The five things business owners often forget

When you’re running your own business it can be easy to get swept up in the rush for progress and growth.

But careful planning is the cornerstone of making a success of your venture, and there are a number of key areas entrepreneurs forget about.

We have teamed up with business growth expert Bobby Lane for his top five areas that business owners must never ignore. You may have some of these skills in-house but if not, look for expert help.

ACCOUNTING

Take advice early on about the best business structure for you. Partnerships may work better if you need some flexibility.

Put in a decent accounting system from day one that will allow you to do your invoicing, automate your bank feeds and expenses. You don’t need drawers full of receipts. Get tax advice to ensure you’re claiming back everything you can, and on how to get your profits out in the most tax-efficient way.

LEGAL

Think about your terms and conditions with your customers and get them documented.

If you have a partner or other shareholders get agreements in place that document what happens if things go wrong. You may also want to check out your terms with key suppliers. It can be too late to agree procedures when trouble hits.

MARKETING

The way we reach our customers and market our businesses has changed for ever.

You have to promote yourself where your customers can find you. Look at new ways of marketing your products and work with people who can get you in front of the right people in the right way. Go where the customers are, not where they have been.

HUMAN RESOURCES

If you are employing staff you should be providing an employment contract to protect not only the employee but your business too.

You’ll also want to deal with areas such as health and safety, social media policies and flexible working. Get it right early on and it will save a lot of pain and cost later.

INSURANCE

Apart from premises and contents insurance there are areas that get overlooked – such as general liability insurance to cover you if the business causes injury to people or property, and professional liability caused by errors.

Also think about yourself as the key person. What would the business do if something happened to you?