As an entrepreneur, although you’ve braved the world of self-determination, having the next best business idea doesn’t guarantee that once you’ve identified a market, you’ll be able to secure clients in the long term.
Besides offering a brilliant product, your passion should extend to include stellar service by having effective and efficient company processes. Establishing administration systems isn’t reserved for major corporations, and documenting how you plan to run your company sets the foundation for startup success.
Depending on the nature of your business, there are various areas you’ll have to manage, irrespective of your company’s size. You’ll either need to get accustomed to wearing different hats or delegate roles and responsibilities with clear expectations. Streamlining your practices in this way ensures that your staff remains motivated and that your customers feel that they can rely on you.
Staying on Top of Your Company’s Compliance
Whether you’re a one-man show or work with a team, it’s essential that your business is in order legally. As an owner, it’s natural to focus your energy exclusively on winning over potential clients and ensuring repeat business. Although these are vital to your company’s survival, if you’re doing so at the risk of missing a tax submission deadline, all your efforts would be on the line.
So, to preserve your company’s credibility and ensure that the taxman doesn’t flag your business, it’s crucial that you schedule submission cutoff dates at the beginning of the year. Consider having a backup plan, such as an external advisor, to assist in bringing impending deadlines to your attention. These are some of the other branches that one should consider regarding compliance:
- Company documents. You’re finally on the road to turning your vision into reality and have registered your company according to your state’s requirements, your business plan is a recipe for success, and you hit the ground running. Business is growing year on year, but you haven’t filed an annual report since its inception, and now, your company’s at risk of becoming inactive. Chances are, you either weren’t aware of the obligation to file an annual report, or you were so caught up in operations and preoccupied with growing your business that it didn’t even cross your mind.
It’s therefore highly advisable that, if you have the cash flow to do so, you employ the services of a clerk whose priorities include renewing your company’s registration. Alternatively, there are companies dedicated to assisting businesses in staying legitimate.
- Tax. Regardless of what business you’re in, you’ll have to register for, file, and pay company tax returns. Categories include employee tax, estimated and state taxes.
To do this, you’ll need to keep records of staff remuneration, sales, and expenses.
As an entrepreneur, your drive probably lies in being on the road, pitching your product to potential clients, and securing funding. This reality is another reason why hiring a clerk to take care of your tax affairs or employing the services of a tax consultant is strongly recommended so that you can concentrate your efforts on generating revenue.
Depending on the type of business you’re in, what’s also vital to its success is the efficient processing of quotes and invoices. Perhaps a customer requested a price for something in passing, and you forgot to relay the message to your admin staff? The availability of online business resources makes it possible to generate these documents on the go so that you never miss another opportunity.
- Accounting systems. Recording customer and supplier invoices is a basic requirement in any business. Irrespective of your company size, keeping your accounting up to date allows you to have your finger on the pulse of your business’s progress. Accounting software systems make it possible for you to draw reports at any time to determine whether sales targets are being met, where if they are, you may consider more ambitious plans. On the other hand, you may be running at a loss and have to decide where to cut costs.
- Banking. Your banking is inextricably linked to your business’s income and expenditure, and you’ll need a designated resource or accountant to connect your accounting system to your bank so that transactions indicate which customers have paid or which ones need following up. You may have also mistakenly forgotten to pay a supplier with whom it’s equally important to maintain mutual trust.
- Managing your assets. Consolidating your business efforts also means maintaining accurate records of all assets bought. Depending on the asset class, vehicles, equipment, and electronic equipment depreciate at different rates. Therefore, it’s necessary to know what the real value of your company property is at any given time because overvaluing them could provide an inaccurate reflection of your profits when drawing reports.
The nature of your business will determine how to streamline processes to boost production or service delivery. As a business owner, you’ll have to document and communicate what these procedures are so that everyone knows what’s expected of them.
- Receiving requests and sales processing. Making a good impression is only the first step towards customer satisfaction; ensuring repeat business will require following through. Being available to answer queries and having quick response times brings you closer to finalizing a sale.
- Resources and Customer Service. Your marketing efforts have succeeded, and you now need to put your physical and human resources to the task. Delivering on your commitments to the client requires attention and detail throughout the sales process. Although you may have qualified and skilled staff, they’ll need training on the art of customer service. Even if they never have to speak to or see the client, they should be able to determine how their tasks play a part in how the public views the company.
The sustainability of your business depends on its resources, and you’ll want to create a space where there’s room for growth among employees; you’re able to build brand loyalty and ultimately maximize your company’s earning potential.