Running a small business is a labor of love. These companies provide so much value to so many people.
Close to 60 million people today are employed by small businesses. Small business jobs power the economy with commerce, innovation, and creativity.
Small business owners need a process for planning everything from finances and marketing to retooling internal operations.
Proper planning allows room for meaningful progress while avoiding mistakes.
Here are some small business planning tips that’ll get your company off the ground in a meaningful way.
1. Begin With a Stellar Business Plan
Today, 20% of businesses don’t make it to two years. Many of these situations are the result of not having a clear vision of where the company is headed and what it needs.
It all begins with your business plan. Business plans are formalized documents that outline in detail everything from an executive summary that details your business, a missions statement, market analysis, and more.
A small business plan is particularly important since small business owners don’t have as many resources as large companies. This means there’s less room for error.
You can find a small business plan template that’ll let you fill in the most important information. These templates have the structure laid out and will make the rest of the process simple for you.
If you prefer not to use a small business plan template, you can work with a professional that can put it all together for you.
2. Consistently Assess and Shore Up Your Liabilities
Planning for risks and liabilities is another foundational aspect of running a small business.
Small companies have a set of short-term and long-term liabilities you should stay aware of. Examples of these liabilities include unearned revenue, payroll taxes, leases, loans, and several types of risk.
Regularly forecasting the risks and liabilities you face will help you come up with contingency plans.
3. Hire Professional Help That Makes it Easier to Do Your Job
Small businesses need a team of professionals that can help them bring goals and objectives to fruition.
At a minimum, you should have a lawyer and certified public accountant (CPA) to help you. They can be full-time staff, retainer hires, or on an as-needed basis.
A human resources (HR) professional can help you out with small business health insurance plans and small business retirement plans for your company.
Research more info about all of your insurance and HR needs so that your company never has to go without.
This is important so that you can facilitate benefits packages for your employees and make sure that you’re staying detail-oriented. You should also shop for worker’s compensation insurance, property insurance, and other plans that’ll protect your company.
Grow Your Enterprise With These Small Business Planning Tips
The points above will help you out when you need to get your small business planning needs in order. Your small business will have a fighting chance to not just survive but thrive when planning becomes a priority.
You can also rely on us for consistent advice on several other topics. Check out our growing repertoire of articles for more advice on running your small business.