Note that if you use the DMG optional rule for Flanking, the companion is a walking source of advantage.
In addition to allowing a bonus action to command the beast, I'd allow it to sustain (to use a 4e turn of phrase) a few actions even without command. Either for free or by using the ranger's Concentration (he's keeping tabs on the companion's behaviour, and issuing quick commands as needed). Dash, Dodge, and Help, specifically. Once you command the beast to take one of these actions, the beast could keep at it until you use a bonus action to issue a new command, or until the previous command makes no sense (the beast arrives at its destination, or its target dies). A notation could also mention that, if not given any commands, the beast uses the Dodge action on its turn, and moves to stay within 30 feet of the ranger.
So, to sum up:
- Your beast companion acts on your turn, but it requires orders from you to do so.
- Unless given a command, your beast companion takes the Dodge action, and moves up to its speed to stay within 30 feet of you. If you are unconscious, the beast companion uses its action to Attack any hostile creature that comes within 10 feet of you.
- As a bonus action on your turn, you may command the beast to take different actions. You can order it to take the Attack, Dash, Disengage or Help actions. Additional commands may be possible, at the DM's discretion (for instance, ordering your beast companion to move to a certain spot and hide, or to retrieve an object you both can see).
- If you order your companion to take the Dash or Help actions, your beast companion may take these actions in subsequent turns. In order to do so, you must focus part of your attention on it, which requires your concentration.
- When you take the Attack action, you may replace one of your attacks with an attack from your beast.