How to Handle Business Loan Rejection

2 minutes Read If your application for a business loan is denied, don’t be shocked. Contrary to popular assumption, banks cannot take a chance on a successful business without adhering to tight regulations. No matter how promising the business is, they are prohibited by banking law from lending without collateral. A successful business does not end with the first rejection, though. What you do following the loan denial is crucial. Here are the specific actions you need to perform. Find out the reason Examine the reasons behind the loan denial. Be careful to follow up with a specific individual; don’t just use a […]

Got Rejected by Investors? Don’t worry! Here’s How You Can Get Over it! – Part 2

2 minutes Read In the previous blog, we saw the following things one can do after facing rejection from investors:  Ask for the reasons for the rejection Evaluate the reasons  Reconsider the business idea Revise the plan Find out more about investors Today, let’s look at what else you can do after facing rejection from investors.  Research alternative funding sources If you’re having trouble attracting investors, you might want to look into alternative funding options. A few of your potential possibilities include traditional loans, business credit cards, grants, fintech lenders, crowdfunding, and pitch competitions. Think about how you’ll utilise the money and how […]

Got Rejected by Investors? Don’t worry! Here’s How You Can Get Over it! – Part 1

2 minutes Read Whether it was an angel investment, small business loan, venture capital, or any other kind, in actuality, rejection is a part of being an entrepreneur. You are not the exception—you are the rule. So, you might be asking yourself, “What’s the secret to finally persuading an investor?” Everything in business boils down to how you react to rejection. Ask why I can’t stress enough how crucial it is to get off to a strong start. Most of the 100 or so investors I know and work with strive to offer constructive criticism when they are rejected. However, it might not […]

Introduction to OKRs

2 minutes Read For a firm to develop, it needs direction and a goal. For your staff to have a clear route forward, specific business objectives must be stated. You must begin integrating OKRs, or “Objectives and Key Results,” into your business operations if you want to expand it, keep the organization focused, and improve teamwork. So, let’s learn more about them.  Definition of OKRs An OKR, or objective and key results, is a management technique that enables organizations to develop plans for achieving broad objectives by carrying out particular activities. Peter Drucker used it for the first time in 1954 as part […]

Business Plan Vs. Strategic Plan Vs. Operational Plan

2 minutes Read The usefulness of a business strategy is widely recognized and appreciated by business owners. The business plan acts as the framework for your organization and is a crucial part of the starting and financing process. It just tells a portion of the story, though.  A strategic plan and an operational plan are also necessary to get the full picture and have a foundation on which to construct your firm. Let’s look at the difference between these plans now.  What is a business plan? A business plan outlines the “who” and “what” of your company in its most basic form. It […]

The 5-Year Business Plan and How to Get it Right

2 minutes Read In the corporate world, it can occasionally seem difficult to forecast what will happen in one month, much less three or even five years. But that doesn’t imply you shouldn’t have long-term plans. In the end, it is your team’s motivation and what pulls you out of bed in the morning. These goals are what motivate you to continue developing and figuring out new ways to expand. With the exception of companies focused heavily on research and development, most 5-year business plans should resemble vision statements more than traditional business plans. However, they should omit the specifics of detailed sales […]

How to Use a Business Plan to its Maximum Potential?

2 minutes Read What is the purpose of a business plan? That depends on the stage of your organisation and your particular business requirements. If you’re just getting started, you’ll utilize a business plan to manage risk and get through any first uncertainties and concerns. If you’re looking for money, your business plan will be used to sell yourself to potential lenders and investors. A thorough plan, when properly created, can assist you in successfully starting, running, and expanding your business. Let’s look at each business stage’s uses for a business plan and explain them. While starting your business Making a plan and […]

Steps to Write an Internal Business Plan

2 minutes Read An internal business plan helps you manage your company more effectively by keeping your team informed of your business strategy, setting financial goals and budgets, and tracking business performance.  It is a document that is simple to distribute through a variety of communication channels, promotes employee involvement, and focuses on revealing problems and competitive advantages for your company. Your business partners and workers are often the target audience for an internal business strategy. It is typically not disclosed to anyone outside of the small group of people that work with you every day. Internal business plans are often less formal […]

Recipe for Starting a Successful Business – Part 2

2 minutes Read We were in the middle of looking at what goes into starting a successful business plan. We went through half the recipes in the previous blog, and now let’s look at the remaining elements.  Keep track of finances at the beginning You need to keep track of your finances even if you’re not good with numbers. Your financial accounts must be current and well-organized, whether you do this with spreadsheets, accounting software, or an accountant.  To be clear, keeping clean books is the standard. You should start making financial forecasts as soon as you can if you want to properly […]

Recipe for Starting a Successful Business – Part 1

2 minutes Read Are you launching a company? More than just a good idea is required. Legal, tax, budgetary, and strategic considerations must be made. Not to mention the effects being an entrepreneur has on your mind and your emotions. Take into account the following advice as you start your startup journey to position your company for success. It is all the ingredients you would need to start a successful business.  Passion Being a small business owner won’t be all that you love. Nobody is incredibly passionate about every aspect of running a business, whether it be delving into the finances, interacting with […]