What does it mean to ‘take care of your business from the inside’? For some entrepreneurs it may mean keeping good financial records. For others it may mean keeping an office tidy. Both are correct answers and represent parts of a bigger picture.
Taking care of your business from the inside means running a clean and smooth operation. Being an entrepreneur may take guts, but the reality of running a business requires hard work, management skills, resources, discipline, and learning how to do it right to build a strong foundation for success.
The good news is that there are a plethora of free and low-cost resources available to help you. The IRS and your local state, county, and city offices offer information on starting and running a business. Don’t be afraid to contact these offices for help. Many government offices offer free or low-cost business classes and workshops. Call or visit your nearest community college for a business class schedule. Visit your local chamber of commerce for local business information and resources.
The importance and benefits of running your business from the inside cannot be overstated. It improves productivity, operations and communications, enables accurate financial planning, enables you to use and allocate resources appropriately, and gives you peace of mind should your business be audited.
Tips to take care of your business
- Acquire the required business licenses.
- Learn all about state sales tax obligations for your industry.
- Establish 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 your tax obligations and comply with them in a timely manner (state and federal).
- Set up a business bank account.
- Hire professional assistance and advice when necessary.