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Five Tips for Small Businesses

By March 4, 2024Insurance

Small Business Week takes place in the last week in April and is a great time to revisit your business goals you made at the beginning of the year. Use this time to take a look at what’s working and what you can tweak with the help of these five tips.

You’ve worked hard to build and grow your business. We can help protect it.

  1. Focus on your goals. It’s ok to re-evaluate your business goals and objectives—it’s even necessary sometimes. You can break your goals into smaller ones to make them more focused and easier to obtain. Knowing you’re taking smaller steps to meet your larger goal is sometimes all you need for that extra push.
  2. Make an investment…in people. Whether it’s training sessions, onboarding new employees or having regular conversations around customer service, it’s important to keep your employees engaged in the business. Having a greater knowledge about the business and better understanding of expectations is going to save you time and money in the long run.
  3. Get ahead of your taxes. It’s never too soon to prioritize and manage your taxes.

    – Go digital. If you’re still keeping your paper receipts in a shoebox, know that the IRS accepts digital copies of receipts. You can even use a digital expense tracker or other cloud-based tools that organize your expenses as they come in, which can save you time.
    – Schedule time each week.
     Depending on the size of your business, it only takes about thirty minutes each week to reconcile your books, log your digital receipts and prep for your quarterly payments. Taking time each week to organize can make tax time a breeze.
    – Mark your calendar with important tax deadlines.
     Are you known for filing late? You can sign up for email reminders directly from the IRS to help make this year the year you file on time.
    – W-2s and 1099 prep.
     If you have employees, they need a W-2 from you; independent contractors get a 1099. They’ll both need to be sent to recipients and submitted to the IRS by January 31.
    – Collect all necessary tax forms for the type of business entity you have established. Pro Tip: save them all in one place on your laptop for easy access and no email inbox searching.

  4. Re-evaluate your risks. As you work through this year’s challenges, new projects or business ventures may open you up to a new set of risks. When you have a business policy through ERIE, you have access to a variety of resources, including assistance from an ERIE risk control consultant, who can help you identify and mitigate potential risks.
  5. Plan some self-care. While this business is your pride and joy, it’s important to take time for yourself away from the hustle and bustle to help improve your overall productivity and reduce stress. Plan a weekend away, get a massage, do yoga. Whatever makes your heart happy will help you recharge.

Protect What You’ve Built

As a business owner, the sky’s the limit on where you want to take your business. Whether you’re growing your home business or expanding to a second location, it’s important to make sure you have the right coverage to fit the needs of your business (employees included). Set up some time to talk to your local Agent soon.