Tag: Business

Running Payroll Yourself Can Be Risky- Trust PaySquare

Running Payroll Yourself Can Be Risky- Trust PaySquare

 

Even the most experienced and meticulous business owner finds that payroll can be a headache. Slap on a stiff penalty for the tax filing omission, and now we are talking about full blown financial induced migraine.

For many businesses, outsourcing payroll services offer attractive and valuable insights to in-house processing. If chosen correctly, they offer a less expensive, simpler means of paying your employees, filing your taxes and performing a host of other duties these companies sales representatives cannot wait to tell you about.

Payroll being an important function for any organization requires specialization and a clear understanding of applicable laws in processing the payroll of the employees. PaySquare’s dedicated team of experienced professionals with extensive knowledge of methods relating to payroll processing can offer you full-fledged payroll services for your all employees and top management.

Describe the business

For over 14 years, Paysquare has been focused on simplifying payroll and offering exemplary services in payroll outsourcing and related compliance matters to its clients spread across various regions. Paysquare, an ISO 27001 as well as ISAE 3402 – SSAE 16 certified company headquartered in Pune with its presence in major cities like Mumbai, Bangalore, Hyderabad and Mysore.

Paysquare is proud to be serving 450+ clients across India and a few international locations. Currently Paysquare processes over 1, 50,000 payroll records every month.

What kind of clients/industry you have been working in the last 6 months?

 We have been servicing clients across various industry segments like manufacturing, IT and ITES, automobile, education, hotel, pharmaceutical etc.

What makes your products or services excellent? You can list few USPs

 The main characteristic of Paysquare which differentiates it from other payroll companies is our ability to simplify payroll operations. Whether it’s a start up or large organization with presence across multiple cities we make payroll management easy for each one of them.

Few of our USPs

  • Impeccable service and excellent client relationships
  • Highly customizable and robust ‘Precision’ software platform
  • Highly adjustable to various/complex payroll requirements
  • Self-service tool ‘myPayroll’ to maintain transparency throughout the organization

What were the business hurdles when you started the company, and how did you improve the turnover?

Paysquare’s’ journey started 15 years ago with a small team operating from a small set up.

As every start up faces different challenges we also faced almost the same challenges while we were moving ahead but we always saw the those hurdles as improvement opportunities.

At the start many of our processes were manual and labor intensive but later we invested in technology and bought automation which increased our payroll efficiency.

With the technology we were able to manage complex payroll requirements of our clients as well. Our robust payroll engine ‘Precision’ and online payroll portal ‘myPayroll’ started getting us industry accolades and acknowledgement.

The organization has seen sea changes in functions, systems and processes which impacted very positively. It has been backed with a strong technological advancement which has taken the organization to new heights.

How did you transform your business from start-up to a successful one?

Taking a small business to the next level requires hard work, perseverance, great customer service and a good product or service. There is no specific turning point in Paysquare’s journey, at every point of time we are only thinking of continuously reinventing/ improving our services, bringing in best practices, advanced technology continue to drive efficient payroll for our clients.

For any business to succeed first you must realize you can’t do it on your own; you need a good team around you. Since inception Paysquare always believed in team work. We work in team & nurture our talent so they can also excel in their career. And having a team to manage tasks always freed up management to focus on business growth.

Describe why this company is the best example of business excellence. Do mention if you engage in social activities/CSR as a part of your business. 

For every organization it is mandatory to have a well-managed and compliant payroll.

But the level of complexity in payroll management is different for different companies. Paysquare always worked with a motto to simplify payroll operations for its clients. The experience of working with clients across different industry segments and with different number of employees made us know every minute detail in payroll management. Over the 15 years we always pushed our limits in terms of technology, automation, process efficiency and customer service. Our sole focus to eliminate hassles in payroll management for our clients made us excel.

Have you made a positive impact within your industry? If yes, how?

 While looking back, we feel that Paysquare has made a huge difference in the payroll outsourcing industry. Our standards and consistency have inspired several other service providers and the industry has overall benefitted with better services offered by us.

Paysquare will continue bring in more and more innovations in payroll management and continue to excel. Paysquare is here to create and deliver lasting value.

 Do you offer a superior level of customer service? If yes, how?

 Our services are highly valued by the clients. As a testimony to the value that we deliver, I am happy to state that many of our clients have been with us for over five years now.

Payroll duties can create a huge burden and unwanted stress for the small business owners. A missed deadline or incorrect filing of the taxes can result in huge fines. To avoid these issues, small and medium sized businesses can benefit from using payroll services.

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8 Crucial Tips To Choose Right HRMS Software For Your Business

8 Crucial Tips To Choose Right HRMS Software For Your Business

If you are considering implementing HRMS Software, you don’t have to be a software expert, but it’s up to you to champion the possibility. If your current tools were meeting your needs, you wouldn’t be thinking about replacing them. To gain the backing you need within your organization, you need to identify what is lacking in your current setup and how your company will benefit from HR Software solutions.

Implementing a new HR Software is not something you do it often, but you certainly want to do it right. Proper planning can help ensure a savvy system choice that will support your organization for years to come.

 

Fortunately, there are guidelines to help you navigate the terrain of HRMS software purchasing.

#1. Image result for smart shopping icon png Do Smart Shop When It Comes To Buying HRMS Software

Before you begin looking, educate yourself. You need to have a solid understanding of the features and functionality available, and how they will meet the needs of your organization. Become familiar with your company’s existing software. What does it do well? More importantly, what could it do better?

Spend some time talking to your team, salespeople, and vendors to determine your software needs. Focus on the needs of the people who will be using the software and the expectation of the people who will be making decisions based on how well the software performs. Ask plenty of questions, such as:

  • Do we need a program that is Windows based or web-enabled?
  • Should it be hosted or do we want to purchase it and install it on our network?
  • Does the company need time collection? Many programs now have integrated applications to track time records for payroll. Some programs allow you to import time records from your current time collection system.
  • Do we need to track employee benefits? Benefits such as accrued vacation and sick time can be tracked and managed with the right program.
  • Do we have any special payroll needs? Will we need to export payroll data? Are there any garnishment issues or other complications we will need to manage?
  • Do we require training management? Determine if the company would benefit from an application with the ability to track, record and schedule employee coursework.
  • What do we need in terms of reporting? Reports may be simple, or they may be complicated, so you will need to find a program that meets your requirements.

#2. hrms software Consider Integration Of Various HR Modules

Once you have created a list of your organization’s HR requirements, talk to various vendors and check how you can integrate the various modules that you specifically require for your organization. To begin with, make a list of all the available modules in the market, and check which can be included for your business’ unique requirements.

 

#3.  Related image Focus On Leading Software Technology in HR

It’s also important that you research a little on the leading technologies that are used for this software. Check out software that uses the more advanced forms of technology such as direct access, mobile technology, and social media. Make sure that the software you select is in line with the latest technology to avoid an immediate upgrade in the near future.

 

#4. Image result for customized icon png Customized Modules As Per Your Business Requirements

Well, although there are some standard processes, each organization has a unique way of functioning. They run their departments as per their business logic and their business requirements. So, the ability to customize is an important factor in any HRMS system.

 

#5. Image result for software testing png icon Software Integration Capabilities

Over the years, your business has probably used a variety of software to handle multiple HR tasks. While an HRMS product many are able to replace many of these outdated systems, it should also be able to quickly integrate with them to make downtime less of an issue.

#6. Image result for software testing png iconTake The Software On Test Drive

Testing the various HR Software is probably the most important part of the process. Generally, you should test for six things: the actual ability to integrate with current software, ease of learning, the simplicity of data entry, function performance, flexibility and reporting capabilities.

#7. Image result for update icon png Updates & Enhancements

As you know, HR laws change continually. That’s why it’s critical to choose an HRMS product that includes regular compliance updates and enhancements to make it better for everyday use. A product in the cloud may also provide added features, such as portability and remote accessibility.

#8. Image result for software integration icon png  Software Support and Security

When evaluating a potential HRMS product for your business, you will want to also note how responsive and knowledgeable the software support team is for your industry. Find out what security features are present to protect valuable employee and vendor data.

 

Taking a short way…

While the above-mentioned process may seem time-consuming, but you will see that it surely saves your for several reasons:

  • By working with the demo software packages, you can make great strides in learning about the program you ultimately select, as well as gain a general knowledge of HR software.
  • You will establish a relationship with the company you later choose, including establishing a rapport with the technical support staff.
  • As you speak with references and other HR professionals, you will learn a great deal about how to smooth the implementation process and will be able to use their tips to cut time out of your process.
  • You will know what implementation help you can expect from the software company and make those arrangements early.

Single Point HR’s  HRMS software is integrated to meet all the needs of HR. It helps to improve the morale and productivity of the organization. This software is designed to meet the needs of various companies and locations offering best HR software solutions.

Single Point HR – A Leading Vendor of HRMS Software Development that streamlines employee management for businesses of all sizes. Get Technomeet HR & Payroll Software Design & Development Now.

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How To Choose The Best Accounting Outsourcing Agency – Answers by Maple Tree for Small Business

How To Choose The Best Accounting Outsourcing Agency – Answers by Maple Tree for Small Business

Most of the small business owners who want to concentrate in building and establishing their businesses can save their time, worry as well as money by PAYROLL OUTSOURCING. Running a small business requires handling several responsibilities – the more you take responsibilities, the less efficient you will become and less likely you are to increase the success and profitability of your company.

The majority of the SMALL BUSINESSES are under 25 employees, and this means that the owner has to be more productive by generating more sales,” says Randhir, the director of Assure IT Services. In assessing, whether or not you should OUTSOURCE PAYROLL there are several questions to consider before you make a decision:

How much payroll outsourcing cost?

Costing depends upon the scope of work defined and the nos of employees. Scope of work would include monthly payroll processing, compliance management-PF/P.TAX./ESIS/Taxation returns filing, other activities like Full & Final settlement, Investment proof checking and auditing, Form 16 generation, Default notice management received from the Income tax department etc. These activities are conducted on a monthly/quarterly/yearly basis. The clients prefer a break up on the costing depending upon the activity. e.g. What would be the cost for Investment proof auditing which will be an activity conducted once in a year only. Number of employees also plays a crucial role. In case of start up with less than 20 employees the client may be charged a fixed amount per month with a cap on the number of employees. e.g from 1-25 fixed charges of Rs. 5000/- per month. In case of companies with an substantial employee base may be charged on a per employee per month basis for basic monthly payroll processing, rest of the activities like employee F&F, Investment auditing will be quoted separately.

Which seems to be a good option, In-house or outsourcing PAYROLL?

The general trend seen in the last few years is more towards OUTSOURCING PAYROLL. Payroll is a once in a month activity in every organization but it requires joint efforts of more than 2 people from different departments coordinating with each other. i.e. the HR person who takes care of the employee records/salary structure CTC working etc. and other person is from Finance who needs to take care of compliance i.e. monthly tax challans, quarterly and annual returns filing, investment auditing, FORM 16 submission, handling tax queries of employees etc. For a start up/Small /Midsize company using the 2 resources for single activity is a costly affair and for a large organization with a PAN India presence will require more than 2 resources in both departments (HR/Finance) to coordinate between the Head Office and Branches. So the best solutions seen is to outsource the activity to a single entity and appointment a single resource to coordinate with the third party on all activities starting from payroll to taxation and compliance. Compliance is getting tougher day by day, companies are paying heavy penalties in terms of late tax returns filing, short tax deduction, incorrect calculations etc. Replying the default notices and other compliance queries take a lot of the employee productive time though these issues are completely non-productive in nature. Companies want their employees to focus on the core activity for which they have been appointed and hence outsourcing such important but non-core activities becomes a better solution.

Is my employee data secure when I OUTSOURCE PAYROLL?

Employee data security is an important aspect of payroll outsourcing. Data security can be of 2 kinds a) Having a robust data backup systems & b) Non-disclosure of client employee information to a third party. Data Backup Systems – Data is backed up on internal servers and also at other backup systems situated at a different location. In case of a sudden failure of internal systems data can be restore from other locations within no time. Data backups are broadly classified as monthly backups/ quarterly / yearly backups. Once the active month is processed and closed a final cut backup with be generated by the system. In a similar pattern the quarterly and yearly closed backups are generated. Clients also sign a non-disclosure agreement with the payroll outsourcing company preventing them from disclosing any employee information without prior permission.

How to choose right payroll outsourcing partner?

Payroll processing as an activity comprises of 2 key aspects which is Processing of monthly payroll & Auditing of processed data thereby maintaining accuracy. In PAYROLL PROCESSING data accuracy has to be maintained at the master level as well as at the calculation level. Before choosing a payroll partner one must understand the practices implemented by the partner to process and audit the data at the master level and at the calculation level. Most of the time the auditing aspect is ignored by the partner as he expects the client to audit the processed data at his end, in such a scenario the whole purpose of payroll outsourcing is defeated. After auditing if the client comes across errors in the processed data then later on he would prefer to move to another partner or go for the in-house processing option. Points to be considered while selecting the payroll partner would be

  • Understanding the payroll process flow adopted by the partner. How does the partner process payroll for its existing clients.
  • Internal audit practices built by the partner to maintain the accuracy in data.
  • Knowledge on the subject matter. Is he partner updated with the changes happening in statutory compliance? E.g taxation, investment, P.F.,P.TAX etc.
  • Customized plan of action designed by the partner for the client in order to maintain the deadline of the payout date.

How much employee strength do you need to OUTSOURCE PAYROLL?

Today companies prefer to have their systems in place from day 1 itself. Every organization however big or small in a competitive environment thinks alike. Assignments get broadly classified under core and non-core activities. Any assignment that adds to the productivity of the company or the employee may be internally managed. Assignments which are routine and mandatory but do not add to the company’s productivity in terms profit or any other format and also demand additional resources to manage are preferred to be outsourced. The employee strength in the company is not anymore a deciding factor. The HR / Finance Head in an organization has to decide whether he should invest 2-3 days in a month on a non-core activity of processing payroll or invest the same time on a core activity within the organization.

About Assure IT Services 

Assure IT Services is a PAYROLL PROCESSING company in Mumbai, offering payroll services to start-ups and mid-sized companies in India. The company offers 360 degree payroll management outsourcing solutions with the state-of-the-art software and a team that is well-versed in payroll services.

Randhir Nagvenkar is a director of Assure IT Services. He is a management graduate and has played multiple roles, from product marketing to implementation at the client side. Over the years he has gathered skills and knowledge in executing and managing large scale payroll implementation projects in various industry verticals.

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10 Staffing Strategies For Controlling Costs Suggested by Recruitment Agencies

10 Staffing Strategies For Controlling Costs Suggested by Recruitment Agencies

In today’s scenario Recruitment agencies have gained a great expertise about the prevailing job market conditions. Taking their services works best for a business just starting to make its presence felt as for them managing and recovering costs is a task in itself. In order to keep yourself afloat in these circumstances, it is imperative that you pay attention to the way you are staffing.

With appropriate steps you can reduce overtime, payroll and benefits cost and even manage to improve the flexibility and quality of your service. To guide you better read on to find our take on staffing strategies suggested by recruitment services agency that will help in controlling costs.

  1. Recruitment agencies can reduce training costs 

Getting your employees trained is an expensive proposition. This coupled with the fact that hiring novice staff leads to loss of productivity which is also an expense in itself. If you are still unable to handle the same then outsourcing the hiring part to a reputed service provider can come as a solution to your problem. While working closely with the staffing agency you will get access to candidates who are previously trained and have the kind of skills that you require for the job. 

  1. Converting your fixed costs to a variables  

For any business or company just making a foothold, labor can be an unmanageable cost. However, implementing a planned staffing model will help you in curbing the costs. Not only that a planned model will let you hire the staff needed to manage your peak production work. This strategy works well for normal labor plus even for project-based opportunities in Finance, IT, engineering etc. For better results, team up with a recruitment consultant who can handle these responsibilities well.

  1. Cutting overtime expenses

Once your business starts showing signs of surging then recruit temporary employees to handle the extra work. Doing that you would be able to reduce the overtime costs plus you won’t have to pay the benefits and even the payroll administration costs. This contingent staff can help you in reducing employee burnout and hence reduce your costs by nearly 20%. In case confused over how to do so consult recruitment agencies to guide you better. 

  1. Hire Recruitment agencies to reduce the turnover

There are some jobs which come with high turnover costs. These not only involve high replacement costs but also insignificant costs of project delays, quality issues and hampered productivity. However recruiting temporary employees at such high turnover posts can reduce the expense you would have to incur while looking for replacements.

  1. Improve your hiring accuracy

Hiring the wrong person can lead you to spend from two to seven times the cost of a regular employee. A hiring and staffing agency will use principles of technology and economics to reduce the amount of time you take to hire. Such recruitment companies also reduce your costs associated with resume searching, signing recruitment services contract, screening, interviewing, testing and finally reference checking. This in turn also reduces disruption if any to your business and you can divert your energies to doing something productive.

  1. Cut on the legal expenses

Any employment related lawsuit can be vastly expensive and even hamper with the execution of your other important tasks. Staffing services firms ensure that proper paperwork is followed while getting employees on board. Not only that those recruitment agencies manage all the financial and legal regulations related to payroll, benefits, taxes and government set rules. You, in turn, save your money by limiting the liabilities that are associated with hiring your employees.

  1. Remove your administrative burden

Instead of direct hires if you are able to hand over recruitment of temporary staff to an external agency then all the burden associated with administrating payroll and other benefits automatically get shifted to them. Implementing the right staffing solutions will ensure that you are able to comfortably reduce the administrative expense of hiring people.

  1. Limit your expense on benefits

One of the very high expenses in staffing the benefits is also an opportunity to save some extra bucks. When you hire temporary employees from a staffing firm then all the costs of such benefits provided to them falls back on the agencies shoulders. If your small business head count is near about 50 people then hiring contract employees becomes the least expensive way to manage the growth of your business. However, hiring the best staffing firm to get the job done is also critical at this stage. 

  1. Preventing employee claims

The temporary employees that your recruitment firm hires for you work for them and hence any issues from their side will be handled by the agency itself. Hence if they have any issues with the working of the company they will raise it with the agency itself. This, in turn, reduces your business performance getting affected by this. However, it is required that you finalize these terms and conditions with your recruitment services agency beforehand.

  1. Cut hiring costs

Constraining the capacity of an employee is a method of ensuring better productivity and also saving up on some extra costs. Free up your efficient employees to do jobs which need better focus. The rest of the tasks can be handled well by contract employees hired by you. You could also hire up professional temps who can handle your simple projects and keep them on the right track. If you are able to recruit the right kind of people to be sure that your work will be done efficiently and even reduce your administrative costs.

For any upcoming business surviving in the cutthroat industry is not possible until unless the costs are kept under control. Using staffing to do so is not a very tough job provided you have the correct agency to guide you in doing so. Reducing the company’s bottom line need not have to cost you time, efficiency and productivity. Look for reputed recruitment services firms, to handle these responsibilities for you and even prepare a staffing strategy which helps you in saving on all fronts. Searching on the internet with your required information is most likely lead you to connect with the correct service providers.

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Lead Generation Services in Pune Decode the Importance of Lead Generation in the Marketing World

Lead Generation Services in Pune Decode the Importance of Lead Generation in the Marketing World

Top lead generation services in Pune believe that if you need your business to succeed, you need to have a strategy to attract the right kind of audience and get them to express interest in your business. Cold calling, blast emails, and relationship management have become old school and businesses are increasingly finding newer and more advanced methods of attracting the right audience to their business.

The formula is simple-If you need good sales figures, you need people to show interest in your business and for that to happen you require the right kind of strategy and lead generation tools. You need to create some demand for your business to pique the interest of your prospective customers. While there are different levels of interest for any customer and only the right kind of marketing strategy will take you to the highest level which would involve the customer completing the purchase.

But what exactly is lead generation? Let us understand this with an example. A prospective client is browsing and chances upon an interesting ebook or an article, the content is interesting and engaging which compels the customer to divulge his personal information in exchange for that content. The customer is a lead for that business. Generating such leads in a highly formalized and strategized fashion is called lead generation and the tools used for procuring leads are the lead generation tools. In simple terms, a lead is a customer who gets connected with your business by filling out a form requiring personal info and contact details, registers for a demo, product trial or a web seminar or class. A person who connects with you through your business ID or phone to know more about an offer or product is also a lead for your business.

Why is Lead Generation Important for your Business?

Many businesses struggle in the marketplace due to their inability to get better sales lead and newer clientele base. However, in reality, they just aren’t looking hard enough or lack the expertise to find the right techniques to do so. According to a survey, companies that use lead generation techniques are a step ahead with twice the rate of sales conversion than those who are not active in online lead generation.

There is a statistics which points that more than two-thirds of B2B marketers are showing interest and actively investing in lead generation techniques. There is a growing awareness of the need for lead nurturing and the market automation.Lead generation campaigns are evolving rapidly and with almost all the information available online, you have to find out a reliable lead generation marketing strategy to stay ahead of your competitors. A good lead generation process is one whichcan build a relationship of trust with its audience, reach out to them effectively, pitching the business in a very subtle way without looking too sales-oriented or pushy.

What is the Foundation for Lead Generation?

The most effective lead generation technique is focused on good content. There are many possibilities and opportunities which your business can utilize to connect with your audience and gain their trust.

#1. Blogs

This is the first place every business should start alead generation with. A search engine optimized blog page is sure to attract audience. Placing the CTA button in a place which doesn’t disturb the focus on the blog and at the same time doesn’t get missed out helps a lot. If you can engage your audience with a good read, they are sure to come back for more and might even be interested in knowing more about your business.

 

#2. Website

This is ultimately your company’s virtual face and one of the most potential places for lead generation.This is also the place where your sales conversion actually happens. So enabling a lead generation tool here would actually make a lot of sense with respect to both engaging with the audience and also in getting connected with them. A newsletter or a demo form on a well-structured web layout would work wonders on your sales numbers.

 

#3. Social Media Platforms

Nowadays you can find more people online than offline. Targeting all the social media platforms relevant to your business can actually convert into a good number of leads for your business. Being where your customers are helped in connecting better and also building your brand effectively.

#4. Educational events and Webinars

Any educational event, seminars/webinar, tradeshow or a small function is a great source of crowd gatherer. Be it an online event or a real one; make sure there is a shout out and prominent display ads available online through which your target audience can get in touch with you and your business.

There are many other such forms of lead generation techniques one can utilize. Let us now look at some pointers which can help you understand why this is the next big thing in the marketing world.

i) Less Expensive

The first thing you as a businessperson would look at is its cost effectiveness, right? B2B lead generation is by far the most cost-effective and affordable marketing technique which gives a very good sales conversion and a list of potential customers.

ii)Minimises the Risk of Overwhelming customers

When you try to connect with their audience, sometimes there is a risk of overwhelming them with data abundance and too much information. They might end up being confused about what they feel about your brand. However, with lead generation techniques, the prospect is simple-A customer will connect with a business and divulge personal information only when they are fully comfortable with the business and are interested in knowing more. They are the part of the audience who can become your prospective customers if given the right push.

iii)Less Time Consuming

In the business world, it is all about who makes the best out of the given time and resources. Imagine how your business would develop if you had to go through the traditional practice of cold calling all the prospective customers and facing rejections? Wouldn’t it be better if you actually had a better if you had a more focused and more reliable source which can give you more sales conversions? Fret not, lead generation is your answer.

social-media-lead-gen.png

iv) Focused and more Targeted

Lead generation technique has a better chance of converting to sales as the leads are actually interested in your business and are curious to know more. The chances of them requiring your services or product is potentially more than any other audience through a different source of web traffic.

Lead generation is a proven and an efficient way of attracting an audience and increasing your sales. Many small and mid-size companies are therefore increasingly investing in lead generation services in Pune and are more aware of the plethora of benefits it can offer to your business development.

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Factors To Keep In Mind While Choosing Business Plan Writing Services In Pune & Mumbai

Factors To Keep In Mind While Choosing Business Plan Writing Services In Pune & Mumbai

The demand for business plan writing services in Pune and Mumbai is increasing due to a rise in the entrepreneurial Eco-system. One of the important aspects of an entrepreneur’s journey is building a business plan. Whether it is being built to gain more clarity on the concept and plan various scenarios, or for raising investments, a business plan will serve all the objectives.

However, most of the entrepreneurs are usually people who have expertise in technology or marketing. Thus, most of them lack skills in building a successful business plan. This is where a professional business plan writing service will come handy.

Taking services of a project report writer isn’t as simple as hiring an outsourcing partner. Often, the business plan writer ends up in providing business plan and model guidance. And thus, the quality, skills, experience and technical knowledge of the writer matter the most. A business plan writing service provider comprises of a team of experts that take an entrepreneur’s plan of the idea and numbers, and combine both with their own research in order to produce a professional business plan.

 

Business plan writing services in Pune & Mumbai

image source:Blog externetworks

Nonetheless, business plan writers don’t merely reformat an entrepreneur’s Pre-planned numbers and put them into a business plan. Neither, they provide a service which challenges an entrepreneur from every angle. Wise business plan writing service providers strike a balance of holding to the entrepreneur’s idea, also improving them accordingly where the experts see a fit. Following are the factors that an entrepreneur must check before hiring business plan writing services in Pune & Mumbai.

  1. Package offering

    In most of the cases, business plans are created to raise investments. But apart from that, there are various other reasons like creating a plan for hiring purpose, various planning scenarios or while plotting against the competitors. Depending upon the objective of writing a business plan, an experienced writer should be em-paneled. Also, the writer should be evaluated on their complete offering.

Certain writers provide advice and consulting along with business plan creation, other merely edit a business plan written by the entrepreneurs and few provide a hybrid service. Few service providers also help with a growth implementation strategy which can include creating websites, generating business leads, managing marketing campaigns etc. Since the service provider understands the business concept and the entrepreneurs, it may make sense to utilize their other offerings as well if they are suitably charged.

  1. Cost effectiveness and result oriented

 For entrepreneurs, time is money and a writer should be able to deliver the best quality at the most competitive cost. Entrepreneurs have access to limited financial sources when they start with their journey and it is important to use those funds wisely. A business plan writing service provider should be able to write and research on the plan so that the entrepreneur can focus on launching and growing the business. At the same time, it is important to select a service provider which offers a complete end-to-end solution which includes research, advising and recommending and the creation of a plan to launch the business. Such service becomes completely useful for the entrepreneur in the long run.

  1. Experienced writer

 A good business plan writer has relevant work experience in the broad range of business. The service providers should either have been an entrepreneur or senior manager in a company where they have built business plans earlier. It’s the accumulated business experience and knowledge that makes a writer valuable. Usually, a good business plan writer is experienced in a number of different types of industries or businesses while also possessing specific domain knowledge. A business plan writer shouldn’t be selected on their qualifications only but also on the basis of a broad and specific business experience.

  1. Customized plans and not template users

 There are various business plan developing tools available online. However, a business plan writer must be able to customize the plan as per the entrepreneur’s vision and the domain they operate in. A template-based approach may overlook many interesting aspects that can be included in a business plan. This may involve using case scenarios, unique processes and supporting content. The presentation of a business plan is also one of the biggest evaluation factors and the writer must suggest innovative ways present the plan to potential investors or collaborators.

  1. Proximity of the business plan writing services in Pune & Mumbai to the entrepreneur

 It is important to choose a business plan writer who is available in the same location as the entrepreneur. This can be debated at length on the grounds of sophisticated technology usage like video conferencing or Skype, however, usually, it gets challenging for entrepreneurs to communicate their ideas or express their views. In such cases, a face-to-face meeting regular meeting can facilitate brainstorming, feedback and necessary changes to the plans. Additionally, in such cases, the business plan writers can also work out of the entrepreneur’s office and consult them as per their doubts or requirements.

  1. Business plan building process

 While outsourcing to a professional business plan writer it is also imperative to understand their process. It is recommended to choose a service provider which can keep sharing intermediate updates and clarifications so as to complete the assignment in time. Also, both the strategic and financial plan of a business plan are interdependent of each other and will be required to be prepared simultaneously.

Certain writers start with an open-ended questionnaire format and few others get in details to map out the business and recommended changes to the core business model. Also, since the business environment is dynamic the entire plan may require a change in the business model or plans mid-way and a writer must be able to acknowledge the fact and make necessary changes.

Conclusion

Starting a new enterprise is always hard, however, at the same time, it can be extremely rewarding. The way to push through and make a new success is by having a clarity. Hiring a business plan writing service in Pune & Mumbai who are located at a close proximity will help entrepreneurs to build a plan faster. Hiring a professional project report writers involves recruiting someone who understands the entrepreneur’s business and can add value by including a strategic plan.

A general writer won’t be able to build such a plan and serve this need. The writers need to have complete clarity on the business concepts, expectations, and the plan of the entrepreneurs and the knowledge of the business environment. As an entrepreneur, one may have to meet and interview a lot of writers prior to making a decision of whom to work with. It’s important to clarify the above points to receive the most out of the business plan writer.

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