Six Must Dos for a New Business
Posted in Business, Management on August 30th, 2019
Setting up a new business can be a complicated process, with a lot of new-to-you rules, regulations and laws to get your head around. Make setting up your business simpler with a few must-haves to get you started off in the right way, with everything above board.
- Get your business registered with the relevant authorities in good time. Before you worry about sorting out things like payroll or advertising, make sure you register your business with the relevant tax office first so they can get your paperwork in order. All your profits and expenses will need to be reported, so start on the right foot by registering when you should do. Make it simpler to file your taxes on time by using accounting software that can keep track of everything for you.
- Get your payroll system ready before you open for business. Even if you’re going to manage payroll with software, get it all set up to start working well in advance of hiring any staff and make sure it’s been set up properly. You’ll need to be able to calculate net and gross salaries, any tax deductions, and any extras like maternity pay. Make sure you provide each person you employ with an accurate payslip that shows their detailed earnings.
- Give every new employee their employment contract as soon as they accept a job with your company. You’ll need different kinds of contracts for different types of employment, including full time, part time, interim or flexible hours, so make sure you’ve got the right kind of contract for each job. Whichever contract you need to use, it should have on in it all the essential details, like the names of you and the new staff member, employment start date, employment end date if it’s fixed term, their new job title, a short description of the job role, their salary and pay frequency, contractd hours of work, any vacation entitlement, sick pay, notice period and any pension arrangements.Manage all this with talent management software.
- Decide on some employment policies for your business and create a staff handbook with them. The staff handbook gives you a proper record of your expectations of workplace behaviour and what you need from staff, which can help protect your business in the event of an incident.
- Make sure any new employees that you bring in are legal to work in your country. If you hire someone who isn’t eligible to work, you could face a hefty fine. Make sure you request their documents that show they have a right to work where you are, and check these documents are valid. Take copies of any relevant parts of these documents. Keep these copies securely on file somewhere, protected from data leaks, in case you ever need to show that your staff are legally employed. Avoid accusations of discrimination from those you not to employ by asking for proof of right to work after you’ve made them a job offer.
- Induct all new employees properly. An induction helps them to get a feel for your business and get settled into your office. Show them around so they can find their way around the office, and have all the tools and information that they might need to do their job.