3 mistakes and learnings of FY 23-24!

Every entrepreneur can connect with the excitement and energy associated with financial year ending. Well, this time I can connect a little more with kind of year we had. Here I am willing to note down the 3 important learnings that was a by-product of the mistakes I made during this journey.

Every year comes up with its own challenges. By rolling with them, you can shape yourself and your brand!

1. No overspending on “only branding” when you are bootstrapped!

Overspending on events which cannot offer immediate ROI can break your cashflow system! So, you can control your excitement of trying new things if it is not cost effective. Analyse the cost of your new trials and spend wisely. Such single decision can make or break the system you have developed so far. During this year I spent a decent chunk of our income on a Fashion Show to launch our new product. There was no direct ROI associated with this investment and it took us 3-4 months to be back with our smooth cash-flow cycle. So at times, don't think so much and tell yourself, Control Uday… Control! And don't worry, In future you will be able to plan it.

2. Keep it Process Driven.

When you are a small team, every member becomes a part of a core team. Each one gives their 100% and that is what makes our brand pillars stronger. But, when you are growing your brand, you need to reply more on processes. This doesn't mean we don't value core team, but core team can also evolve with the new system. So, it is good to build a process driven system, SOPs that can help us to create a smooth flow of operational activities.

Avoid over-dependency on single person, even if a person is capable of doing multiple things at a time. A learning for lifetime :)

3.A new era of personal branding.

With limited funds and time, I started this brand Nabhi Sutra. People asked me to be a face of the brand and come up with reels to engage with our users. Somehow, I took 3+ years to initiate with a single reel on my personal profile. I kept on working for brand pages but ignored my personal profiles on all social media channels. I can say I am a little late for this initiative, but I will focus more on it in this coming financial year. I realised the importance and being an entrepreneur working on upcoming ideas (rather on-going trend) is much needed. So here I go.

Not only mistakes and learnings, thankfully the year was equally filled up with success stories. After sharing my mistakes and learnings of the year 2023-24, I will be sharing 3 memorable moments of my financial year. Stay Tuned!!