5 Ways to Take Control of Your Startup as Businesses Resume
COVID-19 is here to stay for a while and you need to think about making some significant changes as India prepares for Unlock 2.0 while fighting the pandemic. But how do you intend to do this? Although the motivation is usually high during the first month, it makes major improvements in day-to-day life by doing small things differently. Since most businesses with Pvt Ltd and LLP registration in India were compelled to offer work from home since March, things are started to get back on track. That doesn’t mean the danger is gone. It just means we have to cautious and vigilant enough to keep the virus away.
With less interference, most founders aim to gain greater control of their companies. How can that be? Let’s dive deep into how your startup can be managed this year. Small stuff goes a long way.
Start today with these!
1. Keep the right reason.
Start with the right choice for your business. Last year, you still had plans to do, but you couldn’t get enough time. There’s never enough time to do what you think you want to do.
You must always focus on these tasks if you want to get hold of your company during the pandemic – offering you a high payout every day. A single piece of work you do should have the right purpose. While you will have several jobs, select the one that has the greatest impact today. The goal should be to push the business into growth and development day by day.
2. Have your legal papers right.
How has your company been up until now, legally speaking? Have you had legal issues or rescued yourself from these troubles? Now is the time to focus on other business issues and pay attention to legal and company hygiene papers.
The Investor Rights Agreement Certificate of Incorporation, Bylaws such as corporate tax in India which directly affects your company.
The documents above will contain:
- The structure of the Board and its composition and voting privileges have been established.
- Appointment letters of directors.
- Agreement on the selection of qualified board members.
- Authority of each board member must be stated along with the requisite conditions or votes to decide on the sale of the company.
- Authority to deny the transfer of shares if there is a case.
Get to these documents when you need to make essential decisions in the business. The loss can be massive if all of them are missing, as it can lead to confusion in business functions. If you know what to do under which circumstances, you can quickly introduce adjustments to allow for faster development.
3. Drive Conversion Activities
You must realize that generation and converting are two separate things. The improvement that you have to make this year is investing way too much money on lead generation and nothing on conversion. Marketers will fill the management tank with a lot of investment in hand. Start by channelling your marketing efforts to generate further conversion and fill the wide lead gap to conversion ratio.
To adequately monitor your conversion, begin by figuring out why a decrease is occurring. The first step to better conversion is the detection of this bottleneck. And instead, you adjust your plans and carry out activities that only evaluate these experiments to optimize conversion. You can change the style of your email campaign or redefine SEO tactics. All this will result in you having complete control of your leads in the driving seat.
4. Outsourcing your Accounting Tasks
It is important to outsource your accounting activities to professional accounting and bookkeeping service experts to keep your accounts up to date. With your organization a dedicated bookkeeping team, you can reinvent it with a dedicated work recruitment model. Instead, outsource it to financial consultants who look after the following:-
– P&L Account
Do small things in the year that will affect the accounting practices. A difference in doing little things. Start with the monthly P&L report, which also blends profit and loss in previous months. Such a statement will allow you to consider the patterns and determine better in the future.
– Maintaining a Balance Sheet
Many startups avoid this one initially, but this is a critical piece of your puzzle. This represents your assets and excludes all you owe for liabilities. It then adds up your net assets/equity, which allows investors aboard. Take care of the accounts and assets by outsourcing the management of the balance sheet to accountants.
– Past Payables and receivables
Get the balance information on your balance sheets-which shows who you owe and who owes you money. You know where your business stands financially, keep up-to-date to collect cash. Business practitioners check the records and refrain from making statements that you do not know how to make.
5. Hire Business Service Professional
Because startups operate on a tight budget, some job sections need to be outsourced. If it’s IT outsourcing or recruitment of legal and compliance partner, roping experts makes a difference. Since you are not good on your own when trying to do stuff, the results can vary, which can hamper your progress. Controlling the business means depending on delegation.
For example, you should require GST return experts to file every month within the deadline and don’t make it a memory game for your internal workers. This saved time is an opportunity for the in-house talent to invest in process creativity that allows the business to scale up. Speak to the company professionals, describe your expectations, and channel your efforts to recruit resources to enhance customer service.
Take great measures to counter COVID-19 with confidence as you take control of your company and accelerate growth through new strategies. If you already introduce something new, write to us in the comments section and help other companies to expand.
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