Category Archives: BA Professional

Register Sole Proprietor Firm

As the name suggests, the Sole Proprietor firm is an establishment can be started by an individual. You would need minimum paper work to start the sole proprietor firm and the government of India is also very lenient with respect to the taxes incurred on the owners of such firms.
The detailed process to start a firm is as below:
1. PAN Registration: PAN is abbreviated as “Permanent Account Number”. The individual who is the owner of the firm should have a PAN card on his/her name. The ITRs would be filed using the same PAN and it will be treated as the individual taxes and not the corporate taxes. The cost of applying a PAN card is Rs. 94/- as per Indian law. Apply for PAN here: https://www.tin-nsdl.com/
2. TAN Registration: TAN is called as Tax Collection and Deduction Account Number. This number is required when the firm owner is collecting taxes from either the customer or the employees. This is not required for the people dealing in service management at the initial level. Apply for TAN here: https://www.tin-nsdl.com/
3. Service Tax Registration: As per the law, if in any fiscal year the overall turnover crosses 10 lakh, you are liable to pay service taxes to the government which is 10% of your total income. In case the turnover is lesser than the limit you can run your business without service tax registration. For the firms, where the clients need the invoices for the cheque/credit clearance, service tax registration is recommended since the start. The invoice letter should have the service tax registration number. In general the invoices must have following information:
a. Supplier Name
b. Supplier Address
c. PAN
d. Supplier’s Service Tax Registration Number
e. Proprietor’s Name
f. Supplier’s VAT number (in case of VAT charged from client)
More info on service tax registration, check here: http://www.servicetax.gov.in/st-proc-home.htm and http://www.servicetax.gov.in/forms/st1.pdf
4. VAT/CST Registration: VAT and CST are required if you are buying or selling the taxable goods. For the intrastate transaction VAT is required and for the interstate transactions CST will be required.
5. Professional Tax: This tax is required if you have even hired a single employee and paying him/her the salary and deducting taxes from his/her salary.
6. Employee Provident Fund (EPF) and Employee State Insurance (ESI) Registration: EPF registration is required if you have more than 20 employees. In that case you need to register your firm in EPF office of your state. The EPFO is governed by the Ministry of Labor and Employment. Each employee should then have the PF account registered in the EPFO.
On the other hand, ESI registration is required for the firm having 10-20 employees. In case of a factory, ESI registration is required for 10 employees.

More details, please check here: http://www.epfindia.gov.in/ , http://www.epfindia.gov.in/registration.htm and http://www.esic.nic.in/
7. Shop and Establishment Act: This registration is always a matter of confusion as some people believe it’s mandatory while some believe its optional. Please remember, once you set up your sole proprietor firm, its always recommended to register under the Shop and establishment act. This is always required to open a physical location like shops, office etc, for your business. In case you are operating from home, this license can be kept as optional but not always recommended. For no employees, the annual fee is 120/- and it ranges up to 12500/- depending on the number of employees working at your firm.
8. Importer – Exporter Code: This is a 10 digit code similar to PAN required for international trading. The same is issued by Director General of Foreign Trade, Ministry of Commerce, Government of India to Indian companies and firms. More details, please check here: http://dgft.gov.in/
9. Bank Account: A bank account with your name is required. This will be referred for the ITR filing. The bank account should mention the details of the sole proprietor firm. It’s recommended to opt for the current account in any of the recognized national/international banks. Visit any bank for more details on this.
10. Trademark and Copyright Registration: This is required to register your logo or trademark, if any, for the marketing and branding of your product and services. The normal charges of registration are up to 9000/- depending on different locations. This registration is optional and only required if you want to make a brand name for your firm.
11. Website Design: In the today’s digital world, you cannot even imagine your firm or business without a website. The websites are the best mode of your marketing. With the websites, you should make an email address with the domain name registered e.g. @.com
It is always advisable to design the website which is user friendly and explains the purpose of your business. The websites are always helpful in the SEO and other modes of digital marketing. You can also apply for the payment gateway for the online transactions via your website.

Happy Learning!!!

leader vs boss

Seven points differentiating The Boss and The Leader

The best leader is the one who has sense enough to pick good men to do what he wants done, and self-restraint enough to keep from meddling with them while they do it. – Theodore Roosevelt

leader vs bossWhen someone says Boss, the mind immediately designs the picture of a fellow with a finger-pointing attitude. Today, even with the introduction of open-culture in different segments of working some bosses are not affable and this ultimately results as a bad omen for their image before their subordinates. On the other hand a leader is a person who grows with the team, who believes in being the part of the change and always ready to wear the hat of the subordinates.

Do you believe you are a good boss? Do you believe you are a leader? But do you think you are a boss wrapped in the skin of a leader? I have tried to figure out seven points which I feel act as a hindrance in the way of a boss becoming a good leader. A slight change in the attitude can simply change the way of thinking and change the results tremendously.

1. Boss preaches; Leader teaches: There is a quality in a boss to preach his subordinates about the scenarios. He is always ready to deliver a speech on current situations but don’t have an attitude of making his hands dirty. On the other hand the leader instead of pontificating believes in listening, engaging, observing and learning. A leader is the one who strives with his team or group for the best output and enables the team to perform without his presence. The leader teaches about the self-learning while boss preaches the already defined concepts.

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I am leader

I am a Leader because…

I am leaderA genuine leader is not a searcher for consensus but a molder of consensus.  ~ Martin Luther King, Jr.

It is better to lead from behind and to put others in front, especially when you celebrate victory when nice things occur. You take the front line when there is danger. Then people will appreciate your leadership. ~ Nelson Mandela 

I suppose leadership at one time meant muscles; but today it means getting along with people. ~ Mahatma Gandhi

These are few of the quotes from the renowned and brilliant leaders the history ever had and I have started this article with these quotes as I admire these leaders the most. People talk about changes and different aspects of how to see the changes but I believe the only way to change is to be the part of the change. In this simple article I will try to bring forth different aspects on why should I be called as a Leader?

I am a Leader because:

I am the captain of the ship: Like captain of a ship is responsible for the life of hundreds of commuters, I being the leader of a group am responsible for the growth of the people in the group. I being the captain have the responsibility to take right decisions at right time. As the captain of the drowning ship is the last fellow to jump off the ship, I being the leader have the duty to save my group during the crisis.

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BA - choice

Business Analysis – By Choice

BA - career choiceDo you aspire to be a business analyst?

Do you think you have taken enough steps but still not got right opportunity?

Have you prepared yourself to grow in the field of business analysis?

Have you thought of other opportunities which better fit your goals?

These are some of those important questions which should be answered before a career plan for a business analyst is followed. Believe me there are certain scenarios where after working for many years people don’t find relevant profiles and this is only because the right approach of growing was not followed. Once you have decided becoming a business analyst, you need to do some introspection to prove your skills to nobody else but to yourself.

With the growth of technologies and techniques, every sector is now growing and the intellect of the people working in these sectors is increasing. With the involvement and growth of outsourcing industry the platter is always full with different ideas and a volunteer is needed to segregate the most correct ones (as no idea is right or wrong till the brainstorming is done on the same). This need of having someone skilled professional is catered by business analysts. Business analysts act as a liaison between different stakeholders and maintain the spirit of collaboration by managing the ideas and requirements. They need to take care of every idea pitched during different sessions of elicitation and document the most correct ones in understandable format. Business analysis is not inbuilt ability and certainly it can be taught and learned. There are different knowledge areas for business analysis which can be learned with course of time but I firmly believe that self-evaluation is needed before stepping into the career of a business analyst. Recognize your skills and groom them to grow in the field of business analysis instead of dying like an elephant whose hind leg is tied with a chain since he was an infant and he could not recognize his strength. Think like that golden eagle which despite of grown with the chickens recognized its strength and have flown in the sky.

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seven-threats

Seven threats to Business analyst

Business Analysis is now very familiar in IT industry and different organizations have now started creating a separate position for an individual who can act as a bridge among different stakeholders. Before the introduction of this position, the project managers or team leaders were asked to act as a single point of contact for different stakeholders to solve the queries and to maintain the pace of the project. But with the advancement of the techniques, it started becoming difficult for them to manage multiple tasks and thus the productivity was hampered. Then business analysts came into existence who not only have fair understanding of the requirements but also understand the methods to maintain the pace of the project and now IT industry is relied on the business analysts to fulfill the increasing demands and BAs are now the part of the core team.

With the inclusion of business analysts in the core work force, many organizations believe that the implementation rate is much higher than before and this not only matters with the quantity but also with the quality of the work delivered. Business analysts being the liaison among different stakeholders remain in touch with all stakeholders and in case of any variance in the requirements mark them and escalate it with the dependent parties. That is they always intend to manage the requirements throughout the project life cycle or SDLC.

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seven-sutras

Seven sutras for Business Analysis

Sutra:  Sutra is a Sanskrit literature which means rule or short instructions prepared for memorization. It is well accepted word around the globe and world of dictionary explains it as “A rule or aphorism in Sanskrit literature or a group of aphoristic doctrinal summaries prepared for memorization”

With the advancement of the technologies and the development of different domains, a job title which developed exponentially and the most prevalent is business analyst. Business analysts are the people who can be the spine of any organization and has the potential to think of the profits during the losses. Business analysts (BA) are like the warriors for any organization who have to keep away the worries throughout the project life-cycle. A business analyst is a renowned and process oriented individual who has to live with certain conditions which sometimes are unacceptable to him but as he is considered as a most important aspect of any project he has to work selflessly with an inspired heart and steady mind to give his best during the odd times. He is the person who has to use his intellect without being egoist and thus he has to show an altruistic commitment to the work and behave like a sage to achieve the best results out of the work.

An individual either develops or possesses habits of a business analyst but there are certain sutras which I think should be followed while performing the routine activities, some of them are listed below:

  • Educate yourself: Education always plays a very vital role in the personal and professional development. It is the most important aspect and it doesn’t matter what the source of learning is. The same formula is applied to business analysts as well. A business analyst should always be in learning mode and it helps him in increasing the intellect and referring the live examples of senior business analysts act as a catalyst in the growth of junior analysts.  There are certain techniques and skills which should be groomed regularly in business analysts. The set of knowledge areas as defined by BABOK is also a necessary field to be learned by business analysts.

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Yes, the mistake was made!!!

oopsHow many times it happens when you commit a mistake and try to hide it to the maximum possible time and also from the maximum possible people? I believe it’s natural in all of us that apart from accepting the mistakes, we either try to hide it or try to blame someone else. It’s human tendency and can be seen even in the leaders and professionals. This nature of not accepting the mistakes basically arises due to the fact that in our personal lives, professional environment and social gatherings the mistake is always viewed as “bad”.

In our kindergarten our teachers used to say, “we learn from our mistakes” but as we grow up this teaching gets faded and instead of taking risks of mistakes, we follow the set path.

 

 

Before moving further, let’s check the meaning of mistake from the world of dictionary. It is defined as, “an unfortunate, unwise and incorrect act or decision result of a bad judgement, ignorance or inattention.” It is widely separated from error which is defined as a piece of incorrect work. A mistake can be a typo, reading wrong signboards while travelling on highway, pressing foot on accelerator instead of brakes in traffic, mentioning wrong dates on cheque leaves (most of the times happen with year part) and many more which happens in our daily routine. Such kinds of mistakes which happen unintentionally and unknowingly are also termed as strong habit intrusion under which the person who has committed the mistake was in his full senses and the mistake just happened. Thus it is accepted widely that there are different kinds of mistakes and each kind should be handled in its own way. A solution which is acceptable for one mistake may or may not help for others and thus it is recommended to think and discuss before implementing any solution against any mistake. There are certain cultures in the world which are not so true and may be against other cultures but the follower of the same accept it and love them in any manner which sometimes results in bad and non-acceptable results.

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Do you enjoy the tedious tasks

BA: Your team-mates enjoy the repeated tasks?

tedious-tasksThis is certainly a big question for everyone involved in a project and for the people sitting at management level, this becomes even more important to make the work environment enjoyable and make the team-mates enjoy their routine activities including the tedious tasks. The role of a business analyst (BA) is also important and he also comes under the same umbrella when the delegation of the tasks come into the picture.

As a BA, you should always keep in mind that you are the one who is on the driver seat and have to drive the projects. A BA is a critical link between IT team members and key individuals involved with a project to ensure its timely and successful completion. Being on this position, a BA has to drive many things from the start of the requirement elicitation till the project goes to the maintenance mode. And I believe if s/he is having such an important role, s/he should be able to make her/his team-mates comfortable working on the project on daily basis.

There are many tasks in the project life-cycle which are tedious and sometimes become tiresome that the team doesn’t find it productive and lack interests in doing the same, e.g. testing the existing functionality after implementing the new one to check the impact of later on the former, if any. And when the development is in full swing; the frequency of such testing increases and then it really becomes important to hold the testers to perform their work with same excitement and zeal. Continue reading

Customers: Really Important aspect of business?

customer-importantI have seen many people talking about customer and customer-relationship management. They all think customer as a supreme power and believe them as the most important aspect of the business. I have seen many managers talking about customer needs and asking the team to mould according to the needs and demands of the customers. Many workshops are regularly being conducted so that the team can better understand their customer and the gap can be mitigated. Leaders and Managers talk about knowing customer, marking the availability as per the customer demands and they strive hard for the CSS (customer satisfaction survey) rating to be always high. I believe many managers think that CSS is the only way to mark the satisfaction of the customers.customer-important1

But above all this I have a separate thinking about customers. In my career so far, I am blessed to work with many customers and all with different needs and demands. I worked for telecom industry and IT industry but believe me I have noticed whatever be the industry, the customers are always same. They always think themselves superior and care least about the vendors. I have been quite rebellious in my career and thus always have hot discussions with customer manager which sometimes harmed me but believe me most of the time I succeeded in convincing my manager that customer is not always right.

Before moving further, I would like to throw some light on the meaning of the word customer.

Customer: Someone who pays for goods or services [Courtsey: WordWeb Pro] Continue reading

Work: Are you engaged?

Work: Are you engaged?

Are you working with a project? But are you engaged to it? Bemused :) Engaged at work

Working with a project doesn’t mean you are engaged to it. Engagement is most important quotient while working with a project. Just working with any project doesn’t have any significance till you add value to your work. Getting engaged with a project can be demonstrated by many ways like, consistently doing good work, being positive in the work, being dependable and promoting your work professionally.

Most industries are continuously working to develop these engagement qualities among their employees. They focus on making their employees professional so that they can be dependable and less supervised.

As they say, “An amateur works under supervision; professional works unsupervised.”

Numbers of training are being conducted as a routine to develop professional qualities in the employees. It is believed that there are 3 kind of employees, one who do whatever given to them, second who believe in consistent changes in the routine if feel undeveloped and third leave what given to them and remain dormant. The professionals fall in the second category and industries focus on that category the most. Continue reading