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Why Accenture’s $32 Million Lawsuit is a Lesson for Every Business

6Aug By AdityaNo Comments

Story

Why Accenture’s $32 Million Lawsuit is a Lesson for Every Business

Even the best drop the ball sometimes. This might be the biggest lesson young business owners could learn from watching the consultancy deal between Accenture and Hertz crash and burn. This is a story where “faking it until you make it,” works for a while but then when it’s time to get down to business, true colors start to show, and mistakes are revealed in ugly truths. Here some lessons you can learn as a small business owner from Accenture’s $32-million lawsuit. 1. Take the time to study your contract There are a lot of ways you can avoid expensive mistakes like the ones that got Accenture on the defense for a $32 million lawsuit. Hertz wanted to revamp its online footprint back in 2016 and entrusted the job to Accenture, which is no doubt the most prominent consult...

How to Protect Your Small Business from Cyber Threats

20Jul By AnkitaNo Comments

Tech

How to Protect Your Small Business from Cyber Threats

If you’re like many small business owners, you might think you don’t need to worry about cyber attacks. Eighty-two percent of small business owners have said that they don’t think they need to implement cybersecurity measures because they don’t think their company information is worth stealing. Think again. Small businesses are very vulnerable to cyber threats, precisely because they think they’re not worth a hacker’s time. Data breaches affecting large companies may get all the press, but big corporations like Target and even government agencies know they’re at risk, and they have the budget to to easily implement comprehensive and sweeping threat detection and prevention plans. Small businesses are easier targets because many don’t even bother with cybersecurity measures, and the info...

2Jul By AnkitaNo Comments

News

Pizza Hut Franchise File for Bankruptcy

World's largest Pizza Hut franchisee in the US filed for Chapter 11 bankruptcy due to business loss in the Covid19 period. In its court filing, the franchise distributor of Pizza hut and Wendy restaurant's, NPC International Inc. listed estimated assets ranging from $1 billion to $10 billion and estimated liabilities in the same range. NPC operates 1,227 Pizza Hut and 393 Wendy's franchise in the United States, representing about 20% of the domestic Pizza Hut system. One of NPC's hurdles has been Pizza Hut's performance in recent years, which created a "significant drag on profitability due to a lack of sales growth and a significant inflationary cost environment," the filing said. But the Covid19 pandemic causes a big loss for Pizza Hut sales, and NPC has struggled with...

ITC acquires 100 percent stake of Sunrise Foods

25May By PriyankaNo Comments

ACQUISITION

ITC acquires 100 percent stake of Sunrise Foods

Indian business entity ITC acquired 100 percent equity of spices manufacturer Sunrise Foods Private Ltd (SFPL). While the company did not disclose the value of the deal, but sources said it is valued around $237 million to $263 million (around Rs 1,800 crore to Rs 2,000 crore). The company said it has signed a share purchase agreement (SPA) with SFPL which will augment its product portfolio and is also aligned to its aspiration to significantly scale up its spices business and expand its footprint across the country. "Sunrise is a clear market leader in eastern India in the fast-growing spices category with a rich heritage and brand legacy of over 70 years," ITC said in a statement. Over the years, the brand has built a loyal consumer franchise, anchored on a differentiated pro...

18May By PriyankaNo Comments

BUSINESS

Thai Airways will file for bankruptcy

Thailand's flag carrier Thai Airways International will file a plan for restructuring its business with the Central Bankruptcy Court, a government spokeswoman said on Monday. Narumon Pinyosinwat said the plan submitted by the State Enterprise Policy Office to salvage the airline will be submitted Tuesday to for Cabinet approval. She said she had no details of the plan. Thai Airways had been suffering financially even before the coronavirus crisis brought travel and tourism in the country to a near standstill. The airline initially sought a 54 billion baht ($1.7 billion) bailout loan from the government. There is speculation that its reorganization under bankruptcy could take the government's ownership share below 50%, effecting a form of privatisation. All rescue options were like...

LinkedIn Launched LinkedIn Live For Virtual Events

13May By AdityaNo Comments

News

LinkedIn Launched LinkedIn Live For Virtual Events

Professional networking platform LinkedIn announced global launch of a virtual events solution LinkedIn Live to enable companies to stay connected and strengthen relationships with their online communities in real time. Using LinkedIn Live, companies can now host virtual events by streaming live to event attendees, it said in a statement. This integration between LinkedIn Live and LinkedIn Events helps companies to host live, real-time events in a trusted environment, attract the right professional audiences, drive strong reach and engagement, and get more mileage for their events with a dedicated hub for videos of the event on their Pages, the company said. In October 2019, LinkedIn launched LinkedIn Events globally and in March 2020, the platform enabled companies to create an e...

Gold’s Gym file for Chapter 11 Bankruptcy Protection

6May By PriyankaNo Comments

News

Gold’s Gym file for Chapter 11 Bankruptcy Protection

GGI Holdings, LLC and its affiliates Gold’s Gym filed for relief under Chapter 11 in an effort to facilitate the financial restructuring of the company. CEO Adam Zeitsiff said the filing will ensure the company’s viability for decades. The chain listed assets and liabilities of between $50 million and $100 million, according to its Chapter 11 petition filed in the U.S. Bankruptcy Court in Dallas. The company has furloughed most of its 4,600 employees in response to the crisis, per court papers. “Our focus is and always will be on our members around the world, and we look forward to welcoming them back as soon as it is safe for our members, team members and communities,” Zeitsiff said. “Gold’s Gym has been the world’s trusted fitness authority for more than 50 years, and we’re ab...

US Trade Gap rises to USD 44.4 billion as Virus slams Commerce

6May By AnkitaNo Comments

USA

US Trade Gap rises to USD 44.4 billion as Virus slams Commerce

The US trade deficit rose in March as the coronavirus outbreak battered America's trade with the world. The Commerce Department reported Tuesday that the gap between what the United States sells and what it buys abroad widened 11.6 percent in March to USD 44.4 billion from USD 39.8 billion in February. US exports fell 9.6 percent to USD 187.7 billion on plunging orders for cars, auto parts, and industrial machines. Imports fell by 6.2 percent to USD 232.2 billion. Total trade exports plus imports came in at USD 419.9 billion in March, down 7.8 per cent from February and 11.4 per cent from March 2019. The politically sensitive deficit in the trade of goods with China fell 21.3 per cent to USD 15.5 billion in March as exports rose slightly and imports plummeted. The coronavirus ...

5Apr By NitishNo Comments

FUNDING

Recko Raises USD 6 Million in Series A funding

Recko, a Bengaluru-based enterprise fintech startup that enables AI-powered reconciliation of digital transactions has raised USD six million in Series A funding. The investment was led by Vertex Ventures SEA and India, and saw participation from existing investor Prime Venture Partners. The fresh funding will be used for further product development, hiring and expanding its presence outside India, Recko said in a statement. Since it was founded in 2017, Recko has reconciled transactions worth USD five billion, it said. The startup has built a SaaS-based financial reconciliation product that, it said, keeps track of the complete transaction lifecycle and commercial contracts for organisations. Its customers include Grofers, Meesho, Dunzo and some of India's top marketplaces acr...

Mera Cashier Raises $150k from Bollywood Singer & Others

3Apr By PriyankaNo Comments

FUNDING

Mera Cashier Raises $150k from Bollywood Singer & Others

Sukhbir Singh, eminent Bollywood singer, India Accelerator, Boudhik Ventures, Shankar Nath (ex-CMO, PayTM) and Shaurya Garg (Founder, Fundoo Works) have invested $ 150K in FinTech startup Mera Cashier. Sukhbir says "Mera Cashier is giving the user the gift of time which is extremely scarce in these days. He adds using "Mera Cashier" is a good decision for any businessmen." Launched in July 2019, Mera Cashier is an app for small and micro businessmen to record and manage credit transactions. The app boasts of some unique features like managing both credits taken from suppliers and credit given in the market, using QR code to record transactions thereby improving the efficiency of the business and one app that the user and his customers can download and view the transactions involved....

31Mar By NitishNo Comments

CHINA

China’s Manufacturing Rebounds as Virus Controls Ease

China's manufacturing rebounded in March as authorities relaxed anti-disease controls and allowed factories to reopen, an official survey showed Tuesday, but an industry group warned the economy has yet to fully recover. The ruling Communist Party is trying to revive the world's second-largest economy after declaring victory over the coronavirus even as the United States and other governments shut down businesses. The purchasing managers' index issued by the Chinese statistics bureau and the official China Federation of Logistics & Purchasing rose to 52 from February's record low of 35.7 on a 100-point scale on which numbers above 50 show activity increasing. The federation and private sector economists cautioned the economy still faces challenges as manufacturers rebuild supp...

6 Low Cost Marketing Techniques To Boost Your Business

12Mar By AnkitaNo Comments

Story

6 Low Cost Marketing Techniques To Boost Your Business

As an entrepreneur, you have to wear many different hats and juggle many priorities at once you’re handling product development, sales, and of course, marketing. It’s no piece of cake and requires you to divide your already limited resources in a smart way that helps you optimize product quality and product reach. Developing the perfect product only to have it remain unused because no one knows about it hardly sounds like an ideal outcome. Hence, the end goal of getting new customers should be somewhere at the top of your list. In order to achieve it successfully, you need an effective marketing plan: you must launch big and promote tirelessly to establish your brand identity. But you can’t spend all your time and budget on marketing either so you’re always looking for ways to cut...