain knowledge

It is always better to know more about your prospective market. There can be a lot of difference in behavior, norms, values, etc. between the two countries and their markets. It is good to know what is valued and appreciated in the country you want to develop your market. Many a time a word in your country can have a different meaning in some other countries. For example, take the word ‘quality’. In some countries it can mean delivering on time, maybe in other, it can be the best possible product and to other, it can be completely different.

Make a plan

You should make a strategy and plan it out how you are going to enter the new market. The technical skills that you are familiar and the experience that you have gained through these years can be your formula for success. Many IT companies which have gone abroad have failed because they did not know what the client expected as there did deficiency of cultural understand on both the sides. When you plan it out let someone from outside evaluate and assess your plan and it is one of the methods that you can develop a winning business development plan.

Feedback from clients

If feedback is taken seriously it helps to improve your shortcoming. It is good when your client praises you. You can ask for feedback with every commitment that your company has accomplished. Allow the client to fill in the feedback form and do not forget to ask at the end how can things improve. One can use feedback to improve and make changes whenever needed.

Strategic alliance with companies

Getting into strategic alliances with companies abroad will broaden your perspective in the business activities you are involved in. One should be aware of own company’s strength and weaknesses that are real and practical which in long run will lead to your successes and failures.

Diversified team

Your team should be as diversified as possible on parameters like age, gender, education, language skills etc. This diversification will help you succeed more likely than you may think of, as each member will have a different view and opinion. Initially, you may not be comfortable with the team but you will have a very wide range of options that you can work upon.

You can easily face the competition in a foreign country by doing things smarter than your competitors.

 

How to stay motivated in the startup journey?

According to the research 5 out of 10 startups close in the first year. There are lots of reasons behind it like not having sufficient funds, lack of knowledge etc. However, one thing that also plays a major role in the startup journey is “motivation”. If founders are not motivated then their startup journey may stop soon.

startupWhen someone dreams about the startup he thinks that he will work for self, make unlimited income, will have own schedule to work etc. because he is highly motivated during dreaming startup. However, sometimes entrepreneurship journey may be boring and dull. So, it is important to stay motivated in a startup or entrepreneurship journey.

There are some tips that can help you in this regards:

1. Celebrate each goal you achieve

It is important in a startup journey to observe your progress. For this, you should set small sized goals that can be achieved on the daily, weekly or monthly basis. Whenever you accomplished any set goal celebrate it. Celebrating each set goal not only help to stay motivated but also increase confidence.

2. Never forget your dream

Startup journey starts with a dream that you want to make true in the future. However, in entrepreneurship, you may have to face frustration and disappointments as well. In such condition, you may forget your dream behind the startup. So, it is necessary to focus on purpose and set goal. Always think you are not alone who are facing these problems, even all successful entrepreneurs had to combat against these obstacles.

3. Obstacles are learning opportunities

Unexpected obstacles are very common in the entrepreneurship and due to this many beginners lose their motivation. They throw their startup dream aside. Getting discouraged is not a solution to the problem even it is a learning opportunity for you. Refusing obstacle is the first step to defeat obstacle. You should take each problem as a challenge that is making you strong to face big problems.

4. Reading stories of successful entrepreneurs

It is possible that you may lose confidence and motivation due to a number of obstacles. Reading stories of successful entrepreneurs will help you to know what types of challenges and problems they also had to face during building their company or ventures. The success stories of the successful startup always start with great challenges. So, it will encourage you to continue your startup journey.

5. Take time to relax

At the start, you may have to perform many tasks together and soon. It may feel you tired and bothered. Due to that focus on the important task may be difficult that may away you from set goals.

You should take time to recharge yourself. You can do anything that makes you relax like spending valuable time with a loved one, watching the movie, go to an outdoor ride, taking adequate sleep etc. It will help you to rid of from work tension.

You will feel better and free mind when you will return on work after relax. It will increase your productivity that may benefit to your startup.
Motivation and confidence are the two tools that help to continue the startup journey, therefore, you never leave these.

How to use social media websites effectively?

These days, social media is the easiest way to reach thousands of people across the world. It makes networks among people, businesses, companies that connect with each other for the different purpose. Due to the existence of a number of people, it has become the number one online marketing platform for all businesses. All small, mid and big size brands and companies are using it to increase their clients’ number and base. However, some forget the basics of the social media and did not get a desirable return.

use of social mediaHere, we have discussed some social media tips that will help you to use these websites effectively.

1. Purpose of the share (posting)

First of all, you should have a clear purpose of the using these websites and share like people engagement, lead generation, brand awareness or any other. Your marketing strategy should be based on social share or posting.

2. Use of hashtags

All most all social media websites allow hashtags (#). However, each website has its own algorithm to use it for the different purpose. Using hashtags is in trend in Twitter, Facebook, Instagram, Pinterest. Hashtags help to get more visibility and find people, posts, images, videos with similar interests. You should not use the hashtag on each word, using on keywords is good and a number of hashtags also should be less.

3. Your targeted audience

There is a big difference between audience and targeted audience. You should go behind the targeted audience. This is the audience or people who can become your customer/client in the future or are interested in your products or services. On social media websites, people, brands, agencies, and companies are in the race to increase followers, likes however, having targeted followers and like may help to grow business.

4. Mix use of pictures, audio and videos

Each social media site allows sharing different media files like images, audio, video, illustrations etc. You should go for the mix of these all related to your products or services which people may like. These media files are the easiest way to increase engagement and stay active on shared posts. Share interesting, useful and related things with your business.

5. Your Bio

If anyone is interested to know more about you or your business then he/she can check your about or bio details. The details mentioned on the about or bio page should be real. It should include what you are, what you do, the business you deal with, each and everything that you want other people should know about you.

6. Stay active

There is no sunrise and sunset in the social media world. It is a 24×7 world so be active is one of the success parameters in social websites. Some people use these websites only when their business season come and on rainy days forget marketing. You should stay active on these websites and share on regular basis like daily or weekly. You also can share something useful related with your industry that your audience like if you have not anything to share.

How to start a startup brick by brick?

When people start their business they make mistake and some make many mistakes. By making mistake they waste a lot of time doing work that is not aligned to their business or may be counter-productive. Here are a few points that can help startup to minimize their mistakes.

start a startupKnow what exactly you are doing

Doing what should and needs to be done. Startups require a lot of hard work and need extra time from the normal. If you do not enjoy what you are doing or things are unexciting you will lose all motivation for doing it in a short period of time.

Starting from a point you should know what solutions you are building that will solve the problem. Be crystal clear what you are doing. Your market size will depend upon the people who are facing some problems; more the number of people who are facing a specific problem, larger will be your market size.

Your startup should be a solution provider

Successful startups are those which are built around the solution to a problem. Do not create solutions for artificially created problems. Being a startup founder you should not have a narrow vision.

Most of the startup start with creating something but end up finding solutions for something else after few failures and trial and errors.

Team

Do not plan to go ahead alone; always have a team or at least a co-founder who will share your joys, pain, expenses, problems, and workload.

It is usually seen that college friends are the best co-founders and the team size of 2 to 3 is the best. If the team size is too big chances of splitting is more.  It can be your wife, sister and brother as a co-founder but see to it that all co-founders share the responsibility and within a certain time frame finish the task assigned to them.

Many startups try to ‘add’ big names to their company to garner publicity and create a false illusion as if it is something big.

Your core team should be build based on the character of the person and not skill sets. Skill sets can be acquired or learned but the character cannot be built. As you will be spending most of your time with your team, see to it that everyone enjoys and is joyful in the work they do.

Funding and finances

This is the important ingredient in your startup that is oxygen for any startup. Never chase angle investor or venture capitalist, let them chase you. Investors value to good startups and they may be attracted towards you if they see the value. It may take a bit of a long time, but you will have an upper hand while negotiating terms and conditions. They should not interfere too much in your line of working. Another thing is you can raise the good amount in the initial phase itself as raising funds is difficult, time and energy consuming. Building your business should be your main aim and not raising money.

As regarding finance, keep as clean as possible. You will have to adhere to government rules and regulations like filing quarterly, half-yearly and yearly returns etc. so as not to get into unnecessary trouble and waste your time and energy on it. You can hire services of friendly Chartered Accountant who will advise you from time to time and will not cost much.

You may run startup on a tight financial position and hence you will have to keep all your costs and expenses under control.

Almost all startups dream to become big, but it should not be at cost of your family time, health and relationships. In the initial period, you may have to work long hours but see to it that as you progress you devote your time judiciously and have a healthy work-life balance.

A simple comparison to differentiate marketing, advertising and branding

Working with business students or with entrepreneurs one does hear marketing strategies which are explained as having an online brand, having social media, or advertising a lot.

What they do not understand is all these are part of the plan; they do not try to understand the deep and complex concept that is behind any truly effective marketing strategy.

All the above terms are different in a context of marketing. These concepts if applied personally would be something different.

marketingMarketing

The word ‘marketing’ is how you see yourself. Marketing is all about your representation you are trying to present to others. It is about the way you dress, the patterns you choose, the colors you use that is how you groom yourself. Everyone has a different strategy for it. It also applies to those T-shirt worn by someone throughout his college life which is to get easily recognizable.

Having no strategy for your personal appearance is also one of the strategies and many people do it.

One chooses an image one wishes to project himself. It can be of a sports player, a business professional, a technical nerd or anything else. By dressing up so you are communicating to others through your dress/appearance the character you like, the value you offer to others and the attributes you like the most.

First impressions are determined by appearance though one cannot admit that appearances are all that important. Impression on others can be molded and evolved later but they require the efforts and takes time on your part. It is more about how you want your company outlook to be and how effectively the consumers will accept your message and image.

Advertising

How you act in the public is advertising. Advertising describes your actions to the public. What you say is important. How you carry yourself and other attributes describe your actions. It is a part of your marketing strategy and you should have consistency between your actions and your image you want to put up with or someone to know you.

Say you are a fan of a xyz club but are wearing some other clubs T-shirt and cheering the team. Your dress up (T-shirt) and your actions (cheering up) are completely mismatched. Maybe you will make your friends angry and they may boycott you in the future.

If your business advertising strategy is not in line with your marketing methods your consumers will get confused and may turn away from you. You should not execute your advertising at a wrong place, with the wrong message, and to a wrong audience.

Branding

How others see you is branding. Labelling or branding is how business actually does. Marketing strategy should consider your personal brand and should be accessed. If your business brand is strong you have more time at your hand building it. In the case of negative publicity or reputation problems, you need to focus more on changing people’s perception or rebuilt it.

From a business point of view understanding how consumers recognize your business is important and helps you decide how you will be executing your advertising and marketing strategy.

Applying the above-discussed concept oneself creates a simple and an effective way how each of the concepts can be applied to your business.

How to be a successful businessman and overcome challenges?

Whenever you meet or see a successful businessman may start thinking what has lead to his success. You try to inquire from your sources as an answer to your question is important for you.  Well, the reason behind most of the successful people is consistent hard work, determination and hiring good people. A businessman has to face many challenges, must overcome obstacles in the path and move ahead.

successful businessmanHere are a few tips that will help to become a successful businessman.

  1. Ideas on how to raise capital

Whether you are a new businessman or an experienced one, you will need new ideas to raise your business capital. Sufficient capital is needed to run any business. At times raising capital may be a problem and you may run out of ideas how to raise it and may go mad over it. Better write down few alternatives where there is the possibility of raising capital. It can be raising it from crowd funding, bank loans, borrowing from friends or market, looking for a new investor, or government schemes for industries.

  1. Managing cash flow efficiently

90 or 45 days credit time; delay in invoicing, partial payments and many things like this are common in every business. But this hampers your cash flow which eventually affects the functioning of your business. Many  times electricity bills, loan repayment, taxes, raw material purchase, employees salary and things like that remain due because funds are not flowing in according to your expectation. One has to do proper planning and budgeting depending on inflow and outflow of your funds, utilizing funds optimally.

  1. Use failure as your strength

Failures are stepping stones to success goes the proverb and rightly. So no one in this world is perfect when it comes to business or entrepreneurship. But your approach to it should be perfect. Fear of danger is thousand times more dangerous than the danger itself. It is because of your fear of failing you will lack success. Observe and analysis why you failed and see to it that you do not repeat the same mistake again. Learn and understand what went wrong. The sooner you realize the better it will be.

  1. See that your brand image is right

Your brand image recognition is one of the decisive elements of the functioning of your businesses or establishment. For image building, you should choose the right channel and right geographical area depending on the nature of your business. You have to create your brand awareness among your target audience. Get hold of ace web developer and digital marketer for your promotional activities. You will have to increase your customers recall memory wherever they see something related to your product or services. Have a good feedback system in place.

  1. Undertake one project at a time

To be a successful businessman you have to live in present and plan for the future. There may be thousands of new ideas running in your mind regarding establishing your brand everywhere and generating revenue. For being successful you have to count every step you take. Start with one project and give your 100 percent to it. Be firm in your decision even if another project is too tempting to start. If you hold many projects at the same time you will be stressed out and will not able to concentrate on all. Being successful in each project one by one will increase your motivational level.

How to Launch Your Company’s IPO Successfully?

After successfully running a company for a few years many entrepreneurs think of expanding their businesses but are short on funds. This is where the need for IPO arises. Many entrepreneurs wish to add more products to the existing product line, others wish to expand their business by opening a branch at a different location(s) and many others have yet other reasons.
At this juncture to acquire more capital inflow in the company the entrepreneur is ready to share with the public and go in for the initial public offering (IPO).

IPOFor executing a successful IPO the business owner and management requires a tremendous amount of hard work and dedication. One should consider the reason for going public and the timing of the launch of IPO, as both have a significant impact on how things will turn out at the end.
It is exceptionally important to plan a solid strategy well in advanced and as far as possible all potential problems to be identified and if possible rectified.

Discussed here are a few matters which should be considered in advanced before the launch of the IPO.

A strong and experienced CFO

Successful ventures are heavily dependent on those persons who are guiding it, mostly the owner and his team members. Though it is more of a financial matter, hence chief financial officer has a major role to play. He/She will be responsible for the creation and implementation of IPO strategy.

Though other members will also be involved throughout the process who can be the company’s internal executives, external professionals are also required who are familiar with ins and outs of an IPO.

Before entering into water it is better to test first. One should analyze the company’s past performance and financial standing. Identifying existing and potential collaborators or partners and how much the prospective investors are interested in the company’s betterment.

Assess stakeholder’s readiness and interests

One should take into account the factors and circumstances for which the company is going for IPO, an honest assessment should be done. Since the reality of the situation should not be bye-passed with the greed and impatience only to make money. Stakeholder’s interest should be in line with the company’s mission and vision.

Assessing company standing and adjusting to the future needs

Conducting an honest assessment of the company’s standing will help you fix any irregularities or shortcomings if they exist in advanced. Once a company goes public it is bound by many rules and regulations that govern a company which does not apply to a privately held company and may create problems at the later stage. Financial and operational matters may need some change and that will consume some time. It is better to make these necessary adjustments to see how the company will perform once it goes public.

Allocating appropriate manpower

Making the transition from a private domain to a public domain will affect every aspect of the company. Hence one should have the appropriate amount of manpower and resources so that the staff can easily handle the tasks assigned to them. Though it does increase the costs allowing any sort of lapse or falling off the track may prove disastrous to deal with the upcoming situation. Care should be taken to manage and allocate appropriate resources at present then to feel disappointed when things go out of control.