In today's fast-paced and competitive business world, having a solid checklist of essential tasks can make all the difference. It can help you keep track of your myriad responsibilities during the year, some of which are time-sensitive, such as income taxes. Simply put, the right checklist can help you stay organized and focused.
Whether you're just starting your company or looking to optimize your existing processes, this small business checklist from Huddle Business Capital can help guide you in the right direction. In it, we explain some of the most common business-related tasks and responsibilities that you cannot afford to overlook.
Operating a business legally and complying with all necessary legal requirements is crucial for any entrepreneur. One aspect of this is getting the required business licenses and permits, which prove that your business has met the criteria required to operate. Many business licenses and permits have expiration dates or require periodic renewals.
Failing to renew your business licenses and permits on or before the due date can result in penalties, potential legal action, or even the suspension of your company's operations. So, note when your business licenses and permits expire and ensure you renew them on time.
If your small business is a corporation, limited liability company (LLC), partnership, or nonprofit, you will need to register Secretary of State documents in the state where you operate. The documents you need will depend on your business structure and the state's requirements. For example, an LLC needs Articles of Organization and an Operating Agreement, and a corporation needs Articles of Incorporation and Bylaws or Resolutions.
You may need to file additional documents with your state or franchise tax board. Consult with your accountant or business attorney to learn what documents your business needs and when they need to be filed. You want to avoid missing the deadline.
Business ownership changes are common. Whether selling your business and transferring ownership to someone, changing existing ownership structures, or updating ownership details, these changes require careful attention and planning. If your company goes through ownership changes, there are important legal and regulatory considerations to consider.
Compliance with regulations is crucial to ensure a smooth and lawful transition of ownership. Navigating through the complexities of updating ownership details can be overwhelming, so seeking professional advice from a legal expert specializing in business law is recommended. They can assist you at every step, help you gather the necessary business documents and forms (e.g., transfer of ownership agreements, share transfer certificates, board resolutions), update them accordingly, and file them promptly with the Secretary of State.
Have you ever looked up a retail store, restaurant, or business online only to find incorrect or outdated contact information? If so, you know how inconvenient and frustrating it can be. To maintain good communication with customers, clients, and vendors, check online to ensure your company's contact information is up-to-date and accurate.
This includes your website, social media profiles, email signatures, and online directories. Neglecting any channel can result in missed sales opportunities (frustrated prospects may turn to your competitors instead) or misdirected communications. One easy way to update your company's contact information is by getting it verified by search engines after you create a business profile. Of course, update your contact information immediately if anything changes (new business address, new telephone number, etc.).
Your company's website is on auto-pilot 24/7/365, hopefully generating traffic and sales leads. But suppose your website has the wrong contact information, outdated content, or inaccurate information regarding products, services, or inventory. In that case, you are not providing a good user experience, which can result in lost sales revenues. Set aside time to thoroughly review your website and see if any updates are needed. Make a list of what needs to be updated and forward it to your web developer or content creator.
Next, search engines favor websites that are regularly updated with fresh content. By regularly adding new/updated landing pages or blog posts, you increase your chances of ranking higher in search engine results, which can lead to more organic website traffic. Consider hiring a freelance content writer or SEO specialist to write your website's landing pages and blog posts.
We want to close this Huddle Business Capital blog article with a section on how accurate, consistent business information can impact your ability to obtain business loans and financing. Simply put, providing the correct information about your business on your loan application and related documents can help expedite the review and decision-making process.
That's why you should check your business listing online and with the major credit bureaus and ensure that your company's address, telephone number, email, and related information are up-to-date and nothing is missing. Accurate business information complements a good credit score and sufficient cash flow and time in business, all of which lenders look for.
This Huddle Business Capital blog article is purely educational and contains general information and opinions; it is not intended to provide advice or recommendations of any kind.