Every executive whether successful or a starter, dreams of becoming an inspiration for others. It is his way of working his handling of the employees and developing the organization that leads him to the pinnacle. Business development is a huge concept followed by every entrepreneur to increase his profit margin and the smiles on his customer’s face.
For a long-term succession in the market segment the entrepreneur needs loyal customers, faithful deliverance and almost zero chances of complaining for his services.
Growth is an inevitable part of life and even your business cannot escape from that. To expand your firm or your company in a positive manner you need to explore every single growth opportunities available and you have to keep on monitoring the rival entering the market. Rivalry is another part, but delivering your best to people will be an asset for your business development process.
Business Development can be a single-handed process. Not everyone has the magic wand of hiring people for help at an immediate position. However, a helping hand always changes a situation either in a positive or in a negative way.
Let us examine the pros and cons of being a single-handed developer.
You are the captain of your ship, AKA your emerging empire. It can be a food chain, jewelry or a clothing line, or an artistic brand. The inspiration lies everywhere. One thing you must remember that there is no horizon for the people who want to expand in order to serve and uplift people. Branded and famous companies like McDonald’s, Nike, Adidas, Gucci, Dolce, and Gabana, Reliance etc have grown from rags to riches. This is definitely not a one or a one-year job. This will be your life and the efforts of your subordinates too.(if you hire them)
There would be few hassles of documentations. You would have to inform the tax office need a secured and verified bank account and a proper place to set up your venture. Keep in mind the concept of safety
Whatever you earn you would keep it. The monetary benefits high or low would straightaway go to your bank account and you will not need to marginalize your happiness.
People always eye those who are flying in the air. It would be the case with the business development process. As you are starting your firm, people would be inquisitive and ask questions, but no one would know about the strategy or the profit margin. When you shoot out with a bang introducing your creative techniques that is when people would appreciate and fall for it.
There is a saying that two hands are enough to cradle a thousand hearts. A single-handed entrepreneur can make his customers happy by bringing discounts in his products or bringing good varieties of clothing or drinks for them to wear and taste. When you deliver the product to your customer, you become a source of loyalty and friendship for them. They would trust you for giving them the best and as you would also be enthusiastic, you will try your best.
LEGAL REQUIREMENTS FOR A DEVELOPING BUSINESS
Keep a record of accomplishments for your balance sheet and accounts. Like inland revenues and value added tax
It would be unfair if we just focus on the positives of a business. We all have dark and light sides.
· Financial insecurities rise, as banks do not give loans to start-ups that easily. It is a notion that it might fail or the owner might not be able to return the amount.
· Single-handed ransom might not be able to gather large units of production and that results in low profits. So buying the goods in wholesale would not be possible.
· If the owner crosses the rainbow bridge all of a sudden then what will happen? Business can collapse due to these multiple factors and you ought to be ready for anything. After all, you have chosen to be your own boss so you ought to be responsible.
Another name for business is risk. Whatever you produce or buy is going to cost you. Some might lose their minds and offer graft or grease someone’s palms for extra finance but if they are not able to pay back then it results in a disaster. Therefore, even if you have a little pressure or long working hours just stay strong. After all, Rome was not built in a day.
You are never going to be a debtor if you work effortlessly and efficiently. Nevertheless, if something happens, and you need to payback, and then do not hesitate to shred some bucks from your savings. You can also cut-off some extra expenses. Focus on your office interiors and think about how it can attract more customers. Buying new furniture, keeping technical gadgets, having everything up-to-date is enough to grab attention for an expected audience.
Respect has to be earned. Remember, a business is a part of your life; it is not your soul. The crux is if you lose your integrity then it will not come back unless you strive hard for it. So don’t sell yourself short for anything you need. Your creditors and lenders will wait for the money if they trust you.
Developing a business will make you see lows and highs. It will make you suffer and it will make you smile. Every day you are going to learn something new and different. It would be your life experience.
SETTING UP A BUSINESS PARTNERSHIP-:-
THINGS TO MEMORIZE.
When two people decide to work together there is bound to be a contract. It is not about some twisted relationship but setting conditions to avoid facing problems in future. There are partnership acts that are legalized under the act of the year 1980, and both the parties are expected to follow it. It is like an unspoken agreement that you cannot hurt him/her as you are tied to a single string.
A precisely documented partnership in front of a third party is generally the best option. The third party is a discreet lawyer. He can help you to reveal your problems and secrets and solve them without disputes.
Both the parties sit with the lawyer and put their desired terms and agreements. The lawyer considers their depth and intensity and accordingly puts them in the contract. There would be no difference if the partners were male and female. Terms would remain the same for the genders. Nevertheless, if the woman wants to put some safety clauses just for her sake then it is completely okay and legal. These things are not written to put you in doubt but to make you aware of the ethics of the business world.
The parties are given some time to add or substitute the clauses. It might happen that the fresher is collaborating for the first time and might not be clear about the terms. They can ask the lawyer but if they are still in doubt then after a given period they can put their wishful conditions. Only thing is it should affect the enterprise.
One unspoken deal about the dealership is that you are partners in everything. Everything means absolutely everything. If the business incurs losses then you are bound to suffer it. If the profit margins rise then you will get ample share. If your capital sharing is not equal then you have to opt for a different arrangement but in the end, it has to be Equal.
WHAT CAN U EXPECT IN CLAUSES?
An agreement in partnership incurs the following points:-
– Capital means both the partners should invest financially, physically or with assets in the development of the organization. That contribution will be taken into account. They can also agree on raising equal shares or some other investments.
– Their share in profit margins would be equal so the interest that they pay every year on the profit sales should also be uniformed. If in case the opposite party has rendered excess amount of capital then he/she is bound to get larger shares on profit. Whoever steals the show is bound to get the reward.
– Their workload should also be calculated. If one person bears overtime to complete his work then the compensation should also be more. Nevertheless, if the work remains pending after spending more than the required time then it is taken as a negation on partner’s responsibility. He is made aware of his mistake or is questioned about his proficiency.
PETITE OR HUGE COMPANY STRUCTURES-WHAT CAN YOU DO.
Size of the company makes a noteworthy impact on its development. It is not that start-ups need more time to outshine, but an ideal modified structure certainly gains more profit margins. Its synchronization is well maintained and the employees can work according to the giving tasks and timings. There is always an effort to decrease the efforts and increase the results. They work with high-tech equipments that lessen the working hours and make your task easier to perform. If the company is huge then the considerations are also gigantic.
DIVERSE STRUCTURES OF ORGANIZATIONS.
In total there are six kinds of company structures that ever entrepreneur focuses on.
Small and medium enterprises opt for this kind of structure. Here there is not much scope for strategy or a segregation of responsibility. The work is divided according to the time-period and need and there is little scope for competitiveness. One person is expected to perform multiple roles, so these often results in role confusion or in hectic schedules the work might not be done as per the expectation and it leaves the employee exhausted.
The word itself gives you an idea of the structure. This is a bit more complicated than the previous one. It functions on a uniform scale not leaving any option for creating mistakes. Somewhat like the autocrat Hitler, this expects you to work effortlessly expecting a great result. The modicum and decorum of the company is maintained at any cost and the employees are expected to keep their work-standards high.
AUTHORITY AND LIABILITY
A mixture of the authoritative and the liberal, this matrix structure plays an important role in deriving authority and making useful decisions. This kind of order is usually found in small and medium sized enterprises like the non-government organizations or communities. The decision made is considered more important than the efforts made by the employees.
Functional works well with large companies. They designate specific tasks to the people who are eligible for it. For example, factory workers focus on economic goods while producing a reliable production of daily goods that come at a reasonable price. Their deliveries are less time-consuming so people’s satisfaction ratio is high. In this structure, the work functions are autonomous and there is sparse amount of communication. One keeps to himself and his department unless it is necessary to speak to the colleague. In a way, this is good. It makes you more functional and you can focus more on your work. The usual dilly dallying stops and the goods are produced in huge amounts.
This is in the area of creativity and variance. This type of structure focuses on differentiation in goods and products and the services that they offer. There would be more than 25 divisions or maybe more to handle different tasks for the same thing. You can assume the relationship in the movie department or the animation where 100 people work for the same thing through different divisions. One comes from the anime department, one from the art, one is the editor; other is the voice giver and so on. Think you got the idea. This is a likeable structure.
What do you understand by matrix? This structure is like a foundation from which a company evolves. Usually the gigantic organizations involving high complexities use this planning. There would be a functional and divisional sector combined together. Like for example, the universal studios would also have a theme park and there would be a segregation of theme park sales, theme park inquiries and so on.
Planned Organizational Design:
As you evolve, you need to find a higher structure with either less or more complexities depending on the genre of your work. The fast-food restaurant like McDonald’s function on the divisional structure, the gigantic companies focus on the post bureaucratic structure, some that are still evolving will focus on the simple methods. It is when you decide the course of nature for your workplace and how to keep up the standards along with the efficiency. It is all dependent on the environment. The seniors would have to discuss these strategies early as the rivals are rapidly increasing in the segment.