Running a small business- record keeping is an essential responsiblity. I’ll be honest, I suck at it…thankfully my husband is great at this task, which saves me. What if I didn’t have him to rely on? Well, then it would be my responsibility— or I’d have to hire someone to help me. Not being good at it IS NOT a good enough excuse when it comes to running a business…GOOD RECORDS are vital.
* Have you planned a system of records that will keep track of your income and expenses, what you owe other people, and what other people owe you?
* Have you worked out a way to keep track of your inventory so that you will always have enough on hand for your customers but not more than you can sell?
* Have you figured out how to keep your payroll records and take care of tax reports and payments?
* Do you know what financial statements you should prepare? * Do you know an accountant who will help you with your records and financial statements?
You also need to make sure you’re up on any laws you’ll need when it comes to your business:
* Do you know what licenses and permits you need?
* Do you know what business laws you have to obey?
* Do you know a lawyer you can go to for advice and for help with legal papers?
If this is an area that isn’t a strength for you, consider hiring somebody help you set up an organizational system to make the process easier.
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