10 Essential Elements That Make Up Business Potential
In business, the potential is made up of a variety of factors. This isn’t to argue that a newly opened (and not only) business’s prospects are all depe…
In business, the potential is made up of a variety of factors. This isn’t to argue that a newly opened (and not only) business’s prospects are all dependent on one aspect. However, there are other elements that are more important and weighty in terms of the business’s development and future possibilities. While a business may have hundreds of various business points, its potential is mostly based on ten essential elements.
The main components of business potential
What a business relies on the most are the fundamental components of business potential. These ten business factors are responsible for a major portion of the company’s potential. Let’s take a look at them.
1. Business idea
A small business’s main source of income is its business idea; it’s where it all begins in every business. And, of course, the company’s overall potential is primarily determined by its potential.
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2. Business plan
The business plan, as part of the business potential, must be assessed from the standpoint of the business idea’s practical applicability. That is, as a guide to putting abstractness into practice in the form of a business concept.
3. Entrepreneur
The successful entrepreneur is a tremendous source of potential for his company. And his ability to be resilient and decisive holds the key to his success. Of course, there are many additional attributes that must be present as well. Whatever the case may be, the entrepreneur is most likely the most significant part of his own company’s business potential.
4. Product
The most important factor here is not the product’s quality, but the audience’s problem or need that it solves (and whether it solves at all). It’s obvious that the higher the need it fills, the greater the business opportunity. As for examples, you can take do my homework services. There is a demand for such services among students, so their business grows.
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5. Stocks
It’s possible that stocks will have a detrimental impact on your company’s efficiency. But this does not mean that they should not be, of course. Stocks are, in some ways, a guarantee of consistent sales. As a result, find a balance. This will have an impact on the company’s overall potential.
6. Cash
There is no need to write something, right? More money means more possibilities. Everything makes sense. I just want to emphasize that this is not a guarantee of success. Yes, with money comes more possibility, but that doesn’t mean that company success is guaranteed. No way, I’m sure no one has yet canceled their competent use.
7. Marketing
The most crucial aspect of every business is marketing. And if you can handle it well, new energy will constantly come into your company. Fresh energy means new customers, of course.
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8. Sales
You must sell rather than wait for someone to buy anything from you in business. That is why your sales department (or salesperson) is critical to the success of your company. Don’t be stingy with your salesperson’s training. Without a doubt, the commercial potential will grow dramatically.
9. Prices
Your product prices should be established in a way that pays for your business while also making a profit. If this isn’t the case, there’s no way to make money. As a result, instead of focusing on how to sell at a cheaper price than a competitor, think about how to sell at a higher price.
10. Location
Of course, not all businesses require it, but for some, it is so critical that it was difficult to leave it off the list. The favorable location of your business will affect the number of your customers. But even if you are located somewhere on the outskirts of the city, or outside it, this will not reduce the number of your clients, if you have secured your success and professionalism.
Quick-service restaurant chain Wow! Momo has secured Rs 70 crores from Z3Partners in an extension to their latest funding round following Rs 350 crores from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. Wow! Momo operates three brands – Wow! Momo, Wow! China, and Wow! Chicken.
CEO Sagar Daryani expressed gratitude stating, “We have been consistent and resilient…this round of investors have shown in us fortifies our faith and further motivates us to be change-makers.” Launched in 2008, Wow! Momo has 600 outlets in 38 cities and ventured into the FMCG sector along with their QSR vertical.
Managing Partner at Z3Partners, Rishi Maheshwari, praised Wow! Momo saying, “Wow! Momo is a reflection of the vibrant entrepreneurial landscape in the country…building a high-quality food business at scale, fuelled by superior execution expertise.” This funding round totals over Rs 480 crores, with Rs 270 crores via primary infusion and Rs 210 crores through a secondary purchase from early-stage investors.
Wow! Momo’s growth trajectory has been impressive with a strong presence in multiple cities. This latest funding will further solidify its position in the market and support its expansion plans. Sagar Daryani and the team at Wow! Momo are optimistic about the future and grateful for the support shown by investors.
Varanasi, April 17 (IANS) – Six more products from Uttar Pradesh have been granted the Geographical Indication (GI) tag, including the famous ‘Tirangi Barfi’ of Kashi, a tricoloured sweet symbolic of the Quit India Movement. The GI Registry awarded the certification on Tuesday, bringing the total number of GI-tagged products in Uttar Pradesh to 75, making it the state with the most GI products in India.
The newly certified products in Uttar Pradesh also include Banaras Metal Casting Craft, Lakhimpur Kheri Tharu Embroidery, Bareilly Cane and Bamboo Craft, Bareilly Zardozi Craft, and Pilkhuwa Hand Block Print Textile. According to GI expert Padma Shri Rajnikant, “Two renowned products from Varanasi, the Tirangi Barfi and Metal Casting Craft, were granted GI certification on Tuesday.” Rajnikant, the general secretary of the Human Welfare Association, has been instrumental in securing GI tags for 148 producers across 14 states and Union Territories.
Rajnikant highlighted the crucial role played by the National Bank for Agriculture and Rural Development (NABARD) Uttar Pradesh, Lucknow office in supporting these six GI tags. He emphasized that this achievement strengthens Uttar Pradesh’s position as the leading state in GI products. In 2008-09, the state had only one GI product, the ‘Allahabad Surkha Amrood.’ With 75 GI products now, Uttar Pradesh continues to lead in this area.
The GI tags not only recognize the unique identity and qualities of these products but also provide protection against imitation and unauthorized use. These certifications also help in promoting traditional craftsmanship and skills, thereby boosting the local economy and preserving the cultural heritage of the region. Tamil Nadu follows Uttar Pradesh with 58 GI products, reflecting the rich cultural diversity and heritage of various states in India.
In a record-breaking achievement, the Central Board of Direct Taxes (CBDT) has signed 125 Advance Pricing Agreements (APAs) in the financial year 2023-24. This marks a significant increase of 31% from the previous year, totaling to 641 APAs since the inception of the programme.
These agreements were established with the aim of promoting ease of doing business, particularly for multinational corporations engaged in cross-border transactions with their group entities. The CBDT statement highlights the importance of these agreements in providing certainty to taxpayers in transfer pricing.
The increased number of APAs is a result of mutual agreements with India’s treaty partners like Australia, Canada, Denmark, Japan, Singapore, the UK, and the US. This collaboration not only brings certainty to international transactions but also offers protection against double taxation, benefiting taxpayers for up to nine years.
The APA Scheme specifies methods of pricing and determines the arm’s length price of transactions in advance, providing taxpayers with a roadmap for the next five years. The option to rollback APAs for the preceding four years further solidifies tax certainty and ensures a smoother process for businesses operating in India’s dynamic economy.