How to Manage a Start-up: 5 Tips

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Wednesday, October 20, 2021 / 02:5PM / Sponsored post by stas podshivialo Header Image Credit: stas

 

A start-up is a way to develop and find new goals. As long as the company considers itself a start-up, it is not afraid to try new things, is ready to act outside the box and make mistakes. As soon as stability and maximum squeezing out of net profit become the main aspiration, the company begins to go into stagnation.

 

The wider the field of activity of the company, the further its founder moves away from operational work in the field of strategy, ideas, and abstractions. The main task of a leader is to manage people to achieve the company's goals effectively. The only working training of employees is a personal example. The leader must change as the start-up grows or change oneself for another person.

 

How Do You Succeed?

Often, 95% of all start-ups are fundamentally wrong about creating new companies and therefore fail. Here are some rules that will help you succeed and get into that 5% of prosperous projects.

 

Step 1. Define Business Processes

Often, especially at the initial stage, business founders take over the project management and key operational tasks themselves. At the initial stage, this is a normal and often the only possible practice. But already now, you should organize your work so that in the future you will be able to transfer this function, like any other. You need to create an organizational structure as early as possible with roles, goals, and responsibilities. Do this even if the company only has two employees.

 

Step 2. Create Job Descriptions for each Employee

To do this, it is necessary to divide the identified business processes into specific positions and write job descriptions, as well as a training plan for new employees. The job description should include general provisions with a list of what a given employee should know and be able to do: from internal labour regulations to specific application programs and services, as a platform for trading in India or forex trading in general; functions; and job responsibilities. The latter can include the following:


  • what the employee will be doing (actions expressed in verbs - develops, organizes, controls, creates, etc., 10-12 points);
  • how quickly they should answer work questions (for instance, email within 24 hours, messages in Slack - within 2 hours);
  • what the employee should additionally do (for example, optimize work processes to speed up the solution of problems and create a knowledge base for the direction).

 

Rights: to request and receive from managers and other employees of the company's divisions the information necessary to perform official duties, to get acquainted with orders regulating their activities, etc.

 

Responsibility: conscientious, high-quality and timely performance of their duties, compliance with labour discipline and established work standards, etc.

 

To understand what kind of team you need, you have to assess the specifics and complexity of business processes. Forextime blog will help you to do this.


Step 3. Provide supportive IT solutions

For most digital start-ups, the following set of business automation solutions can be recommended:

  • General management: Asana, Basecamp, Notion, Bitrix24;
  • Internal corporate communication: Slack, Zoom, Skype, Hangouts;
  • File storage and work with cloud documents: Google Drive, DropBox, OneDrive;
  • Development team management: Jira, Pyrus, YouTrack, Assembla, Readmine;
  • CRM: AmoCRM, Pipedrive, Bitrix24.


Step 4. Establish and Maintain the Rhythm of Communication

The best tool for keeping pace is daily and weekly short meetings:

  • Daily meetings (up to 15 minutes standing or on skype). Structure: news, key indicators, problems.
  • Weekly meetings (30 to 60 minutes). Possible structure: 5 minutes - good news, 10 minutes - figures (by company and employees), 10 minutes - working with reviews, problems, and stories of employees and customers, 10-30 minutes - "rock" (one priority issue), 5 minutes - completion (each participant must say a couple of phrases).
  • Weekly one-to-one meetings with direct reports (the so-called One'n'ones). Discussion materials: budget and financial plan of the direction, OKRs, leading indicators (indicators affecting OKRs, including in the long term), projects/initiatives, operational plan (if necessary), the personal development plan (books, training, etc.).
  • Monthly meetings. Structure: collecting data, discussing progress, understanding what works and what doesn't, learning.
  • Quarterly meetings. Reaching the strategic level, comprehending the results of the past quarter, clarifying plans for the next ones.

 


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Step 5. Delegate More

Delegation is a crucial skill for a manager. There is no easy way. Any skill has to be honed for years. Only by delegating will you be able to get out of the shaft of daily tasks and do what is really interesting to you and what is really essential for your business.

 

Delegation is often understood as follows: “Find someone and just throw on them all the tasks that you do not want to do yourself.” This approach only leads to the fact that tasks are not performed or performed incorrectly. You have to act with patience and thoughtfulness:

  • First, you need to understand well enough the tasks that you want to delegate. You cannot teach another person what you do not know.
  • Guide the person by hand through the problem-solving process. Patiently answer questions and explain details so that the person remembers everything, and most importantly, realizes.
  • When the employee learns the basics, let them repeat the process on their own. Allow them to make mistakes, but watch closely so that they do not become fatal.
  • After that, you can begin to let go of the person and gradually give them complete freedom. From time to time, they will make mistakes, but in normal situations, they will be able to act independently.

 

Most of the projects remain in the heads of their creators. There is absolutely nothing stopping you from starting right now, right after reading this article! No lack of money, no job, no family. To get started, allocate an hour of time and start, it will be easier further.


Proshare Nigeria Pvt. Ltd.


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Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


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