Picture this: you’ve had a great idea you’ve been working on for some time. After figuring out the kinks, you finally open your own business. It’s an impressive feat because it’s a lot harder than expected.
Furthermore, you want your business to be successful because many small businesses fail after a few years. So you’ll need to outline your goals and figure out ways to achieve everything. However, you will hit some bumps in the road; what you do during this period will determine the outcome.
Most people tend to compromise their overall values when significant problems arise. They may do things to get them over the hump without realizing the lasting implications these actions can have. Instead of doing something you’ll regret, we’ll discuss how to crush your business goals without risking your company.
Open a Business Bank Account With Entrepreneur’s Guide
Now that you’re a business owner separating your financial duties would be in your best interest. You may have paid for things out of pocket during your business’s onset. But as people become familiar with your service and you earn revenue, you must keep business expenses separate from personal.
The easiest way to do so is by opening a business bank account. It’s like a regular account; you can withdraw and deposit money, open savings accounts, or apply for business credit cards. However, it’s important to remember that banks also try to make money. They may have terms and conditions you don’t like, so finding one that aligns with your business’s needs is crucial.
Entrepreneur lists the best business bank accounts to help your business thrive. For example, Chase Bank has three business accounts you can open with various services attached. Another bonus about Chase business accounts is that you’ll get $300 to open the account, and it doesn’t require a deposit. There’s also a monthly maintenance fee of $15 that you can easily waive.
On the other hand, there are a few account fees that could be a turnoff, such as:
- $0.40 per transaction after your first 20 transactions
- A charge of $2.50 for every $1,000 you deposit after your first $5,000
- $35 for domestic transfers; $50 for international
Bank of America is another bank that small business owners can greatly benefit from. There are two business accounts you can open that have unique features, like earning cashback for certain purchases. Small business owners might find Bank of America more attractive than Chase due to its lighter maintenance fees.
Bank of America offers:
- 200 free transactions each month and then a $0.45 for each after
- No charge for monthly deposits up to $7,500; $0.30 charge for every $100 afterward
- Credit cards that offer between 25-75% cashback
Do You Need a Business Bank Account?
There’s no legal requirement to open up a business account. But it will make your life easier. As discussed earlier, you’ll want to separate expenses to help keep things organized, especially when filing taxes. The IRS may audit you, but you can show that your books are in order and that you mean business.
Another benefit of having a business bank account is the ability to secure loans. You won’t have access to business loans if you’re a business owner with no account to back it up. Subsequently, if you do, it gives your company more financial backing. With the shifting economy, you never know when your business will go through a rough patch. Being able to secure a loan during those periods can help you stay afloat.
Review Your Insurance Policy With Steadily
Most small business owners start their products in their homes or other small spaces where they pay rent. Others may have the luxury of owning their own space already. It’s a great thing, but it also comes with many responsibilities.
One of those responsibilities is landlord insurance. Steadily provides great information about landlord insurance cost and how landlord insurance can benefit your business. It’s important to note that landlord insurance is often more expensive than homeowners insurance. So don’t be too surprised when you see the costs associated with your business.
However, that still doesn’t answer why landlord insurance costs more. Think about it like this; how many times has your home been broken into or suffered significant damage? If the answer is “never,” you’ve received part of the reasons. Insurance companies rarely see claims from owner-occupiers for losses, and if they do, it’s a minimal amount. So they will trust these individuals more.
For business landlords, things are very different because of what can happen to and in their properties. They need higher coverage because it protects them from lawsuits and other legal issues. The good news is there are a few discounts available for business landlords. However, they are more challenging to avail of than car or home insurance.
Regardless of your business expenses, you still need to ensure there’s a budget for the insurance. When you hit a rough patch, you’ll start looking for expenses you can cut. Don’t think about dropping your insurance. For one, it’s illegal to operate a business without it. Secondly, if something were to happen during the operation and you had no insurance, you would face severe consequences.
Use Legit Software, Like Quipli, for Business Processes
We get it. Owning and operating a business in today’s society is quite a challenge. With constant innovations, some companies can get left behind without a second thought. That’s why good business software is critical.
For example, let’s say you were running a rental equipment company. Tracking the day-to-day operations could be problematic with outdated systems. If that happens, business processes could suffer, and you may lose a few clients.
To ensure your company’s efficiency stays high, use equipment rental software by Quipli. This inclusive management system handles the major tasks of renting supplies. The interface tracks current rentals and when they’ll be available for your next customer. It also updates you on payments so you know how well your business is doing or if you need to make any changes.
Having software like this will make things so much easier for your business. But you might be skeptical about getting it because you’re used to your current system and don’t want to change, or you think it’s not worth the price. However, you’re only hurting your business in the long run.
Inefficient processes are one of the reasons why small businesses fail. You’re asking people to wing it without a proper structure, which is no good. Furthermore, your customers might wonder if you’re a legit business with things being out of order. Getting the equipment rental software will provide stability and help your company thrive.
Establishing a Team-First Culture With Teamly
No business is a one-person show (unless you’ve only started and have no employees). It takes an entire team to build a successful business; look at companies like Apple, Spotify, and Facebook. Yes, those are major giants, but it took building a particular culture to get those platforms to where they are today.
As a business owner, you need to take the same approach. You can’t be a leader that’s fickle or doesn’t have the best interest of your employees in mind. What you should do is focus on how you can build a culture that’s enjoyable for everyone. It’s not the easiest thing to do, but Teamly has some interesting information about team dynamics that is useful for business owners.
For example, the layout significantly impacts productivity and well-being if you work in an office setting. When people feel comfortable, their energy levels rise, increasing productivity. So do things to spruce up your office, such as separating work and relaxed spaces or upgrading the furniture. These small changes can make a huge difference.
Another focus should be creating a culture you want others to follow. Let’s say you want your employees to have a good work-life balance. How can you show them they don’t need to overwork themselves? Start blocking off periods throughout the day for self-care. If you consistently show your employees that certain hours are off-limit for work, they’ll follow suit. Now you’ve laid the foundation for others to know that having a work-life balance is fine.
What you don’t want to do is build a culture that chastises or makes people feel unappreciated. Some business owners use that position to act like a dictator, and it can be detrimental to your company. People might still show up and do their jobs because they need the money. Conversely, they will be less productive, and some will leave your company because of the toxic culture. Please do what you can to make it an enjoyable experience for you and your employees.
Check Red Pocket To Master Business Communications
Solid communication is an essential factor in business success. Without it, employees will have difficulty understanding what’s expected of them. If your company relies on mobile phones for communications, you must ensure you have the best plans to meet your needs.
Understandably, you may not want to spend a hefty sum on certain phones or plans because you want to cut costs. Yes, you will save money initially, but your business’s communications will suffer. That might leave employees frustrated and customers unhappy.
What if we told you that you could still have top-quality communications at an affordable price? That always sounds too good to be true for business owners, but Red Pocket has mobile plans that you’ve been looking for. Unlike big named providers like T-Mobile and Verizon that “force” you to get into a contract, Red Pocket doesn’t.
There’s a choice of monthly or annual plans that start as low as $20 a month. You can keep the same numbers you’ve used in the past and upgrade to the newest phones without having to pay external fees. Plus, you’ll still have access to the same wireless networks as the bigger providers, making your business communications efficient.
Don’t Compromise Your Business to Meet Your Goals
Business owners will always have the best interest of their company at heart. So they’ll do what they can to keep things afloat. Even if you hit a rough patch, you shouldn’t do anything that can put your company at risk or worse.
To separate it from your personal expenses, open a business bank account. It’ll make it easier to keep track of your revenue and give you a sense of professionalism. Review your insurance policy if you own the space your business operates out of. Check to see if you have all bases covered in the event of an accident. You want to make sure there are no legal repercussions that fall back on your business.
Enhancing processes is a great way to keep your business afloat. So take the initiative when you see a way to make life easier for you and your employees. Use software to increase efficiency and make customers happy.
Lastly, communication will always be important in business. Whether you’re building the workplace culture you want or putting systems in place to make things better for your employees, there needs to be correspondence. Workers will appreciate your efforts and will help your company succeed. The best part is you’ll still meet all your business goals without compromising your values.
