You have a great business idea, a solid plan, and lots of passion to take the entrepreneurial leap. So what next? It’s time to build a firm operational foundation that sets your business up for success from day one.
Follow this checklist to make sure you nail the essentials:

Select Your Business Structure

Will you be a sole proprietorship, partnership, LLC, or corporation? Consult with a tax expert to pick the right formation. This impacts personal liability, legal paperwork, and tax treatment.

Set up Business Bank Accounts

Keep your business finances 100% separate from personal by establishing dedicated business checking, savings and credit card accounts. This keeps things organized for accounting, tax filing and ensures better financial tracking.

Invest in Accounting Software

Accounting software helps track every dollar coming in and out. Understanding your cash flow, profit margins and performance metrics lets you make smart decisions. Quickbooks Online and Xero are popular platforms to consider.

Build a Financial Cushion

Have at least 6 months of operating expenses banked as a reserve. It gives you a fail-safe while getting off the ground. Unexpected expenses or delays happen; ensure sufficient savings to persevere.

Organize Your Record Keeping

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Establish simple, consistent systems to manage bookkeeping, invoices, receipts, tax documents and licenses in structured digital and physical folders for easy accessibility. Disorganization sabotages success.

Implement Internal Controls

Internal check and balances like requiring dual sign-offs on large purchases or expense reimbursements reduce risk of errors and fraud. Customize controls fitting your size and structure.
The unglamorous backend operations of your small business may not be sexy, but getting them right is how you sustain growth. Let us know if you need any guidance or have additional questions!