Self-Rule
Madaraka Day in Kenya is celebrated every 1st June – it observes the day Kenya attained internal self-rule. For a start-up, self-rule is very important –it is very easy to fall into a mind-set that its only you or a very small team with you and it doesn’t matter what you do but this can lead to a very messy situation and it can become difficult to extract yourself from it.
Once you have your business plan set up (http://crossover.co.ke/2018/05/16/startup-basics/), start thinking about what systems you would need in the company. Don’t go overboard creating manuals and policies but have a structure in place, have an outline of what should happen under each function and develop a simple guideline.
Treat the company as another individual and not an extension of yourself and this would make you answerable to the company. So for example, if you take petty cash out, then ensure it is receipted, properly accounted for and used correctly.
The following some of the areas to think about:
- Management – management structures, decision making processes, etc. should be thought about. It can be only you at the start point, but what about when you grow or hire a few people.
- Administration – where would you be setting up base, how will your customers get treated, what’s your filing and record keeping structure going to be like, any procurement policies etc.
- Information Technology (IT) – in today’s digital world, its vital to understand what platforms and software to use, whether to go for cloud technology or invest in IT infrastructure, IT Security policies to implement and so forth
- Human Resources (HR) – hiring and firing of employees, their development and policies. Think about where the gaps are, what you can delegate out and then hire those people.
- Finance – have proper accounting and tax functions to ensure you are not caught out. Think about having proper safeguards in place and ensure proper controls are maintained from the start.
Some things are required of you either by law or by your profession but getting into other good habits and being disciplined from the start will help you grow more quickly and easily.
Bio
Palak Tewary, along with being an ardent part-time writer, is a travel buff and photography enthusiast. She blogs at www.palaktewary.wordpress.com and tweets/instagrams at @palaktewary.
