Introduction:
If you have a small business to take care of, one of the most consistent and persistent worries is building and maintaining a good team and environment. There are multiple factors at play – both external and internal, including financial resources, human capital, machinery and tools, customer service, the pressure to outperform competitors, different avenues of marketing, among other things. To succeed, you need to make the best use of available resources as well as manage the impact of external influences. This, in turn, can help maximise productivity and reap positive results. All it takes is for you to know how to build the right workplace is to follow a bunch of easy tips and tricks.
Let us look at some good practices that can help you build the right workplace for your small business:
- Hiring the right people at all levels in the organisation
Employees are the most important part of your business. This is especially true for a small business, where the employees are often the first point of contact with the stakeholders – clients, customers and vendors alike. It is extremely important that you
- Predict the talent needs of your business. On the basis of your goals, market trends and the potential organisational expansion, figure out the human resources needed across various departments.
- Once you know the requirements, start hunting for the right candidates. Plan the hiring process in advance. The impact of even a single employee leaving is more profound in a small business. It can create tectonic ripples in the organisational structure.
- The decision to be made here is whether you want to hire a skilled and resourceful HR consultant, outsource this job to a recruitment agency or establish an in-house HR department.
- Understand the ergonomics of building an office
The design of your office can play a major role in employee productivity, so it is critical that your workspace is not susceptible to distractions or interruptions. When you decide the layout of your office, balance the logistics of your work with the aesthetics of your brand or work ethic. There are meticulous questions to be asked and answered before you proceed. Will it be an open office plan? Will you need cubicles? How do you envision the pantry? Would you need a collaborative workspace for separate teams? Where will the visiting space be? What resources would be needed in each of these set-ups? What equipment and tools are needed for the operations, printing, record management etc.? Do you have the budget and the structure for the required material like whiteboards, projectors, a stable and consistent internet connection? Furniture and equipment should be well-thought-out: every business in their growth phase needs ample space for desktop equipment in addition to attached filing cabinets and drawers.
The thing is – whether your larger concern is human resources or physical resources – you will need initial funds to set things in motion. The good news is that as you figure out how to build the right workplace, you can also avail an easy route of securing funding, that is via a business loan.
Currently, it is an encouraging proposition too. As a small business owner, you will see that the regulatory bodies in the sector are supporting the first-time borrowers.
A business loan can provide you just the impetus you need to either expand or strengthen the current functions. In a small business environment, every member of the team is often working at their full capacity. So it is imperative that amidst the client pitches, deadlines, networking events, etc the initial income stream is steady to pay for the basics like bills, salaries and other operational and routine expenses. You shouldn’t have to struggle to make your ends meet. A business loan can take this stress off your shoulders as you try to build your product from scratch. This brings us to the next point.
Value the employees so that the employees value the work
Employee welfare does not mean you need to make a grand gesture for the employees each week. Start with the little things. Make sure you have enough reserve funds to pay salaries to employees for at least a year. This will be a cushion against the lean periods of the business cycle. Show them you care by rewarding them at regular intervals. It also necessitates a transparent system of performance measurement. In small organisations, each employee multi-tasks. The job roles and definitions are blurred. You should establish KRAs (Key Result Areas) and KPAs (Key Performance Areas) for your employees and address the productivity of the team as a whole. This will also potentially create a sense of ownership among the employees.
Conclusion:
A small business is always stretched for resources. But the injection of financial support at the right time can make all the difference. As a small business owner, you may face challenges in raising money. A business loan can readily solve that problem. With the Bajaj Finserv Business Loans, you can avail up to Rs. 30 lakhs, without having to put up any collateral for an unsecured loan! With an application process that gets you an approval in 3 minutes and money in your account in 24 hours, business owners can easily avail a business loan for start-ups or SME & MSME business needs. You can use a business loan to revamp your workplace with optimum inventory, technologically advanced machinery, new-age infrastructure or even to increase your working capital.
The lack of funds will no longer be a deterrent for your entrepreneurial spirit. You can focus on taking your business to newer heights, and enjoy greater financial stability with a business loan.
