How to run a small business using a smartphone?

How to run a small business using a smartphone?

Small business owners face many difficulties on an everyday premise and no more so than the present moment. In this way, anything that helps your endeavor keep the wheels of usefulness turning is consistently a reward, which is where a smartphone becomes valuable.  A smartphone can help run a small business smoothly and efficiently.

A smartphone with decent features and the ability to run only a couple of core applications can significantly affect staying beneficial, particularly in case you’re regularly moving. 

While PCs and laptops are yet the go-to productivity tools for some entrepreneurs, a smartphone will allow you to do most tasks in a considerably more productive manner and without the bulk. 

With the cell phone itself, it’s the development of versatile applications that have assisted with making us all a little more effective. 

While applications on smart phones aren’t generally incredible for things like high-volume information section work or composing long business reports, they’re ideal for speeding through other fundamental errands.

Let’s look at some ways smartphones can help run a small business!

Download the applications that can be useful across various stages.

Today, there are a few applications, for example, Google’s G Suite, Office 365, Vardaan solutions,vyaapar, and others, that lessen manual working and speed up the working of businesses. From managing invoices to documenting payments and administrating credit and debit records of clients, these applications computerize the whole process. These applications facilitate the tasks of businesses to a great extent. 

Both the business workforce and clients get convenient notifications about outstanding payments and different specifics. Businesses need not manage the problem of recording or keeping transactions or preparing invoices. It helps in saving time and exertion, which can be utilized for business development and extension.

Take advantage of voice technology to deal with your business 

Virtual assistants like Google Assistant, Apple Siri, Amazon Echo, and so forth have become a part of our day-by-day lives. You may utilize voice innovation to play out a few errands like sending messages, setting a meeting reminder, making a business call, sending official messages, opening applications on your cell phone, and others. 

You don’t have to type a text to direct inquiries on Google or to send email replies. Speak out what you need, and the work will be done instantly. If you utilize your smartphone properly for your business, you can save a great deal of your time and effort.

Make use of your mobile for text message Marketing. 

Marketing through text message efforts permits businesses to hold customers by giving them the choice of getting messages from the businesses they have dealt with. More than 90% of people open those messages to think about the new offers and deals. Those texts are short and can be read in seconds.

Mobile marketing and text informing are viable methodologies to spread the message about your new dispatches and most recent offers. Businesses can even send links to digital coupons using text messaging.

Keep your official email account available through your smartphone.

Link your office email account on your smartphone to access and reply to business messages progressively. Besides being easy to understand and versatile, a handset proves helpful to browse messages without getting to your business email account through a PC or Laptop. It not only guarantees a quicker reaction yet, in addition but also keeps the messaging cycle coordinated.

Keep high-resolution pictures of business cards and product models on your smartphone. 

Business proprietors need to manage a lot of professionals and other business owners daily. Resultantly, they are left with such a large number of business cards. A large portion of them may end up being profoundly significant contacts for the business. Odds are, you may miss any significant business cards or may neglect to discover them when required. Subsequently, it’s ideal to utilize the versatile camera of your handset and keep a digital copy of the business cards. You may even add point-by-point notes to follow up later. 

Moreover, you can likewise stack pictures or lists of the items you manage. The chosen data, or item detail, can be effectively imparted to potential clients quickly through email or messages without orchestrating a printed copy.

FINAL TAKEAWAY

Today, the utilization of smartphones is not, at this point, restricted to interpersonal interaction. The progressions and incorporations in technology have made these smartphones an exceptionally expected device for all types and sizes of businesses. It has wiped out distance and time restrictions and assisted businesses with building better communication with sellers, clients, and laborers.

Also, staying updated on the most recent smartphone features to increase your business working and productivity is very important. Whenever utilized shrewdly, the characteristics of smartphones can do wonders in showcasing and developing the business.

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How to separate personal and business finances?

It’s simple for your personal finances to get messed up with your business finances. But regardless of the kind of business you’re running, it’s a smart thought to keep your finances separate from those of your business.

At least, doing this will make it a lot simpler to sort out what you can deduct and what you can’t at tax time. And it will likewise make it simpler to develop your business or even sell it. 

Do not panic if you haven’t yet isolated your records into personal and business stacks; it’s never past the point where it is impossible to begin.

So you don’t know where to start with separating your personal and business finances? Let’s learn some ways to do it.

1. Get an EIN 

EIN represents Employment Identification Number. An EIN resembles social security for businesses. Getting an EIN should be the primary concern for each company. It permits you to differentiate your social security number from your business issues and documentation. It is an interesting nine-digit number assigned by the IRS that distinguishes your business as a functional element. 

So, this number permits you to do all your tax-related business and open a bank account for your business. Therefore, having an EIN is an efficient approach to isolate your business resources from your resources. If you need to apply for an EIN, it is free and requires a couple of moments. Your application is made on the IRS site.

2. Set up different financial records. 

If you have separate financial records and are constantly drawing on the perfect record at the tax time, you just have to review your bank statements for a clear picture.

So, if you can figure out how to utilize your business debit card and stay away from cash, you may even have the option to do your taxes and other monetary detailing straight off your bank statements.

3. Get a credit card for the business. 

A business credit card will help you develop a credit history record for your business separate from your personal credit history. So, analytically, your credit card is perhaps the likeliest spot for your finances to get tangled. Therefore, separate credit cards imply that if something goes out of the reach of your business’s current budget, you will not be enticed to utilize your credit card.

4. Set a total budget for the business. 

Similarly, as you would prefer not to haul more cash out of your business than your business can manage, you don’t need the business to pull more cash out of you than you can bear. 

Also, numerous entrepreneurs end up siphoning cash from their accounts into their organizations at whatever point there’s a deficiency. Also, in some cases, it’s unavoidable. However, if you have a detailed financial plan that depends on your business’ present profit, you can help stay away from both.

5. Separate your receipts and keep them.

What better approach to exhibit your commitment to keeping your personal and business costs separate than by actually separating your receipts? Consider ordinary envelopes or separate organizers in your email for automatic receipts.

So, this basic practice will help you sleep peacefully, knowing that if the Income-tax department ever comes knocking, you are prepared.

6. Define boundaries between your home and your office. 

Divide your office and your home, mainly if you work from a workspace. 

How to separate personal and business finances?

You are doing as such allows you to guarantee the workspace derivation just as evenly as dividing bills. Regardless of whether you have a workspace, your business shouldn’t be covering the whole electrical bill for your home. Essentially some portion of that weight should fall into your finances.

FINAL WORDS.

From the start, it may not be easy to keep things perfect and clean. Yet, regardless of whether you can deal with a couple of these tips, you’ll set aside both time and cash during the following tax season, an audit, or even while searching for financing.

Solid businesses develop via cautious, gradual upgrades, and figuring out how to keep your personal and business finances separate is the ideal spot to begin.

Download Vardaan now from the play store or App store for managing your business and business expenses!

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What is the difference between inventory and stock?

Differences between stock and inventory

Frequently, Stock and inventory are used interchangeably; however, they have different meanings. It is essential to comprehend that using the two terms interchangeably is inaccurate and might be deluded about its financial strength. 

So, here is all the important information you need to know about the differences between Stock and inventory.

What are inventory and things you need to know about inventory?

  • Inventory alludes to the finished product ready to dispense, the work-in-progress goods that aren’t converted into finished items, and the crude material used to make the finished item. 
  • Mostly, we find inventory in manufacturing companies. 
  • So, there usually are costs associated with keeping up inventory at optimum levels, which the top administration chooses. 
  • So, inventory is recorded in the accounting books in 3 distinct ways. 
  • These incorporate the weighted standard strategy, Last In First Out (LIFO) and First In First Out (FIFO) methods. 
  • Note that every strategy has its ramifications on the income statement, mainly if there are fluctuations with the costs in the raw material. 
  • Therefore, understand that changing the inventory accounting methods is considered as a manipulation of the income statements.

What is Stock and things you need to know about Stock?

  • Stock alludes to the finished product that is ready to sell in the market. 
  • Note that Stock can likewise incorporate raw material if the organization is answerable for selling raw material. 
  • The worth of the Stock relies upon the expense of acquisition or the market price, contingent upon whichever is less. 
  • However, when Stock is sold, it will be deducted from the balance sheet added to the profit and loss statement as revenue.

What are the main differences between Stock and inventory?

  • Inventory involves raw material, work in progress, and finished products, while Stock includes only finished products.
  • Accounting for inventory is conducted on a quarterly premise, while for the most part, stock accounting is done on an everyday premise. 
  • Inventory should be kept up at an optimum level; optimum level is a level where profit maximizing is possible. Ideally, zero Stock is ideal; however, the organization should produce enough to satisfy the market’s needs.

STOCK V/S INVENTORY.

POINTS OF COMPARISONINVENTORYSTOCK
Consists ofRaw materialWork in progressFinished ProductFinished productsRaw Material (If a company sells directly)
ValuationThe cost incorporated by the company using methods such as LIFO, FIFO, and Average cost method is used in determining the value of inventory.
The value of Stock is determined by the market price, which is the selling price at which the finished goods are sold. 
The RevenueInventory takes into account all the assets of a business used to produce the goods it sells. Also, inventory helps determine the sale price of the Stock. As mentioned, the Stock is used to determine the total amount of revenue generated by the business. The higher the Stock sold, the higher the revenues.  
Maintained onQuarterly basisDaily basis

Conclusion

  • There are situations where inventory is frequently mistaken for assets. Nonetheless, a few assets have various classes. 
  • The ideal approach to separate inventory, stock, and assets is by figuring out what stays in business other than customer sales. 
  • Therefore, it’s judicious to keep every one of the distinctions separate to keep up precise accounting records. 
  • If you need assistance dealing with your inventory, look no further than Vardaan Solutions.
  • However, if you need to know more about stock v/s inventory, you can head to this article.
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Digital Literacy-Indian Business

Indian Business- Digital Adoption

Small and Medium Businesses (SMBs) structure the foundation of the Indian economy and make considerable contributions to the national economic indicator and household income. However, digital literacy has changed the operational landscape of SMBs, predominantly led by the consumers using the internet through mobile. 

Government activities, for example, the Digital India Initiative, have been supplemented by private sector ventures to raise digital mindfulness and abilities among Indian SMBs. Internet adoption and digitization can help an SMB support its income. It benefits up to 2x quicker and scales homegrown and worldwide boundaries. 

Notwithstanding, regardless of substantial digital profits, digital literacy adoption by Indian SMBs has been moderately low before. However, rising internet entrance, combined with imperatives of the COVID-19 pandemic, is empowering technology adoption across the SMB sector.

DIGITAL LITERACY BY SMBs IN INDIA 

Each SMB has diverse IT necessities, and one encounters distinctive IT challenges than large enterprises, as their budget plan and staff for IT assets are highly different.

Digitalization of small and medium organizations (SMBs) can add Rs. 11,60,000–15,850,000 crore (US$158–216 billion) to India’s GDP by 2024 and add to the monetary recovery post-COVID19 pandemic. Moreover, as per a Cisco study on ”Digital Maturity of Indian SMBs,” SMBs that are more carefully developed appreciate twice as numerous advantages as income and productivity than those with an indifferent way to deal with digitization. 

The study- Digital Maturity of Indian SMBs

The study is based on a review of SMBs in the Asia Pacific and was led by IDC and charged by Cisco. The 2020 SMB Digital Maturity Study assembled and dissected information from >1,400 SMBs across 14 business sectors in the APAC to evaluate difficulties and opportunities faced by organizations during their digital transformation venture. The 14 business sectors involved Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand, Taiwan, and Vietnam. India right now positions ninth on this rundown, with capital ventures and a technically skilled labor force being the critical barrier in speeding up development.

Further explanation:

The report further explains that ~68% of Indian SMBs seek to digitally transform to present new items and benefits and separate themselves from the companion. In any case, being willing to accept change is just the main obstacle. As 84% SMBs revealed challenges in executing their digitalization objectives facing a deficiency of digital skills and sufficient ability, trailed by an absence of assets and understanding into information. ~70% said that they are speeding up a division to guarantee business congruity during COVID-19. ~60% perceive that companion is changing and that they should keep pace, while 50% seek digital transformation because of customer interest for change. Given the current situation, an ever-increasing number of customers are shopping online, causing a lift in online business deals; this gives SMBs the potential to change and expand on digitization. 

“During this me, small businesses have been wrestling with drastically diminished liquidity, disturbed supply chains, and loaning difficulties. To bounce back, they need to rotate and adjust swirly, reconsider their action plans, and distinguish their place and job in the new normal. In these endeavors, most small businesses have understood that going digital is critical. Hence, they show an eagerness to disrupt themselves,” as per Panish PK, Managing Director, SMB, Cisco India, and SAARC.

CHALLENGES FACED BY SMBs TO ADOPT DIGITILASTION

Infrastructure Issues

Infrastructure requires government or private intercession and does not come under notice because of a lack of adequate funds. So, numerous SMEs don’t know about the different financing alternatives accessible to them from NBFCs and banks. In addition, most lack digital literacy to accumulate data from the internet. 

Low productivity

Digitization has improved efficiency in reformist organizations by disposing of manual cycles and making them technology-based. However, traditional SMEs have slow processes, and their workers often lack basic computer skills. This hampers productivity. 

Inadequate funds

Funds are needed for advertising or marketing the items offered by conventional SMEs. The absence of digitization brings about a slight flow of income and a lack of cost-benefit analysis. Digital marketing can end up being less expensive when contrasted with actual advertising, which customary SMEs can’t employ. 

Absence of Innovation

Due to the shortfall of digital literacy, traditional SMEs can’t think of better approaches to attract customers. Since most buyers go online and use their tablets or mobile phones, formal SMEs fail to attract customers. Sometimes they can’t accept online payments or send e-bills. 

Less secure

Since conventional SMEs rely upon manual activities for selling their items, there are high odds of human blunders in terms of the amount sold, payments made, total income, total cost, and so forth, bringing rather more risk than precision.

Higher expenses

Operational expenses, publicity expenses, and development costs are consistently higher for a customary SME when contrasted with a digitized one. 

Absence of Training and Skills-

Lack of knowledge about using a computer, digital marketing, websites, social media, and web analytics hamper ordinary SMEs by adversely affecting efficiency. There is nobody to screen the everyday sales, profit, and competition this way.

ADVANTAGES OF DIGITIZATION FOR SMBs

Improved Customer Acquisition

Digitization permits SMEs to connect more with their intended target audience. And reaches customers in any country for upgraded visibility. Manage Customer connections more proficiently, and they can acquire customer insights through various tools. This will help in marketing products better and devise new sales channels. 

Operational Efficiency

As a digitized SME, technology can help automate core processes, making an SME more productive. This will especially allow the use of assets and give more control of coordination. 

Labor force Enhancement

With digital tools, SMEs can improve areas that need skill improvement. And identify shortfalls in the labor force. It turns out to be easy to track employee’s productivity, train them and make them mindful of the most recent concepts in digitization. 

Risk Management

By digital adoption, SMEs can protect sensitive data and financial information through security programming. In addition, it allows for better protection of existing resources through advanced surveillance and makes logistics more powerful.

Improves Productivity

The incorporation of digital tools can help employees work quicker and more productively. In addition, they can work remotely, also at any time to meet business emergencies right away. 

Innovation

By digital adoption and digital tools, SMEs can assess the business better with metrics. Activity metrics like web traffic, process metrics like sales and acquisition, knowledge metrics like consumer insights, and individual metrics like employee satisfaction can help improve various parts of the organization.

Saves Costs

Digitization will help diminish operational expenses via automating center cycles and making everything smoothed out. Besides, SMEs can open up to any country on the planet for business without spending anything on advertising. 

Reduces Manpower

Since digital adoption will make most business measures automated, labor requirements will go down. There will be less chance y of human blunder, and less monitoring will be required.

CONCLUSION

Digitization isn’t just about converting information and data yet about using technology to discover better approaches for working together. There are countless new solutions and developments present in the market that practically everyone can use. Innovation with digitization assistance helps businesses and SMEs in India think of new ideas and innovations and manage work effectively. 

Stay tune with Vardaan for more articles.

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The Operator Section- Vardaan

Vradaan- the operator section

The operator section of Vardaan is one of the most important and beneficial features provided for the merchant to operate the business. The word operator explains itself; it means who can help the merchants to run the store smoothly. 

Different people play different roles in every business to run the business smoothly, like agents, business partners, delivery person, store managers, salespeople, etc.

In the operator section of Vardaan, you can add everyone who helps in running your business smoothly by adding their name and number. Vardaan also gives access to the store by the position they hold! 

When you add people in the operator section, they get notified over their respective phone numbers through a text message.

Let us go through each category Vardaan provides in the operator section:

Partner

A partner is a person who is equally the owner of the business and shares all the responsibilities, profits, and losses. In the operator section, you can click on the partner, add his name and number. After adding he/she will get access to all the features of the store you have created in Vardaan. He/she can make changes, add items or delete, can track business, and many more with that access.

Store Manager

A store manager is a person who is responsible for handling the store and has access to the limited features. The features he/she can access are store items and bulk upload.

The store manager can add/delete or edit the items in the store, and if the store manager wants to add the store items in bulk, they can use the bulk upload feature.

Agent

An agent is a middleman appointed to negotiate and, if required, conclude contracts with customers on your behalf. So you have the contract with the customer. Agents make a commission on the sales they make, usually on a percentage basis.

So, If you have an agent of your business that sells your products on your behalf, you can add him in the operator section. You can add him by clicking on the agent, adding his name and number, and getting access to the features like orders.

So, if he sells anything, he can add those sales to orders and have the commission set by both of you for him.

Salesperson

A salesperson is the ambassador of the business in the external world. He or she helps customers find what they are looking for in a store. 

In the operator section, when you add a salesperson, he/she gets access to orders, cashbooks, expenses, customers, and business cards.

So, by the list of features he gets to access, he/she can take control of what is being ordered, the expenses, the daily balance and earnings from the cashbook, and many more.

Delivery person

As known by our customers, we provide businesses with an opportunity to move online.

If your business includes delivery services to customers at their homes, you can add the delivery person. After Adding the delivery person to the operating section, you can give him access to the order status update.

Therefore, the delivery person can only change the status of the order from pending to delivered.

Other than that, he will get not get access to any feature.

Conclusion:

With Vardaan, we can add more operators based on the requirements of the business. 

Watch our youtube live for more clarity on the same and more information about our application!

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How Vardaan helps you run your Dhabha business?

How VArdaan helps your dhabha business

Starting a Dhabha requires cash, inventive thoughts, and versatility towards the progressions in the market, which will help the Dhabha business thrive. A few entrepreneurs start a business and run it for a couple of days. In any case, with regards to managing finances, they think that it’s troublesome as all are not good at managing. 

Starting a dhabha is simple, but building up and staying in business is a test. The reason is competition, managing funds, remaining at standard with innovation, satisfying clients, and so on; along these lines, entrepreneurs may feel crushed if they can’t develop their income. So, there are many mobile apps available in the market which help you manage your end-end business. Vardaan is one of those Saas (Software as a Service) tools that allow small businesses to run their day-day operations efficiently.  It enables small merchants to manage their stores & take the store online. One application, numerous benefits is what vardaan wishes to offer. Therefore, Vardaan is truly what its name suggests, a gift to small and medium businesses.

Vardaan now has a wide variety of customers, from businesses that provide services or sell items. At present, Vardaan is already supporting +29 different segment types. 

How does Vardaan help run a Dhabha?

Vardaan- The Digital Store Manager

Vardaan can manage the dhabha very easily by various features like- Store item management, Inventory management, Order creation, Bahi Khata, Expense management, UPI payment option, and Multiple invoice selection.

So, you can add the food items/cuisines you provide in the dhabha. And with various filters like selling price, GST%, description, and stock availability in just a few clicks.

You can also manage business-related expenses by registering expenses like travel, rent, or wages in the expense feature.

In no time, you can have a track of your expenses and store items with your digital store manager-Vardaan.

Vardaan- Your Accountant

With key features in Vardaan like Store Item entry, Inventory management, Order creation, Customer interaction, Expenses, Digital payments, Digital marketing, and many more, a Dhaba business can start using these features and its inbuilt algorithm for calculations related to their dhabha business.

Vardaan- the digital accountant

The business now can have business reports for every business-related query like top-selling item or service or GST report, inventory reports, etc. 

So, now you can track the growth of the dhabha business in graphical form with Vardaan’s real-time business dashboard that lets you track your losses, expenses, and profits.

The online Dhabha business

Vardaan helps in expanding their business by making their business available online for the customers. How?

Vardaan gives the platforms to businesses to go online and share their online store with customers via social media. For having your dhabha online, you first have to select your customized domain name for the online store link and then share it with the customers via QR code and WhatsApp!

You can also set the online business operation timings according to the requirements and set the charges applicable for online services all in one app- Vardaan!

So, now customers can order your food online and enjoy the meals by sitting at home. 

The Digital Staff and Store Operations Manager

Handling the management alone is quite hard, especially when many orders are coming in and your business is flourishing. 

Just for days like these, you can give the store operators the feature of Vardaan and give one of the most trusted staff the access to run the dhabha on Vardaan. 

You can manage the staff with this feature by filling in the basic details of the team.

You can now manage the Dhabha and staff both from one place- Vardaan!

Digital advertiser for your Dhabha business

Digital advertiser for dhabha business

The business cards create a great first impression and are a great way to advertise the business. Hence, you should have one designer business card, which is now possible through Vardaan. 

Vardaan allows you to make your digital business card and share it with customers. You have various options to choose from business card templates and have the business card ready for the dhabha in just a few minutes. 

Final Words

Therefore, Vardaan can give your dhabha business a real Vardaan by making the business of serving people delicious food easy, handy, and all in one place. The dhabha can now run successfully with almost no challenges to face!

Not only dhabha owners, but you can also make your business go digital and thriving in no time with Vardaan! Download Vardaan now from the play store and AppStore!

The sky’s the limit for us, and that should be the same for SMEs, manage your business digitally, expand it by going online, and enjoy more benefits with Vardaan!

“Vardaan- Banaye aapke business ko digital and aapko aatamnirbhar.”

Read MoreHow Vardaan helps you run your Dhabha business?