Manage Your Business
You’ve done it! You’ve launched your business and now you are ready to keep it going. Here are some things to consider.
1. Managing the finances
The most common mistake for small business owners is mismanaging finances. Make sure you have a clear way to manage the businesses finances. Learn more on the SBA website. You can also set up a free counseling session with the local Central Virginia SBDC. The Central Virginia SBDC has provided a helpful post about bookkeeping and financial planning.
2. Hire and manage employees
If you are hiring staff, it can be daunting. Culpeper County Economic Development Office can assist you with job fairs and other events. Virginia Career Works can also help you identify potential employees.
3. Pay taxes
You want to make sure you meet federal, state and local tax obligations to stay in good legal standing. The SBA provides additional resources to determine federal, state and local obligations.
4. Buy assets and equipment
Every business will have some items that are required to operate the business. Some items like printer paper are not counted as assets. Tangible assets are items such as a computer, office furniture, heavy equipment, mainframes and more. These are required to be reported on your annual return of business personal property.
5. Marketing and sales
The success of your business is often determined by your marketing and sales. Just like a business plan, you should create a marketing plan. Who is your target market? What are your competitive advantages? What is your plan to convert to sale? What is your budget? These are just a few of the questions you’ll need to answer as you develop a marketing plan. The SBA has additional resources available.
6. Cybersecurity threats
This would not have been on the list 20 years ago but we are in different times. Because so many businesses are dependent on the internet for cloud-based programs, online sales, and more, you must protect yourself from cyber-attacks. Things such as antivirus software, use of strong passwords, mulifactor authentication and securing your networks are some ways you can protect yourself from cybersecurity threats. Check out the SBA’s website about cybersecurity.
7. Close or sell your business
What is your exit strategy? Some say every business owner should consider their exit strategy before launching the business. Are you going to sell? Are you going to pass it along to a relative? The SBA has items to consider when thinking about your exit strategy.