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Birth Your Business

Organization structure is like shoe, if too small then it will pinch or if too large then it will cause for balance loss.

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Once anyone forms an idea to start his own business venture lots of things creeps into his thoughts, like;

  • Constitution i.e. format of organization
  • Statutory as well as non-Statutory registrations.
  • Labour law compliances
  • Exclusive rights on brand, trade name etc.
  • Incentives from government and other public bodies existing for same purpose
  • Advertisement of products
  • Bar code & Billing Methods
  • Contracts & arrangements.
  • Working capital finance.
  • Accounts & audit
  • Routine statutory compliances.
  • Arbitration & Litigations.

All these aspects puzzle any budding entrepreneur a lot and sophisticated planning of all these aspects decide the future of business venture.

So, deciding all these aspects will help in proper and careful planning for your dream business project

All these aspects puzzle any budding entrepreneur a lot and sophisticated planning of all these aspects decide the future of business venture.
So, deciding all these aspects will help in proper and careful planning for your dream business project

Constitution i.e. format of organization:

Constitution stands for legal ownership structure of the organization. It includes Proprietorship, Partnership, Company, Limited Liability Partnership, Joint Venture arrangements etc.

Statutory as well as non-Statutory registrations

Organizations have to adhere with the law of land. To begin with registration of organization and thereafter statutory obligation for collection and payment of taxes, social security measures etc. separate registration is required for proper adherence with every legislation.

Labour law compliances

Labour law compliance is concerned with adherence to various rules and regulation prescribed for welfare of employees and workers. It includes EPF Law compliance, ESI Law Compliance, Contract labour law Compliance, compliance with minimum wages ceiling limit, Payment of bonus & gratuity to employees etc.

Exclusive rights on brand, trade name etc.

Trade Name, Brand, Logo etc. provides a distinguish identity to your business in whole industry. So to have a proper control over the trade name, brand or logo which is developed by you and also to prevent the improper and unauthorized use by others it need to be protected.
Separate set of procedures is there for registration and hence protection too of your intangibles. i.e. IPR (intellectual property rights) which includes Trademark, Logo, Design, Brand, Copyright, Patent etc.

Incentives from government and other public bodies existing for same purpose

Government also provides new and budding entrepreneurs to start up their own business venture. Similarly there are some public as well as private bodies who exist for the same purpose i.e. extending grant aid & incentives to business venture to start it up. It includes various schemes of MSME department, State government industrial incentives, Tax concessions etc.

Advertisement of products

Once your product is ready for sale into market be it’s goods or services, to grab attention of consumers it needs advertisement. In todays era every segment contains multiple products and even in the same category, So to have a place in the market, advertisement is of utmost importance so that consumers can come to know about your product and its quality and usefulness which is distinguished from others.

Bar code & Billing Methods

IN todays era goods are sold mostly from Mega markets where 1000 of products are already on shelf. Similarly a single consumer purchases 15-20 products at a time. So to make the billing procedure hassle free and less time consuming use of barcodes and billing software is in trend now. Also effective inventory management, Document management etc. requires use of barcode and associated software.

Contracts & arrangements

Business can not be built and run alone. It requires other people also who will help in formulation Implementation and execution of business processes. These other people include suppliers, consumers, employees, distributors, stockiest, clients etc. These are collectively called stakeholders and to have a proper business relationship with these stakeholders contracts and other agreement arrangements with them is entered.

Working capital finance

Business doesn’t starts generating revenue from the very first day. Obvioulsy it takes some time to generate the sales revenue and its actual receipt, but in meantime the business process requires fund for its effective functioning like maintenance of stock level, meantime direct and indirect expenses, production cost etc. This meantime is called Working capital cycle and financing of funds needed in this working capital cycle is Working capital Finance.

Accounts & audit

Accounting is concerned with recording of business transactions and its meaningful presentation thereon. Accounting of business transactions helps in assessing the financial implications of business process, financial status as on particular date as well as estimating the future essential and nonessential business expenses.
On the same line audit is concerned with in depth examination of accounting and recording of business transaction and processes. This will help in having a external control over internal operations and also helps in preventing improper and unauthorized use of organization’s assets and properties.

Routine statutory compliances.

Routine statutory compliances includes periodic return filings of statutory registrations, discharge of obligations casted upon businesses by the governments etc.

For ex; collection and payment of taxes and their periodic return filing to Government department like TDS compliances, GST return filing, Income Tax return Filing, Payment of professional taxes, Submission of annual information return, adherence to EPF and ESI laws and filing of periodic return thereon.

Arbitration & Litigations

Obviously when there are multiple business transactions and that too with multiple stakeholders, Difference will arise which need to be resolved in less possible time and in most convenient way, otherwise it will create adverse impact on business process. Hence arbitration and litigations needs to be taken care of in right way.

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