6 Best Small Business Practices You Should Never Forget
How we do business has continued to change, but best practices never really go out of style. Are you and your business ready to move forward? The Long Beach Chamber of Commerce has compiled this list to help you get ready for whatever your business may face this year and beyond.
Protect yourself.
One of the best moves you can make as a small business owner is by forming an LLC. Advantages of setting up an LLC include: limiting your personal liabilities for your business and offering tax breaks, flexibility, and less paperwork. This way, you can rest easy, knowing that your home, savings, etc. are protected in a worst-case scenario.
Choose the right bank.
Banking is fundamentally different for companies and individuals, so it’s important to take some time to re-evaluate your business’s needs. When you open a business bank account online, look for an account with extra features, like high-yield interest and no fees for ACH transfers and instant deposits. A good business account should also make banking as simple as possible, so if your experience has been less than stellar, it’s the perfect time to find a bank that will suit your needs. When you open an account, also make sure that it can easily integrate into your payroll software.
Integrate your systems.
In the same vein, it’s a great time to look closely at the software you use to keep your business functioning. With everything done on computers and online, remember that seamless integration is key. For example, the right payroll software will not only easily integrate with your business bank to allow for smoother and faster payments, but also time-tracking and other accounting functions. Your POS system should easily work with your inventory management application. In short, platforms that work together will eliminate gaps and inefficiencies and will give you more time to focus on the things that matter.
Organize the chaos.
One of the best things a business owner can do is be organized. By keeping your files sorted and easy to recall when needed, you eliminate the chaos that comes with finding one specific piece of paper in the ocean of your desk. Accurate files will help you stay on top of payroll, pay your taxes on time, and even avoid an audit. Dedicate time every week or every month to putting away your loose pages, and you’ll see the difference take root right away.
Make connections.
Going it alone rarely makes for a solid business strategy. Consider joining your local chamber of commerce. Most chambers focus on advancing the area through entrepreneurship and community engagement, which can help you spread the word of your business and find partners to work with. In Long Beach, the Long Beach Chamber of Commerce is dedicated to bringing together industry leaders and will give you access to resources, networking opportunities, job boards, and more. Moreover, customers are more likely to trust businesses that are actively involved in their local chamber.
Check your goals.
Your business likely doesn’t look like it did when you first started out. Things change, time passes, and tastes evolve. Look back at what you’ve already accomplished and ask yourself what’s the next thing you want for your business. Whether it’s building a larger customer base, becoming more involved in your local community, or becoming ecommerce-ready, it’s good to take time and assess where you are in terms of progress and maybe create new goals for the future. Goal-setting should also be shared with employees, so be open in your communication.
There has never been a better time to work with other local leaders to reinvigorate your business and navigate the market. When you invest in your community, your community will invest right back in you. From banking to software to connections, small businesses thrive when they apply all six of these best practices.
Ready to take your business to the next level? Become a member of the Long Beach Chamber of Commerce today.