Hi jain95vasu,
Many Test Takers spend 3 months (or more) of consistent study time before they hit their 'peak' scores. Considering that you spent just 1 month on your studies, a 550 isn't bad (the average score on the Official GMAT hovers around 540-550 most years). Since you're not planning to apply to Business School for some time, you have plenty of potential study time available - which is good. Before I can offer you the specific advice that you’re looking for, it would help if you could provide a bit more information on how you've been studying and your goals:
Studies:
1 How have you scored on each of your CATs (including the Quant and Verbal Scaled Scores for each)?
2) What is your goal score?
3) What Schools are you planning to apply to?
4) Going forward, how many hours do you think you can consistently study each week?
GMAT assassins aren't born, they're made,
Rich