Friday, November 20, 2015

How to Start a Successful New Business

Are you wanting to start a new business?  Are you an ambitious and energetic visionary who has what it takes to begin a new small business venture?  There are many entrepreneurs out there who are creative and determined, but may not know the first thing about beginning a business.  Many jump into the idea of a business start-up, but find themselves a short while later with a failed business.  A small business start-up can be very rewarding and successful if it is created and set-up properly and if it is treated like a business.  The following are two key components that are important for small business success:

Start the new business with a plan.  If you expect your small business start-up to be a success, you must first begin with a plan – and a plan begins with a well prepared business plan.  The business plan is a written summary of the business venture, its operational, financial, and marketing details and strategy.  A simple business plan consists of:

Executive Summary
Vision or Mission Statement
Company History
Business & Industry Profile
Business Strategy
Company Products & Services
Marketing Strategy
Management Summary
Financial Plan

A business plan is both essential and crucial for the small business start-up’s success.  It will afford the business idea with the nuts and bolts of how, what, when, where, and why for the business structure; it is the road map to success. 

Select a bookkeeping service entity before beginning the small business venture.  Many entrepreneurs try to jump in feet first with their business concept before thinking about the health of the business.  The health of the business is the business’ well-being and is determined from its financial statement analysis.  The last thing that a business owner may think about is the bookkeeping that will be required for the new business start-up.  Much time is utilized getting a business off the ground, and the last thing that the owner wants to do at the end each day is record keeping.  To stay in compliance, the new owner must keep complete and separate books for each business; which is where one of the most important decisions take place:  selecting the bookkeeper.

The importance of selecting your bookkeeping service entity, before beginning your new business, cannot be stressed enough.  Bookkeeping, accounting, payroll, and tax services are skills that many business owners lack knowledge of, and many owners find it best suited to hire outside bookkeeping services for this reason as well.  

Excellent record keeping is key to sound financial health of any small business today.  While many small business owners try to hire someone in-house, eventually many find that it is less stressful to outsource these services to a bookkeeping entity in order to keep accurate records as well as lessen the chances of erroneous record keeping and/or misappropriated employee theft, due to the lack of sound internal controls within the business structure.  Select a bookkeeping entity before beginning the new business venture is the best solution for small business owners so that the focus is on growing the new small business successfully – allowing more time to build what is really important to you – your business. 

About the Author

Balanced Bookkeeping & Accounting, LLC is comprised of accountants with more than 30 years’ experience in small business bookkeeping/write-up, accounting, payroll, and small business taxes.  We assist both existing small business owners with their bookkeeping and accounting services, as well as providing assistance to new business owners in creating their small business entity. We offer knowledgeable and reliable services for our small business clients providing them with accurate and timely bookkeeping and accounting services in Broken Arrow, and Tulsa, Oklahoma - as well as all of Northeastern Oklahoma. 

Balanced Bookkeeping & Accounting, LLC
P O Box 134
Broken Arrow, Oklahoma  74013
(918) 286-2494 office