Incorporation Only the Beginning
Author: Keith Huggett
Business incorporation is just the first step to starting a successful company. Now that you have reached that important milestone, you have a long and (hopefully) profitable road ahead. Follow these tips to keep your operations running as smoothly as possible from day one:
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Don't reinvent the wheel: Thousands of entrepreneurs before you have already made the mistakes that you can seek to avoid by educating yourself. Network with other business owners in your area, participate in online forums relevant to your industry and do thorough research before you take any major steps.
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Consult a tax professional early: Business taxes are different from personal taxes and you can avoid costly mistakes by engaging a tax professional as soon as you start your business. If you wait until the end of the year, you may discover that you missed quarterly filing or payment requirements, which can result in penalties that will cost you a lot more than compliance.
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Understand your customers: Find out what your customers value most and give it to them. Remember that it may not be what you most expect. If you offer a similar product or service to your competitors, you may stand out from the crowd by a offering better customer service experience or providing free consultations. If you're not sure what makes your customers tick, ask them directly or observe your competitors' successful activities and improve upon them.
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Consider outsourcing: Business incorporation is relatively simple compared to actually running your business. Focus on your core strengths and consider outsourcing administrative tasks such as payroll and bookkeeping to a qualified provider. You'll be able to spend more time on growing your business, and you won't make many of the tax and accounting mistakes that often cost new business owners a lot of money.
The Tax Office Inc. team has decades of experience with helping small businesses with tax planning, tax preparation, bookkeeping and other accounting services. Contact us today to learn more about how we can help you after business incorporation. We can also help you incorporate your business if you haven't yet completed that crucial step. "Staying Compliant in a Corporate World," an informational white paper can provide anwers for your corporate compliance questions.