Connecting Business

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 Connecting Business - A Business Networking Event

Date: 27 September 2020, Sunday



Time flies! I believe in this statement and there is a need too. While you are facing all new kind of challenges in your business and you see around is the same situation. This may bring a flood of negative thoughts and depressive mindset. Not to worry! Here is the rescue.


I believe there is a solution to each problem if there is a will to find it. 



With this thought process, we decided to gather and initiate a discussion. So my team started to interact with all our clients and friends inviting them for this activity. Finally we gathered all on 27th September 2020 at 10:30 am and this event was named as Connecting Business. If you want to know what is Connecting Business, have a look at this video https://www.youtube.com/watch?v=cbdh1z9SsDM . We had participants from startups and businesses varying from food industry, manufacturing, digital marketing, software develpment, training, web hosting, pharma, healthcare, CA-CS services and media.


The interesting finding from the talk headed by Mr. Aasheem Samadarr is listed below here.



1. Business Owner and Leadership Team should learn and practice Six Sigma. Such practices includes strategies as follows:

Identify the LOSSES -> Remove them -> Check and Ensure the SUSTAINABILITY

2. EBITA: Earnings before interest, taxes, and amortization (EBITA) is a measure of company profitability used by investors. 

- EBITA should be atleast 15% even if have turnover of 1Cr.

3. Vision & Mission: As a business owner or a startup founder, your vision and mission statement should be clearly defined. This give clarity and direction to reach your goal.

4. Business Process: Create and follow result oriented processes in business. Identify the losses due to inadequate processes and change or correct them.

5. FEMA: Failure mode and effects analysis is the process of reviewing as many components, assemblies, and subsystems as possible to identify potential failure modes in a system and their causes and effects.

6. FINANCE: Business Owner must have knowledge of basic finance in the business.

7. Payment Cycles: The payment receivable and payment to the vendors should be should have sufficient gaps between them. Say, you can get payments from your client in 30days and pay to your vendor in 45 days is a good practice. Instead, if you are have opposite, it may lead to loss making tensed situation.

8. Ask You Team and juniors: What can I do for you?

9. Keep Learning and Transforming. Brijmohan Munjal Ji was seen often saying in his speech "Don't leave the Company, if you feel so do talk to me and let me know where I have gone wrong". 


Hope these highlights will help you as well!

Comments

  1. Unknown20 October 2020 at 07:57

    10 Th and most relevant point is that , "Ensure that your Enterprise is making Profit" and on a direction of Sustainable Growth.

    ReplyDelete

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