Operating a small business is no easy feat and certainly not for the faint of heart. There are employees to hire, train, and keep on top of, expenses to cover, meetings to plan, clients to acquire, and so many other day-to-day aspects of the business to stay on top of. With so many different elements of your company to consider on a daily basis, it can be easy to get lost in the stress of it all and be consumed by those worries. How great would it be if you could take some of that stress off your plate and save the headaches? Here are four tips for small business owners that you might not have considered yet, which can save you time, hassle, and hours of unproductivity caused by worrying or planning.
Set up an LLC
If you haven’t done this already, the first thing you should do is keep your business finances separate from your personal self and set it up as its own taxable entity. Even if you’re a self-funded, self-employed business of one employee—yourself—this is still critical. Registering your business as an LLC involves a cost, yes, but it’s not as much as you would expect, and it will protect your business from any legal trouble that might come your way. Also, you won’t have to worry about company finances creeping into your personal finances, which is a huge plus come tax season.
Use accounting software
A good number of small businesses don’t have the capital to hire an accounting department, which is fine but can also lead to trouble if the accounting isn’t taken care of properly. If your business is looking to save money in this area, consider buying accounting software instead of hiring a team or person to take on this task until it’s necessary. There are a wide variety of software programs available at a number of price points; it wouldn’t make sense not to take advantage and utilize them fully.
Have a lawyer on retention
As much as you might not want to think about it, sometimes dealing with other companies and clients can get messy, especially when it comes to payments. If your small business relies on contracts with clients, or clients paying for work that has already been completed, or both, you might feel better knowing you have a lawyer on retention to escalate and sort out any issues. CharlestonLaw.net has top-rated employment lawyers who can help protect your business.
Invest in quality marketing
Many small business owners can think they can get away with cutting corners and saving costs on marketing efforts because “how hard can it possibly be?”. That is until they try to do it themselves and get little to no return. Unless you are educated in the field and stay on top of marketing trends and strategies, marketing is best left to the experts and professionals.
How small businesses can advertise is constantly changing, between Google algorithms and social media playing a huge role, it can be challenging to understand and keep re-educating yourself on successful strategies. Is that something you want to add to your to-do list when there are probably a hundred other tasks you should be worried about already? Invest in a freelancer or small marketing company (depending on the size of your business and your marketing needs) to take this off your mind and get the results you want.