For the first several years of my working life, I found myself drawn to start ups. Perhaps it was not by choice. Perhaps it was simply because I got really good opportunities with start ups at that time. And I have to say, I really learned a lot during those years. If there is one thing that really stuck with me, however, it is that any business â€“ no matter how big or small it may be â€“ should have clear policies at the outset. Without clear policies, you might be able to get by for the first couple of years. Once you start expanding, however, you will see that having no policies spells disaster. Here are some tips that you can consider when coming up with policies for your business.
While you may be content to run your business at the pace and scale that you started out at, expansion is inevitable at some point. As such, you have to bear in mind what can happen and what you will do in case these things happen. Planning ahead is always a good thing and having a solution to an event that has not occurred yet can save you a lot of time, money, and headaches.
Know what policies you will need, even from the start.
There are some things that you cannot do without. If you have employees, then you need an employee handbook. You have to establish policies regarding compensation, leaves, performance evaluation, and so on.
Make sure there is a concrete venue by which you can communicate your policies to everyone involved.
One of the worst things is having policies without anyone in the company being aware of them. When you spring a â€œruleâ€ on your employees without the proper process, it might very well backfire on you.