It seems like the pandemic is here to stay for a while without any sign of amelioration. As India is still fighting against it, how would one want to control their businesses once the lockdown lifts completely across the industries? It becomes difficult to do our basic things, as we all have to make changes to live with the restriction imposed because of a pandemic as most of the companies have been working from home since lockdown.
Lockdown is gone, but the virus is still here. Therefore, we have to take a cautious approach to conduct our businesses while being vigilant to stay out of the virus’s radar. Still, many businesses are opening new avenues and going global with IEC application to export goods.
Keeping these things into mind, let us take a look at what approach one should take this year to manage their businesses.
Keeping The Reason Right
Beginning with the right choice for your business. As you might have prepared your planning last year, but you did not get enough time to work on it. We all know that we do not have enough time to do what we want to do. You must energize on prioritized tasks if you want to maintain your company efficiently under such times. Every task you take in your hands should come with the right purpose and approach. Choosing a task that has the greatest impact on the day. Development and growth should be the objective of the business.
Have Your Legal Paper Right
How has your company been performing till now? In terms of legality. Have you encountered any legal challenges or issues? Now, the focus should be solely on the legal company hygiene paper. Bylaws of corporate tax in India, such as investor rights agreement certificate of incorporation, directly impact your company.
The documents mentioned above will include.
– Board structure and its prerogatives and composition have been established.
– Letters of directors’ appointment.
– Qualified board members’ selection and agreement on that.
– Decision on the sale of the company comes with board members’ authority and necessary conditions or votes.
– Denying the transfer of shares by authority (if there is a case).
While making important decisions in the business, you should be holding these documents. If you miss it anyhow, the loss will be incalculable. You can flexibly initiate adjustments for faster development if you can sense what to do under which conditions.
Steering Conversion Activities
You must acquaint yourself with generation and converting, which are two distinct things. The improvement you want this year is highly energizing money on lead generation and not on conversion. Marketers will fill management tanks with a lot of investment in hands. Start diverging your focus more into conversion to fill the gap to conversion ratio.
You should figure out why a decrease is happening. A great step in this direction could be via catching a bottleneck. By organizing and conducting activities that could optimize conversion. You can take baby steps via changing the style of your email campaign or by redefining SEO tactics.
Recruiting Business Service Professionals
With tight budgets of start-ups, some job segments have to be outsourced. You cannot do everything on your own; sometimes, we lack the expertise that particular work/task is demanding. Doing it that way would not give the desired results. That is why you should give it to those who are empowered in their domain. Such a task also depends on your skill of delegation. For instance, you should outsource the technical tasks of your business to IT professionals and when it comes to branding post trademark application, choose a marketing agency to work wonders for your business. This would save time and money. Only they could deliver work up to your expectations.
Outsourcing Your Auditing Task
To keep your accounting up to date, you should outsource this task to experts. You can recreate a dedicated work requirement model with your business’s help dedicated to bookkeeping. Instead of outsourcing, financial experts would look after the following things.
- Profit and Loss account.
Little things matter and effects as well when it comes to maintaining accounts of your business. For determining a better future and course of your business, start with a monthly P&L report that would include profit and loss of previous months.
- Balance sheet maintenance.
It is the central piece of your game; neglecting this could result in grave difficulty. It represents the picture of your business’ assets and liabilities. A better balance sheet could attract more investment from VCs and investors while raising funds.
- Payables and receivables of the past.
It provides information about the money you hold and the money you owe to someone who owes you money and how much? It signifies the standing of your business in the market.
Fill yourself with confidence as you take control of your company and move on growth ladder with new approaches to counter the virus. Prepare your company’s trajectory with a timeline and concrete planning with better optimization and expansion.