Business

Top Tips for Better Business – IT Alignment

Successful businesses are built on accurate alignment. If your business-IT alignment is giving you trouble at any level, then take a deep breath and relax. Gaurav Mohindra will help you sort out the direction of your enterprise so that it takes you where you want to go.

A business-IT alignment is very important for proper functioning of any enterprise, starting from the smallest to the largest one. Lack of it can have a negative effect on all spheres of its activity, especially on some spheres, such as accounting and supply of goods and services to customers.

1. Define Your Goals:

One major reason businesses do not achieve alignment is that they don’t clearly define their company-wide vision and mission.

Gaurav Mohindra: Without these two crucial parts of a business plan, there is no way to know which products will work and which won’t, who should be the target customer, and how to implement the marketing plan.

2. Get The Right People In The Charge:

Now to get the right people in charge is very important. You have got to get the right people involved in your project so that they give their 100% in their work. Trust is essential to our company, so we take careful steps to ensure that the right person is placed in charge of our client’s security needs. After an interview process that can take several weeks, we always get to know our clients well. We want to become part of their family, learn about their businesses, and build long-lasting relationships with them.

3. Improve Communication:

There is a lot of discussion about the importance of getting IT alignment. In this report we look at how aligning IT to business goals can have a dramatic effect on improving efficiency, lowering costs and increasing profits. As the run rate for IT services increases, it becomes harder to get clear information on what you should be doing. The result is that each manager has an increased number of projects and initiatives, with increasing risk of failure or miscommunication.

4. Build Strong Relationship:

In today’s tough economic climate, businesses in virtually every industry are re-evaluating how they work in order to remain competitive. One of the most important components in driving a successful business is the alignment of business and IT strategies. Business leaders often lose sight of their corporate goals when dealing with IT leaders who can speak a different language. This predicament is magnified if both sides of the table lack a clear understanding of what each is trying to accomplish. By building strong relationships within your department, your organization will get better results from collaboration across the board.

5. Help Employees Feel Valued:

IT alignment is critical for IT professionals to function effectively, which can be challenging in today’s dynamic environment. The solution proposed will engage the employees with the IT systems bringing them closer to these unified environments. The IT Appreciation Award shows appreciation to your staff for their great work. Made from high grade acrylic, this plaque comes with a matching stand and is perfect for awards ceremonies or simply as a way to say ‘Thank You’.

If your enterprise runs on automated information technology, then you definitely need to see how business-IT alignment will affect your value chain. There are plenty of tips to keep in mind while dealing with business-IT alignment. For instance, one can always ask himself or herself if the new technology really needs to be implemented into the company. It will definitely save you some time and money if it is not necessary, though this might happen only rarely. The tips discussed here by Gaurav Mohindra are valuable for both the business-IT alignment and for the betterment of the enterprise. It can help you steer your company or even enterprise successfully towards achieving newer heights.

Business

Changes in Business Cycle Post Pandemic

Pandemic has been really stressful for everyone specially the bread earners of the family. There has been huge drop in people’s income during the pandemic phase. Also, after the pandemic things are reviving but at a slow parameter. This was something that we all expected as no miracle can pick up the falling economy. Things will get on point but with time. Talking about the GDP drop, the government of US saw this coming. There was a sharp decline in GDP approximately 9.5% in the second quarter says Gaurav Mohindra. Many if the businesses closed their doors due to inability to sustain in those conditions. Nothing unexpected came as people were quite a lot mentally prepared for this change.

However, there were several federal relief legislations that has been given by the government which kept households afloat, thereby preventing the economic activity from declining. On the other hand, there was a slight upward trend seen in the personal income during the shutdown, but due to the closure of the factories and businesses, output fall.

Talking about the recovery during the summer the business cycle recovered showcasing a positive energy. As during the end of June, retail sales had recovered to 97% which indirectly gave rose household saving rate. All these were the sign of rising demand among consumers as things started to fall in place, so does the business cycle says Gaurav Mohindra.

There was a partial improvement that was seen in the labour markets. But unfortunately, the major problem stands still, unemployment remained high. Economy had opportunities but not much to feed this big population, only one-third of the workers got back their jobs. The summer after pandemic witnessed opening of the factories manufacturing activity climbed rapidly through the summer as factories reopened, recovering the losses of last year.

Still in many parts of world, Businesses are adapting to these new changes but still regional outbreaks are causing disruptions. This may be due to the spike of covid cases in different parts of the world which is making the market sentiments more adverse. However, the hospitals appear to be handling the situation in a better way this is the effect of vaccine drive that this surge in patients are handled well says Gaurav Mohindra.  Also, this shows the better understanding of current scenario.

In conclusion what can be seen is all the sectors are recovering but what tops the list is the retail sales and residential real estate. Industries like travel, hospitality and dining, are still not full recovery but are doing well bridging the gap of revenue shortfalls. What has surprised everyone is the not changing and uprising stock market, which was seen major recoveries than past from the second quarters. Indirectly this has given an upsurge to the real estate industry as the investors are gaining well, so they are parking there funds to a safer sector that is the real estate sector.

Business
News

Rules for initiating Small Business

Challenges are a part and parcel of every business. There are these little things in business that we have to set right to cope up with these challenges. There are certain fundamentals that you need to set straight to get you right at your goal.

Let us see Some of the fundamental rules for small businesses:

Managing the optimum level of Cash:

Liquid cash is the backbone of every business. If we see the examples there are lot of cases where we see a lot of business getting down the lane due to insufficiency of cash, not lack of profits. Therefore, cash planning is very vital part of business as it can majority effect business working and operations says Gaurav Mohindra. Cash is essential for lot of things like buying inventory, cash payments, freights, supplies.

Focus on data-based Culture:

In the present scenario data is served as asset for many organizations. Tracking raw data should be your first step, to make business decisions. This will help you make better decision. The more information or data you get the you can extract from it. This raw data will help you Track the key performance indicators (KPI’s).

Keep track on all your margins on your Products and Services:

A lot of time while performing the daily operation, what a businessman forgets is the margin which is eventually the profit that the business earns. These contributions should be utmost priority as this what a business is working on and is its performance indicator says Gaurav Mohindra. Weekly check-up of the margin is essential to keep it on track, as when the trail of wrong margins are adjusted for long it always gives you huge losses.

Talent acquisition:

All the business houses should be very sure about the strategy for recruiting and retaining talent. What should be looked for is quality of talent in one’s business. Nothing should be done to just add the bulk of useless people instead less people with more skills should be added. Also, in house requirement teams should be there for tracking talent. Furthermore, business houses should initiate talent programs for retaining talent thereby enhancing their skills.

Also, while recruiting people what recruitment team should preach is the culture of the firm. As even when trained people are hired what they lack is the adjustment skills which is required to work efficiently in all organization. Beforehand a little bit orientation about the culture should be done.

Understand market sentiments:

It is always required for each business to understand and learn about the market sentiments of their specific industry says Gaurav Mohindra. Starting from Monday through Friday gather as much as information as you can about the sentiments of your industry that you area working in. Setting alerts about your industry like what your market is saying about you and your competitors is quite required in this present era.

These are specific points that you need to understand to get your business on track.

Pandemic Covid
Business

Recovering Small Business After Pandemic

The COVID-19 pandemic has been stretched for a long span of two years and it has affected all in diverse ways. Talking about the business community be it large or small has been drastically stuck by its adversities. Large business houses still have recovered well from the pandemic situation but the ones who have been hard stuck are the small business houses. Although this situation has not lasted forever, but the impact is quite much to recover from says Gaurav Mohindra. The “new normal” of the business community I survival of the fittest, no doubt the situation is recovering at its pace but still who can’t cope up with the race have lost their bread and butter.

A lot has been seen during the pandemic many people lost their Lives, their jobs, companies got bankrupted and so on. These pieces will take time to recover. But the situation has quite lot changed, demands have increased and is the perspective of people which are willing to help the small business retain themselves. 

With certain strategy small business still can rebuild and come out stronger than ever.  There are many businesses along in the race.

Below mentioned are few of the steps which can help in recovery of small business back on track. All you have to start from is to redo your business plan according to the situation

  • Analysing Your Business’s present Situation: This would be your key point. Look for what is most impacted and which require fixing. Also check the key infliction points that are running well to make them stronger. For such thing you need to do certain analysis like SWOT analysis says Gaurav Mohindra.
  • Determine the business Goals: According to the present situation you should not set up the same goal as the previous ones. As these goals might not be attainable. Go smooth, don’t be that harsh on your goals. Set your new 12-month, 3-year, and 5-year goals. Moreover, you need to set a recovery plan and get your business back on track.
  • Three sixty overviews of Your Industry and Customers: Try and find all the loopholes that have raised during this pandemic gap. Analyse the space that your customer requires, their demands require urgent attention. Empathy is again a factor which is quite a lot required in these times for your clients.
  • Check for new competitors that have arrived: All the Indirect and Direct Competitors should be looked for. See what strategies they are implementing in this post pandemic era. Also moving along in this competitive era can be the key to keep everyone going strong.
  • Put all your knowledge into working: Whatever you have been researched or doing for the industry needs to be put in place right now. All the tactics, and knowledge needs to kept on plat in these difficult times say Gaurav Mohindra.  As they will altogether make a formalized plan executive summary to your financial strategy. This whole process requires team work and support from the entire team.

So, this was your entire revised business plan for rebuilding your company.

US
Business

How Set up US Company as a Non-Resident

Introduction: It is not an easy task to start your own business in the United States. There are many rules and regulations that you have to follow to run a business in the US. You have to have a home address in the US so that you can open a bank account. You have to have a valid tax identification number for the business so that you can file your taxes every year. You have to have a business bank account in the US so that you can deposit your working capital or operating cash flow. You have to register with the state, city or county where you are going to establish your business. You have to set up your office in the USA where you can store your valuable files, documents, accounting, tax records etc. All these things are important for running a successful business in the United States. Gaurav Mohindra would like to share his views on it how you can proceed below.

1. Where to set up your business: The location of your business is one of the most important factors to consider while planning your business in the USA because it will directly affect and determine your sales and marketing strategies.

Gaurav Mohindra: Over the years, we know that all businesses strive for sales and marketing growth. The sales and marketing strategies you choose will determine whether or not you succeed by giving you a competitive advantage over other similar businesses.

The location of your business is an important factor when it comes to the success of your company. It has many effects on your company’s growth and expansion in the market.

2. List of documents needed to open a company in the US: For anyone who has ever wanted to open a company in the United States, you probably know that the procedure can be quite complex.

If you are a non-resident, or if your business is not yet incorporated in the US, then you must be aware of all the steps you will need to take to open your company.

The following is a list of the documents you will need to file with the Federal Government to open your company in the U.S.:

i) Articles of Incorporation

ii) State Business License (if applicable)

iii) Federal Tax ID Number (EIN) for your company, which is issued by the Internal Revenue Service (IRS) for tax purposes

iv) A copy of your passport or other identification showing that you are not a US citizen or resident alien.

3. Types of Business Visas in the US: There are several different types of business visas in the US. The first step is to decide on which type of visa you need to apply for. When deciding on a visa, it’s important to realise that each type of visa has its requirements as well as specific requirements as to which states they can be used in.

You will also need to decide on the state where you want to open your business. If you’re opening a restaurant or a hotel, then you should check out the tax laws of the state where the business is based.

4. Choose any business entities in the US: The most common types of business entities in the United States are corporations and LLCs. In general, a corporation is a structure that passes money and liability through a single person or group of people, who are referred to as shareholders. An LLC is a business structure that allows one or more people to set up a profitable entity that keeps owners’ profits separate from their finances. Gaurav Mohindra says you can use both these entities for almost any type of business.

Business innovation
Business, News

How has Innovation Helped A New Businessman?

In the running and over exploding field of entrepreneurship, innovation is vital for every company today, especially as the consumers are becoming more demanding and aware of their choices.

Gaurav Mohindra believes that entrepreneurs need an extra edge to stand out in their industry, and only innovation can provide that. He says that profitable exploitation of new ideas is crucial to a business because it improves the processes of the brand and it brings new and improved products and services to market and clients. It also increases the efficiency of a business and improves its profitability.

Marketplaces have become highly competitive, which is why the need to be innovative has increased. In addition, the competition has increased in the market due to broader access to new technologies and advanced trading.

The truth is that the key to any successful business is the ability to produce fresh new ideas because it keeps the operation running and the products and services fresh, explains Gaurav Mohindra. So innovation has to play a crucial role in any business venture.

Though you might think that your enterprise has a unique and exclusive way of functioning, in reality, there are high chances that many others would be doing the same, and they might be putting their best foot forward to succeed. 

If you want to stand out from the rest, you need to involve innovation as a part of your business idea. Innovation means doing something to the best of your abilities, but with some twists/amendments so that you can make your own unique identity in a cluttered market. 

Let’s understand in much detail how innovation helps new business people. 

  • It helps the business grow in leaps and bounds.

A study conducted by Gaurav Mohindra has proven that businesses that use innovative ideas can scale up their structure much more.

Innovation helps a business to gain more customers and grab a more significant share of the market. Additionally, it also makes it convenient for the company to grow.

  • It helps make a niche for yourself in competition.

The market is a vast place to compete, and it is filled with numerous individual businesses serving the same products as you are. 

To make your business strive and have its marketplace, you need to be innovative, as it has the potential to serve your audience with unique services and products. To do so, you can create or maybe recreate your product with a pinch of your personalized creative idea. 

  • It is vital for future growth.

Innovation is an essential factor that ensures consistent growth of a business from a future point of view. 

It plays an essential role in adding newer business models and products to the business. 

A sustainable innovation idea also ensures that current products continue to meet customer demands.  An innovative business can stand firm even if the market experiences constant vagaries. Such companies are untouchable, ready to face any challenges that future market changes can bring in. 

Business Tips
Business

Top experts Tips to take Business to next Level

Improve your business with advanced strategies and best practices from the world’s top marketing expert Gaurav Mohindra. Practical, straightforward advice means you can try out a new tool without having to learn new skills or get a complete makeover of your business philosophy. Inside this book, you will learn:

1. Reach customers in more than one way:

Whether you’re just starting on your own or running a small business empire, you want to make sure you reach your customers in more than one way. Establishing social media accounts and sending mailers.

2. Protect your business from Cyber attacks: 

Top expert’s tips to take your business to the next level. Whether a fledgling start-up or a multi-million dollar enterprise, you need to know how to protect your business from cyber attacks. Cybercrime is becoming increasingly sophisticated, often originating outside the U.S., and has become a menace that can strike any SMB at any time.

3. Create a business toolbox: 

Gaurav Mohindra: A business toolbox contains everything you need for your business, from expert advice to marketing and sales tools to a section for your business plan. Your business toolbox is an archive of past successes, future planning, and all the support you need for success. A business toolbox helps you to understand where you are, where you want to go, and how to get there.

4. Use social media in the right way:

To grow your business, use social media inappropriate manner. Social Media is a popular platform where people can speak to each other. You will be surprised to know that Twitter and Facebook sell more products than Google itself. Three mistakes lead you to the wrong path of marketing through social media. First, think about your strong content (you need the best content means writers). The second is interaction, both with friends and followers to grow business. The third is engagement, which means having the best engagement strategy possible for your business.

5. Use Google my business pages for your business: 

Google My Business is a free service that lets you create and manage your Google listing, including photos, business hours, phone number, website address, and more. Now it’s easier for people to search for your business directly from Google Search or Maps. Use google my business page service to promote your business and to connect with potential customers. This helps google search engine to understand all the information regarding your business.

Wrapping-up:

To do business growth, you need to make some efforts and up to date with the latest technology. With the use of technology, you can save time and boost your business with double speed. The latest technology can help your business to survive in this competitive market Gaurav Mohindra.

The business expert would like to advise you to be innovative in your field to grow. Organized and orderly thinking will create a systematic and profitable business. There is no magic wand for success. With the smart implementation of technology, aspiring people can expand their business in such a way that would have been hardly likely without any technology use.

business profit
Business

How make business profitable?

The main idea of doing any Business is to war profit. Profit earning is one of the indicators that the business is doing well. Also it is stated that your financial well-being in business is when you are able to increase profits directly or indirectly. Moreover one should have a clear strategy or plan when one wants to increase profits of their business. As without some clear strategy it is not possible to earn money. Easy money has very short life so following the right path and right strategy is the key goal for every business says Gaurav Mohindra. The thing that you can need to know before increasing profits is to improve the variables that will determine your level of profitability. So under mentioned are certain things that will surely help you in your business to increase profits. 

1) Focus on Lead generation:

This is one of the most important variables that T you can use to attract interested people. But you have to keep the ratio high while following this strategy. Never go for few leads, attempt to reach as many as leads as you can. Out of many at-least some prospects will turn favorable. This will help you in getting people who will be at your place of business and it will help you in increasing your sale. This will lead to increase in profit by great percent.

Only approaching the lead is not enough you have to maintain a proper follow up.

This process of following up is cumbersome but it will eventually lead you to convert good number of leads which are your future customers. Also this whole process will be surely a proof of the effectiveness of your sales efforts. Try and make the conversion rate as high as possible this will reflect in your profit statement says Gaurav Mohindra. Your focus should be on doubling your sales and increasing your profits.

Also these whole prospects will enhance your sales ability. Interested prospects are a key for sales team. So sales teams focus should be on aggressive sale efforts. Firms should also focus on ongoing sales training to increase the efficiency of their sales team. All the key result area of your sales process will eventually fall in place.

2. Increasing the number of transaction:

Try and increase your transaction limit that is always try to increase the frequency of the customer purchase this will help you in gathering a larger share of the profit that ever before. Gain your customer trust and make the transaction bigger and better.

3. Increasing the profit margin:

This should be you main goal. Profit margins can only be increased by cutting of that extra cost that is eating up your profit. Try and make the cost smaller by figuring all the extra cost that is unnecessary. Also another thing that you can do is holding up your cost constant says Gaurav Mohindra.

Business

Common Mistakes Most Business Entrepreneurs Make

Being a businessperson is one of the difficult jobs on the planet. There are a few career choices that require the same number of skills, sacrifice, commitment, and work. Being an entrepreneur like Gaurav Mohindra is difficult but also rewarding. No matter what type of business you are running, it is crucial that you comprehend some mistakes that tend to plague so many tycoons in today’s market. There are so many mistakes a businessperson can make. Let’s find out;

Expecting Success Right Away

If you are expecting success right away, you are setting yourself up for disappointment. This is good to be confident and has the desire to achieve success, but you should not expect all this early. It takes time to grow a business and even years to make a profit from the business. Being an entrepreneur, you need to be realistic and patient. One of the mistakes that business people make is to expect to make money as soon as they start the business.

Not being adaptable:

You need to be adaptable if you want to be successful in an ever-changing market emphasis Gaurav Mohindra. For instance, if you are focusing only on one product and not adapting the new things or changes in technology, then you will never succeed. Indeed, you need to try to offer different products or services that are in demand. Hence, it is advisable to go with what is in more demand presently, but always be ready to make a change in the future or anytime.

Ignoring your competitors:

The excitement about a new product or service often leads the entrepreneur to think they do not have direct competition. However, it’s rare not to have any competitors in the business world. You will always find someone who has a market share in your niche. Hence, it is crucial to do some research on what these businesses are and how you can differentiate yourself.

Being afraid of marketing:

Marketing can be done in different forms such as word of mouth referrals, traditional advertising, and internet marketing. There is not any fixed rule when it comes to marketing advice Gaurav Mohindra. The type of marketing you should go with depends on what kind of business you are running and who is your target audience. Most business people make this mistake by assuming that they do not need marketing for making money.

Trying to do everything yourself:

A business person knows how to delegate, plain and simple. Trying to do everything you mean you are only setting yourself for failure. You should need to learn how to outsource. There are different tasks related to your business that you can delegate. This way you can utilize your time better and put yourself in the best possible position. Doing everything yourself, you will be left with no time for the tasks that need your expertise and attention says emphasis Gaurav Mohindra.

Not having enough margins:

You must have a healthy profit margin to get success. Setting the margin too low makes it more difficult for you in the future. The possibility that your clients will not be thrilled when you need to raise the prices later on. You should take care of your production and operating costs. Also, you need to determine how much flexibility there is. Is it possible for you to reduce the cost in the future if required? If not, then choose a higher profit margin now to accommodate these costs.

Putting the product first and people last:

When creating a product, you must have a consumer-first mentality. However, most businesspersons are concerned about making money and forget the key to having a sustainable business. It is necessary to have satisfied, loyal customers who will purchase over the long term.

Wrapping up

Being a business owner is not easy and mistakes will be an inevitable part of the process. The above said are a few common mistakes that most business people make said Gaurav Mohindra. Avoid these mistakes, and you will set yourself up for success. All the best!

News

Profitable Business with Low Investment

Starting up a business is never an easy task. There are so many things which are to be considered while opening up a business such as land, labour, type of business, location, capital etc. But the most important thing is the investment says Gaurav Mohindra. Yes, money or capital really plays a very important role while opening up a business and therefore, people often get confused about which business they should start with while having a small amount of money in hand. Niece, following are some of the business options that can be open up with small investments:

1. Candle Making :

One of the best businesses which you can go for is the candle making business. Candles are used in large numbers and are in huge demand. There are multiple purposes for which people need candles. Moreover, these days, there are a variety of candles available in the market and people often look for new designs of candle. Candle making business requires a very low investment and can be opened up for a small amount of around 30,000-40,000 INR. Hence, you can now open up your own small scale business and earn huge profits without much risk and stress.

2. Fashion Boutique:

Fashion and clothing has always been in huge demand in the market. There are people who love to buy new clothes in order to maintain their status and looks. Girls are very picky in their outfits and try to get the trendy clothes whenever possible. Even men these days do not look for the budget while buying clothes says Gaurav Mohindra. So here is another business which can be opened with a very low investment but can help you earn huge profits. All you need to have is the uniqueness in your clothing. Fashion boutique is really in huge demand and can be operated for a small amount of money.

3. Delicious Bakery :

Bakery is another option available for the people who are looking forward to opening up their own business with a low investment. Cakes are always the favourites of people. On every occasion, people tend to cut cakes and celebrate. These days, the demand for muffins and cupcakes is also increasing, and this is the reason why bakery dealers are earning huge profits. Now, you can also earn huge profits with your very little investment. Open up a bakery right now and offer good services and delicious cakes to your customers and rule over the market.

4. Social Media Management Services:

There is no doubt that these days, social media is playing a very great role in the lives of people. Whether these are our big celebrities, or we talk about normal common men, everyone is trying to manage their social media accounts with great efficiency and effectiveness. People with great fan following always try to maintain their social media with beautiful pictures and graphics but not everyone has enough time to maintain their social media accounts. And this is the reason why social media management services are leading in the market. People who are providing social media services are earning huge profits by investing very low says Gaurav Mohindra. So here is why social media management services could be the best business option that you can choose for a low investment.

5. Selling handmade Products :

Each one of us has our own talents and skills. There are many people who are blessed with the skill of making handicrafts and art. So if you are one of those people who have that artist and crafting person in them, then you can choose to open a handcrafts business with your limited investment. You can definitely earn huge profits from this business.

Originally Posted: https://vocal.media/journal/top-5-most-profitable-business-with-low-investment