While we have focused a number of our posts on mergers and acquisitions, we cannot forget the number of successful enterprises that began as small startups. Regardless of the industry and the capitalization behind it, there are successful strategies that successful businesses incorporate. For our readers that are in the midst of building their businesses, as well as those who are conceptualizing their future companies, we offer the following tips.
Steady marketing is critical – While having fine products and services is key, they don’t mean much if customers don’t know about them. Because of this, a steady marketing campaign can help keep your name out in the marketplace so that you continually have customer inquiries.
Have professional accounting – There is no entity that can be more harmful to a business’ bottom line than the Internal Revenue Service. While you may believe that you are saving money by keeping your accounting in house and completed by an employee who has other tasks within the business, you may be giving money away if you are audited and found to owe money on past taxes.
Have excellent legal counsel – Indeed, having a good lawyer who understands your business may be obvious, but you would be surprised with how many businesses cut corners and do not invest in professional legal advice. While it may seem like you are ahead of the game if you don’t have attorney’s fees for reviewing contracts and evaluating purchase offers, but this may come back to haunt you later.
As always, the preceding is not legal advice. If you have questions about structuring your business or need professional counsel for other business issues, the attorneys at Shulman, Hodges & Bastiancan help.