If you have big plans for your small business, you are probably thinking of expanding towards corporate business on a bigger scale. Read below to go through the basics, and we will help you with some practices and tools, apps and platforms which will save your time, money and labour, and escort you into the corporate world, lodging till the end. We usually think about startups as businesses that are former stages of companies, and as true as it may sound, that is exactly what it is not. It is crucial to understand what differentiates startups from corporations, which revolves around just two words- “exploring” and “implementation”.
Contrast between the two
While the startup is a “start” towards touring one or multiple business models, the idea is to search and explore throughout. On the other hand, corporate business is already set on the business model; therefore, they focus on implementing or performing. It might also speak for why startups have a fluid and uninhibited nature.
Challenge and Problem are the two things a startup works towards. Something which proves to be helpful and is worth paying for something that sells. It can include the creation of a solution or modifying the current one into something better. A startup can become a successful business with the proper establishment of the solution, thereby creating a business model.
TRAITS OF AN ENTREPRENEUR
If you want your startup to enter the corporate world, you must master these traits as the first step.
BUSINESS, you say? A business is a high-performing establishment that uses resources to execute its already set business model effectively and efficiently. They have standards set for financial stability, management, decision making and accountability. They have a proper organizational structure to work towards the model systematically.
The Metamorphosis One cannot immediately jump from a startup to a corporate business. You need to substitute your existing habits with newer ones and make internal changes, and like every good thing, it takes time. Here is every step you need to take for this adaptation-
- Identify your mission– Stepping into the corporate world from a small business or a startup, you are supposed to have a proper plan for something you intend on serving your clientele in the long run. It is your focus, and you cannot deviate from this; it is like your purpose.
- Form a structure in your business– To convert into a business, you need to first formalize your organization. You are accustomed to a free-flowing firm, but understand that this is not how it will work in the corporate world.
- Distribute roles and responsibilities– The next step is to give roles to the employees. Duties based on their abilities and knowledge with tags like that of a VP, HR, CFO etc., to give them responsibilities and the recognition they deserve will ignite a sense of seriousness.
- Make Policies– After distributing the roles, it is important to make some rules or policies based on which your office/ firm will now function. Your independence and freedom might flee, but it is for the best.
- Introduce Workplace discipline– In a startup, there is no sense of discipline, for it’s not even a criterion of concern considering the targets are being reached. But for this transition, workplace discipline is very important.
- Possess a good customer service function– When you have good functioning customer service, it makes your business look formal. It appears to people that you take feedback, suggestions and complaints acutely. It makes people take your business seriously too.
- Train your employees– Introduce them with new skills and conduct meetings/ orientations to walk them through the new things so that everyone in the office is on the same page. Having new capabilities will help in increasing productivity and independence- in a skilful context.
Equipment for the upgrade:
It is advisable for you to invest in some tools because there is no room for imperfection in the corporate world. Provided you cannot attain perfection within one shot, but taking care of all these little things and using these as tools will bring you somewhere close-
- Platforms that let you find and keep your clients- CRM platforms (Customer Relationship Management) like HubSpot and Insightly help maintain and keep track of current, previous and potential clients and provide tools to foster all of them.
- Online Storage- Invest in good online storage like Google Drive and Dropbox to save important documents, images, videos etc., so that you are always able to retrieve them whenever required without having to panic about where you saved them. Plus, they also help you share these files externally.
- Social Media Scheduling tools- Being a small business owner, you know how important social media is to connect. Sometimes the posting gets delayed and even lapsed, therefore to avoid this, you should get tools like Hootsuite and Buffer where you can schedule posts, and they will automatically be posted at your custom time.
- Marketing Tools- If your startup sells products and services, these tools will provide you with platforms to market and sell your products. Sites like Mailchimp are really helpful.
- Task Management software- A productivity tool or project management tool designed to help visualize work, limit work-in-progress, and maximize efficiency (or flow) like We360.ai can prove to be helpful. It is an employee monitoring software that helps automate employee attendance, calculate employee productivity, and put it in a report format so that it is easy to track the total office productivity and helps with workplace discipline.
Understanding startups and big businesses on a theoretical level is important before practice. Knowing what you need to step into the corporate world as a startup and what will help you sustain once you’ve begun will only help. You need to take from the start, tools you should use to create and maintain everything required in a corporate business, including employee productivity tracking and task management software, marketing platforms, online storage tools, CRM platforms, etc. Following these steps and using these tools will slowly but surely assist you in reaching your goal.