Now that you’re no longer a newbie entrepreneur, you’re starting to get into the groove of running your own business. But just because you’ve found your foothold, doesn’t mean you didn’t miss an important task or two along the way.
Here are 10 tasks that should have been addressed when you first started your business:
Did you set up the right business structure?
Most entrepreneurs are, by default, sole proprietors. But that might not be what you need. Limited liability companies and corporations protect your personal assets, so weigh the two and decide what’s best for your business.
Did you open a business bank account?
If you’re still mixing your personal and business finances together, this creates confusion at tax time, and makes it difficult to separate the two in case you want to sell the business one day.
Did you draft a business plan?
Even a rudimentary business plan can be enough for you to state your intentions for the business’s future and help you map out growth. If you plan to seek funding down the road, however, you will need a more in-depth business plan.
Did you execute a marketing strategy?
Knowing who your customer is, where they spend time online and how they prefer to interact with brands is a huge step toward effectively marketing to them.
Did you establish marketing benchmarks?
Your marketing strategy won’t do you any good if you can’t measure against past benchmarks. To know how much your website traffic has grown you have to know what it was in the past.
Did you develop a hiring plan?
If you’re like many entrepreneurs, you started your business planning to do it all on your own. That only works for so long. You may not have the budget to hire a full-time employee now, so an intern, freelancer or agency may be a good place to start.
Did you research your market?
A competitor you didn’t know existed might have sideswiped you. Research can prevent you from quickly losing ground in your field. Know the market. Know the players.
Did you think about thought leadership?
You are your brand. You need to put extra energy into getting your face in front of more people. Blog. Tweet. Act as an expert. The more you do, the wider the recognition of you and your brand will be.
Did you plan for growth?
Many entrepreneurs are ill-prepared for major growth. Can your website handle the stress if you get mentioned by Oprah? Do you have enough products in stock in case you get a flood of holiday orders?
Did you plan your exit?
Most small business owners aren’t thinking about the end when they start a business, but it’s a good exercise. Do you want to run your business until you retire? Build it fast and then sell it? Hand it down to your kids? Knowing your exit strategy can shape how you run your business.
It’s never too late to ask yourself these questions. Just make sure you do what’s best for your business. ●
