When you are running a small business, you wear multiple hats. You take care of the legal work, the finances, and public relations while delivering your services. If you focus on one part too much, you end up neglecting other parts of the business. Here are some reminders that will help you run your business in the most efficient way possible:
- Keep your paperwork updated
Your struggles with licenses and permits do not stop when you receive them. They have expiration dates that vary depending on your paperwork and location. Regular business licenses need to be renewed by processing additional paperwork at city hall. However, if you have a business that is dependent on specialized services you might need to be retested to ensure you are still qualified.
Permits are a different matter. Any change in the policy by the department of health or fire safety means your working environment needs to be re-inspected. At the same time, there are random checks to make sure you are up to code. If they find any violations, you may lose your permit. These disruptions do not work in your favor. Keep your paperwork updated and remember to adjust to any changes in policies that might affect you.
- Keep your financial records
Besides your permits, you also need to have detailed financial records. Keeping an updated financial record can work in your favor in various situations. You can identify problem areas in your business and work to improve them. You can use it as a reference to attract potential investors and business partners. It can also be used as a reference for any investigation done by financial institutions like lending companies or the IRS. Your financial records should have everything from your monthly balance sheets, payroll receipts, to your cash flow statements.
- Keep your business connected and online
While your business is set in the real world, you need to have an online presence. Having a website that details your products and services, advocacy and philosophy, customer reviews and employee testimonies all work in your favor by establishing your brand image. To make this happen, you need to have fast internet. You can change the plan with your internet provider or go to speedupmy.net to speed up your internet connection. Fast internet means you can respond to issues, receive orders, and engage with your audience while it is still relevant.
The larger your business becomes, the more these three aspects become more and more critical. While you are still starting out, work hard to meet the minimum requirement for them. Write the expiration dates on your calendar. Keep all your receipts and sort them out in one sitting. Working on your finances at once will take away any confusion about previous numbers and uncalculated costs. Set aside time to interact with people online and respond to their questions. As your business grows, you can delegate these tasks to other people. You can hire an assistant manager, an accountant, and social media manager, but for now, grind away.