How to ensure Your Business Success
So, you have taken the steps to become an entrepreneur and a small business owner. You have decided to take the leap and accept the risks involved with being self-employed and maybe even an employer. Congratulations on this great adventure. As you learn as you go, you will see the importance of having some important functions taken care of either with your in-house specialist or through outsourcing to a competent service provider.
Here is the List
- 1. Set up your accounting system right away.
- A Double-Entry Bookkeeping means.
- You will need the company Financial Reports to manage your company.
- You will need to track your income for income taxes.
- You will need to track your expenses for tax deductions.
- 2. If you have employees, use, learn, or outsource a payroll system.
- You will need to pay your employees.
- You will need to withhold employee taxes.
- You will need to pay your employment taxes.
3. Write a Marketing PlanYou will need to sell your product or services.You will need to reach your potential customers.You will need a company website.You will need to advertise to sell your business offerings.
Track your cash flow into and out of your business bank accounts
An accounting system that includes bookkeeping, financial reports, cost accounting, and tax preparation preparedness are one of the many important administrative functions every company must perform. The bookkeeping system is the means to track your income and expenses as well as your assets and liabilities.
For small business employers, you will need to track your employee’s hours, calculate their tax withholdings, pay for your portion of the payroll taxes, and mandatory insurances – Workers Comp, Unemployment, and Specialty.
A bookkeeping system such as QuickBooks Accounting Software by Intuit takes the place of the former means of financial record keeping – hand-written, hard-bound ledger books. Understanding the bookkeeping workflow is still important even while using accounting software. The old-school journals and ledger systems are still used in the software versions we use today.
How will you attract customers to your business solutions?
I am sure that your product or service offerings solve your potential clients problems or fulfill their goals. But, how will you find these prospects and let them know that you have the solution they are looking for? This is where your Marketing Plan comes into play.
The Plan should include a description of your ideal customer – a Customer Persona. You will also want to plan where and how you will advertise. What kind of website will you need?
These and many more questions about how to reach your prospective customers in an increasingly cluttered marketplace will be key to your company survival.
Charley and Manny at C and M Companies Inc, parent company to C & M Bookkeeping and CharleyBlue Designs invite you to schedule a free ½-hour consultation with us to go over your unique business operations. We look forward to your call.