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Facing Retail Revolution: Options for MSMEs

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Dr. Manmohan Singh said, in his address to the nation on 21 September 2012 made an attempt to justify ‘reforms’. His speech and arguments summed up the entire debate on economic reforms that he is currently pursuing in areas such as FDI in multi brand retail and reduction of subsidies.

Strategy Planning - a Must for Start-ups

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With the growing entrepreneur ecosystem and small and medium enterprises (SMEs) in India, proper planning in strategy and execution is most important for business growth and to survive in the market.

Building Brands: SMEs need to Know

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It is a dream of every entrepreneur to make his products or services popular. He does all possible efforts to make it a brand. But we all know that the developing a brand from scratch is lengthy process. It is also a costly affair if someone takes a conventional approach in building a brand. It takes years to derive to a brand to reach out to the mass consumers. A successful brand is the result of effective marketing, advertising, superior product quality and offering the best value proposition. This is perhaps a limitation point for an entrepreneur from the small business segment.

A brand is the identity of a product, business or a service. In today's day and age, every company in the market is jostling to make a place for themselves. In this over-communicated market, it is only a brand which has etched itself in the mind of a consumer – ensures that it survives getting lost in the crowd and create a place for itself in the hearts and minds of the consumers.

Road to Success is Through Research

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Entrepreneurs from the small businesses category usually have a tremendous need for research. Almost every growing business requires efficient, prompt and comprehensive research. But most entrepreneurs do not understand how to effectively execute the marketing research & analysis process to meet their business goals.

Marketing research for small business owners who have witnessed the fact that they are running a growing business, must have to execute an in-depth strategic marketing analysis, which could allow them to understand their current position in the marketplace, identify opportunities to increase market share, and get a better understanding of the customers as well as competition. It will also assist in making tactical decisions based on facts rather than intuition.

Tips for Employee Motivation

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The business owner must have to think and examine the current status of his/her workforce energy levels. Because positive frame of minds can reflect result oriented efforts. Motivation often brings great value which higher salaries cannot bring.

Here are some ideas on How to motivate and energize the workforce.

Tips for Scam Free Business Process

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The ultimate objective for any business owner with regards to the business operations always revolves around creating a transparent and flawless business process.

The ideal objective behind such mandate is to keep the business completely free from any kind of financial fraud that can tamper the company’s growth.

Every entrepreneur wants no vulnerability in the business process. But, even if they think they have taken every precaution to avoid fraud, their business still could be susceptible to scams. There are literally dozens of scams that can target small business owners at any time, and they come from the whole spectrum of sources: email scams, fax offers, phony phone calls and not to mention internal threats from staff.

Advertising for Growing Businesses

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In some businesses, advertising can be an important and integral part of its activity. Having said this, advertising can be very costly and many small businesses just can’t afford it, hence they often tend to ignore this side of the business.

However, it is like insurance, even if you can’t afford it, but you cannot ever afford not to have it. As someone has wisely said, “When business is good it pays to advertise, when business is bad you’ve got to advertise.”

Last Updated ( Wednesday, 16 November 2011 11:54 )

Employee Loyalty: Key to success

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For any business, team work is essential. For entrepreneurs it is a must to explore the best possible ways to engage people around him for his business In most cases of small business owners, this becomes a challenge because entrepreneurs often look for such people to take responsibilities but they don’t really think on enabling those people around him to take those responsibilities.

There are few other important aspects in this area but employee loyalty becomes a major aspect in this.

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