Ways Your Small Business Can ThriveIf you are a small business owner, you understand that as your business changes, so might your goals. Running a business is multi-faceted so it’s recommended you routinely evaluate what’s working and what areas need improving. Read on to find how your small business can thrive.

Key Tips for Your Successful Business

A company doesn’t become successful overnight…it takes a lot of time, commitment, persistence, and hard work to build one that is profitable and successful.  Below are some basic tips to building a successful Alabama business:

  1. Commit to Your Employees- Your employees reflect your company so investment in them is key.  Keeping the staff informed of your business expectations, the company performance, customer service, and how they are performing their duties is essential if you want them to feel part of what you have built. If your employees feel informed and appreciated, they will typically perform better which down the road will save you money and time.
  2. Show Appreciation- You can never go wrong in thanking people. Take the time to thank your employees, business partners, and patrons. It shows your appreciation in their support, service, and performance and that goes a long way to success.
  3. Be Goal Oriented- As a business owner, you recognize the need for goals and intentions and staying focused on your goals is optimal. However, you may need to assess them periodically to determine whether the focus needs to be redirected or altered to better serve you.
  4. Organize Your Taxes- Don’t wait until the last minute to get ahead of your taxes.  Take the initiative to manage and organize your tax strategy. Below are some guidelines to assist you with the organization process:
  • Retain and organize expenses and receipts that will be used for tax write-offs.
  • Devise a plan for tax handling to include who will be doing your taxes? Will you be using the assistance of an accounting firm, solely on your own, or a combination of both?
  • Distribute W-2 forms (by January 31) to your employees and 1099’s to your independent contractors.
  • Gather all required tax forms for your type of business entity.

Being the Boss Means Loving What You Do!

Owning and operating your own Alabama business takes a lot of work, time, and diligence; however, that doesn’t mean it has to be all work and no fun.  Being your own boss can have its perks so sometimes it’s important to step back and enjoy some of the flexibility and freedom that coincide with working hard.  If you have any questions or concerns regarding ways your small business can thrive, contact our offices at Burkett & Associates and we will be glad to assist you.  Enjoy!