What Should Small Business Owners Include on Their To-Do List?

As we approach the end of 2019, it is important for current and potential business owners to reflect on their goals and plans for the upcoming year. A recent study by Kabbage revealed that small businesses in all 50 states experienced an increase in revenue in the first half of 2019. This optimistic message is one that should carry an entrepreneur’s motivation into the new year. Further, keeping a close tab on your to-do list only heightens the potential for business success.

Ensure Your Business Meets Legal Registration Requirements

One of the most essential aspects of business ownership is taking charge of legal requirements and legitimizing your business endeavor. Entrepreneurs who have strived to monetize their skills can recognize how important it is to take responsibility and formally register their business. The process of business registration varies depending on a host of factors, including business structure and industry. A business professional can assist in determining the specific requirements for your business and will eliminate the potential for missteps. In any event, this is a task of significant importance for any small business owner.

Review Your Growth

Another noteworthy item on your big-picture to-do list is to take a step back and observe your progress thus far. Are there areas in which your business surpassed your expectations? Are there areas that require further improvement? Learning from past actions is an essential aspect of small business management and will allow you to make calculated adjustments over time.

Those who wish to evaluate the priorities of their business can make great use of a business plan, which is a written document that lays out a business’ budget, funding strategies, and internal organizational structure. It is wise to revisit a business plan as a business undergoes continuous change.


Approach Your Strategy and Goals Optimistically and Realistically 

It is rare for an entrepreneur to be completely prepared for everything they face. This is why it is especially important for a small business owner to identify areas of strength and areas of improvement. One can approach their business strategy by reflecting on the ways a business carries out marketing, funding, and day-to-day operations. Small business owners can view the new year as an opportunity to analyze these conditions with fresh eyes, and to organize a master plan for the year to come.

Companies that are comprised of a team can solicit input from team members, allowing for a more comprehensive point of view. Regardless of how goals are tracked and quantified, they should be compatible with your business plan and fall within the realm of possibility. Small business owners should keep in mind that any progress is something to be proud of.

Set your business up for growth and stability. For assistance with creating a business succession plan or estate planning documents, we invite you to contact the Law Offices of Elsa W. Smith, LLC at 410-995-7719.