Running a Business: Tips to Make Your LLP Work in Malaysia
Good relationships are necessary for a successful venture. The Limited Liability Partnership (LLP) is no exception to this. When you have an LLP business, you need to treat your business partners and co-owners right including all the employees in the company. The quality of your leadership and the values you introduce set the direction of the company. Everybody wants a smooth relationship and in order to achieve this, there are some tips to follow to make your LLP work. Some of these include:
1. Work With Common Values
The Vision, Goals, Mission, Objectives of the company are the first things to work out if the LLP company has just started. It’s essential for the people in the company to have common dreams and direction so they know clearly why they’re doing their best for the company. The Vision is what the company sees itself after a certain period of time, let’s say after 10 days while the Mission is the explicit broad things that the company needs to do in order to achieve its Vision. Goals and Objectives are connected with things that are also related to Vision and Mission. The former is the outcome the company intends to achieve while the latter is the specific actions to be carried out to achieve its intended outcome.
2. Get a Business Partner Who Can Complement Your Weaknesses
It will be helpful if your business partner has the skills and knowledge to cover up for your shortcomings. Although you can hire the best employees, a business partner who possesses skills that you don’t have will surely help your LLP business. He can, in fact, teach and transfer you some of his business skills.
3. Find a Business Partner With a Good Track Record
The best way to know your potential LLP business partner is to access their track record. You have access to these files when you work in the same company since you’re a business co-owner. If you don’t have the access, an informal talk would be the substitute for getting the information you need.
Some information that would be useful to track records would be your business partner’s performance rating, attendance, achievements, projects, and innovations they have introduced in their previous companies.
4. The Roles and Responsibilities of the Different Persons in the LLP Business Must Be Defined
When you’re in the first month of your new LLP business, it’s okay to act depending on what is needed. But as time goes time, these roles and responsibilities must be written in your employment manual. When things are written, it can’t be denied.
5. Make Your LLP Work is to Provide Structure for Your Business
The next step to make your LLP work is to provide structure for your business. You can create different departments in your company to cater to each business process. Structure it in such a way the best performance of your company can be achieved. Some Action Research could be carried out to make this happen.
6. Have a Written List of the Different Processes in Your Company
For example, there is a written step on How to file for a grievance case within the company. Plus, it must also include what are the documents needed and how long it would take for the entire process. If all of the business processes can’t be written, write at least the major ones.
7. Be Honest and Fair in Everything That You Do
The best foundation of any relationship is honesty and fairness. Business is also a form of relationship. You must be comfortable with the people in your company but at the same time, be professional as well. When a person does something bad, take disciplinary actions. If they do good, praise. Don’t give any special treatment to anybody.
If you are planning to set up your LLP business and looking for further tips, we, at the 3E Accounting services for Limited Liability Partnership, would like to help with your LLP Setup in Malaysia. Furthermore, after you set up your business, you can contact us various Corporate Services to help make your LLP work.