Minding your business from the inside means running a clean, smooth operation. Being an entrepreneur may require guts, but the reality of running a business requires hard work, management skills, resources, discipline and learning to do it right in order to build a solid foundation for success.
The good news is a plethora of free and low cost resources are available to assist you. The IRS and your local state, county and city offices offer information about starting and running a business. Don’t be afraid to contact these offices for assistance. Many government offices offer free to low cost business classes and workshops. Call or visit your nearest community college for a schedule of business classes. Visit your local chamber of commerce for information and local business resources.
The importance and benefits of minding your business from the inside cannot be overstated. It improves productivity, operations and communications, allows for accurate financial planning, enables you to utilize and allocate resources appropriately, and gives you peace of mind in the event your company is audited.
Tips to Minding Your Business
- Acquire required business licenses.
- Learn everything about state sales tax obligations for your industry.
- Set up and maintain a good filing system.
- Keep accurate documentation.
- Adopt good business practices.
- Keep good financial records and use an accounting system that works for you.
- Know all of your tax obligations and fulfill them timely (state and federal).
- Set up a business bank account.
- Retain professional assistance and counsel when needed.