Good business practices for long term benefits

1. Introduction

Hi friends, a very good morning to you all ☺️ . There is always something special about the mornings when winters are fading and summers are stealthily moving in. My 6 year old clarifies it for me, he says its called spring time ☺️ . Spring time motivates me to write, so here comes my blog. Today, I am excited to share the dos and don’ts for running a business.

2. Things to avoid in a business

Greed! We all start our business to make a living. We must also remember that it is in our hands if we want our business to sustain for a long time. Making big bucks is all very exciting. It is shortlived, if you overcharge !

If you pass the burden of expenses to the  customer, it will be impossible to retain their loyalties. There are a whole lot of options available as we live in an open market now. The customer has the option to explore, way more than before. If you will provide tardy service or high cost, the well informed customer will move on.

You need to retain old customers. They are also sources of new customers, if  your product is good and has realistic cost.

3. Good strategy

We know now that we can’t overcharge, so how do we earn then 😀  ? 

As all parents with good intentions say, hard work 😊 . Yes, but hard work could also be stacking things and unstacking them, and so on.

You need to strategize. It is the toughest part and it requires patience. Find good sources of your raw material etc. Make  profitable alliances. This alliance should get all those involved their due. When all benefit, the business sustains. This is also the  principle of life ☺️ .

Forming a good strategy, being part of an income generating chain of people takes time and patience. Short term profits are possible, but they may not be self sustaining.

4. Book keeping

How do you know if you have earned anything yet ? It’s no brainer ☺️ . Keep track of all your expenses. Write down the amount you spend on every service, purchase, social media promotion etc. You can use the good old ledger book. Many softwares are available to do the same. 

Make a note of payments you receive. Do the simple math ☺️ . You guessed it, the difference of your expenses and payments received is your profit/loss. 

It is imperative to write down all the figures. Otherwise, we can get off-track easily. For eg. we may keep increasing our inventory, thinking all is good. Things may actually be the opposite, if we do the real calculations !

Summary

Friends, start writing down all your expenses and do the math regularly. Share and provide benefit to all the involved parties. Give all their due. Follow ethical practices, and see the blessings follow you ☺️ .

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How to get the most out of your day?

Introduction

If you are a mother, who also works from home, then there are a zillion things that you could be doing at any given moment. All those innumerable things may appear to be equally important. This holds true for anybody and everybody, for that matter  (I mean the males, fathers, office goers, and teachers  also 😁 ) .

Our natural instinct is to start working on whatever takes precedence. If your kid informs about some school work, you start helping her out. You forget what you actually set out to work on. Sometimes, the whole day passes, without acheiving any of your goals. 

    Solution

    Fret no more, friends ☺️ . The most practical way to do all that you aim for in your day is: by making a list ! Before you begin your day, sit down and brainstorm for sometime. Note down all that you plan to do. This thinking and listing takes very little time, sometimes as less as 10-15 minutes. Thats all !

    As your day progresses, refer to your list, and try to complete your tasks. You will realise your day is going as you wanted it to, much to your surprise ☺️ . It’s a great feeling, really.

    You may not acheive all your targets. 70-80 % success is also a great accomplishment. There would be some tasks that you didn’t plan for, but had to pick up due to their nature of urgency. You need to be flexible and open minded for some level of uncertainty . I had no plans of writing this blog today , for example 😁 .

    Summary

    Friends, I have benefitted a lot by making a list of to-do things at the start of the day. I want you to have a productive day as well ☺️ . 

    Happy working ☺️ .

    Photo-credits: My paternal uncle from the hills of Shimla

    Never stop learning

    We can go to good schools. And then get into our dream college. We can add more degrees to top it all up.  This will keep us in good form, financially and socially.

    In good old days, all this could have secured our future for ever. One skill, one job, would suffice to provide for many good years. Not any more! 

    In this ever changing world, where businesses can die overnight we need to be alert and up to date all the time. This can happen if we are in the habit of learning. 

    We can learn from everything and everyone around us. Lessons learnt from one stint can be applied effectively in others.  If you want to run your business, then you need to learn and reinvent constantly. You need it to adapt to the changing dynamics of the market and technology. Because, today there is no defined formula for success.

    Learning also helps in maintaining our sanity 😀 . Empty head leads to confusion and restlessness. Learning makes us creative, boosts our self confidence and raises our spirits. Learn to be happy ☺️ .

    Don’t give up, push a little each day

    Our first instinct on facing adversity is to give up! It is very convenient this way ☺️ . You just need to accept defeat, mourn if you like for sometime. It’s easy to let go of all that you tried creating and believed in. 

    Standing strong and undeterred is what is difficult. Being persistent in any outcome is test of our real strength. We all have that strength, it is not a rarity ☺️ . Trusting that strength and taking it step by step is all we need to enter the zone of awe, the place where dreams turn into reality. Businesses take a lot of time and patience to get established. We need to withstand all that comes our way.
    When we are stuck, its good to  get out of the situation sometimes, to get a new or outside perspective. We may find the much needed solution, this way . Plan a vacation, that helps a lot 😀 .

    I also have a very un-modern belief, if you may say so. Praying helps. Nothing fancy, a simple request to the Universal forces to coordinate 😀 .  I don’t promise any magic. But you will feel lighter, things will move,  you may find the direction that you had been looking for ! No harm in trying, right ☺️ .

    Friends, I hope you will atleast think twice now before stepping down from something that means a lot to you ☺️ . 

    Have a great day.

    Take off, there is no perfect time

    Friends, the biggest hurdle that we face when we want to do something new, big or different, is the ability to start. Yes, we prepare at length, keep doing it for ever 😀 . 

    We try to fix every conceivable problem, meet the minutest requirement and maybe wait for an auspicious time to start our  dream project/business. 

    Well, we discuss and plan, pros and cons. We get encouraged one day, and discouraged the other. Never ending loop, and we just don’t push ourselves enough to takeoff! 

    There is never ever going to be a perfect time and a perfect business, to start with atleast ☺️ . There are many game changing companies that started off as completely different from what they finally established themselves as ! It may happen that you start off in making storage devices, and end up making security software ☺️ . It happens, but what is imperative is that you take that first step towards building what you have been itching to do for a long time .

    Summary

    There are going to be high moments, and there are going to be disappointments ☺️ . There will only be emptiness and restlessness if you don’t move forward. Try out, atleast ☺️ . Failure or success, you try and learn along the path . What can be more rewarding ☺️ .

    Delegate,trust and enjoy

    When you start your business, your expectations are that you would be the master of your work. Your work should not take over your life, to say the least. However, many a times it turns out to be just the opposite! You may get overloaded with work, and the freedom that you soo much looked forward to doesn’t seem to be there anywhere around.

    Don’t fret, it isn’t the end of the world ☺️ . Like every other problem, we can take care of this too. From the very beginnning, whatever you do, try to document it! Ya, I mean it. How you design, interact, dress, travel, anything and everything.

    Once you have figured out a model or process that works for your business, be sure that you write it down, to the very last step. This is like a business manual .

    Now, lets come to the implementation of your written work ☺️ . Delegate your work to someone else! Start by hiring someone, maybe one person at a time. Your document or business manual should be her guide. All steps, all rules. This way you will have lesser to do, and you will have time to expand in other horizons as you desire ☺️ .

    Delegation doesn’t work without trust. So, you need to trust people that work for you. Give them levy, trust their capacities and give them the scope for growth too. Its like a give and take arrangement ☺️ . 

    Aberrations, wastage, loss..are all a part of the game. We will not be able to completely mitigate them, so let your people commit them and improvise. You can get involved in a lesser degree, monitoring over shorter periods to keep a tab ☺️ .

    Friends, I hope this blog was interesting ☺️ . Looking forward to sharing more as I move along on my journey .

    Get going, start doing ☺️ . And feel the adrenaline rushing .

    Popular business approaches

    Friends, as promised in my previous blog , here I will try to state some business approaches effectively being implemented these days. These methods are not very difficult if you learn to bring social media to your use.

    1. Research Amazon, eBay for ideas

    Search on Amazon, eBay etc for the most popular items. Basically, you need to get an idea about what people are buying! Check what prices are those items being sold at. Once you feel comfortable about some products that you can sell, now it’s time to procure those products. 

    A good approach would be to find a source that will help you maximize your profit. Alibaba is one such wholesale provider. They have almost everything that you can think of. You may also hunt for local suppliers who would help you get reasonable profit margins.

    2. Open a shop on Amazon and the likes

    Once you have procured the items you want to sell, you can open a seller account on popular online platforms like Amazon, eBay etc. You then list your products  on these websites. Your shop is up and running ☺️ .

    This will be a very competitive platform, so you need to keep a close eye on your prices. Slowly, build a reputation. Get reviews. Good rating will help you get more customers.

    These days, Amazon sends its people to you to help with packing and delivery. That reduces workload. Also, you get the advantage of humongous traffic of Amazon, you don’t need to advertise separately.

    Disadvantage here is that we are really not sure what algorithm Amazon is using when people search for an item. So you don’t know what will get you in the top search results. Plus Amazon shares your profit ☺️ .

    3. Your own website

    When you have your own website, you have more autonomy about how you would  want your shop to look. And your profit is yours, no third party drain ☺️ .

    The disadvantages: you tediously need to build traffic for your website.  You need to build in the payment gateway. And you need to handle delivery. 

    4. Online+Offline shop

    Sometimes, just online presence is not enough. To get the word out, or to increase the scope of business, you may need to handle both online and offline shop. It means, along with having business online, you may need to sell in real shops, advertise in tradefares, set up stalls in popular places.

    This increases sales, spreads word about your shop, and you get live feedback from people.

    Friends, I hope this was an intriguing read. I hope you will start taking real actions, and share your experiences ☺️ . Because nothing works like actualy getting down in the field and dirtying your hands! Have a wonderful day !