How To Start B P O Business Plan
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1. INTRODUCTION
We are living the life which is full of luxury and Automation, we don’t want to do hard-work for any kind of task to do, like want to go outside whether it is nearby place we prefer to use vehicle rather than walking or cycling, sometimes it is possible to write handwritten notes and we might have time to do also but we prefer to capture picture or copy it from computers. Same thing happens to business world also and the concept of BPO emerged. As everyone want to do task but it must be tension free and without any mess thus big companies also think so they started using BPO. the concept of BPO is such that companies who want to do marketing or advertising of their products, services contract’s BPO companies for do them and use their employees for this ,as because companies have to do this they may to trained their employees specially for this purpose or there is target of doing such and contract also ,therefore they prefer to move weight or lifted it to another’s shoulder who are specially for this purpose.
2. WHAT IS BPO?
- # BPO is the business process outsourcing, which is the contract doing of no primary business things and functions for the third-party providers.
- # There are various fields in the BPO Services like payroll, human resources, accounting, and customer or call centre related.
- # The other named for is ITES, that is information technology enabled services.
3. REASONS TO START BPO
- # Smart investment
- # Weight free from your shoulder
- # Customised business
- # Increase customer satisfaction
- # Employment created
- # Freshers gets trained
- # Dollars reserves increases
4. CASE STUDY
There are lot of successful BPO Business in Indian market, among them Genpact it at topmost brand and followed by some other organisations like TCS BPO, WIPRO BPO, SERCO etc. Let’s discuss some of their strategies and plans:
- # GENPACT: It was established in year 1997 and from that year itself started making profit. Also do progress in proving one of the most trusted BPO business service in the country and also expanded its branches in more than 25 countries and offering services more than 100 companies all over the world.
- # The reasons behind the success of the Genpact are its long-term plans or proactive steps towards its market and services and also efficient employees. Also, proper marketing was done by them for the public relations and client services.
- # TCS services in BPO: TCS is also the leading brand in both the sectors software companies and BPO services, as software sector is on the top among India’s firms but BPO Business sector isn’t much lagging. it was established more before than Genpact as in 1968 founded by TATA Sons. Also it has headquarter in Mumbai, Maharashtra. the company has services providers to almost 146 countries worldwide.
- # The main reason behind the success of TATA firms that their employees selection, they are very selective about their employees and make their proper training for almost 1 year or 6 months and make them so capable of todayscompetition ,so that they can lead. The reason behind their success is hard-work and proper strategy applied by them to catch the market.
5. REGISTERING A BPO COMPANY
The first steps before starting any business is legal documentation. the BPO business is like up starting any big company or organization which you are going to run as the company so its legal process is same as that of registering any company. So legal documents required are as below:
- # Incorporation certificate
- # Registration of VAT
- # GST Registration
- # Taxes on service registration also
- # Establishment of shop licenses
- # DSC
- # Direction identification number
- # INC 7, DIR 12, INC 22 file form
- # Business plan
- # Offer letters of employees
- # LLCs operating agreement
- # Terms of use and privacy policies documents
- # Bylaws
- # Insurance
- # MoU
6. BUSINESS IDEAS’S SWOT
i) Strength
- # As mostly clients are from foreign, BPO business makes you earn in dollars.
- # This not only profits the businessman but their own country also as havaing increase in the reserve of dollars.
- # The employment is generated from it in high proportion.
ii) Weakness
- # This BPO business has limited chances of growth in new market.
- # Complexity in the process, which enables smaller buyers.
iii) Opportunities
- # Market of SMB
- # Non-traditional markets
- # Cultivate and developing base of the customer.
iv) Threats
- # The biggest threat to start a BPO business is competition from the already established and running BPO businesses.
- # The other issues may observe in Indian market is the Indian employees are not that much fluent in English language and their accent reflects it all, as mostly clients is from outside India.
- # The other threat is from government abnormal policies about the companies.
- # The major threat is inflation mostly in the Indian markets.
7. BUSINESS PLAN
The operational plan of starting any company or shop is so much different .because you need to more cautious about the company as it is investments in crores and millions while shop is just a price of up to 10 lakhs or around.so these are perspectives of BPO Business ideas:
- # Synopsis of the plan: the synopsis of any BPO Business includes purpose of plan, brief about the services, benefits, sales target, fund requirement and many more factors. Also, the location of the company to be choose as per the targeted market.
- # Services offering and products serving: The products and services to be choose brilliantly and choose that has demand in market. Also, in the future they may not exhaust off, so be serious while doing it. This must be durable, compatible, quality, costs, convenient etc.
- # The targeted market: Then after that choose which market you have to target, as per the targeted market you can have your next procedure of BPO Business forwarded.
- # Public related plans: These are the most important aspect of the BPO business as these businesses is fully based on the third-party approaches, so public related understanding is must. As the safety of business, you have to maintained public Relations with foreign companies too.
- # Marketing: Study the market carefully as demographic, market size, requirement retail outlets, buyer’s satisfaction. Along with frequency of purchasing, various features, buying -process participants, market trends.
- # Operational plans: The operational plan include you goals for the next one year, three years and five or ten years. How will you proceed to attain these goals and what are your targets?
- # Employees applications: The next step towards your BPO business is hiring employees that are the ladders to which helps you attained goals you have planned, also they help you for moving forward your company.
8. SOME WELL KNOWN BPO COMPANIES
Thus, like every filed this BPO Sector is also full of tough competitors having big brands and providing very good services. These are the leading companies of Indian markets in the field of business process outsourcing (BPO) and across the globe also:
- # Genpact
- # Tata consultancy services in BPO
- # Wipro Spectra-mind
- # Hinduja Global Solution
- # HCL Technologies
- # WNS Group
- # Serco Global Services