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Business Sense

Five Tips for Small Businesses

Each year, Small Business Week is recognized the last week in April. It’s a great time to revisit your business goals you made at the beginning of the year and take a look at what’s working and what you can tweak. Here are five tips to keep in mind as a small business owner.

  1. Focus on your goals. It’s ok to re-evaluate your business goals and objectives—it’s even necessary sometimes. You can break your goals into smaller ones to make them more focused and easier to obtain. Knowing you’re taking smaller steps to meet your larger goal is sometimes all you need for that extra push.
  2. Make an investment…in people. Whether it’s training sessions, onboarding new employees or having regular conversations around customer service, it’s important to keep your employees engaged in the business. Having a greater knowledge about the business and better understanding of expectations is going to save you time and money in the long run.
  3. Get ahead of your taxes. It’s never too soon to prioritize and manage your taxes. According to Inc. Magazine, here are a few tips to help you organize your tax process:
    • Pick a strategy. Will you use an accountant, do it all yourself, or something in between (like doing it yourself with the help of a CPA advisor on-demand during tax season or a ProAdvisor for help throughout the year)?
    • Mark your calendar with important tax deadlines to ensure you file on time. You can sign up for email reminders directly from the IRS.
    • If you have employees, they need a W-2 from you; independent contractors get a 1099. They'll both need to be sent to recipients and submitted to the IRS by January 31.
    • Collect all necessary tax forms for the type of business entity you have established. 
    • Organize your business-related expense records and receipts that are critical for maximizing write-offs.
  4. Thank people. A little thank you can go a long way. From customers to business partners, to your employees, it’s a nice gesture to recognize that you appreciate and value their patronage, partnership and service. 
  5. Enjoy! Who said it has to be all work and no play? It’s ok to step back every once in awhile and appreciate your business and the ability to get to do what you love on a daily basis. You have the freedom of setting your schedule and creating the life you want to lead. As a small business owner, you have a unique opportunity to create and manage your business however you want. Enjoy the flexibility and pride that come with knowing you’ve put in the hard work for this business that is such a large part of your life.   

As a business owner, the sky’s the limit on where you want to take your business. Whether you’re growing your home business or expanding to a second location, it’s important to make sure you have the right coverage to fit the needs of your business (employees included). Set up some time to talk to your local Erie Insurance Agent soon.

Each year, Small Business Week is recognized the last week in April. Here are five tips to keep in mind as a small business owner. /blog/small-business-week-tips-for-small-businesses Erie Insurance