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Build Customer Loyalty - Awfis

Steps To Build Customer Loyalty

Business How To’s, , ,

Steps To Build Customer Loyalty

The best way to promote your brand is through word of mouth and who better to do that than your customers. As a start-up, you’re always in search for more and more customers to improve your brand value but there comes a point when you realise that it is more important to create and retain loyal customers than to keep chasing new ones. Ultimately customer satisfaction is the primary driving force behind boosting customer loyalty and thereby greater profits.

Through this article we’ve suggested few simple ways to increase your customer loyalty.

  1. Observation

Always pay attention and observe every move your customer makes. From what they are in search for and their behaviour to what they expect from you. Try to perceive a pattern and then study and adjust to it. This helps you cater to your customer better and makes them realise that you understand their needs clearly.

  1. Be Prepared

Always be prepared for a number of direct and sometimes even unrelated questions that may be fired at you. You should always have more answers than the questions the customer may have. This portrays your skill and expertise in the field.

  1. Offer the best Customer Care Service

The way to a customer’s heart is through a ton of discounts, free hampers and other such over and above bonuses. Go the extra mile and send small gift hampers or vouchers on their Birthdays and Anniversaries. Always provide the best kind of incentives that would attract your customers. Be available to your customers at all possible times and be ever-ready to hear your customer out. Find a quick solution to any customer complaint.

  1. Don’t be too pushy

In the process of persuasion never go over-board. Some employees are ready to do anything and everything to convince the customer to avail a service or buy a product. However, too much of persuasion may just frustrate the customer who may not want to come back to your store, no matter how good your products may be. Provide all options and give a suggestion or two, but let the final call be theirs. Be Patient.

  1. Train your Employees

The most important factor is to train your salesmen with the best set of skills. They are the ones who will be in constant contact with the customer. They should be able to convince a customer without coming off as being too pushy and at the same time they should be someone approachable.

  1. Be Presentable

First impressions are the last impressions. Salesmen should be well dressed and presentable. An appealing salesperson is someone the customer is more ready to approach. A simple smile or a friendly hello could mean a lot to a customer. A positive attitude and professional behaviour is always pleasing for any customer.

  1. Build a Reliable Reputation

Your reputation has a great impact on your company’s goodwill and thereby reliability on your products and services. A loyal customer helps build that reputation. Be the one-point contact for the customer and communicate regularly with them updating them on any new offers, services or products. Build a healthy relationship with your customer by honouring your promises made to them and at the same time respect their privacy.

Neither of the factors alone would help you gain customer loyalty, but combinations of these are sure to be starters to something big.

Have a look at shared office space in MG Road, Bengaluru or co-working spaces in Powai, Mumbai provided by Awfis.

 

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Build Customer Loyalty - Awfis

Steps To Build Customer Loyalty

Business How To’s, ,

The best way to promote your brand is through word of mouth and who better to do that than your customers. As a start-up, you’re always in search for more and more customers to improve your brand value but there comes a point when you realise that it is more important to create and retain loyal customers than to keep chasing new ones. Ultimately customer satisfaction is the primary driving force behind boosting customer loyalty and thereby greater profits.

Through this article we’ve suggested few simple ways to increase your customer loyalty.

  1. Observation

Always pay attention and observe every move your customer makes. From what they are in search for and their behaviour to what they expect from you. Try to perceive a pattern and then study and adjust to it. This helps you cater to your customer better and makes them realise that you understand their needs clearly.

  1. Be Prepared

Always be prepared for a number of direct and sometimes even unrelated questions that may be fired at you. You should always have more answers than the questions the customer may have. This portrays your skill and expertise in the field.

  1. Offer the best Customer Care Service

The way to a customer’s heart is through a ton of discounts, free hampers and other such over and above bonuses. Go the extra mile and send small gift hampers or vouchers on their Birthdays and Anniversaries. Always provide the best kind of incentives that would attract your customers. Be available to your customers at all possible times and be ever-ready to hear your customer out. Find a quick solution to any customer complaint.

  1. Don’t be too pushy

In the process of persuasion never go over-board. Some employees are ready to do anything and everything to convince the customer to avail a service or buy a product. However, too much of persuasion may just frustrate the customer who may not want to come back to your store, no matter how good your products may be. Provide all options and give a suggestion or two, but let the final call be theirs. Be Patient.

  1. Train your Employees

The most important factor is to train your salesmen with the best set of skills. They are the ones who will be in constant contact with the customer. They should be able to convince a customer without coming off as being too pushy and at the same time they should be someone approachable.

  1. Be Presentable

First impressions are the last impressions. Salesmen should be well dressed and presentable. An appealing salesperson is someone the customer is more ready to approach. A simple smile or a friendly hello could mean a lot to a customer. A positive attitude and professional behaviour is always pleasing for any customer.

  1. Build a Reliable Reputation

Your reputation has a great impact on your company’s goodwill and thereby reliability on your products and services. A loyal customer helps build that reputation. Be the one-point contact for the customer and communicate regularly with them updating them on any new offers, services or products. Build a healthy relationship with your customer by honouring your promises made to them and at the same time respect their privacy.

Neither of the factors alone would help you gain customer loyalty, but combinations of these are sure to be starters to something big.

 

Steps To Maintain A Work-Life Balance

Work Life Balance, , ,

In today’s ever growing corporate world, everyone is compelled to work hard in order to achieve fame and success for themselves and at the same time to be able to survive in the increasingly competitive market. This calls for a lot of time, money and effort. Prioritizing between your work and personal life can serve as quite a challenge. Let us help you to restore a better-work life balance.

  1. Plan Ahead

When you plan for the upcoming week, make it a point to schedule a sufficient amount towards family time and activities that would give you the perfect breakthrough from the realms of work.

By doing so you’ll always have something to look forward to after a hectic day at work. It would serve as an extra incentive to manage your time efficiently and would thereby lead to fewer cancellations.

  1. Prioritize your work

Always prioritize your task list in order of urgency and preferences. Set your priorities. This will keep you more organised and would help you complete your to-do list systematically, probably giving you more time for your personal life too.

This way you can also set short- term and long-term goals for yourself. It would prove to the upper management that you are able to take charge of your work and putting in the effort to increase efficiency.

  1. Learn to say no

When you’re in the growing stage of your career you’re always open to new opportunities and tend to take up any task offered to you. In doing so you not only over burden and drown yourself in work but also find yourself in a difficult situation back home when you’re unable to give them sufficient time nor do you get a peace of mind for yourself. This is when you realise it’s time you learn to say no to certain jobs. It’s not a sign of weakness but simply a means to create space and time for you, to be able to complete your tasks more efficiently.

  1. Respect your personal time

When you’re at work you focus simply on that and would try to avoid all personal calls at that time. The same should be done during your private time. Respect your personal life just as much as you do for your work. To go back home and still be glued on to your phone, taking work calls or responding to client mails isn’t really doing any justice to your family and your private time.

  1. Exercise and Meditate.

After a busy day at work a little yoga, meditation or gym time would be the perfect stress buster. Exercise and meditation are the best sources of energy chargers and can also help you focus better on your work and think clearly. An hour at the gym with your headphones on would pump you up for whatever there is to come.

Sleep. What most people tend to miss out on or take for granted is their sleep. You may have a set of deadlines to complete or a ton of tasks at hand but without enough sleep you’re only further exhausting yourself and making it strenuous to function well.

  1. Find a mentor

Finally, it’s always a good idea to find yourself a mentor or a personal coach – someone who has it all and can guide you on your targets, time, and work management and ultimately career development.

Hope we’ve set you off on finding the perfect balance between your personal and professional life!

It is always good to maintain a good balance between your work and your personal life. Awfis can help you maintain the right work-life balance.

A resume is a reflection of yourself, whether you go for an interview or market your business to your client. To prepare for a perfect interview pitch, check out the co-working spaces in Qutab, New Delhi or business centre in Andheri East, Mumbai.

Prepare The Perfect Resume - Awfis

#FAQatAwfis – How to prepare the perfect resume?

Business How To’s,

Prior to any interview comes the part where you need to prepare your resume. It’s mainly on the basis of your resume that a company would even bother calling you for an interview. In order to make it to that level, one needs to up his resume game. Here we’ve gathered some of the frequently asked questions answered for you.

1. What are the unbreakable rules of resume writing?

Avoid all and any kind of spelling mistakes or typos. Always be honest about everything you’ve mentioned. Remember, they will question you further about it at the interview.

2. How should I present and layout my resume?

Your resume should be clean and crisp from top to bottom. There should be enough white space for the work to be legible and to draw the reader’s eye to specific items. Use a simple font like Arial or Times New Roman, 10-12pt and keep formatting wherever necessary – Bold, Italics or Underlining are great for emphasising certain words or subtitles. Highlight your key points with the help of bullet points.

3. What should I cover in my resume?

Adding an objective to your resume tells the recruiter that you are confident and have already set goals for yourself, which you are determined to achieve. Your resume talks all about yourself. It should include your educational as well as occupational qualifications. Give a brief summary of everything you’ve done in your career along with your achievements and acknowledgements. Note down your skill sets and abilities on the basis of which they may recruit you. Include key words from the job description for a better chance of a call back. However bear in mind, never reveal too much either. You may just expose yourself to potential discrimination. Always provide your contact information at the top of your resume for the recruiter to be able to contact you.

4. How long should my resume be?

Recruiters receiver several resumes from time to time. Therefore, it is important to keep it to the point. If it’s too lengthy you might just disinterest your reader. Limit you resume to 1-2 pages, but see to it that you’ve covered every bit of essential information that is relevant to your job hunt. The use of bullet points and subheadings can help shorten the length of your resume and help the recruiter identify the information he is in search for.

5. How should my format my resume?

The format depends on where you are in your career and the relevance of past experiences pertaining to the role you are applying for.

A reverse chronological format works best for those with a well-established career. It helps you talk about your most recent achievements and responsibilities to the oldest ones.

6. What if I have no experience?

If you are a newbie to the industry it’s best to show your passion and determination through your skills and abilities. Through an enthusiastic personal summary you can portray yourself as a determined and focused candidate who is ready to step up his/her game to build their career.

List out your qualifications and past projects that have helped you develop some remarkable skills that makes you the perfect fit for the job. You may not have any formal work experience or qualifications, but volunteer work and other such projects can surely boost your resume.

7. How do I review my resume?

Third-Party feedback is extremely important no matter how amazing an employee you may turn out to be. Always get your resume proofread by someone close to you who can be honest and at the same time help you enhance your resume in ways you may fail to see. Outsider proofreading can increase your chances of a perfect resume that can ensure you a position at the company you apply for.

Hope we answered most of your questions and have set you off on your way to creating a brilliant resume!

Now that you have the perfect resume, you just need the perfect co-working place to network with India’s hottest startups and entrepreneurs. 

Women have also contributed towards the business growth of the country. Every startup needs a right place to start. Check out the new business centre in Indiranagar, Bengaluru or shared office space in Connaught Place, New Delhi.

Prepare The Perfect Resume - Awfis

#FAQatAwfis – How to prepare the perfect resume?

Inspiring Stories,

Resume

Prior to any interview comes the part where you need to prepare your resume. It’s mainly on the basis of your resume that a company would even bother calling you for an interview. In order to make it to that level one needs to up his resume game. Here we’ve gathered some of the frequently asked questions answered for you.

1. What are the unbreakable rules of resume writing?

Avoid all and any kind of spelling mistakes or typos. Always be honest about everything you’ve mentioned. Remember, they will question you further about it at the interview.

2. How should I present and layout my resume?

Your resume should be clean and crisp from top to bottom. There should be enough white space for the work to be legible and to draw the reader’s eye to specific items. Use a simple font like Arial or Times New Roman, 10-12pt and keep formatting wherever necessary – Bold, Italics or Underlining are great for emphasising certain words or subtitles. Highlight your key points with the help of bullet points.

3. What should I cover in my resume?

Adding an objective to your resume tells the recruiter that you are confident and have already set goals for yourself, which you are determined to achieve. Your resume talks all about yourself. It should include your educational as well as occupational qualifications. Give a brief summary of everything you’ve done in your career along with your achievements and acknowledgements. Note down your skill sets and abilities on the basis of which they may recruit you. Include key words from the job description for a better chance of a call back. However bear in mind, never reveal too much either. You may just expose yourself to potential discrimination. Always provide your contact information at the top of your resume for the recruiter to be able to contact you.

4. How long should my resume be?

Recruiters receiver several resumes from time to time. Therefore, it is important to keep it to the point. If it’s too lengthy you might just disinterest your reader. Limit you resume to 1-2 pages, but see to it that you’ve covered every bit of essential information that is relevant to your job hunt. The use of bullet points and subheadings can help shorten the length of your resume and help the recruiter identify the information he is in search for.

5. How should my format my resume?

The format depends on where you are in your career and the relevance of past experiences pertaining to the role you are applying for.

A reverse chronological format works best for those with a well-established career. It helps you talk about your most recent achievements and responsibilities to the oldest ones.

6. What if I have no experience?

If you are a newbie to the industry it’s best to show your passion and determination through your skills and abilities. Through an enthusiastic personal summary you can portray yourself as a determined and focused candidate who is ready to step up his/her game to build their career.

List out your qualifications and past projects that have helped you develop some remarkable skills that makes you the perfect fit for the job. You may not have any formal work experience or qualifications, but volunteer work and other such projects can surely boost your resume.

7. How do I review my resume?

Third-Party feedback is extremely important no matter how amazing an employee you may turn out to be. Always get your resume proofread by someone close to you who can be honest and at the same time help you enhance your resume in ways you may fail to see. Outsider proofreading can increase your chances of a perfect resume that can ensure you a position at the company you apply for.

Hope we answered most of your questions and have set you off on your way to creating a brilliant resume!

Your resume is the reflection of your skills. To make it stand out, you need to prepare the perfect resume that will impress your clients/ employers. Find your inspiration at shared office space in South Extention, New Delhi or co-working space in Powai, Mumbai.

 

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Women Entrepreneurs - Awfis

The Rise of Women Entrepreneurs

Business Innovations, , , ,

The Rise of Women Entrepreneurs

In the recent years women have made their mark in different walks of life and are coming head to head with men in the corporate world despite the various barriers they face. The traditional Indian culture drills it into young minds that the rough and tumble of doing business is the domain of men, but times have changed and women are taking the corporate world by storm.

Who better to prove this than the Indian TV industry’s leading lady, Ekta Kapoor.

Balaji Telefilms. One word that gives the perfect introduction to the woman who changed the face of Indian Television.Whether you choose to love them or not, you ‘re sure to have come across this one-man army hit production house and their innumerable soap operas on TV.

The turning point in her life came when an old family friend Ketan Somaia, owner of Dolphin Group offered her father Jeetendra Kapoor a hard-to-refuse business offer. An opportunity to create a television software for his network which would be broadcasted widely. Jeetendra asked the women of the house to take up the job. This lead to the foundation of Balaji Telefilms.

Kapoor started of with big hopes, however her first few telefilm pilots and filmed ventures were drastic failures. It was only in 1995, when she launched the television serial – Hum Paanch, did she receive the much needed success. Thereon success and fame followed. The rest is history.

Suchi Mukherjee, founder of LimeRoad is another such exemplar. Even though she came from a family having no business background, Suchi went on to complete her Master’s from London School of Economics. Her decision to start an online business, especially for women is what brought her back to India. This is when LimeRoad came into existence.  It stands out in the e-commerce industry by combining fashion e-commerce with social discovery, influencing her insights on engaging with women shoppers. Suchi was also selected as 1 of 15 women worldwide as a “Rising Talent” and high potential leader.

From being a housewife and mother at 16, Padma Shri Shahnaz Hussain is the perfect example of ‘Rising Women Entrepeneur”. The monotony of housework and married life made her long for more. She started reading about beauty and cosmetics at the age of 17. She is the pioneer of organic beauty care, achieving unparalleled international applause for her practical application of Ayurveda. Adopting the principle of “Care and Cure,” she set up her own herbal clinic at home with low financial investments, formulating a variety of beauty care products, based on Ayurveda. Her formulations and treatments have become major discoveries in natural beauty care. In fact, she has also become known for specialized treatments for specific skin and scalp disorders.

Meena Ganesh, cofounder of the home healthcare startup Portea Medical is nothing less than a role model for women entrepreneurs in India, especially in the ever rising startup ecosystem. As an ex-promoter of TutorVista and partner of GrowthStory she has gained nearly three decades of experience in various industries. Ganesh was chosen the winner of the ‘Woman Ahead’ category because of the sheer scale she has been able to achieve, said Vani Kola, managing director at Kalaari Capital.

Portea acquired specialty pharmaceutical distributor MedybizPharma in November 2015 and picked up a majority stake in healthtech startup PSTakeCare in January this year.

Today’s trends show that women will be a driving force of entrepreneurial growth in the future. As every living thing grows gradually and walks away from its past for a better and sustainable future, women are finally taking advantage of their willingness to succeed and are working hard to earn the dream of a lifetime.

Women have always surpassed men in all the fields. Budding women entrepreneurs can find their inspiration at co-working space in Andheri West, Mumbai or business centre in Koramangala, Bengaluru.

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How To Ace Your Interview - Awfis

#FAQatAwfis: How to ace your job interview ?

Work Life Balance, , , ,

FAQatAwfis

The most crucial part of job-hunting is none other than cracking the Job Interview.  To be put on the spot, required to answer multiple questions is what intimidates and scares most interviewees. The difference between being called back for further questioning and rejection is well within your power and lies in how you present yourself. So it is of utmost importance to approach every interview confident, prepared and well organised.

  • How do I prepare?

The key to being prepared for your interview is to know the essence of the job you’re applying for and what makes you a perfect fit for it. Only if you know why you’re a perfect match for the job profile will you be able to convince your interviewer about the same.

Another important factor of being prepared is to be well acquainted with the company you’re applying to. Read up almost everything about the company. No matter how well you can talk about yourself, not knowing the essentials of the company you’re being interviewed for conveys lack of preparation and interest.

  • How do I identify my “Hook”?

Most recruiters interview several people and to remember each one is nearly impossible unless you set an impression. Sometimes these hooks are the way you present yourself or your personality, but the best hook is an impactful work or business oriented story. When you can successfully create an impact on your interviewer such that they remember you through your story or presentation, you’re sure to rise to the top of the list.

  • How do I frame the conversation?

First impressions matter most at an interview as it could most likely be your last. You can enhance your first impression by the way you frame your conversation with some well-rehearsed sentences regarding how you want to be perceived. These few sentences can help set the tone of your interview and what the interviewer takes from the meeting.

  • How do I turn my biggest weakness into my greatest strength?

When you’re asked about your weaknesses, remember to talk about the measures you’re taking to improve them. For example, you may say that sometimes you prefer working independently, so to improve on that you’ve started distributing your work to be a team player and have started consulting your superior before making big decisions. Always focus on bringing the topic back to the job and how your new improved self can help them.

  • How do I end the interview?

Always offer a heartfelt praise at the end of your interview. Letting people know how much you appreciated their time, questions and company makes them feel good. It’s also good to understand the follow up procedure and get details of the person to contact for the same. Always send back a thank you note; it gives you a chance to reiterate why you are the perfect candidate for the job.

Hope we answered most of your questions and have set you off on your way to a successful interview!

You need the ambience that will help in preparing yourself better for the interview. Awfis provides shared office spaces in Qutab, New Delhi or business centre in Lower Parel, Mumbai.

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Working Post Office Hours - Awfis

Working Post Office Hours

Work Life Balance, , ,

 

IMAGE COURTESY: http://bit.ly/2aVy7Ud
IMAGE COURTESY: http://bit.ly/2aVy7Ud

Traditionally, one always judges his junior by the long hours he puts in his job. Bosses would emphasize on working beyond 8 hours. This old school of thought seems right at first but in today’s world of professionalism, such views are quite a misfit.

Recent studies have found that the line between work and personal time has become so blurred it’s practically non-existent. This is one of the main reasons employees are unable to disconnect themselves from their workplace even after regular working hours. Employees may not be required to be physically present at their workplace beyond the defined hours, but that does not mean that the work is done. The constant need to check emails, in order to stay “connected” with customers who demand spontaneous replies is the true culprit.

Statistics show that 78% of the employees mentioned that apart from working overtime they are also expected to be available via phone or email on holidays. A number of employees have spoken up that they feel pressurized to do so, which clearly indicates the work-life imbalance in India.

The need for overtime work is justified to a certain extent. From the management’s perspective, it requires its employees to be available at all times to address cliental issues as quickly as possible. In the case of startups where the staff-work ratio is disproportionate or in companies where the workload is highly variable, employers are helpless and thus demand for longer hours from their employees.

Even though the benefits of overtime are comparatively lower than its drawbacks, we could list out a few:

  • It is flexible in order to match the labour resources to workload demands.
  • Those working overtime do not require additional training as would’ve been the case if more employees were to be hired.
  • Most employees wish to work overtime to supplement their income.
  • However the potential problems of working post office hours could have a major impact on the firm.
  • High overtime levels could affect employee morale and thereby impact productivity.
  • Continuous work after hours would lead to employees complaining about lesser free time.

Sometimes prolonged overtime rates could make the employee become dependent on it to meet ends, such that when the overtime hours are no longer present, the employee may find it difficult to adjust in a constrained time limit.

High overtime can increase fatigue, turnover, absenteeism and safety incidents.

Overtime could turn out to be expensive for the employers.

It is important to remember that overtime is a function of how much work there is and how many people you have to share in that work. The best solution to such scenarios is scheduling your overtime well in advance so that employees are well aware and prepared to take in all that there is to come. Through a schedule you can allocate work systematically and save out on a lot of time. It is also essential to prepare an audit of your company’s overtime to determine the root cause of the problem before finding a solution to act upon it.

Among Indian employees the fear of losing a job has increased gradually over the last quarter. Therefore, whether they like it or not they are compelled to perform and work post office hours as is asked of them.

To keep up the spirit after office hours, you surely need a co-working space that keeps you going. Check out the co-working spaces in Hosur Road, Bengaluru or shared office spaces in Churchgate, Mumbai now.

 

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Instagram Stories - Awfis

The all new ‘Instagram Stories’ coming your way

Business Innovations, , ,
Image Courtesy: http://bit.ly/2aI56No
Image Courtesy: http://bit.ly/2aI56No

The one thing you’d almost never hear of is an entrepreneur admitting that they copied someone else. Earlier yesterday, Instagram introduced Instagram Stories. Instagram CEO, Kevin Systrom, vaguely referred to “competitors” and acknowledged that “other companies deserve all the credit” for popularizing disappearing photos and videos. He realised that many users resort to Instagram to portray their photographic talent, or a place to share highlights, rather than a continuous flow of updates in the same day.

Instagram now allows users to share photos and videos that last for no longer than 24 hours with their followers. In a blog post on Tuesday, Instagram stated that the new feature allows its 500 million members to embellish their posts with emojis, doodles, filters and texts. When creating doodles you have an option to choose from three kinds of brushes – A glow brush, chisel and the normal brush. You can also scroll through different brush sizes.

Through Instagram Stories, followers can send direct messages to the uploader. Users can choose to make their stories public or private, and can determine whether they want only a subsection of their followers to view them.

Instagram’s head of Product Kevin Weil said, “People want more flexibility to share the moments between their highlights.” The brief nature of Stories makes it easier to share something without it becoming part of one’s permanent record, he explained. “You don’t have to worry about over-posting. Instead, you can share as much as you want throughout the day — with as much creativity as you want.”

“It’s all about can you connect with people all around the world and learn about new ideas, new cultures, break down barriers?’” Systrom claims. “We like to say Instagram makes the world feel simultaneously large, in the sense that you can connect with anyone, and very small in the sense that you’re right there with them.”

Instagram Stories are rolling out the update to iOS and Android users worldwide over the next few days.

Write your Instagram story and inspire others to start-up their own. Choose a shared office space, co-working space in Andheri  East, Mumbai or a business centre in South Extention, New Delhi.

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Tesla - SolarCity deal - Awfis

5 things you can learn from the Tesla-SolarCity deal

Business Innovations, , ,
Image Courtesy: http://bit.ly/2aPntm9
Image Courtesy: http://bit.ly/2aPntm9

The “Accident of History”, as Elon Musk calls it has finally been mended. Tesla Motors and SolarCity have finally agreed upon a $2.6 Billion deal through what we now have as the World’s first vertically integrated sustainable energy company. The combination of energy storage and solar generation as one company can create a fully integrated residential, commercial and grid-scale products, creating a one-stop shop for clean energy customers. One can learn a lot from a merger this big, where Elon owns more than 20% of both companies and is the largest shareholder in both. As budding entrepreneurs and with a vision to be the next Musk, here are some points you can learn from this merger-

1. Time it Right

The two companies spoke through a joint blog post about how the timing for such a merger was perfect, as Tesla is getting ready to scale its Powerwall and Powerpack stationary storage products and SolarCity is getting ready to offer next-generation differentiated solar solutions.

2. Making Breakthroughs

Musk believes that Tesla is making breakthroughs in its manufacturing processes that can help reduce the amount of space needed to build parts by two-thirds, improving quality and capital needed for various outputs. Through the merger SolarCity would help in those improvements.

3. Strategic Planning

The merger makes perfect sense strategically as customers would be able to purchase a single system to generate solar power through Tesla installations, store the energy in Tesla batteries and transfer it into their electric cars.

4. All-in-One Shop

SolarCity could benefit from Tesla’s strong brand value, making Tesla showrooms a compact shop for energy storage and electric car sales and giving increased transparency to the solar firm. Tesla’s insights on power electronics could lead to lower installation costs for SolarCity.

5. Taking Risks for Future Endeavours

Putting together two money–losing entities can’t ensure a single profit-making venture even after cutting out some overlapping costs. So what vision does Musk have in mind?

Musk’s vision for the “new” Tesla is to become a leader in the renewable energy business. He is trying to instigate a now-out-of-fashion model under which companies seek to increase profits by owning different stages of production, sources, and components: Vertical Integration.

If you are a risk taker, a strategic planner, who wants to make a breakthrough, you can make use of the all-in-one co-working space in Andheri West, Mumbai or business centre in Hosur Road, Bengaluru and fulfill your dream endeavours.

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