Just Started a Small Business? 4 Essential Moves to Make Your First Year
If you recently started a small business, you're in good company. In his recent State of the Union address, President Biden said that a record 16 million Americans are starting small businesses. And he called each one "a literal act of hope."
But the moves you make during your first year in operation have the potential to make or break your business. So with that in mind, here are some essential steps to take in the coming months.
1. Prioritize the tasks you need to outsource
As a new business owner, you may have a limited budget for hiring outside consultants. So before you start spending money on a marketing guru and an HR specialist and a social media expert, think about the help your business needs the most in its first year, and focus your funds there. You may be better off hiring just one consultant who makes a huge impact than hiring three who make a moderate impact.
2. Get a great accountant
If there's one type of professional you should prioritize as a new small business owner, it's an accountant. You need someone in your corner who can help with financial management and planning. And getting that help early on could help you avoid taking on expenses that leave your company strapped for cash.
Also, there are tax laws that small business owners need to comply with, and you may not be familiar with all of them. So you need someone who has that knowledge and can guide you accordingly.
3. Network with fellow business owners in your area
Building a local small business network could help you in more ways than one. First, you never know which nearby businesses you may be able to partner with to mutually increase your profits. But also, local business owners might know the market really well, and they may offer tips on how to make your venture more profitable.
Plus, it's just plain nice to have the support of other people who are in a similar position. Seasoned small business owners may be able to offer advice on everything from running promotions to striking a good work-life balance.
4. Check in with your employees regularly
If you're new to running a business, perhaps you're also new to managing a team of employees. It's important to check in with your hires regularly to make sure they feel supported and to make sure they're confident they know what they're doing.
And if you're not sure exactly which tasks to assign your different employees, that's OK. But it's a good idea to try to work together to identify individual strengths so you can get the most out of your team.
When your business is in its first year, a lot has the potential to go wrong. But also, a lot has the potential to go right. And if you make these moves, you may find that your initial 12 months in operation are a glowing success.
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Just Started a Small Business? 4 Essential Moves to Make Your First Year was originally published by The Motley Fool
