Five Things You Are Doing Right As a Business Owner
Starting or running a business is hard. But you got this! Here are five things you are doing right that should increase the odds that your enterprise will be strong and successful:
1. Appreciation. You treat your customers well and your employees better. It is easier to keep an existing customer than to acquire a new one. Employees are the first experience with your business and its culture. If they are happy, and well-trained, they will take better care of your customers.
2. Employees. You took the time to understand that the business owner doesn’t always get to choose whether a worker is an employee or a contractor. When you started growing, you spoke with your accountant and business attorney and properly classified your worker.
3. Processes. You are able to take vacations, mentally recharge and work on your business instead of in your business because you have systems and processes in place that let other people do the routine work. You have assembled a great team and you trust them to do their jobs. You have successfully moved from founder to executive.
4. Recordkeeping. You are filing annual reports with the North Carolina Secretary of State. You are holding annual meetings of shareholders and directors, and filing the minutes in your minute book. You have a promissory note for the owner loan.
5. Taxes. You also remember that payroll/withholding taxes and sales taxes are not yours – you are holding them in trust for the government. You understand that, even with a corporation or LLC, you are personally liable for this money and by borrowing from this money, you are putting everything at risk. If you had cashflow issues, you got ahead of them by contacting the IRS or North Carolina Department of Revenue proactively and making a plan.