What’s next after starting a startup?

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Once the entrepreneurial bug has bitten you, it is highly difficult to ignore your calling. Once in your lifetime, you will undoubtedly attempt to walk on that path. Let’s say you have decided to step on that path, now you have an excellent product for a problem you have figured out. So now what? It is simple and hugely complex both at the same time. Start building a company. And to get seamless tax benefits from the government, GST Registration is mandatory. It’s time to realize that you have become a CEO. It’s a task of great responsibility. So let’s go through some simple steps you can follow to transition from a startup to a company.

Hire

After building a product that the target audience loves, you will need to expand to bigger markets, or you will want to provide more value to your customers. A small team will be insufficient to do them both. You will need to hire. You will start noticing the blank spots once you have formulated the plan of expansion. Hire people who understand the product. Not only has that but also checked if they are willing to learn new skills which are paramount to the company.  According to Jim Collins, ‘Get the right people on their respective places and then decide where to take the bus. People often focus more on the bus than the right place for the right individuals. Once you have the right people in the right place scaling your company will become smooth.

Setup a Strategy

As a CEO this will be one of the most important tasks you will go through. Setting up a strategy is all about achieving your goals and aims effectively and efficiently. Tactics and strategy go hand-in-hand. There are many tools that you can use for this step some of them are as follows:

  • SWOT Analysis
  • PESTLE
  • PORTER’S Five Forces Theory

These are just the top three tools I have mentioned. There is a vast sea of tools you can use for your strategic planning purposes. Using these analyses, you can formulate the current needs and demands of the market. While expressing a strategy be very clear about where you want to take the company. Without a clear picture, it is eminent that you will stumble in the dark. Not to mention the huge losses you will incur in those areas where the plan wasn’t formulated correctly.

Cultivate Work Culture

Having a culture is a must. Culture will define how your employees will work. They are the guiding lights for your employees. Setting up a right company culture is paramount. Establishing a work culture will help you to get the best out of the employees.  It also helps to create an ambiance in your company. Most of the famous CEO’s have a knack of paying keen attention to the company culture. The employees who perform well by embracing the company culture are then the thought of as future responsible leaders in the organization. It is a given fact that great companies have great cultures. There is an anecdote ‘Culture Eats Strategy for Breakfast.’

Grow

You have taken care of the above-given steps, and now it’s time to grow. Growth involves amplification of current business operations. It can be either doing strategic alliances, tie-ups, etc. Expanding to newer markets is also a possibility or finding out undiscovered pain-points of the consumer. You have to seek growth. One surefire way of growing is by innovating. Always try to innovate as it is an agreed on the fact that it is not a single event but a continuous process. In this process, you will unearth so-called valuable stuff which will be applicable somewhere down the line at someplace.

The last step will be to REPEAT the process as mentioned above.

Conclusion

This how you can fulfill the role of an active CEO, taking your company to newer heights. Hope this article is fruitful to you, if you have any query contact us. Afleo.com based in Mumbai is one of the leading websites when it comes to GST Registrations, IEC code registration, IEC code modification, Intellectual Property Rights Registration, etc. Helping startups and small businesses with their legal needs is our aim. Our mission is to save their time by taking care of their legal needs.

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What’s next after starting a startup?
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Ever wonder about this? What’s next after starting a startup? We have solution for you.
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Startup Talks
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