8 Do’s and Don’ts for All Businesses to Follow
Businesses vary by industries and may be required to follow specific rules and practices. However, regardless of industry, there are some basic rules that all businesses must follow to succeed and common mistakes many businesses make that should be avoided.
This is what your business must do:
Purchase adequate product and service liability insurance
Operate the business with a realistic cash flow budget
Comply with both state and federal rules and be aware of all relevant due dates for compliance
Price product and servicers to ensure recovery of all business operation costs plus profit
Ensure the safety and security of your office(s) and anywhere else that business is conducted
Enhance communication with both staff and customers
Organize all relevant paper work, vendor invoices, sales receipts, human resource records, and contracts by fiscal year in a manner that can be easily located
Reevaluate recurring expenses such as phone services, internet and insurance at least every three years and receive new quotes for those expenses
This is what your business should not do:
Borrow capital in excess that strains business operations
Conduct business without contracts or letter of services
Provide unrealistic product delivery or service completion timelines
File state and federal reporting requirements past due dates
Fail to have W-9’s completed by vendors that will require a 1099-MISC or 1099-NEC to be issued
Ignore tax filings, especially when taxes are owed
Ignore correspondence from state and federal tax authorities
Duplicate work from multiple staff members