5 Ways SLACK Can Help Your Organisation

There are several tools in the market that people could use to communicate, such as Email, Skype, Whatsapp, Messenger, HipChat, Slack, etc. How do you pick the right communication tool for your organization? And does it even matter which one you choose? One tool which is considered as the latest and greatest among tech startups is Slack: a chat tool designed for companies. We decided to give Slack a shot, and started using it late last year at Capital Float.

There isn’t one clear solution to choosing a chat engine for office communication, but we recommend companies give their communication channels some serious thought. Slack has features which make it distinctive from other popular tools like Skype and Whatsapp – we won’t go into that here, but do read up for more context. We’ve definitely witnessed a positive impact from using Slack.

Here are a few things a great chat tool like Slack can help you do:

1) Get things done faster

Chat enables real-time communication, and hence collaboration. Discussions can happen in real-time, rather than asynchronously over email threads. Scheduling meeting times becomes much simpler. Email communication reduces, freeing up productive time. Slack fits better into workflows: the mobile app enables people to respond on the go and great keyboard shortcuts on desktop app enable rapid usage. This leads to quicker action being taken resulting in faster decision-making.

2) Organize your information

Conversations on Slack become an archive of internal information. You can create a different “channel” for each group or topical discussion. Channels help keep discussions focused. Slack’s search feature makes it easy to find data across the medium, either by channel or by person. Files shared are compiled into a list. You can ‘star’ things for later and you can pin messages in conversations.

3) Enable people to focus on the right things at the right time

Having a separate company chat tool enables people to keep work and personal communication separate. Work related messages won’t get lost, and people will be less tempted to start replying to personal communication. On the flip side, people can choose when it’s important to tune in or out. Notifications can be customized by channel on Slack and also by time of day. People can schedule notifications to turn off in the evenings, but be notified on an urgent basis if needed. Essentially, people can focus on what they’re doing while at work, but also be engaged and plugged-in when they are with family and friends.

4) Have more control over user access

It is important to keep control of who can access company data – even conversations. You can create private channels which limited users can see, and also control what specific users can access (e.g. a consultant could be made a restricted user). With Slack, you can enable Google App login or other single sign-on (SSO) mechanisms, which has a couple of benefits. Firstly, people can add themselves without creating new accounts, and no one has to ‘add’ contacts. Secondly, it ensures your chat user list is synced to your user management. When someone leaves your company you just have to remove them in one place to ensure they no longer have access to company info.

5) Innovate, connect dots in your business, and have fun

Being a cutting-edge tech company, Slack constantly innovates and also enables innovation. Slack has integrated with many applications, enabling you to play around with a myriad of other tools your business may use. Do you use Zendesk? You could create a channel which gets notifications when a ticket is created. How about Google Hangouts? You could spin up a new Hangout link for a channel. Slack also provides API access which can allow you to create workflows even with your internal systems. Slack’s funky interface and other cool in-built features can prove useful (e.g. a bot that can remind you of stuff) or simply give you inspiration.

While we’re excited about Slack, we realize it isn’t a perfect solution. A few things to keep in mind: Slack may not quite work as well for companies with primarily external-facing communication, since it’s built for intra company conversations. Even if Slack does work for your organization, there are still kinks in the machinery with pertinent features missing from the module. Video/ voice calling can be initiated from Slack (e.g. you can create links for Google Hangouts), but this feature isn’t built into the system. And while Slack has a high uptime and reliable message delivery, for companies in India, Slack isn’t quite optimized for our existing infrastructure. When used over a flaky network, Slack can perform inconsistently while Whatsapp functions adequately.

If you do decide to go down the path of trying something like Slack out for your company (which you should!), be prepared to work initially on getting people to use it. Here are a few tactical ideas to help you get your colleagues on board: have a few champions for the product. Go for grassroots growth, not taking a top-down approach. Create shameless plugs via email with simple instructions. Create channels which people really need to be a part of, otherwise they’re missing out. Be patient, and be positive! You’ll soon see desired results!

IMG_3926

Sakshi leads the investor facing product at Capital Float. Before that, she did product at KPCB backed Turo, a p2p car rental marketplace in SF. Her experience is in a mix of tech, design thinking, and strategy. She enjoys building delightful solutions to problems in traditional industries. At Stanford, she built her core foundation in CS, design, and economics. Beyond building products, she tries to sing and simultaneously play the piano, runs in Cubbon Park, and rolls out fresh pasta.

Sakshi is the Senior Product Manager at Capital Float.

More Related Posts

Card image cap
GST Rates Revised for 27 Goods and 12 Services

GST Rate Revisions as on 6 October 2017

Good/Service Present GST Rate Revised GST Rate
Duty credit scrips 5%  Nil
Mangoes sliced dried  12%  5%
Khakra and plain chapati / roti
Namkeens other than those put up in unit container and, –
(a)bearing a registered brand name; or
(b) bearing a brand name on which an actionable claim or enforceable right in a court of law is available [other than those where any actionable claim or enforceable right in respect of such brand name has been foregone voluntarily
Ayurvedic, Unani, Siddha, Homeopathy medicines, other than those bearing a brand name
Paper waste or scrap
Real Zari
Food preparations put up in unit containers and intended for free distribution to  economically  weaker sections of the society under a  programme duly approved by the Central Government or any State Government, subject to specified conditions  18%  5%
Plastic waste, parings or scrap
Rubber  waste, parings or scrap
Cullet or other waste or Scrap of Glass
Biomass briquettes
Hard Rubber waste or scrap 28% 5%
Sewing thread of manmade filaments, whether or not put up for retail sale  18%  12%
All synthetic filament yarn, such as nylon, polyester, acrylic, etc.
All artificial filament yarn, such as viscose rayon, cuprammonium
Sewing thread of manmade staple fibres
Yarn of manmade staple fibres
Poster Colour  28%  18%
Modelling paste for children amusement
All goods falling under heading 6802 [other than those of marble and granite or those which attract 12% GST]
Fittings for loose-leaf binders or files, letter clips, letter corners, paper clips, indexing tags and similar office articles, of base metal; staples in strips (for example, for offices, upholstery, packaging), of base metal
Plain Shaft Bearing
Parts suitable for use solely or principally with fixed Speed Diesel Engines of power not exceeding 15HP
Parts suitable for use solely or principally with power driven pumps primarily designed for handling water, namely, centrifugal pumps (horizontal and vertical), deep tube-well turbine pumps, submersible pumps, axial flow and mixed flow vertical pumps
E-Waste 28%/18% 5%
Imposing GST only on the net quantity of superior kerosene oil [SKO] retained for the manufacture of Linear Alkyl Benzene [LAB] 18% 18% (Clarification to be issued)

[maxbutton id=”4″ url=”https://safe.capitalfloat.com/cf/default/register?utm_source=blog&utm_medium=button&utm_campaign=blog-content-button&utm_content=gst-rates-revised-27-goods-12-services” text=”I want Business Loan” ]

Oct 24, 2018

Card image cap
Why buying a big house is a bad investment

Must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness.

Oct 24, 2018

Card image cap
Importance of Working Capital for Businesses

What is Working Capital?

Working capital is the difference between the total number of assets and the total number of liabilities in a company. This amount is spent on executing day-to-day operations in a business. As a result, it is used as an index to measure the health of a company. Enterprises with high working capital are often strong businesses.

What are the Uses of Working Capital?

In most situations, working capital is used to run operations. A well-managed business will also use it’s working capital to achieve growth. For instance, an online seller would spend to add a new type of product to his portfolio. A retailer may liquidate funds to increase his store size by adding a new section to his outlet.
Other uses of working capital include:
• Equipment and inventory purchases
• Hiring, salary payments and employee training
• Unforeseen expenses

What are the Outcomes of Low Working Capital?
Responsible financial management may help companies secure higher levels of working capital. On the contrary, poor management of capital could result in the following issues:

• Bankruptcy risk: In the case of negative working capital, SMEs use money received from creditors to finance business operations. Businesses run the risk of bankruptcy due to the lack of sufficient income to counterbalance the expenditure.

• Lack of investment opportunities: Investors are less likely to consider companies which regularly have low or negative working capital. This demonstrates that the company is not being run effectively.

• Missed growth opportunities: With large amounts of positive working capital, businesses will have money to spend on pursuing growth. With negative or low working capital, businesses may find it difficult to capitalize on investment opportunities. Low working capital could have stifling effects on the ambitions of any businessman.

• Trade discounts: Many suppliers will offer substantial discounts if they are paid on time. Low or negative working capital can make it difficult to meet payment obligations which, effectively, increases the cost of inventory.

What are the Ways of Accessing Working Capital Finance with Capital Float?

At Capital Float, we offer a wide range of financing options for small and medium scale businesses. By providing quick and easier access to funds and with flexible repayment options, we can give businesses the right financial support to help them achieve their next milestone.

We offer Online Seller Finance to e-commerce sellers who operate on online marketplaces. Through a simple online process, the seller can apply for a loan and receive funds in three days. The loan tenure ranges between 90-180 days and is repaid on a biweekly basis. This loan is ideal for sellers who are looking at expanding into other marketplaces, increasing their product portfolio or purchasing higher volumes of stock.

Term Finance is applicable for traditional businesses that have been operating for three years. The loan tenure varies between six months to three years. Small scale manufacturers, retailers and distributors can use this loan to meet short-term investment requirements and finance inventory purchases.

Invoice Finance helps SMEs convert their invoices into cash, that can be channeled into financing business operations. This loan product has an exclusive feature of one-time bullet repayment mode, which might suit the cash-flow needs of several SMEs.

We also provide Merchant Cash Advance which will interest vendors using point-of-sale machines with consistent card settlements. Merchants can receive working capital finance of up to 150% of their monthly card swipes within three days of the loan application.

Our unique product called ‘Pay Later’ is a rolling credit facility, that enables the borrower to make multiple drawdowns within a predefined credit limit. The borrower pays interest on the utilized amount and not on the entire limit. By repaying the amount utilized, the borrower resets the credit limit, thereby instantly availing the facility in whole. Click here to read more about ‘Pay Later’. You could read about the product features by clicking here.

At Capital Float, we have working capital finance options for SMEs across all segments. Visit our website to know more about all our products. Click here to apply now.

Oct 24, 2018