5 Insider Tips To Running An Efficient Modern Day Startup
Modern day startups are highly different from the good, old brick-and-mortar fledgling businesses of the past decades.
First, you don’t need a lot of capital to get your business going. Second, entrepreneurs nowadays rely heavily on digital resources to make things happen. Third, there’s too much flexibility in the operations. From managing finances to making revolutionary marketing campaigns and taking care of human resources.
Because the current situation requires more from all of us, whether at work or at home, fresh businesses have to keep up and thrive. If you’re planning to start your own business or have been existing for a few months or so, check out these tips to kickstart your business venture.
1. Say ‘Yes’ To A Virtual Office
Gone are the days when you need to secure a location in the heart of the city to get the traffic you want. In this digital age, startups only need to have a steady presence online. Sometimes, an online presence is even prioritized over a physical place to settle.
While there’s no question that you may need to rent an office space in the near future, you can use any vacant space in your home to kickstart your operations. And, if things are doing well in a few months, consider flexible office space.
2. Streamline Human Resources
In order to make your business operations more efficient, you can skip hiring some of the traditional office positions. For instance, if you’re implementing a virtual office set-up, there’s no need to have a receptionist to greet clients. In a similar manner, you don’t need to have an office clerk to run errands.
As a startup, your focus should be on positions vital to growth such as a sales and marketing person and a production team. Apart from manpower, the ones mentioned are essential elements for your startup.
3. Outsource Other Functions
Some business aspects are seasonal, so you don’t have to hire a full-time salaried staff for these specific positions. For instance, accounting and bookkeeping may be done on a monthly basis, especially since you’ll likely have fewer transactions if you’re a startup.
In the same vein, legal services may only be necessary during the birth of your venture and, occasionally, for specific legal concerns. You may also hire remote workers for other functions, such as for marketing and implementing SEO strategies.
4. Invest in Technology
Most startups only need to have a stable and fast information technology set-up in order to function well. Due to this, startups need to invest in technology if they want to propel their way to success. This may not be a tall order, especially since the majority of the millennials are eyeing to open a business.
Here are some of the core business processes and how technology can help your startup:
- Productivity: There are various apps and platforms to measure your staff’s productivity. These apps may be in the form of time tracking software or a unified, cloud-based app to store critical and sensitive business information. Email management systems can likewise increase productivity between and among your staff.
- Financial management: Almost every financial transaction can be done online. Whether you’re paying your obligations, purchasing important office needs, sending invoices, and following up your clients’ payments, and then depositing them in your business account; harness the power of online banking.
Additionally, there are basic and complex accounting software programs that can help you keep track of your finances. You may need to outsource these activities, though.
- Marketing: Modern businesses can rely on web analytics to find how their site performs and get the audience demographics, among other information. From these sets of information, the team can start brainstorming an effective marketing strategy, which they can also draft using a particular software.
Generating leads and applying search engine optimization (SEO) techniques can also help your startup.
5. Offer More Flexible Working Arrangements
In the past, some businesses and organizations make it too difficult for employees to relax and enjoy a few days off. Recognizing that self-care is highly critical in workplace productivity and job satisfaction, some modern-day enterprises have decided to become more flexible in taking care of their employees through these initiatives:
- Unlimited paid time-off
- Midday naps or rests
- Regular family outings
- Flexibility in work schedule
- Performance-based incentives
- Project-driven and not hour-dependent payment schemes
- Free training and coaching lessons
- Longer paternity and maternity leave credits
Doing these can also help retain high-quality talents and fostering a more motivated and dedicated team–a critical component of any startup business.
Technology hasn’t only made things easier for enterprises to kick off, but it completely revolutionized the way businesses are done. At the core of these changes is the team that makes things happen–your employees. By being flexible, you can groom your company to succeed in the modern day.