We’re already a few weeks into the New Year and, like us, many of you must have made some New Year resolutions. Perhaps you’ve decided to wake up an hour earlier every day to get back into the gym. Or maybe you have decided to delegate more and use your extra time to work on your business.
As entrepreneurs ourselves, we understand that SME India would approach to New Year in a slightly different way than more established businesses. This is why we have put together a few essential business tips for you and your business to make the most of in 2018.
#1 Get the right tools
If you want to get ahead faster, then you need to seriously consider moving your business on to the cloud.You can enhance the way you work and save yourself countless hours, not to mention, the effort, which can then be more gainfully utilized elsewhere. The market is filled with literally thousands of different apps for every need that you might have; the hardest part is actually making the right choices. Once you have the right tools in place, you only have efficiency and productivity waiting for you on the other side of the procrastination tunnel.
#2 Conduct detailed market research
The new idea that you have got for a business sounds spectacular, but heed our advice, and put your excitement and passion aside for a moment. Think objectively, think logically and do your research. We can’t stress enough on that. When you decide to invest time and money, whether in a new business or for your existing one, do a thorough market research and look beyond the rosy picture. Dig deeper and see whether there really is an opportunity to turn the idea into a successful business. A well-thought-out plan is also your ticket to getting business funding.
#3 Review your business structure
One of the most important decisions that you will take while starting your venture is deciding its legal structure. Not only will this provide legitimacy to your business, but it also impacts how and how much you will pay in taxes. The legal structure is crucial in determining your ability to raise business funding, and the personal liability you will face in case of any default or business failure. Hire a legal expert who can guide you with this.
#4 Apply for required licenses and permits
Every business is required to obtain a license and a permit, from the state and local government, before commencing operations. Different jurisdictions could have a different requirement; start researching and planning early so that you are prepared in time. Check for permits whether yours will be an online business or a brick-and-mortar store. Often the permits required are the same.
#5 Seek feedback
Don’t lough through your business day with a single-minded focus of getting bigger and more successful. The only way to know how well you are doing is to ask the people on your team. Take a break and seek feedback – from you peers, your employees and your customers. If you have a feedback process in place, great; else this year is as good a time than any to put one in place. Here’s a simple way to know how you are perceived at work.
This will help in improvement and naturally, expansion, and you can also make the most of your available resources.
Many people make New Year resolutions just for themselves, but smart entrepreneurs make plans for their business too.