A planned strategy, vision and a strict compliance with the rules and regulations of the governmental agencies are required to build a successful business. We have listed ten rules for building a successful business for you.
1. Compliance
Before starting a business, a few compliances need to be completed:
Company registration: If you want to start a company with the minimum authorised capital of Rs. 1 lakh then it would cost you Rs. 7,000 in terms of registration fees. Legal help from a lawyer and a chartered accountant will be charged extra and will vary depending on their expertise. The process involves getting a Digital Signature Certificate, Director Identification Certificate and company name approval from the Ministry of Corporate Affairs.
Mandatory compliances: You need to complete the compliance requirements by filing income tax returns, issuing share certificates and director’s disclosure to the Registrar. The whole process is done by a chartered accountant and won’t cost you more than Rs. 2,000.
Labour law procedures: These procedures define very basic employee policies that need to be implemented in a business set-up. It involves registration with the Office of Inspector, Shops, and Establishment Act, registration with the Employees’ Provident Fund Organisation if you have more than 20 employees, and registration with the Employee’s State Insurance Corporation to provide protection to the workers in the event of an adversity.
2. Ideas that prosper
If you can cater your services or products to the people in an effective and efficient way competitively then it’s a big USP for your business. Make sure that the interests of the consumers are served appropriately and their requirements are Fulfilled in a timely manner.
3. Research
Doing proper research helps you to devise a strategy and allocate your resources in an effective way.
4. Business plan
A business plan helps you to organise your schedule, strategy and planning.
5. Share your profits with your associates
If you financially reward your employees and share your profits with them, they will perform well.
6. Communication
Communication with your employees plays an important role especially when a project or a product has various aspects.
7. Appreciation
Words of appreciation matter a lot to the associates. It’s a motivating factor for them.
8. Celebrating success
Celebration brings people together. Celebrations also make associates and employees blend with each other and result in an increased productivity and efficiency.
9. Manage your expenses
Controlling your expenses is a highly competitive advantage. Make sure you manage it efficiently. Keep a close eye on your working capital, and get reliable funding via a business loan when additional funds are needed for expansion or a big project.
10. Love your work
Trying to bring passion to your work is healthy business practice. Your associates could feel inspired by your passion and may perform accordingly.
Following these rules will pave the way for streamlining the operations of your company in a productive way and could help you to organise your resources effectively. Follow these rules and build a successful business set-up for yourself.
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