Check out some feedback and images from LetzMeet Business Networking Event completed last Saturday. 2 deals closed already and many talks in progress for more deals. More details read from participant below.
“Before you start some work, always ask yourself three questions – Will I be able to do it, What the results might be and Do the results matter to me. In short asking why am I doing this task? Only when you think deeply and find satisfactory answers to these questions, go ahead.”
The above quote from ‘Artha Shastra’ tells us how to bring maximum energy into task that we are trying to perform.
Will I be able to do what I am trying to do ?
When we are not able to answer this question we are lacking in self belief and hence we have to resolve this by understanding why self belief is lacking and how we can improve it.
Will results come from actions ?
When we are not able to answer this question we are doubting the utility of the actions, one way we can answer this question is by comparing results of others who performed the same actions and what results it produced.
Do the results matter to me?
Sometimes results are not meaningful for us and that is single biggest reason for us not taking up certain tasks. For example some students may not value high grades that much and hence do not want to spend more time on studies. The way to correct it is by understanding the benefit which we may be able to connect with, this will completely change motivation levels. For example a student may not be interested in studying accounting to get high grades, but she may be interested in studying accounting if it is fun and helps her prepare for entrepreneurship.
Thanks to your kind support and love, LetzGain now has more than 1 lakh business owners and daily hundreds of new members are joining LetzGain Network.
For the business owners who understand that networking delivers long term Gains, LetzGain is (the largest) Business Networking platform in India with more than 1 lac business owners who systematically generate thousands of opportunities by referring their requirements, contacts and knowledge for each other.
Unlike traditional business networks, LetzGain provides the most Productive Business Networking experience through the powerful combination of Web, Mobile apps and in person meetings(LetzMeet)
LetzGain apps and meetings, rapidly improve speed of exchanging business opportunities and you expand your business network with ease. The system is designed to continuously help your improve your networking skills.
We look forward to serving more and more Businesses, Letz join hands and create more Gains for all of us!
In the above Image there are four generic strategies to expand your user base or customer base. Let’s go through one by one
P3: Increase Awareness Easiest strategy we all can think of easily to grow awareness about our product/service or business among targeted market. Awareness is typically grown using advertising and if you can manage advertising to deliver great ROI for you then this strategy will help you grow your business.
Typically businesses get listed on Online Directories, Advertise on online/offline media.
Other way to grow Awareness is through referrals. Your spend on referral marketing can be far more effective and deliver higher ROI than Advertising spends, especially for small and medium businesses.
P2: Improve Positioning
You can improve people who are more likely to buy from you by simply positioning your business for a particular niche or segment for whom you are not targeting right now. This will be especially effective if you can come up with customized message or offer for that segment. For example a Real Estate consultant can specifically specialize in office rental deals and customize a package for technology startups. The consultant would be able add new types of customers to existing customer base.
P1: New Sales Channels
You will be able to serve Customers whom you are not available to serve right now because you do not have a sales channel to reach them, if you invest in developing new sales channel for yourself it will be a great differentiator for you and help you grow a lot. But building new channels requires long term commitment and sometimes capital. However there may be innovative ways to distribute your products and services which may help you grow more than others.
P0: Grow Scope of Product/Service
You will be able to sometimes grow Total Available Market by expanding scope of the category. Finding new uses for your product/Services or by helping existing customers by launching some additional value added services. Like a Real Estate Agent tying up with Packers and Movers is able to offer rental solution as well as earn some additional revenue by referring Packers and Movers in the network.
Listed below are some key elements of LetzGain Philosophy. Understand them well to get maximum out of LetzGain and Business Networking in general.
Be Result Oriented:
LetzGain members focuses on delivering results for each other.
All the content and activities in LetzGain are action oriented.
Requirements, Ads on LetzGain goes through lot of quality checks.
LetzGain provides automation for you to discover higher quality leads and bids on your purchase requirements.
“ Networking is not about just connecting people. It’s about connecting people with people, people with ideas, and people with opportunities. “ Michele Jennae
Focus on Long Term Relations:
LetzGain members believes in building long term relationships that create tremendous value through exchange of knowledge, referrals and contacts.
If you want 1 year of prosperity, grow grain. If you want 10 years of prosperity, grow trees. If you want 100 years of prosperity, grow people. Chinese Proverb
Take Initiative to HELP:
Every LetzGain member proactively finds opportunities to help other LetzGain members by sharing knowledge, referrals, contacts and at times resources. We are one family and we need to ensure that all of us grow together in our endeavors.
The successful net-workers I know, the ones receiving tons of referrals and feeling truly happy about themselves, continually put the other person’s needs ahead of their own. Bob Burg
Givers Win Always:
LetzGain system and activities are ALWAYS designed in a way that Givers get maximum win in LetzGain. For example those who share maximum referrals in community or invite lot of quality business owners on platform always get more visibility in system through various features. They also get more time to present in LetzMeet Events.
“A really important part of networking is actually about what you bring to the table-not just what you want to get out of it. Contribution is a big part of networking success. Gina Romero
When a newspaper reporter interviewed a farmer who grew Award-Winning Maize each year he entered his maize in the Agricultural Show, it was revealed that the farmer shared his seed with his neighbors.
Perplexed, the reporter asked, “How can you afford to share your best seed with your neighbors when they are entering their maize in competition with yours each year?”
The farmer smiled knowingly and explained, “The wind picks up pollen from the ripening maize and swirls it from field to field. If my neighbors grow inferior maize, Cross-Pollination will steadily degrade the quality of my maize.
If I am to grow good maize, I must help my neighbors grow a good crop.
”So it is with our lives. Those who want to live meaningfully and well, must help enrich the lives of others.
For the value of a life, is measured by the lives it touches. And those who choose to be happy, must help others find happiness.
For the welfare of each is bound up with the welfare of all.
Call it power of Group.
Call it a “principle of success”. Call it a law of life.
The fact remains, “None of us truly wins, until we all win.”
(This is also philosophy of LetzGain)
Keep this in mind as you grow your business and make it long lasting organization!
*In life, when you help the people around you to be good, you surely become the best.
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved change in the basis of classifying Micro, Small and Medium enterprises from ‘investment in plant & machinery/equipment’ to ‘annual turnover’.
This will encourage ease of doing business, make the norms of classification growth oriented and align them to the new tax regime revolving around GST (Goods & Services Tax).
Section 7 of theMicro, Small and Medium Enterprises Development (MSMED) Act, 2006 will accordingly be amended to define units producing goods and rendering services in terms of annual turnover as follows:
A micro enterprise will be defined as a unit where the annual turnover does not exceed five crore rupees;
A small enterprise will be defined as a unit where the annual turnover is more than five crore rupees but does not exceed Rs 75 crore;
A medium enterprise will be defined as a unit where the annual turnover is more than seventy five crore rupees but does not exceed Rs 250 crore.
Additionally, the Central Government may, by notification, vary turnover limits, which shall not exceed thrice the limits specified in Section 7 of the MSMED Act.
At present the MSMED Act (Section 7) classifies the Micro, Small and Medium Enterprises (MSMEs) on the basis of investment in plant and machinery for manufacturing units, and investment in equipment for service enterprises. The criterion of investment in plant and machinery stipulates self declaration which in turn entails verification if deemed necessary and leads to transaction costs.
Taking turnover as a criterion can be pegged with reliable figures available e.g. in GST Network and other methods of ascertaining which will help in having a non discretionary, transparent and objective criteria and will eliminate the need for inspections, make the classification system progressive and evolutionary, help in overcoming the uncertainties associated with the classification based on investment in plant & machinery/equipment and employment, and improve the ease of doing business. In addition the amendment will provide flexibility to the Government to fine-tune the classification of MSMEs in response to changing economic scenario without resorting to the amendment of MSMED (Micro, Small & Medium Enterprises Development) Act.
The change in the norms of classification will enhance the ease of doing business. The consequent growth and will pave the way for increased direct and indirect employment in the MSME sector of the country.