The Best Tips for Small Business Management
Managing a small business isn’t easy. You have to wear many different hats, from CEO, marketing specialist, sales and maybe even janitor. If you’re just getting started, your head might be spinning.
Here are some small business tips that can help set your company up for success.
Make your business official.
Set up your organization legally as an LLC or other business entity. It’s unlikely you will get into legal trouble right away, but you’ll save yourself plenty of headaches if you do. Your personal assets will be protected just in case.
Know when to outsource or get education.
Think about your time and money when you’re learning the ropes. It might be worth paying someone to help you set up your website rather than spending months learning how to do it yourself. It will save you time and headaches. This could apply to marketing, setting up your accounting software or decorating your office.
Separate business and personal finances.
Use a business account for business transactions. It will make it so much easier at tax time to make sure you’re taking all the deductions you can. Save your business receipts. Pay yourself out of the business account.
Get accounting software.
Don’t try to keep your books in Excel spreadsheets or even worse, on paper. Accounting software is so cheap that this is an expense you shouldn’t ignore. You’ll gain a lot of insights by having a good bookkeeping program that shows you cash flow, profits and loss and a balance sheet. Plus, your accountant will thank you immensely. And, your invoices will look professional.
Hire good people and train them well.
Don’t expect employees to be up and running in a few days. Have a good onboarding process, even if you’re just a one-man organization right now. You should expect to have more work when you hire someone because you’re going to have to train them.
Contact ASA Capital Funding for financing options for your small business.