10 Rules for Building A Successful Business
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10 Rules for Building A Successful Business

  • Highlights

  • Adhere to various legal and mandatory compliances

  • Have a practical and profitable business idea

  • Invest well in research and development

  • Have a detailed and well-framed business plan

A planned strategy, vision and a strict compliance with the rules and regulations of the governmental agencies are required to build a successful business. We have listed ten rules for building a successful business for you.

1. Compliance

Before starting a business, a few compliances need to be completed:
Company Registration: If you want to start a company with the minimum authorised capital of Rs. 1 lakh then it would cost you Rs. 7000 in terms of registration fees. Legal help from a lawyer and a chartered accountant will be charged extra and vary depending on their expertise. The process involves getting a Digital Signature Certificate, Director Identification Certificate and company name approval from Ministry of Corporate Affairs.

Mandatory Compliances: You need to complete the compliance requirements by filing income tax returns, issuing share certificates and director’s disclosure to the Registrar. The whole process is done by a chartered accountant and won’t cost you more than Rs. 2000.

Labour Law Procedures: These procedures define very basic employee policies that need to be implemented in a business set up. It involves registration with the Office of Inspector, Shops, and Establishment Act, registration with the Employees’ Provident Fund Organisation if you have more than 20 employees and registration with the Employee’s State Insurance Corporation to provide protection to the workers in the event of an adversity.

2. Ideas that prosper

If you can cater your services or products to the people in an effective and efficient way competitively then it’s a big USP for your business. Make sure that the interests of the consumers are served appropriately and their requirements are full-filled in a timely manner.

3. Research

Doing a proper research helps you to devise a strategy and allocate your resources in an effective way.

4. Business Plan

A business plan helps you to organise your schedule, strategy, and planning.

5.Share your profits with your associates

If you financially reward your employees and share your profits with them, they will perform well.

How To Get Small Business Finance From Bajaj Finserv

What is purpose of SME loan

SME loans are a loan instrument designed especially for the financial requirements of small and medium sized businesses. They come with a high loan limit, nominal interest rates, easy eligibility criteria, minimum documentation requirements, and a quick application process. They are flexible enough to be used for a variety of purposes, as fits the need of the business. Here, we showcase some of the purposes of SME loans, and how they can help growing business achieve success.

6.Communication

Communication with your employees plays an important role especially when a project or a product has various aspects.

7. Appreciation

Words of appreciation matter a lot to the associates. It’s a motivating factor for them.

8.Celebrating Success

Celebration brings people together. Celebrations also make

associates and employees blend with each other and result in an increased productivity and efficiency.

9. Manage your expenses

Controlling your expenses is a highly competitive advantage. Make sure you manage it efficiently compared to your partners. Keep a close eye on your working capital, and et reliable funding via a business loan when additional funds are needed for expansion or a big project.


10.Love your work

Trying to bring passion to your work is healthy business practice. Your associates could feel inspired by your passion and may perform accordingly.

Following these rules will pave the way for streamlining the operations of your company in a productive way and could help you to organise your resources effectively. Follow these rules and build a successful business set up for yourself.

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