If you’re running your own startup, investing in small business accountants is a great way to increase the profitability of your business. Running a small business successfully requires a great deal of time, effort and skill, which is why it’s crucial that you prepare accordingly and do your research before getting started.
Here at SureBooks, our team of accountants know how to provide expert advice to experienced or aspiring small business owners. In this quick read, we’ll be breaking down everything small business owners need to know about running their own company and why small business accountants are such a worthy investment.
Creating Your Business: Tips For First-Time Business Owners
More and more budding entrepreneurs are taking the big leap by starting their own businesses and creating a name for themselves. Anyone can start a small business, but it takes a great amount of skill and research to do it well and keep your business running without any hiccups. Mistakes are bound to happen along the way, but if you’re hoping to set up your small business for long-term success, here are a few essential tips to follow before opening your business:
Understand The Marketplace & Your Competition
While it may be tempting to start your business once you’ve got a strong business plan, it is critical that you take the time to evaluate your competitors and gain an understanding of the current marketplace. Depending on the industry your small business falls into, you’ll need to investigate how your business will fit into the landscape before you finalise your business plan. Make sure you gain a clear understanding of what your competitors are doing so that you can develop a business plan that is both original and well-thought out.
If you want to set up your business for long-term success, it’s important that you have a deep understanding of the market you’ll be working in. This means identifying customer trends, market trends and gaps in the market so that you can position your business strategically.
Decide On A Legal Structure
Before you open your small business, you’ll need to decide which legal structure to choose for your company. Depending on the legal structure you choose, this will determine several aspects of how your business is run, such as your business registration requirements and how you pay your taxes. If you’re not sure which legal structure best suits your company, small business accountants know all there is to know about business structures and can advise you on the best decision going forward. While it may seem like a hefty expense at first, hiring an accountant from the get-go is the best way to set up your business for success and ensure smooth sailing.
Assess Your Finances
Running a small business takes time and money, which is crucial that you assess your finances before opening for business. Even if you have access to substantial capital, creating your own business comes with several costs that need to be accounted for. Depending on the money required to start your business, you may need to take out a loan or crowdfund to generate enough funds.
The best way to assess your finances and plan accordingly before opening a business is by investing in accounting services. Due to their experience and level of expertise, small business accountants know how to organise and allocate your finances so that you’re meeting your goals and ready to open for business.
Get Your Documentation & Legal Files Prepared
Before you’re ready to launch your small business, you’ll need to get officially registered. No matter how thorough your business plan is and how prepared you are to open for business, your small business needs to be legally registered. This means obtaining the correct licenses, getting your taxpayer identification number as well as employer identification number. You’ll also need to register with your local municipality, file incorporation documents and finalise your business name.
If you’re concerned about organising your legal documents properly and complying with tax laws, small business accountants are the way to go. An outsourced accountant is well-versed in tax laws and procedures and knows exactly how to prepare your documents so that your business is legally compliant.
Build Your Team & Hire Professionals
The more experienced and professional your team is, the more likely your small business is to thrive and be successful long-term. Keeping a business afloat is not a one-man job, which is why you should allocate your time and resources to building a team of reliable professionals. While hiring professionals, like small business accountants, may be an expense to your company, it is a worthy investment that will help grow your small business.
Having a team of professionals in your small business provides you with expert advice and guidance on how to run your business from the ground up. If you want your business to become a standout brand, put the time and money aside to invest in professional assistance.
Advice For Growing Your Small Business
Now that you’ve got your small business up and running, it can be easy to get overwhelmed with handling your roles while running the company as a whole. The more your company grows, the more complex your business practices become, making it difficult to keep up changes within the business. Whether you’re swamped with multiple responsibilities or are struggling to manage your own business, here are a few tips that every small business owner should know to keep their company afloat:
Market Your Business On Social Media
While traditional marketing measures and word of mouth may have worked for business owners in the past, the same cannot be said for the current business landscape. Today, social media has become one of the most popular platforms for marketing, which is why so many small businesses are investing in social media marketing.
When it comes to reaching your audience and getting your name out there, social media is the way to go. By creating social media pages for your brand, your content reaches a much wider audience, especially since so many consumers use social media on a daily basis.
Cash Management Is Essential
Above all else, one of the most important things you can do to grow your business as a small business owner is by managing your cash effectively. Every transaction needs to be recorded and organised so that you can ensure the business is making enough revenue. If you’re already running your own business, managing your finances can be difficult, especially without professional assistance.
Instead of adding more to your schedule, it may be best to consider hiring business accountants. Outsourcing accounting services is a great way to keep your finances in check, ensure legal compliance and develop strategies for growing your business. Small business accountants know how to manage your funds effectively so that you meet your financial goals.
Collect & Analyse Your Data
No matter the scale of your business, analysing the data of your company will play an important role in your decision making and marketing strategy. Today, everything is digitally focused, which makes it easy to view your engagement and monitor how well your business is doing. Depending on your sales figures, you may want to focus on certain products or restructure your marketing strategy.
If you don’t have the time to gather your own business data, you can also outsource services from a company that will collect your data for you. This way, you can focus on running your business while gaining insight into your current sales figures and track your key performance indicators (KPIs).
Why Should You Invest In Small Business Accountants?
Whether you’re an aspiring business owner or have been running your own company for years, hiring accounting services is highly valuable for the growth of your small business. Most new businesses face pitfalls within the first year of opening, but a professional accountant can help you avoid these mistakes and make better decisions that will grow your business. If you’re still not convinced, below are some of the top reasons why you should hire accountants for your company:
Keeping Costs Down
Contrary to popular belief, outsourcing accounting services is actually a great way to save money and keep costs down for your small business. If there is anyone that will understand the financial well-being of your company, it’s an accountant. By managing your financial documents and tracking all transactions, small business accountants are able to find areas where you can cut down on costs and earn more for the business.
Managing Your Taxes
Taking the time to do your taxes is a nightmare for most people, let alone small business owners. Whether you’re confused about the tax process or don’t have the time to organise your legal documents, an accountant for small businesses can handle all your tax-related tasks for you. Instead of painstakingly gathering your documents and crunching numbers, you can focus on running your business while your taxes are taken care of. Additionally, small business accountants will ensure that your business is always legally compliant and in accordance with the latest tax laws.
Improving Your Cash Flow
A healthy cash flow is vital to keeping your business running. If you don’t have steady control on your cash flow, it can prevent you from earning more or growing the business. No matter how profitable your business is, having a protected cash flow is the key to keeping your business afloat and growing it further. With a small business accountant, your expenses will be paid on time and you’ll consistently have a healthy flow of cash. A well-managed cash flow also means your shareholders and creditors are more likely to stick by your side.
Start Your Business The Right Way With SureBooks
Whether you’re creating your business from the ground up or require assistance managing the finances of your family business, SureBooks is here to help. From handling your tax and preparing your financial statements to providing you with expert advice on running your business, our accountants go above and beyond to ensure that your business is thriving.
To get in touch with one of our expert small business accountants or find out more about the services we offer, visit our website and invest in the future of your business today!
