There are many expectations from the business owners. Are the business owners well equipped to manage all the expectations with the best practical methods? In every economy, running a business needs ease of processes, procedures and compliances. When multiple layers of formalities are in the system, it requires an expert to manage those expectations. Is the businessmen expert in all the fields of operations that are involved in a business?

The wave of ease of doing business has come since the last elections in India. But, are the newly introduced compliances that convenient to the business owners. Is it right for the health of the business? Are you one of those business owners who are getting frustrated after a hard workday? If so, then don’t worry, it is the condition of most of the SME & MSME business owners. The struggle to understand the new laws, the multifold effect in books of accounts, the timeline to implement these and the changes that are required to adhere are the questions all the business managers have today.

At this point, even the consultants are not that aware of nitty-gritty of the new introductions to give the appropriate advice. They are also trying to understand, learn and collect the information from various sources analyse and conclude what the requirements are and how to implement them.

Since, I am a consultant from a business family, on day to day basis, we are ongoingly discussing how to adhere to the compliance with the best interest of business and civil responsibilities. The implementation expectations of the government are high. Yet, the authorities who are owners of these process are either unaware or burdening the system by the corruption practices. The lack of availability of information and expectation to speedily implement the new compliance is not offering any ease of doing business.

The businessman is getting over-involved in making sure the adherence and is not able to give his quality time to the betterment of the business. What should the businessman do in such circumstance? How can he focus more on the generation of revenue and manage these expectations to his benefit? At this point, the key to the above problem is to wait & watch what is happening and study the direction of the wind. In either case, the businessmen will be levied of certain charges or penalties, be it in the form of fees or corruption.

The ownership of managing business compliances lies with the owner of the business irrespective of the nature and executor of the process. Don’t get burden with the new introductions, focus on generating more revenue as this revenue is going to help you pay the charges and also to make the changes to implement the laws & compliances. Pay attention to your resources; self, team members, finance & relationships. They have been with you from the beginning and will be there till the end. Good resource management, in turn, helps you execute the expectations more effectively, as ultimately they are your hands, eyes & ears to the system.

Make your in house systems futuristic, wherein you can motivate your team members to contribute as per your expectations. Develop an environment & culture of comradery, wherein self-responsibility is the most rewarded aspect of your company and team. This culture is possible only in SMEs and MSMEs. When the business grows, and multiple hierarchies come into existence, it is not easy to connect with each individual, take advantage of the size of your business and manage your resources well to manage your business to create best value for your.

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