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
email: balancedbookkeeping.acct@cox.net
email: balancedbookkeeping.acct@cox.net
www.balancedbookkeepingaccounting.com
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