It was only a decade ago that several industries were under the thumb of a few big business conglomerates. However, the past decade has seen several small businesses mushroom across the country. This could be because of an increase in the ease of doing business in India. The country was at a global ranking of 147 in 2014 and swiftly climbed to rank 63 with a score of 71 for ease of doing business.
As startups began to become the new ‘it’ thing, it became important to understand not just how to initiate the process but also how to grow and shape it into a business. It is vital to streamline an organisation to ensure smooth operation and increased productivity. This results in a thriving enterprise. But how can startups run fluidly on a limited budget and with a lack of experience?
Startups 101: Tips and techniques
In an overly-saturated market, sustenance is not just a requirement but also a competition. If you wish to keep running in the race, you have to strive for high productivity, efficiency, customer satisfaction and, of course, profits. There are several simple steps to help you achieve ideal results. Below are the most useful 6 steps that you must take to ensure the success of your startup.
1) Outsource certain operations
When it comes to personnel, startups are generally at a disadvantage. Most startups have limited employees who have to distribute several diverse tasks between themselves.
The workload may hinder their productivity in several ways: Employees might be burdened under the pressure and might not perform at optimal capacity, they may have to take up tasks for which they are untrained, or they could be robbed of an opportunity to consult an expert.
If this is the case at your startup, outsourcing is the way to go. Outsourcing certain departments or tasks—accounting, HR, IT, design—would allow your employees to better prioritise their time. Additionally, you could hire an expert and produce the best possible results under a trained professional.
2) Employ cloud services
Thanks to the advent of enhanced technology, several tasks can be automated. Cloud services can be extremely valuable to level out the playing field in the industry. It allows companies to store and access data through the cloud, diminishing the need for physical storage spaces and hardware. Cloud solutions increase security, allow better collaboration and remote working, present intricate administration control, and generally save the company’s valuable resources—time, money and effort.
Cloud services also include cloud telephony. It is a great system for enriching customer experience (CX). Cloud telephony allows you to connect to customers via the Web. All it requires is a smart device and an Internet connection. Interactive voice response or IVR will use a call menu to greet a customer and reroute the call to the preferred agent according to numeric inputs provided. This reduces wait time and ensures that customer queries are solved at the first point of contact. Save your agents’ time and effort while improving customer experiences.
The cloud telephony market is gaining more popularity than ever. The global market for the same is expected to grow nearly 9% in 2020 and a whopping 17.8% in 2021. Now happens to be the ideal time for a business to employ the general features of cloud telephony and keep up with the current market trends.
3) Analyse and reduce your processes
Every company, big or small, has to weed out processes that are redundant. These functions, departments, or tasks increase work time and pressure on your employees, yielding underwhelming results. As a result, your company will begin to incur unnecessary expenses.
Keep your processes tight. Eliminate those that do not bring in as much profit as the rest. Doing so requires regular vigilance and analysis. Once you have studied your company for a certain period, you will be able to differentiate the money makers from the duds. Do not waste time and resources on the latter. Crisp and to-the-point operations will ensure the best outcome for the least amount of work.
4) Give into automation
Haresh Sippy, the founder of TEMA India, said, “Automation is cost-cutting by tightening the corners and not cutting them.” Many people believe that machines and automation could lead to a loss in employment opportunities. However, that is not the case. Automation does not lead to people losing jobs but, instead, makes them more efficient. It helps businesses by elevating the general performance of every individual.
Human error, lack of precision, and slower productions are avoided when certain tasks, such as manufacturing, are automated. This saves time and effort while producing quality products that will certainly be appreciated by the customers. Automation also accelerates processes and promises to make your organisation more productive and efficient.
5) Join business networking groups
The business world is often considered to be highly competitive. While that is true to some extent, it must be noted that several organisations work with each other. The distinct nature of the businesses allows them to complement each other and mutually build profitability. To accomplish such relationships, every business needs connections.
Business networking groups are ideal platforms to seek and associate with several complementary businesses that will allow mutual growth. With the advent of the small business rush, networking groups—BNI India, On startups, Business Development, I Love Startups, The Indian Startup Fraternity—are becoming increasingly popular. Joining these groups will help boost your company’s status through other industries and allow for smoother collaborations with other businesses.
6) Make use of advanced software
Newer and better software are constantly gracing the market with options to ease the workload. Unique software can be employed for distinct purposes. For example, mailing software can be used to streamline communications. Bulk emails can be sent at the touch of a button without fear of some errors or wasting precious time.
Technology is a startup’s best friend. It gives the organisation an edge over its competitors and boosts productivity. Utilize software that helps your employees perform better. Software will not only simplify various processes but also allow you to explore activities you couldn’t do earlier—for instance, a video editing software may be the only way of accomplishing professional edits.
They say that the secret of getting ahead is getting started. The start of your small business may seem intimidating and tough but there are several tips to manage the company in the best possible way. Invest in newer technologies, such as software, cloud solutions and automation, and distribute work by outsourcing certain tasks. These tips might seem simple but are also known to yield remarkable results.
Startups have their fair share of disadvantages amid a sea of companies due to the general size of a company and its age. That does not mean there aren’t ways to boost your performance. Employ these technologies (cloud services) for your business and watch it grow as you use various features to compete with big businesses.