Management is the key to your success in any profession. Today we will talk about how to manage a startup business in the right direction.
Generally, people found the idea then share with colleagues and friends start working on it. The most interesting fact about 90% startup is they don’t make a business plan at all. They talked verbally either make an excel sheet about the current expenses and without future planning, they start working on it.
Startup Founders start working on b-plan while he requires to raise fund from an investor or need to submit for some events but the actual need of a business plan is when you starting out with your own money at the initial level of business.
Without wasting too much on conclusion right now, let’s see what will have to manage to make your startup successful.
Once you got the idea to start your own startup then first work will be to make b-plan and share with your all co-founders and team. Always update b-plan while making any changes in strategy. It will help you to find the success and failure of the operation.
Responsibility Distribution Among Team Members.
Share the job responsibility among all members like co-founder to team all. You can’t do that all alone. I know you heard about from so many legends that they started alone and handling all the operation alone. That one is exceptional, most of the time that won’t work. Once you start looking in all the matters and responsibility then the mismanagement happen.
Start the Conversation With All Team Member.
The conversation has all solutions, Keep get together with all members in a week and share the status of work. Give a chance to all to share experience and innovative ideas to improve the operations. Increase the user experience better.
Almost every startup founder failed in these operations. The reason behind the failure of cash flow management will be ignorance, underestimation, carelessly handling the operation
Break Even Point.
Always follow the path of break even, always make your short goal to achieve and reach to the break-even form day one.
Hire Good And Smart One.
Don’t make mistake while hiring at the initial stage of business and keep all the agreement transparent in startup culture because even you don’t know what will happen next.
Hire people for a specific role, don’t give all the responsibility to all because in this way office working culture become pathetic.
Avoid False Promises To Team Member & Itself.
Yes! you heard right avoid false promises to your team. Always be honest with the situation. Like you have done a promise to give 25% of a hike if they complete a project before time and after completion, you ignore and avoid because you knew that is not possible at all.
Focus On Revenue, Not On Traffic And Apps Download.
Always focus on the business you make in one day. Don’t follow the traffic on your website and app, you got in one day. Consideration of traffic is a great way to know how marketing is going on but business runs on revenue generation in a long time. Traffic generation can be done by any bots.
Give A Rights Your Team And Co-Founders To Speak.
Give rights to all members to speak freely about business growth, never underestimate anyone. Always show your enthusiasm to listen from them. A great idea can come to anyone mind. Doesn’t matter qualifications at all.
Rights to speak also help you to know what exactly happening in your team, If someone is not satisfied with your policy then he will feel good to say in front of you.
Ask Your Team About Their Thought And Opinion.
Always ask your team about work, personal life, and professional life. Ask about their happiness and always their problems. It will create magic in the team, They will give there 110% at any job you will provide to them.
This process makes him satisfy from inside. The success of your startup at the initial stage depends on your team effort. Always be with your team in every situation.
Don’t Be A Boss Always.
Don’t carry boss attitude always because in this scenario they will afraid to share anything with you. Always be alike friends cum boss. Don’t realize them always that you are a boss.
Make a Short Goal Every Week.
For better result and productivity make a small goal to do. This is co-founder responsibility, how he will manage his goal.
As per our recommendation make a short goal every week and give it to the team to complete. This is a psychological method to get more productivity from anyone.
Reward The Team.
If you are in profit at the end of the year and your business doing well then don’t forget to reward your team. They will be happy then the business environment will be happy.
Their happiness will give double profit in next year because they also have an interest in your startup success.
Make Deep Marketing Plan To Focus.
Marketing plays a vital role in your business success and failure. As we know marketing is everything for any business in 2019. Your weak marketing strategy also brings your startup at the failure stage.
If you can’t tell people about your product and services through digital media using great marketing content and strategy then no one comes to your business.
Legal – Avoid Penalties.
If you are doing in business in INDIA then never underestimate your legal responsibility like Tax payment, Income Tax Filling, ROC filling if you have made a PVT LTD. We did a mistake and avoid ROC filling for 2 years. Now in 2018, we paid approximately 35k penalties.
Every country has its own rules so must be cautious about it. Always check your always legal liability status.
Be Accurate With Book Keeping.
Always maintenance book of accountants to know your financial & business growth position at end of the day, month, quarter & year. Always go through the status of your sales growth, marketing budget, bank position, ETC.
Make All Transaction Through Bank And Make Healthy Relation.
Always do all the transaction through the bank because it will help you in management and also increase your credibility in banks.
Banks and another financial institute will look into the transaction whenever you will apply for funding or loan. So always make a good and healthy relationship with them. Make all the transaction through it.
In the financial crisis of business, they will help you to overcome from it as per your past record. So don’t make mistake to avoid this.