What corporate managers can learn from Football teams

What corporate managers can learn from Football teams.

The world of business management is becoming more of a game of football.

Managers of football teams formulate strategies and decide on playing formation. On the field, though, the team has to think on its feet and respond in real time to a chaotic and ever changing situation, which is no different from business environment today. It has to respond to strategies, tactics and on-field formations of the rival team. The team manager can interject only in a limited way, i.e. peripherally, from the side-lines, during breaks and substitutions.

As the game progresses, the players take on each other’s roles depending on the situation with no manager or captain to instruct them. The players are a team in the truest sense. Every player is aware of the objective. That is, to score a goal and to prevent the other side from scoring. There is role clarity, mission clarity and group cohesion. Eventually, the team that succeeds is the one which is more adaptable and responsive than the other, skills, speed and stamina notwithstanding.

This defines the roles of managers as well. Just like football managers, the managers in the corporate world have to build good teams with necessary skills; build an organizational culture and eventually hold people accountable to that cultural credo. They have to build self-governed teams in which members trust each other and have the liberty to question one another and resolve differences apart from learning from their mistakes.

Today, the business management world is very different from the 1900s when Taylorism (Scientific Management) flourished and efficiency was fervently worshipped and pursued. A business dialectic which mandated profit only with lowering of costs, led to a stratification of work-place culture into managers (the guys with brains) and workers (the guys with brawn). Any creativity from workers was discouraged.

Today, advances in information and communication technology have made it possible to eliminate information asymmetry both within the organisation (between staff) and in the market place. Bowing down to person who proposed Strong and Weak market theory in finance, today no company or brand can dominate the market or no company can consistently beat the market.

The life of strategic innovations does not last few months, forget about years. A small development on the opposite side of the world can throw the best prepared strategic plans out of gear. Similarly, the working class distinctions are now dimmed with services taking equal importance as products do. Today people plan and also implement and have blurred the class distinctions that Taylorism had created. No class distinctions can be made in consulting, process outsourcing services, Information Technology etc.

All these developments would force CXOs to devolve planning, resource generation, control and monitoring functions, traditional management functions, to operational staff or people at the field. The rapidly changing marketplace, in which strategic advantages cannot be sustained forever, is pushing and will further push companies to ensure that advantageous tactical opportunities are not lost. The organisations of today cannot afford a big and slow hierarchy with endless levels of approvals. Lean, mean, flat and nimble – this the trinity of survival. The organisation of tomorrow will not be hierarchy of individuals but a network of teams. (https://rajneeshrastogi.wordpress.com/2015/02/26/team-based-on-organisations-a-new-organisation-structure/ )

Given the current levels of competitiveness, many companies are now providing increased autonomy and more effective risk-delimited freedom at workplaces. They are eliminating redundant and obsolete hygiene encumbrances to improve motivation and productivity, and are trying to tap into the latent creativity of their employees. For example, at Srijan, we would let team members approve each other’s leaves, work from homes and let them hold each other accountable through daily standups.

The managers of today have to increasingly rely on teams of members with complimentary skills, a democratic framework where team members can challenge each other’s mindsets to develop optimal solutions or take optimal decisions. Peer level controls, or as some people say, tribal controls, have proven to be more effective in ensuring compliance with organisation norms and value of the team. effective cohesive team of high performers would automatically develop its own criteria for recruitment and would ease off performers who are not able to meet with their quality standards.

Once the team members understand the purpose of the organisation, the role of the team to which they belong, and are equipped with the necessary information, the organization would win. Does this then beg the question: who should build such teams?

Cradit :
https://rajneeshrastogi.wordpress.com/2017/02/26/what-corporate-managers-can-learn-from-football-teams/

Building football teams at work

Building football teams at work

The world has become very complex and is moving to an age of artificial intelligence. Toffler would have defined it as the fourth wave. This age is characterized with quick dissemination of information, a globally connected world with services being provided digitally over the wire. The markets, including financial markets are interlinked, connected and inter-dependent. The orderly world, in which companies knew and understood their business environment, knew their competitors, could predict and prepare strategic plans has now given to a world where their business could be upstaged by a disruptive technology from a startup on the other side of the world. Competition is always on heels threatening to bite if pace slackens.

Organizations can only survive by building teams that can respond to changes in environment, take decisions and implement them. These are teams that have the authority, responsibility and accountability for their decisions, something similar to football teams (https://rajneeshrastogi.wordpress.com/2017/02/26/what-corporate-managers-can-learn-from-football-teams/). With increasing complexity and increasing dependence of tasks, a person could be member of multiple teams that may run horizontally across functions or may run across vertically in a functional area. (https://rajneeshrastogi.wordpress.com/2015/02/26/team-based-on-organisations-a-new-organisation-structure/). For example CFO in a country office would be member of senior executive team and also a member of finance team. The structure can be a strategic choice for the organizations to succeed.

The role of CXOs (CEOs, COOs, CMOs, CFOs etc) would be to build effective teams and build a culture with shared values that binds teams together. Effective teams are characterised by cooperation, collaboration and seamless interchangeability in roles. Teams, like Tribes, also have their own norms that all team members are expected to follow, and use peer pressure or social pressure to ensure compliance.
Organisations need to provide an enabling environment for teams to flourish and succeed. This would require changes in structures, policies and workflows. Some of my experiences are shared below

1. Recruitment is team’s responsibility

Interpersonal relationships are an important element of team success besides trust. Hence it is essential that primary responsibility for recruitment resides with the team. The team could recruit by building consensus amongst its members or giving each member a veto. At Srijan Technologies, a company I worked with, our philosophy was that recruitment is everyone’s responsibility. Beyond functional skills, it is attitude and other soft skills that are important but are difficult to gauge through questions.

Attitudes and biases can be sensed by individuals. That is why we preferred in-person interviews over ones on skype or phone. While the immediate team got more weightage, the interviews also included extended teams or other stakeholders who would be working with that candidate. We once had a situation where a senior developer and the CEO had differing judgements on a business analyst candidate. We had an open discussion on the issue and finally went with the senior developer’s choice.

Another instance I recollect is from CARE, an international NGO. We were interviewing for a project manager for a program with commercial sex workers (CSW). The project director included some CSW’s in the interview panel. His hypothesis was that if a candidate is not comfortable interviewing with a CSW then they would not be comfortable managing the project, and a CSW could best assess the candidate’s comfort. I would say the same logic extends to teams.

2. Successful teams sit and work together.

Getting all the members to sit together is the most effective way to minimize information asymmetry within a team. Physical proximity promotes and encourages transparency. There are no barriers to communication such as inertia of lifting a phone or calling someone when s/he is busy. The team members can see each other’s availability and quickly resolve issues. One of the biggest advantages of such arrangement is the formation of deeper bonds within team members. Teams provide an emotional anchor especially to new members.

The company does not have to run a mentorship program. The team members act as mentors and guides. Since the same cannot be done for Distributed teams – other tools and practices need to be adopted. For example, scheduling a daily team meeting; Tools like common folder with access rights to everyone. Thanks to tools like google docs, chatbots, etc., Distributed teams can collaborate effectively.

3. Democracy in organization and teams

One of the ways to improve decision making in teams is to encourage team to take decisions by consensus. This may seem like wastage of time, but it ensures ownership of decisions by all the team members. People understand democracy as decision making by voting or decisions of majority. But actually democracy is much more than that. ( https://rajneeshrastogi.wordpress.com/2015/04/27/indian-experience-with-democracy/ ). At Srijan we encouraged teams to take decisions by consensus.

4. Team is the Boss

We delegated all operational decisions to the team such as negotiations with the customer, pacing the project, allocation of work to the team. Decisions on approval of leave or work from home was delegated to the team. A supervisor is supposed to monitor the work, but its peers or team members who can provide the best assessment of whether a person has turned in an honest day’s work or not. In my work life, I have come across situations where companies have multiple layers of authority delineation.

In practice, I have seen managers trusting the teams or person on the ground and approving those requests without even simple questions. Organizations can cut down on decision making processes by delegating most of the approvals to the teams and also empowering teams by giving them authority but also hold them accountable.

5. Communication, Trust and feedback

It is essential to build trust and communication between the team members. This helps in reducing politics or charges of favouritism. At Srijan, we would even have 360 degree feedbacks with all the team members sitting together and providing feedback to each other. The rule was that anything that cannot be said in open should not be said. The fact that the organization was structured around roles and not positions also meant that there was no competition amongst team members.

At the organization level, the company used to keep open books. We had sessions where the balance sheet and profit & loss account was shared with everyone. The most important behaviour that seniors have to demonstrate is to allow juniors to question them on their decisions. Give out a message that no subject is taboo and all conversations are welcome.

6. Abolish performance appraisal system and have Shared Goals and Shared rewards.

Teams can only work when the team shares rewards and frustrations of defeat and no single person is singled out for either. It is no wonder that football (soccer in US) does not have man of the match award like cricket has ( https://rajneeshrastogi.wordpress.com/2014/12/28/teams-and-performance-appraisal-systems/ ). A good team of learners who are motivated and enjoy their work would like quality output and ease out anyone who slows down the team.

More often than not, the person would automatically move out. As Gen. Stanley McChrystal mentions in his book “Team of teams” most often repeated reason for dropping out of Seal’s training program BUD/S was that I cannot slow down the team. Rather be the weakest link in the chain, people move out.

Replace Performance appraisal with performance feedback and counselling. Use it to provide feedback to an employee. https://rajneeshrastogi.wordpress.com/2015/07/07/salaries-and-performance-appraisal/. We at Srijan used system of Salaries and performance bonus to reward performance during the year.

7. Define purpose of the organisation and teams

In this fast changing business environment, the companies will have to redefine their indices for growth. The inspiration to growth will come from purpose. What the organization plans to do and achieve. Similarly teams find meaning in their work if they identify with its purpose. If the team knows its purpose, it will also be more confident in moving away from established procedures to ensure that the purpose is met with.

8. Define values and hold teams and people accountable

The team has to fit in the larger organization and should share the same values and culture. Culture and values act as glue and bind the teams together. A very good example of it is Mckinsey that operates as distributed teams but come together as one company with one culture.

In a nutshell, if companies can create teams with diverse set of people, develop a culture of trust and decision making by consensus and are willing to share information with the teams, remove barriers to flow of information within the organization, then the organizations can create self-managed, self-learning teams

Credit : –
https://rajneeshrastogi.wordpress.com/2017/03/18/building-football-teams-at-work/

How procrastination affects your business

How procrastination affects your business

Most people have the habit of postponing things at a later date even though they know that it will put a lot of burden on them at later stages. This applies for all age groups as well as to all people irrespective of whichever field they are working in.  Being a business owner or if you are planning to become one, you cannot afford to delay things. The effects of procrastination in business are far-reaching. Procrastination or unnecessary delaying of things due to any reason could be detrimental for your personal growth as well as for your business.

You look at any successful business stories in India and you will find that they have no place of procrastination in business at all. Evolvers is one such startup which has been empowering, evolving and engaging with each other to meet the needs of the SMEs which used to remain pending for long. https://evolvers.co.in/about/

showing the mindset of people about procrastination

There could be various reasons why most people suffer from this issue. It may be due to some sort of fear. Sometimes people working in the office feel that a particular task assigned to them is very difficult. At that point of time procrastination in business occurs as employees try to avoid that task at any cost or prefer that the concerned task should be handled by someone else. There might be some tasks which we dislike or are not of our interest areas hence one tries to put off tasks like that. But one needs to understand that sooner or later one has to do those tasks in waiting as they impact the proper working of the organization.

Another reason why people procrastinate is that they find a job or work that they are doing as boring and repetitive. But one must understand that if you are working in a particular organization then you have no choice of your own. You need to abide by all the rules and regulations of the organization in which you are working. On the other hand, entrepreneurs know that they need to lead by example and hence the founders themselves ensure that they are accountable for their tasks at hand and make sure their teams also remain accountable toward their work and perform it with full dedication.

Thus, the companies where there are open discussion and responsibilities are clearly stated and the founder himself is leading from the front by showing discipline attitude and doing task timely, then their team also does work with the same spirit.

Most of the entrepreneurs know that networking plays a great role in the very venture. They understand that a strong professional network will go a long way in finding solutions to tasks which might seem impossible at first and were getting unnecessarily delayed. This is why Evolvers have been continuously and in a very rapid manner have been growing their network.

what makes successful entrepreneurs

Let us see why procrastination is bad for business and why it is a cause of worry, what it results in etc:-

1. Opportunities getting missed

Opportunities getting missed

You ask any famous startup or maybe an entrepreneur of a particular organization and they will tell you that opportunities do not strike twice. They will also tell you that in business they have to face a lot of unforeseen circumstances over which they do not have any control. Every business entrepreneur has seen more failures in their life before getting successful. But the difference between how to become a good entrepreneur and why some entrepreneurs succeed in their life is that they see opportunities in every failure they encountered and they create opportunities for themselves instead of waiting for it to come to them.

If an entrepreneur does not take advantage of the opportunity coming his way, then the competitor will be ready to snatch the opportunity from your hand which could provide to be a major roadblock for your business as today is survival of the fittest world scenario. Hence, business leaders must evaluate all the options and quickly arrive at a decision ad must remain committed towards it.

2. Customer relationship gets spoilt

One of the main effects of procrastination for business is that your relationship with your customers will be affected to a great extent. You may not see the changes taking place in initial stages but gradually it might impact your business and could even lead to the closure of your business which you have built over the years with a lot of hard work. To win big in a start-up industry you need to ensure that you consider your customer as your major priority and provide replies to their queries promptly.

3. The brand image of business gets affected

Every successful entrepreneur knows that the reputation of their organization holds a lot of importance for them. To ensure that it keeps on growing and capturing larger market share and even for entering new markets, they need to ensure that their customers are satisfied with their services. But due to procrastination problem sometimes it happens that timely complaints are not adhered to of the customers and even some employees postpone their work because of finding that task boring, or they might not be interested in doing that task on a particular day or they might be finding the task too difficult, etc.

Due to these activities, the image of the startup can be impacted to a great extent. One of the most important things to keep in mind as an entrepreneur is that in today’s digital world anyone can find out about how your business is doing, what your customers are saying about your business and can see what discussions are going on in the forum about your business. Hence one needs to ensure to set the right work culture and make everyone in their business understand about who is their topmost priority for the successful functioning of business operations to ensure that the relationship and trust with your customer are maintained and your brand keeps on growing in the market.

4. Heath of an individual gets affected

Procrastination in business operations can result in affecting both the personal health of an individual too apart from affecting the efficient working of the organization tasks. The regular habit of procrastination has been seen to be the major cause of serious health implication such as hypertension and cardiovascular diseases.

One may argue as to how health has anything to do with procrastination. The reality of the situation is that the habit of postponing tasks unnecessarily causes overburden of the workload at a later date which leads to additional stress being created. Due to this additional stress, our body reacts negatively and causes illness or sickness or other health issues. Hence it is for your betterment as well as for the organization that certain benchmarks are set so that employees know that their activities are continuously been monitored and what they have to complete by what date.

showing the mindset of people about procrastination

Also, the business leader must tell its staff members about why procrastination is bad for business and their individual growth and must motivate them and involve them in providing useful suggestions which could lead to the growth of organization so that they feel like an invaluable part of the company and work to their fullest potential. By working this way, the procrastination can be eradicated to a great extent after all one just requires changing their mindset and thinking regarding this issue and rest can be taken care of. They should not take it lightly and see it as a serious impediment to their growth.

5. Goals are not achieved in a time-bound manner.

To be counted among the successful business stories in India, every startup must have documentation and tracker sheet and it should be shared with every staff member so that everyone is aware of their roles and responsibilities daily and can work accordingly. When one has things in writing and that too on a high order priority basis, no one needs to ask each other and it would result in more focus oriented work.

Hence, to ensure that procrastination does not delay in achieving your company goals and your personal growth, work as per the documentation. One must prepare a to-do- list in their personal life and must work on the high priority areas as the very first thing in the morning. This way they will ensure their success while simultaneously contributing towards the goals of the organization. Tim urban presented beautifully as to what goes in the mind of procrastinators in a very beautiful way in his ted talk and you can read about the same through this blog post.

Hence the key to avoid procrastination and to become one of the most successful entrepreneurs in India is to ensure that your goals are in writing, everyone is aware of their daily priorities and then working in a focused way in the desired direction.

11 things you must know as an Entrepreneur

11 things you must know as an Entrepreneur

When we talk about the term “Entrepreneur” which is most widely used in today’s scenario, we must understand the importance of the term and responsibilities which come associated with it. Entrepreneurship is not restricted to any age and requires a person to find a solution to the problem which exists in the market.

The main qualities of a successful entrepreneur are that he needs to be creative, must be willing to work hard especially in the initial days and must have a never give up attitude. He might also be requiring funds to be raised during the initial period and hence he needs to decide what method to be adopted regarding the same. Though there are many things which an entrepreneur needs to know about here we will discuss 11 things which are of prime importance for them:-

1., Ability to work for long hours

Just look at any top startups in India and see the work culture there. You will see that initially, the founder of the startup along with his team needs to put extra efforts and work overtime to ensure that after a few years they can reach a break-even position. Since the team will be small, so they need to commit working for long hours and must be ready from inside that their work-life balance will be all chaos at the starting stage. They must understand that they are starting their venture and they need to put in a lot of efforts to make it a big empire.

2. Self-starter

Anyone who wants to become an entrepreneur must understand that you must be motivated from within and ensure that you lead from the front. They must understand that all famous startups founder take it upon themselves to set certain benchmarks and make sure that they work accordingly. Only when the founder will be proactive, will they be able to inspire their team to move forward and get work out of them.

successful entrepreneur

The entrepreneur’s responsibility is not just to come up with an excellent idea. An idea which does not solve the market problem will be of no use no matter how great is it? They must also take into consideration whether that particular idea which they have come up with solves the needs of the market.

Hence, it is the responsibility of the entrepreneur to lead from the front and encourage his team to come up with wonderful ideas regarding the problem at hand. This will build an atmosphere where everyone is participating together and taking the initiative to develop together as a team which is only possible with a proactive approach of the founder himself. Continuous mentoring and training is required by the staff also to keep up to date with technology.

3. Desire to make their idea a reality

Most of the entrepreneurs fail in their journey as they do not feel from inside that their idea will work. As a result, they lose all the hope and motivation and hence most startups we see get closed within the 1st year itself of starting. Hence to answer the simple question that is how to get success in business is simple. One needs to have conviction and confidence that yes my idea his great and I will make it work and bring it into existence, you need to have a burning desire that your idea will solve the problem of the customer.

Desire to make their idea  a reality

4. Confidence and discipline

One of the main tips for a successful business is that the entrepreneur and their team should have discipline in their working style and must be confident from within that they have the power to make a difference in the world. An entrepreneur must ensure that he has set certain standards for himself and his team which everyone must follow to ensure the smooth working of the operations. Most of the interesting startups in India have inculcated a disciplined approach by breaking their long term goal into smaller weekly and monthly tasks and have assigned responsibilities to person based on their skills and expertise.

This way everyone knows what is expected of them and by when they need to deliver their work. Thus documentation for everything is the key as not only it ensures that work goes on smoothly but also it builds confidence as and when the concerned person see that task is getting completed on time. This way the entrepreneur ensures that together they can achieve much more and remains confident of this approach that they will take their venture to new heights.

5. Determination

A person who wants to be an entrepreneur or has already entered into his entrepreneurial journey must understand that they will get defeated several times. They will get to witness a lot of failures during their entrepreneurial journey. One must understand that “Rome was not built in a day”. Also, you can learn from the great Thomas Elva Edison story. He was thrown out of school as he was regarded as not good mentally but he did invent the bulb finally.

He too did not succeed the first time. But when he was asked why he failed many times, his answer was I did not fail but learned 100 different ways of not making a bulb. Hence just like him, this should be your attitude and approach. You must learn from every failure, consider it as an experience and move forward. You must have confidence in your abilities and must be determined to make your venture successful at any cost. This should be your approach. You will find this quality in every famous startup’s success stories.

6. Communication and people skills

networking among entrepreneurs

Source:- https://bit.ly/2Ylylvs

One of the main qualities of a successful entrepreneur is his communication skills. The way you speak says a lot about you and your company. Only if an entrepreneur will have good communication skills will he be able to make the other person know what his idea is and how he plans to solve the problem through that idea. It is also very important for continuously motivating your employees to perform at their level best for their individual growth as well as the overall growth of the business. They must highlight the benefits which will come up by applying the idea thus ensuring that everyone contributes their best effort.

7. Passion

To get success in business, the entrepreneur must love what work they are doing. This is because only if he will enjoy his work, then only he will be able to run the venture for long. Also when he will be happy about his idea and would have passion in that domain, he can build a team of people who have a similar mindset like him. There is a joy in doing business this way which goes beyond money.

8. Researching ability

You see any top startups in India and you will find they invest and spend a lot of time in research and development. Research is an integral and important part of the entrepreneurial journey and hence one must be ready to do this for long hours.

9. Strong work ethic

A person who wants to become an entrepreneur must understand that what he will do his team will follow the same. Hence he should set the right example for his team moving forward. Hence, he should be the one to arrive early in the office and leave at last which will motivate the team to work hard when they see their boss working more than them. One must be ready to work on weekends also to ensure they meet the desired outcome.

An entrepreneur depicting strong work ethic quality

10. Open mindset

One of the most important tips for a successful business is they find an opportunity in every event and any situation. They keep on generating ideas and even welcome suggestions from their team. Now, these ideas may pertain to anything it can be related to workflow efficiency, people skills, benchmarks set, how to acquire new business, how to enter a new market, etc. they are of open mind and expect the same from their team. They know from their experience that by generating a lot of ideas, they will have tons of ideas to see throughout which they can find the potential problem-solving idea to their current situation. They make sure to look around them and focus their attention on how will it help them to achieve their desired goals.

11. Risk-taking ability

Every entrepreneur of top startups in India understands that risk-taking is one of the important characteristics to be successful in your entrepreneurial journey. It may happen your business might get shut down after a year. But you have an idea and you have to be determined that I will make this idea work and will bring it into existence. All successful entrepreneurs know that though the risk will be higher I starting their venture, but it can lead to compounded revenue-generating opportunities shortly for them and their team as more the risk one takes, the higher the reward one gets. Hence, one should not be afraid to take risks and must be confident of their abilities and needs to have the self-belief that their idea will lead to a revolution in the market.

 top startups in India

very entrepreneur of top startups in India understands that risk-taking is one of the important characteristics to be successful in your entrepreneurial journey. It may happen your business might get shut down after a year. But you have an idea and you have to be determined that I will make this idea work and will bring it into existence. All successful entrepreneurs know that though the risk will be higher I starting their venture, but it can lead to compounded revenue-generating opportunities shortly for them and their team as more the risk one takes, the higher the reward one gets. Hence, one should not be afraid to take risks and must be confident of their abilities and needs to have the self-belief that their idea will lead to a revolution in the market.

10 steps to write the perfect e-commerce business plan

10 steps to write the perfect e-commerce business plan

A business plan is a very important document for every start-up or business. It tells about what plan you have made regarding the business future and how you plan to achieve it. It is an important document for the success of your organization. In today’s digital world it is a must especially for e-commerce startups in India

A perfect business plan for an e-commerce company needs to have the following steps:-

1. Executive summary

This is a kind of the whole summary of your entire business. This document is crucial since it is what every new e-commerce startup will be using to pitch their ideas to the potential investor.

It must include all important information about what is your company product and how is it better than the products of other most promising startups in India. It must also let your potential investor know about your management team, any kind of requirements of the fund if need be, your estimate regarding financial projections, etc. You also need to ensure that you present if there is any kind of challenges or potential gap which your product could be facing.

Make sure that your executive summary is clear and concise so that it can be easily understood by your potential investor.

2. Your business

Here you need to answer questions about what is your business all about. It must provide answers to certain questions such as:-

most promising startups in India
  • How long you have been thinking to start your business?
  • If you have started your business, how is it going and what all have you done so far?
  • You need to tell what kind of e-commerce startup you are such as whether you are a tech start-up,health care starts up or any other.
  • You must define how your product will stand apart from the other interesting startups in India products and how it will tackle the changing demands of your target consumer.
  • You must also do PESTLE and SWOT analysis so as the potential investor also knows how external factors could influence your business.
  • Make sure to include the constraints if any about your new e-commerce startup in a simple manner. The potential investor must not get the impression that he will risk his money by working with you.

3. Your target market and competitors.

You need to make sure that you completely understand your market and your key competitors in your e-commerce industry.You must do effective research and must have an Indian startup list with you ready to know what kind of products they deal with.  Hence making use of effective market segmentation technique is the key here. You must be completely aware of how big is your market, what is the demographic of your customer to whom you are targeting the product, why you feel there can be a gap in the market shortly about your product if any.

Knowing about your competitor’s products by going through Indian startups list and where they are lacking or growing through effective PESTLE and SWOT analysis techniques holds a lot of importance.

4. Marketing and Sales

It is the most important thing one can say for the success of your startup. Both these departments need to work in sync and coordinate effectively for generating revenue for the organization.

Here you need to know about how your product could be of value for your target audience over the products provided by the other most promising startups in India. You must also provide details of what is the price of your product, which tools you will use to sell to your online customers. It could be making use of social networking sites, Google Adwords, SEO, etc.

Indian startups list

You must also know which promotional channels you will use to reach the global audience.  Also, try to state what all products contribute to how much to your profit.

5. Management team

Here you need to provide details about your team, what role will be assigned to which individual based on their experience and background. You must know the strengths and weaknesses of your team and must assign the task accordingly as per the individual skills and talent.

6. Operations

interesting startups in India

Here you need to know what all assets you hold and need to provide details regarding the same. It may pertain to whether you have a website or you require any, what facilities your startup might be required such as landline for calling, any kind of camera requirement, etc. You must also tell about the details regarding the requirement of your staff and the cost details of the same.

7. Sales forecast

You must need to keep in mind certain factors which determine what sales figure you would want to achieve. Some of the crucial factors for new e-commerce start-ups are:-

startup
  • How much time will you take to sell your product?
  • How you plan to reach your potential audience?
  • How much percent of your prospects you will be able to convert into your potential customers.
  • Method of collecting payments from your target customer etc.

8. Financial forecasts

Here also you need to provide details regarding the following:-

  • What are your earnings estimates monthly?
  • You must provide an estimate of your cash flow and previous statements.
  • What will be the estimated monthly expenses for your startup?
  • Tell how you plan to tackle in today’s survival of the fittest world to become of the most promising startups in India. Also what can be the worst-case scenario for your business if any?
  • Will any operational factors could be a hurdle to your cash flow?
  • What is your estimated breakeven period?
  • Also, include your projected balance sheet and forecast of profit and loss statement.

Keep in mind to show an estimate of all 3 scenarios that are best, expected and worst regarding your startup so that the potential investor has a clear idea about it. Also, keep having monthly meetings to keep an eye on changes taking place if any as per your estimates made.

9. Risk assessment

Here you need to tell about the worst-case scenario situation which could affect the working of your startup. It could be risks associated with expanding your team without doing adequate research, staff turnover risk, funds in place for emergencies, etc. Doing risk assessment would ensure your potential investor that the company has taken into consideration the potential problems which they could be facing in the future and have an idea on how they plan to tackle it.

10. Presenting the plan

Keep in mind that the person reading your plan has a limited attention span. Hence ensure that plan is prepared in a well laid out manner and is to the point. You must include a title page, ensure all the contents are appropriately placed in a certain sequence. Also, make sure to add your startup logo on the front page and possible on headers and footers to make your plan look more authentic and give it a nice feel. It will automatically provide your startup an edge in the market place in comparison to the other interesting startups in India.

new e-commerce start-ups

Conclusion

Make sure to do adequate research and spend a good amount of time in preparing your business plan. Not only it is an important document for pitching to your potential investor regarding requirement of loan or investment but it is an important document which will keep you aligned with whatever plans which you have set for your yourselves going forward to make sure you become quite successful and are able to feature in top ten startups in India in the near future.