How to prepare your small business for the year 2018?

A new year begins and with its beginning, new hope and new aspirations begin. Small business owners use this time to evaluate themselves, their businesses and accomplishments. Based on this they look forward to making changes in their style of functioning.

small business for the year 2018Every small business has its own method of working. It vastly differs person to person. But there are certain common things that run through them and have their own checklist. Some things included in the checklist may be common but certain small and crucial things are overlooked, that may have a bearing on the accomplishment of the goals in this year.

Given below are few things that you can do to grow your small businesses for the New Year 2018.

  1. Keep your accounts up to date

Every entry of your business transaction should be made. This will help you in analysing your expenditure and earning. A week on week or month on month basis.  You may have to devote some time and energy to it but the trouble is worth taking. It would help you in balancing your creditors and debtors in the most efficient way.

Setting aside sufficient money for taxes, rent, raw material purchase, EMI’s, repair and maintenance.  Staff salary, machine, electricity and telephone bills etc. So that you do not get into trouble for arranging finances.

  1. Interact with your team

The year-end should be time for consolidating your position. For many small business owners, most of the day is spent thinking and working on ways to make the business thrive. In this owners miss out on valuable feedback and spending time with their staff.

As days move towards the holiday season, make sure to take some time off and be with your team. You can initiate a group discussion regarding the company’s state of working. In this process, you can gather feedback. See to that every staff should provide an input. It can be negative or positive. The gathered input can come up with better suggestions and new ideas. This makes your team stronger which will help you in long run.

  1. Prepare a list for business growth

Every businessman strives for growth. Be it a small one or a corporate. But only a few of them take the necessary and planned steps for growth. Let you set the stage for growth.

Take a serious look at your business. Write down in details about all the points which are lacking. Is it finance, skilled manpower, short supply of raw materials etc? Now start noting down against each in your list, what all steps can be taken to improve the position. Take few days time to come to conclusion.

  1. Take help of technology

We are in a time where there is constant innovation. For every business, there are new technologies which are aiding or assisting for better production or increase production. Computer and software are finding gaps in production and inventory management etc.

To seamless and undisturbed team communication Slack software can be used. There can be work or file sharing between groups of employees, whose work depends on each other Dropbox is the most suitable for it. Effective marketing is one of the factors that need to focus; buffer is here for this purpose. You can manage and schedule your time properly with the help of a calendar.

Do you know how to stay happy at work?

If at the start of the work week (Monday) you have an overwhelming feeling of sadness, anxiety, and/or stress means you might have a case of the Monday blues. If it can happen once in a while then it is OK but too frequent then you should think of changing your job.

This is a sign that you are not too happy or satisfied with your present job. If this is a feature in most of the jobs that you held before this you should see what the problem with you is.

happy employeesIntrospect with your job skills, colleague behavior, job timing etc. Why you cannot be happy at work. Why you are unable to cope up with your work.

Here are few points about how to stay happy at work:

  1. Make priority list

First and the foremost make a priority list of the task you have to perform today. Start your work with the most important task that should be performed. Starting this way you will decrease the burden on yourself as time goes by.

If possible try negotiating for extensions for those works that you think will not get completed today from your higher authorities.

Do not make it a habit of taking work to home. You may need it sometimes during the peak season. Whatever is finished in working hours is finished. And what is left can be continued the next day. Work is a continuous process without any end.

  1. Think positively

Many people are in a habit of seeing only the negative side of what they or others do. Try to focus on things that you really like in your job. Try to include more of positive things in your work. Positive thinking will enhance your work capacity and make you happy.

  1. Combine passion and work

Sometimes it happens that doing the same and repeated work is often boring. Few people get restless doing the same thing over and over again. Find how you can make your job more challenging, interesting and fruitful.

See for avenues where you can combine your passion with your work. Like if you have a passion for seeing new places then you should try for traveler’s blog writing jobs.

Always think how you can make your role more interesting to yourself and others. You can volunteer to improve the skill set of your subordinates during office hours.

  1. Change working routine

Does your company allow you to work flexibly? Then you can choose to work from home one day in a week. This will give you much-needed change from your regular work but this should not mean, time to relax throughout the day.

You will have to show output even if you are away from the workplace. If this option is not available in your office you can talk about it with your manager.  Many office/factories work in three shifts. If your workplace allows you to change your shift, then take the shift you are most comfortable in.

  1. Upgrade your skills

If you feel that you are under-skilled for the work that you are doing. Or you fell your present skills are getting obsolete. Then join some course to upgrade your skill set. Staying ahead in your work will make your job secured. And it will be an added advantage on your CV, in case you want to switch.

  1. Develop network of friends

Meeting people and making workplace friends will help you know the perspective of the company. People will be interested in your opinions and you will be interested in their opinion.

You can also organize an outing or picnic. To get more familiar with persons of other departments who are on the same wavelength as you. This will create your interest in your workplace.

Do you know today how to become a better person tomorrow?

If you want to improve tomorrow, you will have to ask right questions to yourself today.

Self-introspection or self-reflection is the key to all personal development. People inclined to think that they will have to read right self-help books or attend seminars. But actually, personal development can happen anywhere, anytime and in any moment.

betterThere may be few things that might be holding back. To get to the root of the problem, you will have to ask right questions to yourself.

Many go for self-reflection at end of the year or month or week. To look back how things went, analyzing, what worked and what did not. Above all what one has to improve upon in next year or month or weeks, so on continue growing? That helps to become a better a person tomorrow.

Here are some of the questions you should ask yourself, at the end of a year or month or week.  It will prompt you to think about how you can continue to improve.

  1. What were you doing a year ago?

Though it may seem absurd question it helps to look at the thing in better perceptive. Your answer can be something like. A year ago, I was living in Delhi. Doing 9 to 5 job.  Unsure of the future. Today I am living in Mumbai. Working with fast-moving people. (And things like that).

  1. Do you enjoy how you have been spending your time?

Do you enjoy your day to day work? No amount of money or external rewards will make you feel more satisfied and fulfilled.

On looking back do you feel like a burden? Then you would like to offload your burden in coming year or month or week.

  1. With who would like to spend most of your time?

Your friends or people with whom you spend most of the time rub on you.

Are you spending time with people who enrich your life or are a drag on you? That is are people asking from you more and giving you less. Segregate these people and spend more time that enriches your work and life. This will help you to be a better person tomorrow.

  1. How is your money spending?

Money is the thing that motivates you. It helps you do those things that you want in life.

The old age saying “money saved is money earned” which is very true even today. Many people see only the earning part and neglect the saving part.

Go through your accounts to see how your spending habits are. If you can control those impulses of spending money, you can become a better person tomorrow.

  1. Five points that can balance your life 

a) Career: What you do to earn your living? Do you wish to change?

b) Fulfillment: Are you connected with yourself and ground realities?

c) Community: Are you surrounded with people, those who enhance and inspire your interest, learning, etc.

d) Personal health: What you eat, how you do exercise, fitness etc?

e) Relationships: Family, close friends, casual people.

These five points should be checked on regular basis. Maybe you are spending too much time with family and friends and neglecting work. Or you are so busy in work that you are neglecting family and friends. Do ponder how much time you are spending. You have to balance all the five points so about become a better person tomorrow.

Top Ten Management Lessons to Learn from Lord Krishna

Lord Krishna is a spiritual master for the modern management more than a Hindu God. He is the ideal, motivator and a strategist in every sense. From whom everyone can learn a lot. The universe is witness to his wondrous work. His teachings are endless. His names and genre are unaccountable. He is such kind of leader and motivator, who imparted valuable lessons to all. Lord Krishna has proven his excellent management skills and charismatic leadership. He has given his teachings throughout his exemplary life and works. Let us take a glimpse of management strategies of Lord Krishna on such a few wonderful aspects:

Lord Krishna

  1. Share your knowledge

There is a saying in Hindi that knowledge grows by sharing. Every leader must have a quality of sharing only then he can become a successful leader.

As we known Krishna as a Sarvagnya. He does not hesitate to share his thoughts as being ‘omniscient’. This happened that once Arjuna refused to fight with his relatives (Kauravas), then Krishna told him the purpose of the Mahabharata war, remove his fear and clear his doubts, taught him to get focused on his work and goal. This is the reason that today we read it in the name of Bhagavad Gita.

  1. Stick to your goal

During his life, Krishna had three main goals in the life, to which he fully sticks. His first goal was “paritrayana sadhunam” – which means “welfare of good”. His second goal was “vinashaya dushkritam”- which means destroy evil (thought) and the third and final goal was “dharma sansthapana” – it means to establish and strengthen the good principles. As a manager, he expressed that the organization should have clear cut aims and should not allow anyone to control their senses and stick to their goals.

  1. Planned and strategic approach

Lord Krishna was a strategist who used the problem-solving approach in his life. Mahabharata was won by Pandavas with his strategic skills. It proves that a person who is skilled in planning or strategy will definitely win in the war and politics. A proper planning and taking action is essential to achieve or get long and short-term goals.

  1. Excellent management

Krishna alone could have finished the Kouravas in a few hours, but he did not do so. Rather he stood as a teacher and made Pandavas to fight the war. It is the final quality of the good manager, who reflects his vision.

  1. Never take sides based on relationships

Being a supporter of religion, Krishna never took sides on the basis of relations. Therefore, Krishna provided gave equal opportunity to take them. Since Duryodhana knew this, he had come to Krishna. He again decides to be fair and urges Arjuna to make choice between himself and his whole army. Arjuna chose Krishna, and the whole army was chosen by Duryodhana.

  1. Skilled thinker

Whenever Pandavas were de-motivated, Krishna was there to motivate them. Apart from this, in the interaction between Pandavas and Kouravas, Krishna deliberately broke the conversation.

  1. Down to earth behavior

Being the supreme of this universe, Krishna was living a simple life as a common man among the people. He played with the catapult, gollas (guarding the cows), became a friend of Sudhamma, and the most important, he has become a charioteer of Arjuna, which tells about his behavior down to the earth.

  1. Tactful strategist

As a smart strategist, he never broke any rule but bowed down the words of the rules against the powerful Kovaravas for the benefit of Pandavas.

At the end of the Bhagavad Gita, for the sake of the uplift of religion, and to destroy the unrighteousness, Krishna was never ashamed of taking any action nor did he fear anything. Even if it was destroyed, it would be creative. But Arjun was worried that those who are fighting are his own family, and there will be bloodshed. Not only did Krishna inspire him to fight for war, but emphasizes creative destruction. Despite facing the vast Kauravas, he guided the entire army of Pandavas under one command and they were victorious.

This is the best lesson, which people should know about being a part of corporate life!!

How to Make Your Business Financially Healthy?

Being the owner of a business, you have to take your business very seriously. Here you need to pay attention to growing needs of your business and number of your employees you hire. Your dedication and hard work will show in your productivity, and people’s liking for your products and your services. With all these things, here also you need to financially make your business healthy. For this, you need to find all possible ways that are beneficial for your business and help to make it always financially healthy. After all these things, you can become a successful businessman.

business healthThere are many businessmen, who are unable keeping their business financial healthy due to improper working or running the business. Therefore, they face many problems that occur during running the business and that keep them one step away from the success. For unsuccessful businessmen, here are some significant tips given below to assist in staying profitable and keep business financially healthy.

  1. Know your overhead cost

It is very important to know what your overhead cost include. Every successful business knows how much profit they can get or gain in each product or service after including their overhead costs. Overhead costs also include administrative expenses such as taxes and office supplies. Apart from this, many other expenses may also be included, such as facilities, tools and equipment, insurance and tax-related expenses, marketing and advertising, vehicle-related, employee-related expenses etc.

  1. Regularly keep an eye on your cash flow

To keep business financially healthy, there should be a good Cash Flow system. If a business does not take good care of its cash flow then it may have to struggle every month. You should know how much money you are earning on monthly basis. How much business expenditure is being made in each month and week? Good knowledge of these things will help you towards proper money management and bill management, which will help you stay financially healthy in business.

  1. Focus on monthly accounts

Businessmen should not wait for annual accounts to know their financial position. It should be done on monthly or weekly basis. They should know how much stock they supplies each week to be profitable in business. They should also check their financial situation on monthly basis, so that they can consider what they can do to improve the overall performance for the next month.

  1. Regularly update your financial ratios

For a good and successful business, a business owner should be aware of the business ratios which should be tracked, to be profitable. Because knowing the correct ratio can help them to decide that which direction is good for their business. Selling of which product is more profitable compared to other. Once you get the current ratio every month it will be easy to determine whether your company is moving in a right direction or you need to do some changes to your business plan so you can make better profit and take it in the right direction.