Tag: Business

How Your Business Plan Strategy Can Make or Break your Startup

How Your Business Plan Strategy Can Make or Break your Startup

Business plan strategy is definitely the first thing that would come to your mind when you start your business. It is impossible to run your business without a start-up business plan in place.

Since no two businesses are the same, there can’t be a benchmark in terms of a good business plan strategy. It can only be categorized as what works for your business and what doesn’t. However, the fact stays that your business plan strategy has the power to either make or break your business depending on how much of thought and efforts you have put into it.

Business plan strategy is definitely the first thing that would come to your mind when you start your business. It is impossible to run your business without a start-up business plan in place.

Since no two businesses are the same, there can’t be a benchmark in terms of a good business plan strategy. It can only be categorized as what works for your business and what doesn’t. However, the fact stays that your business plan strategy has the power to either make or break your business depending on how much of thought and efforts you have put into it.

You can divide the components of business plan into two parts- those pertaining to the deliverables and those pertaining to its marketing and sales. Companies that write business plans are really ahead of the game when compared to those who don’t have one. However, there are some vital decisions which are a part of this Business plan strategy that determines the fate of your business. These key strategic decisions are almost inevitable and every entrepreneur has to make a choice at the start of their business.

If you are starting your business and don’t end up making blunders in your small business plan, here are few pointers that might help you understand your business plan strategy better.

Decisions in your Business Plan Strategy that can Make or Break your Business

Here are some strategic decisions in your start-up business plan that can neither be omitted nor be ignored and that which would ultimately decide the future of your business.

1.    Business Goal

Every business exists because of a particular goal. It is one of the most primitive things about any startup. What can go wrong in that? Everything! A successful startup is…….Read More

 

 

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Write an AweSME Business Plan – One Banks Can’t Resist

Write an AweSME Business Plan – One Banks Can’t Resist

Every SME needs a business plan. It helps you know where you came from and where you will head tomorrow. Perhaps its most important utility lies in the fact that it attracts funding. Banks need a sound business plan before they will consider giving you a loan.

As a small business owner, it is imperative that you create an AweSME business plan – one bank can’t resist. In this post, we have listed 8 essential elements of a winning business plan.

  1. Executive summary: Summarize your business plan in one to two pages. Although this appears on the first page of your document, it is usually written after you have completed the rest of your business plan.
  1. Business Description: This section should contain a brief overview of your industry, its history, current state and future opportunities. Following this will be a description of your business, its beginnings, team, your short-term objectives and long-term goals. This is where you convince the banker about the bright prospects of your success.
  1. Product Offering: Include a brief description of your product and service offering. More importantly, describe their distinguishing factors, what makes your offering truly AweSME and why they have tremendous scope in the industry.
  1. Sales, Marketing, and Promotion: In this section, illustrate the state of the market along with your business development processes, promotional costs and competitive edge.  Convince the banker as you would a customer. Consider showing samples and photographs of your products. Flaunt success stories and testimonials that you have from delighted clients. In short, sell, sell, sell in this section.
  1. Operations:  This section must outline the administrative aspects of your business, including location, logistics, and operations. Give details about your equipment, supply chain, credit policies, and applicable laws as well as manufacturing and overhead expenses here.
  1. Finance: Records of financial transactions, investments, cash flow, etc. must appear here. The purpose of this section is to exhibit your business’ financial strength.
  1. Management team:  Include details about the Chairman, CEO, Directors, etc. as applicable. If you have reputable external consultants, advisors or supporters, this is a good space to acknowledge their involvement as well as show the banker that you are AweSME enough to gain their interest. Also, mention your team hierarchy and the roles played by each member.
  1.  Projections: Dream big and back it up with facts. Show how you expect the industry at large and your business, in particular, to grow in the long term. Display your competitive edge. Put some serious thought and time into writing this section.

In conclusion, remember that most banks do not even grant an interview without perusing your business plan first. Needless to say, a carefully thought-out, comprehensive business plan that reflects great ideas backed by solid practicality is essential to get the required funding that will turn your business truly AweSME.

DBS can guide you on this journey to AweSMEness. Find out how.

 

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Business Plan- Who Needs It? Top 5 Business Segments Where Business Plans Widely Used

Business Plan- Who Needs It? Top 5 Business Segments Where Business Plans Widely Used

business plan is simply a document outlining business objectives and how these objectives are going to be met by way of tactical plans. Included in a business plan are business strategies, aims and objectives, people, pricing strategy, marketing and communications plans as well as key financial indicators.

Where Is Business Plan Widely Used?

business plan is like a map and a compass for a business. Without it, you’re traveling blind. With a plan, you set objectives, establish priorities, and provide for cash flow.

Business Plan is widely used in…

1.You are applying for a business loan.

Majority of the banks require it, and even those that don’t strictly require it expects it. They expect it to be a summary of the business, with some predictable key points.

2. It is used when you are looking for business investments

Investors require a business plan. They invest in the people, the idea, the track records, the market, the technology, and other factors; but they look to the business plan to define and explain the business.

3. It is used for Alliances

An entrepreneurial firm may need to form alliances with other firms to reach new markets, develop new products, or create common facilities. Other firms may want to know more about the business before committing to any long-term arrangement. Sometimes, a business plan can help convince a well-established retailer or distributor to commit to the start-up.

4. It is used if an entrepreneurs… READ MORE

 

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How To Make Business Plans for Small Business in India

How To Make Business Plans for Small Business in India

Business Plan….It is building a Blueprint for Success

Planning Your Business – You are thinking about starting your very own business, but you’re looking for a little guidance to ensure you’re headed in the right direction.

Why It Is Important To Prepare A Business Plan?

Many entrepreneurs write a business plan only when they need to secure start-up financing. However, your plan is far more than a document for banks and investors to read; it’s an invaluable road map for launching and growing your business.

In order to put your business concept on paper, you need to think through and research the many factors that are needed to make sure your business is a success. With a plan, not only can you spot potential weaknesses, opportunities, and threats, your plan can help you make informed decisions about your venture before you commit yourself legally or financially.

What should you include in your business plan…

business plan chart1

 

What Are The Critical Components Of Winning Business Plan

At the top of the page, right under your business name, include a one-sentence overview of your business that sums up the essence of what you are doing. This can.. READ MORE

 

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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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