Why employee engagement is crucial to business success?

Running and scaling a business is not a one-person job, the one-man army concept fails to suffice and attend to the diversity of the business in today’s dynamic landscape. The stepping stone for forming a scalable and sustainable business having a team of people who are not only dedicated to the company but also have their individual interests aligned with the ultimate mission of the company.

Choosing the right resources for your venture is the key to its sustainability. Supplementing that is retaining your resource, the resources here being your employees. The growth of your organization is linked to the personal growth of the people working there. Making it more transparent helps to fulfill the growth objectives of both the parties. The topic of interest here is how to keep your employees engaged and motivated to drive the growth of your company.

At the center of this discussion is the concept of  Employee Engagement. Employee engagement is a fundamental concept that gives emphasis to employee satisfaction and performance, it incorporates creating the right work atmosphere for people at work.

The importance of employee engagement could be established in research findings that have inferred that organizations with an engaged workforce have outperformed their competition.

In a layman’s term it is all about creating a work culture where Monday Blues is a myth people are dedicated to improving their performance and optimising their output.

It’s more about creating a reciprocal relationship between the employee and the organization or employer so that they have their interests aligned and could mutually benefit from each other’s effort in building a successful organisation.

So, there is a two-way commitment based on trust and integrity. Employee engagement surveys have been developed specifically to measure the performance, strategic alignment, competency and satisfaction of contributors. 

Understanding what employee engagement is should also be in the context of what it’s not and what all defies a good employee engagement mechanism. This fails when people are intoxicated by the work culture and feel trapped in their present work environment. It could be due to various factors, people might feel bound by their prior commitment to the firm in light of manipulation and extreme micromanagement.

Employee engagement is more performance-centric, meaning the soul purpose of employee engagement is not just employee satisfaction but also driving employee’s performance to more optimum levels. Human resource is the most crucial factor when it comes to running a successful business.

Your employees are the lifeline of your business. There should be a balanced approach to increase employee centric engagement, the emphasis should be on both aspects, employee satisfaction and performance optimization.

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Financial Challenges & Fixes for Start-ups

Glancing at the Funding Scenario

India moved up the ladder in the Ease of doing business approach recently, climbing up by 23 points in the global index, It’s 2019 ranking for ease of doing business stands at 77th place globally. What has changed in the past few years is not just the ranking in the index but the whole startup ecosystem in the country, specially the financial landscape.

With hundreds of start-ups coming into existence each year the country has surely consolidated and reassured returns for entrepreneurs who are striving hard to provide more and more jobs for the aspiring youth of the country with the progression of their company.

Apart from the regulatory hurdles what sticks as a major roadblock in the economy for start-ups is the lack of proper financing for the new businesses. According to research reports, the seed-stage funding of Indian start-ups declined from USD 191 million in 2017 to USD 151 million in 2018.

Now with the dump in the funding and exponential growth in the number of emerging start-ups has let to fund scarcity in general. On one hand the funding has dragged down, on the other hand the number of start-ups is ever-increasing this has created a situation of intense competition among the start-ups for the seed stage funding. This drives out the less competitive in the game and it has also made survival of the fittest as the norm.

Overcoming Financial Challenges

Now in this cutthroat competitive environment what one can do is maintain prudence in terms of expenditure and revenue management. Maintaining fiscal discipline in the contemporary is extremely vital for the sustainability of the business in the market. Here are a few points that you can work around for improving your financial stand.

Budgeting and Forecasting

The first thing that you should do while planning for your business operations is creating a detailed budget for your operations by forecasting the estimated cost that will be incurred and the revenue that will be generated in the future.

Maintaining a little flexibility in your budgeting process is also advisable given the dynamic nature of the business. Aligning the budgeting and forecasting with your short & long term goals is also equally important for the business as it provides more clarity on prioritization.

Working Capital

This is one of the mainstream problems that new entrepreneurs come across in the initial phase of their operations. The situation arises due to a lack of proper planning for the day to day operations of the business. Working capital is the most essential element for any business, it’s advisable to maintain at least 6 months of working capital to avoid any kind of monetary crunch for your daily functioning.

Profit Margin

Capitalism is the ultimate quest for the maximization of profits. What you need for growing your business without outside monetary aid is good profit margins on the products and services offered, that are high enough to keep you afloat in the near future.

Reducing expenditure to minimum and keeping the fixed costs to minimal is one way of increasing profits. The other way is optimum pricing of your products, the price point should be high enough to gain your decent profit margins.

Cash Flow Management

Cash flow management as the name suggests tracks the flow of cash into your business on account of income and the outflow from your enterprise on the account of expenses. Staying on top of the cash flow management not only gives you obtain insight into your daily expenses and gains but also helps you in budgeting for the future.

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Optimizing Influencer Marketing

Influencer marketing has been the buzz word in the online and digital marketing space. The idea of celebrity endorsement using content marketing technique has gained popularity in the last few years. It proves to be one of the most efficient and return-oriented marketing techniques out there to promote your products or services to custom audience segments. Influencer marketing is a strategy that identifies people who have a robust influence on a brand’s industry and the target audience. The trick here is to find the right influencers in your niche and see if your target audience is in their follower’s list or not. If you find them it’s a bingo!

The subject of online marketing is vast. The usage of an organic search engine optimization company could supply you with the best selection of high-quality advertising and marketing strategies to assist your organization in improving online or local achievement. Of course you’ve got to use techniques to persuade your prospects to purchase the product too.

Online marketers are assured they do not waste their money on folks that are not the target consumers of their goods or services. Marketing via e-mail is a potential approach to earning sales from new clients and to upsell new services and products to present clients. It is something that businesses must have in order to boost sales and capture more customers. Influencer Marketing is not exclusive to other forms of online marketing rather it complements and is aided by other marketing techniques.

Optimising the influencer marketing requires you to define a marketing goal and concentrate on authentic storytelling around the product that will help the audience connect on a personal note with your mission. Using data analytics to derive meaningful inference about the engagements and potential customers also plays a crucial role online generating adequate returns.

Searching through hashtags which you would use for your brand is a good way to come across influencers who’d appreciate what you’re offering, in addition to the followers they have. With the addition of a theme element, you are able to make your content attractive. Influencer marketing permits brands to break in that circle of trust in a manner that feels organic and welcomed because it’s relevant, dependable, and relatable.

The best method to have a thriving social networking marketing campaign is to comprehend your goals and marketing objectives beforehand. Attraction rather than promotion is the new way to gain potential customers using influencer marketing.

Source - https://www.inno-labz.com/blog/optimizing-influencer-marketing/