Running your company smoothly can be challenging. These 7 hacks will help you overcome many difficulties that you may face with the functioning of your company
7 best hacks for running your business efficiently
Setting up your own company takes a lot of courage. Our salute to you if you have made that bold move! Now it is time to get that/keep that company running smoothly. You need to ensure the company is functioning well on a regular basis if you are in it for the long haul and want to grow your business.
You are no longer worried about thinking of a company name. The Vakilsearch company name check can be used to generate a list of available businesses.
But nothing to worry about! We have got 7 hacks lined up for you to make your entrepreneurial life much easier and your Private limited company running smoothly.
1. Set Up Systems
It might feel like it’s okay to wing it at the beginning. However, if you don’t want to spend a lot of time resolving minor things and clarifying workflows regularly, you should set up systems. Systems are nothing but routines or procedures that you use to carry out repetitive tasks. Creating and following these will save you a ton of time!
Here is a simple 5-step process to create effective systems:
Observe and identify the actions that have to be done on a regular basis.
Analyse how you are carrying out those actions now
Come up with a new process that can make the process more efficient.
Execute the new process
Check regularly to see if you can improve the systems.
It might take a while to set up these systems. But once you set up the right systems, the tasks will get completed effortlessly.
2. Automate As Much As Possible
When you work on setting up your systems, you might come across activities that can be automated. Put them in a list and automate them as soon as possible. This is more of an essential than a hack.
Tasks like sending receipts, monthly payments, etc are examples of tasks that you can automate. You might feel like avoiding automation because it seems like an additional expense in the beginning. However, this will cut down significant cost and friction in work in the long run.
For example, you can automate GST return filing and compliances for your company by availing of Vakilsearch’s service. This way you won’t have to constantly keep track of due dates and do those tasks. Vakilsearch will remind you when things are due.
3. Leverage Technology
Think you are too old school for technology? Think again! Every day new software is built to make life a little easier. From project management software to social media management software, there are so many tools out there that you can use to your advantage.
It might take a little time to understand them if you are not tech-savvy. But you will get there with a little effort and it is totally worth it! Tech devices and software are the way forward and the sooner you hop on this train, the better for your company.
4. Outsource Non-Core Tasks
As a company, you will have to do tasks that are not related to the main objective of the company. Say you are opening a restaurant, cooking good food and serving well are your core tasks. This needs to be done by you on a daily basis. But what about the interiors of your restaurant? What about marketing? What about legal formalities?
Every company has these kinds of tasks. The best thing to do in these scenarios is to outsource the work. Why? Because learning and doing them take your eye off the actual core activities. More still, people who are well versed in them can do it better for you anyways.
Again you might be hesitant to dish out extra bucks for this, but this hack is going to improve the overall functioning of the company.
When it comes to legal, tax and compliance tasks for your company, you can leave them to Vakilsearch to get them done. This way these tasks will be out of your way and be done efficiently by our experts.
5. Build a Good Workplace
Do you know the secret behind getting the best out of your employees?
It is not by making them work 9-10 hours a day for 6 days a week. It’s not by making sure that you provide only the benefits that the government: https://www.mca.gov.in/MinistryV2/incorporation_company.html requires you to and not a paisa more. It is not by pushing them to achieve deadlines that are cutthroat. It is not by showing them that you are the boss and they are here to do your bidding.
The best and only way to get the best out of your employees is to build a good workplace where they want to work. People who love where they work and are loyal to the place will put way more energy and thought into the work than others.
Here are ways in which you can build a good workplace
- Give voice to your employees. Hear their opinions and make them a part of the decision-making process.
- Allow some flexibility in their work. Let them bring in some of their elements to it.
- Understand more work hours ≠ more work done well. People burn out and get frustrated over time and the quality of work will go down.
- Hear their concerns and acknowledge their emotions in times of distress. This COVID situation for example has caused a lot of anxiety and anguish. Show empathy and give them the space they need to recover.
- Be a little generous with the benefits you provide. You don’t have to give it all away like a charity. But do go the extra mile rather than doing the bare minimum.
Loyal Employees = Better Quality of Work
6. Network and Build Communities
You cannot put a price on connections and communities. In the end, it’s all about people and community! A business is built by people and for people. Yes, profit is the major goal of a company. However, people are the means to that.
Talk to your customers, start discussions and seek feedback. You will be surprised by how many you end up converting to loyal customers. Build a community inside your company too, among your employees. They will feel like they belong in that company and work more for it.
Also, network and build connections with fellow entrepreneurs and leaders. It will open a door full of opportunities for you!
7. Micromanaging Bad; Delegation Good
Entrepreneurs and people at various management levels are all prone to making the same very elementary error: micromanagement. Micromanagement is when you closely watch people’s work and constantly give your inputs on it. Of course, there will be times when you have to look into the smallest details. But most of the time it is not necessary.
It shows that you don’t trust your employees and they will feel too restricted in their work. Plus, this leads you to eventually burn out! On the other hand, learning to effectively delegate work and trust your employees will help in running your company smoothly and efficiently!
- A Step-By-Step Guide To Company Registration in India
- Importance of Company Registration
- How to Register a Private Limited Company