Importance of the Management Consulting Services

These days almost every firm need a business management consultancy to get better the overall performances of every department, as business management consultancies can help any company for developing in every aspect. These consultancies assist the corporations developing the resources for the growth of the corporation. It also facilitates the business to make the most of the use of financial and human resources.

The core responsibility of HR is to perform recruitment process for the corporation, managing payrolls of the staff members, take care of their insurances and managing employees related to other benefits and issues related to wages. Business Management Consulting works narrowly with marketing, finance, and human resources department of the corporation. These consultants are specialist in determining and predicting the future result of today’s work and alert the organization to perform in a positive manner if they feel something most terrible going to happen which may consequence big loss.

Below points clarifies why it is important for a corporation to have management consulting.
Strategic Planning: This can be a very overwhelming task for many companies but it is necessary to achieve the desired goals in a short. Efficient strategic planning depends upon the present state of the corporation and its future objectives. This planning aims to boost an organization’s efficiency to a higher level.

Improvised business process: To get the better overall performance it is better to observe the complete procedure of the work takes place. Management consulting firms modify priorities as per the current requirement of the company which can save lots of time and capital, in the end, good profits are made. Management consultancy takes this accountability to understanding work teams of the company in a profitable way.

Change Management: By frequently adapting changes in the company like budget, employees and adopting modern technologies can help business to meet upcoming challenges which may be more demanding. If change management is a successful company can cut several costs in every level of the organization.

Leadership Development: As you know the fact that superior and efficient leadership can assist in reaching the organization nearer to the goals. The best leader is an individual who supports his juniors and encourages them to reach their targets eventually he is serving the management for complete development of the organization.

HR: HR plays an important role in the hiring of new members of staff for the corporation when need. As well as, they play an important role for the company to reach its goals in very less period of time because they hire talented people who can work very resourcefully.

How to Develop a Product Strategy and Equity Fundraising?

Whenever a new product comes into the market, for the manufacturer it is very difficult to predict that where this product will reach and this product will develop. For this condition manufacturer or company plan the product strategy.

In simple words, products strategy decide the basic elements of any product and simultaneously it also assist in targeting the right consumer base, product line stretching etc.
How to develop a product strategy?

Making a Product strategy development is not easy, as it needed lots of analysis. You need to analyze lots of things like the competitors, market trends, a various segment along with the product so that you can make a perfect product strategy. Here are important steps of Product Strategy.

1.    Marketing mix - An arrangement of aspects that can be controlled by a company to influence buyers to buy their products.

2.    Levels of a product - The CORE product, the ACTUAL product, and to end with the AUGMENTED product, this model is known as the 3 Levels of a Product.

• The core product facilitates the use, advantage or problem-solving service for which the end user is purchasing the product.
• Tangible features of a product, such as the brand, design, features, quality, and style.
• A core product to which added products and services may be added to produce numerous revenue streams. 

3.    Type of products

• Durable products / Nondurable products
• Shopping goods / Specialty goods / Convenience goods
• Industrial goods/consumer goods
• Service products

Categorizing the product in upper mentioned points can assist you in deciding how to enter your target market.

4.    Differentiation - A consequence of efforts to make a product or brand stands out as a source of exclusive value to consumers with respect to its competitors.

5.    Brand elements - Brand elements are color, design, symbol, and picture of a brand.

6.    Product design - The complete specification of a product's parts and their association to the whole.

7.    Product Mix - A mixture of allied products that yields bigger sales revenue when promoted collectively, than if they were promoted separately.

Equity Fundraising - Equity Fundraising is when someone gives you fund they judge that your product has great possibilities. In simple words, in equity fundraising process a company gives to their investors is dividends on shares which are typically lower than the interest rates of bank loan.  Here are important steps for Equity Fundraising.

1. Crafting the investment strategy
2. Reliance on track record
3. Succession planning
4. Allocation of investment opportunities
5. Transparency of fees and expenses
6. Amendments to fund documents
7. Co-Investment rights
8. Background and reference checks
9. Deviating from the standard

Understanding Work Teams and Negotiation and Conflict Management

In a corporation a perfect team is a composition of different individuals with balancing skills and approaches; this is not always the case. So, conflict is a natural thing between team members, and it is the ability to resolve that makes any business successful. And a team leader should be skilled at negotiating with team members and to avoid the conflict.

Actually, any conflict starts when team members with different opinions, interest, and thoughts are not willing to negotiate with each other. So it is always best to understanding work teams and adjusts to some level and seeks to find a way out to the problem more willingly than fighting. 

As you know that, disagreements always lead to un-constructiveness and things never reach any possible decision. It just increases stress and decreases the output. So, every individual no matter you are a leader or not, should try to avoid the conflict on their level and if any conflicts happen then try to find a better solution rather than cross-questioning and augmenting.

Negotiation is a way to end the conflict - Negotiation way to end the conflicts, so it is very important to decide that where you want to end or how much you negotiate before begins the negotiation and conflict management process. Generally, there is three level of negotiation: power, rights, and interest.

Power: Negotiations that depends on power often involve threats and intimidation. Actually, this is not the best way or a long-term strategy and very badly impacts the relationship between parties.  

Rights: As you understand by the words “rights”, this type of negotiation based on contract and mostly leads to legal action, which can be costly and needs lots of time.

Interest:  This is the best way to the negotiation because it is not harmful to both parties and only needs positive good communication and partnership, resulting in win-win situations for everyone.

Be organized to negotiate - Being organized & well -prepared when going for a negotiation will facilitate you to concentrate on the reasons behind conflicts and common interests of both parties, which will lead to an interest-based successful negotiation, in addition to an encouraging, enduring relationship.

Communicate throughout the negotiation course - At here you must keep in mind one thing and that is, negotiation is a process that needs good communication throughout the process. So you need to listen carefully and then ask questions to reach the win-win negotiation level. 

Negotiation is an art which we all have been doing since we are the child, only what we need is, polish this skill through better communication.

Financial Structure of Startup Services Right For Your Small Business?

In India, over 90% of start-ups fail before they complete their first year of operation. No or less funding comes out to be the primary reason for this failure. Finance is the heart and soul of any new business and if that business fails to gain that capital while starting their operations then it occurs a huge problem. This is the reason why you should look into the financial structure of startup firm.

Are you planning to start your own business and looking for start-up funding options in India? Though there are several factors to get funding for your start-up in India, the primary factor remains the level of innovation in any business. And most importantly, you must realize that startup funding depends on the nature and type of your start-up. When you recognize that there’s a requirement of fundraising, then you must start looking at options for the same.

Below is a detailed list of start-up funding options in India that will help you raise investment for your start-up:

Self-funding your business - Self-funding is the best option to raise capital for your new business. If you have someone within your organization to invest, then it can’t be a better option.

Crowdfunding as a funding option - Crowdfunding is one of the newer methods to raise capital for your start-up. There are platforms where you can post that this much funding is required and you can pre-order the product/service in advance and you get funds from more than a person.

There is a huge scope of Negotiation and conflict resolution in this funding option since there is no guarantee that the start-up’s product/service would be as great a mentioned in their “About Us” section or not. A new business always negotiates on their product/service quality and later they compromise through the reduction in prices.

Get Angel Investment in your start-up - Angel investors are people/organizations with a huge amount of funds and are interested in innovative start-ups. They just not only provide the capital, but they can also offer guiding or suggestions alongside providing funds. There’s a great scope of Negotiation and conflict resolution in this funding option as well since many investors ask for high returns and share from their money invested. Start-ups have to negotiate a lot to get a good angel investor on an initial stage since earning gains in the initial stage is a tough thing for them. But still, this a great start-up funding option in India since you get a huge amount which you can allocate in different operations.

Equity Fundraising Process Understanding Work Teams

Most of the establishments, nowadays, have teams that work in accordance with their profiles. Work teams are vital to the productivity of the work. A work team comprises of people who work together to create a piece of work, a product, a campaign, etc. Each and every member of the work team has a different role to play in the team. Work teams give passage to planning, decision making as well as problem-solving. These 3 steps can only be done when there are a group of people and not an individual.  Understanding work teams are important for the smooth functioning of the work process. There are 2 types of work teams: Functional work teams and cross-functional work teams.

These work teams contribute their part through their skills so that the work can move forward. Usually, work teams work in a way that one member completes their part and gives the brief to the next person who does their part and this goes on until it is completed. Working in teams is very important as a lot of times, the work is done might require changes and it is communicated to one person who coordinates with the other to get the changes done; work teams become important in such cases where a lot of information goes back and forth in order to reach the goal. Understanding work teams are necessary for each and every member so that they know their role and place. Stress reduction is one of the biggest benefits of working in teams.

Equity Fundraising Process

Equity funds are also referred to as stock funds and equity securities. A company or business has shares and stocks. Now, to raise the equity funds, the business sells their shares to people willing to invest in them and then they become the shareholders or stockholders of the company, making them the partners. The equity fundraising process is carried out by the business by opening their shares to sell in the market. It basically sells a part of the business owners to people who will invest in the equity funds in order to get ownership or increase their capital. Shares are sold in order to raise the funds. The sale increases the capital of the business as money flows in from the investors who buy the shares and stocks of the company. This process of equity fundraising has been increasing the capital of businesses efficiently in good market scenarios. 

VentureBean - The Best Management Consulting Firms in Bangalore

Management consultancy is a practice that helps the organization to improve their performance. It operates mainly by analyzing the existing organizational problems as well as the development of these plans for further improvement. Organizations these days draw upon the services of such management consultants for numerous reasons, which includes gaining external advice as well as access of their proficiency. As these firms are exposed to a large number of organizations, these consulting firms are thus aware of the best practices of the industry.

Management consulting has become the praxis of assisting companies so that they can upgrade their performance, by analyzing their existing company problems as well as developing future plans for complete enhancement. There are a number of reasons why these days’ companies hire management consulting firms to resolve any kind of company issues or for negotiation and conflict resolution. These reasons sometimes even include getting an impartial view or the lack of resources within the company itself. A good management consultancy firm usually offers the value for money solution as well as understands the work teams in a very professional as well as a balanced way.

There are a number of management consulting firm in Bangalore which helps many business houses to improve their performance and also helps them to grow by recognizing as well as solving their problems. They also find new ways plus better ways to solve and handle their problems. They not only help the private sector companies, but they also work with the government organizations taking management consulting services so that they can reduce cost and in the process save time.

VentureBean is such a management consultancy firm located in Bangalore which is based on the principle that the client would not just get reports but rather they would also get the results from the consultants. They help various organizations to develop customized strategies that would help them grow along with aiming for their clients’ satisfaction with the help of best strategic management concepts.

As VentureBean is in a relationship with a number of organizations, thus they are aware of industry’s best practices and they also have a wide exposure allowing them to consult any organization. This management consulting firm of Bangalore works with clients to help them take the correct decisions at the right time.

The thing that makes VentureBean part from other Management consulting firms, is their continual interaction with their clients, supporting them with a number of strategies as well as improving their performance. VentureBean is thus committed to delivering results to our clients and they also treat their client’s business as their own by making sure of the results as well as long-term success. 

What is Strategic Management Concepts and Startup Funding Options

Strangely, many businesses today do not understand the importance of strategic management concepts in the sustenance and growth of a business. However, as an entrepreneur, you must know that the knowledge and application of strategic management concepts in your business would help you articulate your organization’s vision and comprehensive mission. To set standard strategic aims, defined goals and to measure the performance, you must be crystal clear with the strategic management concepts. This would also open up the startup funding options in India for your business in the long run. 

Read on to understand strategic management concepts comprehensively and in a better way. This would help you make a better day today and larger visionary decisions for your business.

Vision and Mission - Today there is no dearth of startup funding options in India. But what they look for before investing in the company’s vision and mission in the long run. Vision and mission of the business present the beliefs and ethos. These ideas present a picture of what the company wants to achieve.  Most of the startup funding options in India formulate their opinion on the vision and mission of the company. 

SWOT analysis - An indispensable tool which is very commonly used in strategic management concepts, SWOT is an acronym for Strength, Weakness, Opportunity, and Threat. It is an invaluable asset with regard to startup funding option in India as well. After a detailed evaluation of the organization’s position with regard to all the metrics of SWOT, strategic management concepts are conceived. 

Strategic management process - This is an important and crucial element in the list of strategic management concepts. This process involves managers and employees. When it comes to the mission and vision aspect of the company, it is the management that takes the lead. But operationally, the employees know the real and achievable goals of the company. That is why it is important to keep the employees in this process to formulate the strategic management concepts.

Strategic objectives - In terms of strategic management concepts, strategic objectives can be defined as quantifiable goals which are in sync with the organization’s vision as well as mission. These goals act as tangible landmarks in measuring the progress of the business. These should be specific, achievable and challenging. Having said that, these objectives should be made thoughtfully after a careful research and SWOT analysis.  

Seemingly simple, strategic management concepts are very complex and tricky. Developing and executing the business strategy based on these concepts help the company grow and deal with the unavoidable uncertainties with a panache and coherent approach.