By Evan Vitale
As a business owner, you’re probably working “in” or “on” your business every day of the week.
However, in the long run, are we moving at a snail’s pace; paying bills and earning an income for ourselves or do we really want to make our business better? If so, how?
Every year, some businesses grow; some stay the same while, unfortunately, some businesses fail and shutter their doors. Is it because of management negligence? Not keeping up with changes in the market? Not taking care of your customers? Taking daily, weekly and monthly revenues for granted?
As you want to be better – and grow – here’s a list of common items every business owner should never forget:
- Cash Flow. Always stay on top of and keep track of your expenses – daily, weekly, monthly, quarterly and annually. Don’t wait until it’s too late to realize your expenses are out of hand and your business is in financial trouble.
- Always file and pay your taxes on time. This includes employee taxes; quarterly taxes and all local, state and federal taxes. Never fail in this area.
- Look for and attract good employees. Offer a good salary and the best benefit package that you can afford (you can get creative with benefits). Employees like growth opportunities and they also want to be challenged. Let them help your company and customers solve problems. Keep them motivated and happy.
- Network with other businesses and business owners. The visibility you and your company gain by becoming involve in local activities and community go a long way in establishing your company.
- Learn how to solve problems quickly and improve decision-making abilities of you and your team. The right decisions at the right time will help your company become competitive and strategically viable.
- Be ready for growth so you can handle growth.
Keep going. Look for ways to make you; your team; your products and services, and your company better.