The Must-Dos for Small Business Success

Small business owners are typically spread thin on typical business day and even the most diligent ones may find themselves behind on their checklist.

Here’s a list, with input from accounting professionals of the five most critical to-dos for any small business owner, to ensure smooth sailing throughout the year :

• Keep your finances up to date. Work on your accounting on a weekly basis so that you can keep a finger on the pulse of your finances at all times. Knowing your numbers in real time can help a small business realize if they are in good shape, or flag issues. Waiting until the end of the year, quarter or even month is too long to find out that the business needs to make changes.

• Implement a system for managing tasks. While your business is still new and/or things haven’t quite picked up, implement systems to manage tasks. It will be much more difficult to get your to-do list under control once business picks up and you’re busy, which can put you at risk for losing customers, vendors or even your mind!

• Get ahead of taxes. As an individual, you know that tax day arrives in April. But, as a small business owner, you’re probably aware that there are tax deadlines you must meet well before the April deadline. Start preparing for tax filing now, and you’ll meet these deadlines with ease, and save yourself a headache in a few months.

• Finalize your staffing plan. One of the biggest business decisions you’ll have to make is whether to hire employees. Consider your goals, expectations for customer demand and current staff level to project your staffing needs. If you’re on a limited budget or only need intermittent help, consider leveraging freelancers or other on-demand talent who can assist with projects, as needed. If you do plan to staff up, just make sure your budget and business plan support the additional headcount.

• Beware of competing on price. There will always be someone willing to do things cheaper so be careful about competing on price. Instead, compete on your service level or something else that makes your business unique. Price shoppers will always follow the cheaper price, but customers that truly value your unique offering or service are more likely to stick around.

In an ideal world, we’d all have our to-do lists checked. But, regardless of when you plan, the important thing is to get it done. If you’re like the many small business owners who find themselves late to the game, don’t fret. Use this time as a catalyst to kickstart the planning process and get it back on track. Remember, the more organized you stay throughout the year, the easier this process will be by year’s end.

The Must-Dos for Small Business Success

Small business owners are typically spread thin on typical business day and even the most diligent ones may find themselves behind on their checklist.

Here’s a list, with input from accounting professionals of the five most critical to-dos for any small business owner, to ensure smooth sailing throughout the year :

• Keep your finances up to date. Work on your accounting on a weekly basis so that you can keep a finger on the pulse of your finances at all times. Knowing your numbers in real time can help a small business realize if they are in good shape, or flag issues. Waiting until the end of the year, quarter or even month is too long to find out that the business needs to make changes.

• Implement a system for managing tasks. While your business is still new and/or things haven’t quite picked up, implement systems to manage tasks. It will be much more difficult to get your to-do list under control once business picks up and you’re busy, which can put you at risk for losing customers, vendors or even your mind!

• Get ahead of taxes. As an individual, you know that tax day arrives in April. But, as a small business owner, you’re probably aware that there are tax deadlines you must meet well before the April deadline. Start preparing for tax filing now, and you’ll meet these deadlines with ease, and save yourself a headache in a few months.

• Finalize your staffing plan. One of the biggest business decisions you’ll have to make is whether to hire employees. Consider your goals, expectations for customer demand and current staff level to project your staffing needs. If you’re on a limited budget or only need intermittent help, consider leveraging freelancers or other on-demand talent who can assist with projects, as needed. If you do plan to staff up, just make sure your budget and business plan support the additional headcount.

• Beware of competing on price. There will always be someone willing to do things cheaper so be careful about competing on price. Instead, compete on your service level or something else that makes your business unique. Price shoppers will always follow the cheaper price, but customers that truly value your unique offering or service are more likely to stick around.

In an ideal world, we’d all have our to-do lists checked. But, regardless of when you plan, the important thing is to get it done. If you’re like the many small business owners who find themselves late to the game, don’t fret. Use this time as a catalyst to kickstart the planning process and get it back on track. Remember, the more organized you stay throughout the year, the easier this process will be by year’s end.