By Aaron Young
Getting your business to thrive in the New Year shouldn’t be a resolution; it should be an action plan. We have put together 10 things all business owners should have in place to make sure they are ready to prosper in 2013 no matter what the economy is doing.
Congratulations on taking a proactive approach to creating a thriving business! Initiative is one of the key traits of any successful entrepreneur, and by reading this guide you’re showing you’ve got the wherewithal to reach your goals and make your way towards a secure and profitable future.
Laying A Solid Foundation: The foundation of your business is based on the what, who and why of your business. What are your offering, who are you offering it to and why would anybody buy it? If you can’t answer these questions with confidence then you might need to rethink your business model.
Plan Your Business: Having a clear and concise plan can make all the difference in your business growth. Start with defining your goals and then determine how you will execute the steps to reach those goals. This strategic thinking will save you a tremendous amount of time and money.
Protect Your Assets: Running a business is risky and being involved in litigation can kill your business. The key is to reduce your risk. Operating your business in a corporation or LLC offers some protection from creditors and litigation. Setting up a strategy to separate out your high-risk assets helps make you unattractive to lawsuits.
Get Your Records In Order: joys of business ownership can be quickly squashed when the burden of staying in compliance is realized. Corporate records, state tax, sales tax, business licenses, county licenses, unemployment insurance…and on and on. It doesn’t matter if you are a one person operation or have thousands of employees you are held to the same legal standard. The consequences of non-compliance can cost you everything.
Forecasting For Growth: Do you have the capital, staffing, systems or inventory necessary to make a big move? Being ready for growth doesn’t mean you expense out large amounts of money waiting for the next big deal but it does mean you are prepared when the deal comes knocking at your door.
Get Your Funding In Order: In today’s economy obtaining funding is not an easy task. If you are just starting out or poised for growth it’s imperative that you establish a line of credit or start working toward acquiring funding alternatives now before you miss out on opportunities that will grow your business.
Spread The Word: You are your best marketer, but unless you have a way to spread the news your market will be very limited. You need to write down your marketing outreach on a calendar so you have a plan. In order to successfully grow your business, you’ll need to attract and then work to retain a large base of customers.
Tax Planning: Taxes are the biggest expense your business will pay. The amount you pay in taxes should never be assumed. Uncle Sam has provided a cornucopia of tax deductions for business owners but they are only beneficial if utilized throughout the year. Waiting until December could cost you dearly.
Estate Planning: Regardless of wealth or age, you need to have a plan in place that can uphold your wishes and provide emotional and financial support to your family and loved ones if you were to become disabled or pass away. A well-drafted estate plan will guarantee your financial future is carried out the way you want it to be, not the way the government says.
Exit Planning: No matter how great your entrepreneurial and management abilities, the day will come when you want to sell the business, turn it over to someone else or simply shut it down. Getting a business valuation, making sure your systems can be duplicated and maintaining clean company records are just a few things you want initiated to bring value to your business.
Being a business owner requires a lot of planning, preparation and execution. The time you spend outlining your strategy will be time well spent.
Aaron Young, CEO of Laughlin Associates, www.laughlinusa.com. Aaron teaches entrepreneurs how to build a corporate fortress for their business and family. An advocate for small business, Aaron has armed over 80,000 entrepreneurs with strategies that can be applied immediately to create exponential business growth and asset preservation. An author, speaker and frequent guest on radio and television, Aaron teaches how to move from dream to reality without putting everything at risk.
