How to Take Control of Your Startup in COVID-19 Economy

COVID-19 is here to stay for a while and you need to think about making some big changes that will affect your company. But how do you intend to do this? Although the motivation is

COVID-19 is here to stay for a while and you need to think about making some big changes that will affect your company. But how do you intend to do this? Although the motivation is usually high during the first month, it makes major improvements in the day-to-day life by doing small things differently. 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. 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 counsel, 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 an expert for GST return filing 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 professionals of the company and describe your expectations and channel your efforts to recruit resources to enhance customer service.

2. Keep your intents intact

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. 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 business into growth and development day by day.

3. Drive Conversion Activities

You must realize that guiding and converting are two separate things. The improvement that you have to make this year is investing way too many 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 fully 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. Get your Legal Documentation in place

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:

A. The structure of the Board and its composition and voting privileges have been clearly established.

B. Appointment letters of directors.

C. Agreement on the selection of qualified board members.

D. Authority of each board member to be stated along with the requisite conditions or votes to decide on the sale of the company.

E. Authority to deny the transfer of shares if there is a case.

Get to these documents when you need to take important 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 easily introduce adjustments to allow for faster development.

5. Outsourcing your Accounting Tasks

It is important to outsource your accounting activities to keep track of all your accounts. With your organization a dedicated bookkeeping team, you can reinvent the wheel 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 small 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 future.

– Maintaining Balance Sheet

Many startups avoid this one at the beginning, but this is a very 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.

 Conclusion

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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