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New business owners have a lot on their plates. From handling the day-to-day operations to keeping up with the latest industry news, it can be tough to stay on top of everything.
This new business owner checklist can help people just starting out cover their bases.
1. Start with a solid business plan. A business plan is a roadmap outlining goals and strategies, and how the business will achieve them. A good business plan is essential to getting started on the right foot.
2. Flexibility. Being a new business owner means staying flexible. As a business grows and changes, so too will its plans and goals. Be prepared to adapt as needed—whether it’s the approach, the business plan, the marketing strategy, or something else.
3. Get the right insurance. Getting the appropriate insurance based on the business type can help business owners stay protected. Business owners may also want to look into life insurance to provide their families with financial security and keep the business going if they were to pass away unexpectedly. As the business grows, or when starting with a larger budget, it can be a good idea to consider permanent life insurance, such as whole life insurance or universal life insurance. Permanent life insurance includes additional benefits like a cash value component, which could become source of funding that could be accessed in the future to help with cashflow for the business.
4. Develop an online presence. Most businesses today need some sort of online presence, whether it’s a website, social media accounts, or both. An internet presence can keep current customers in the know, reach potential customers, and grow the business.
5. Stay organized. From keeping tabs on inventory, to managing projects, to figuring out employee schedules, there’s a lot to keep track of as a business owner. Having ways to stay organized as the business grows can help business owners stay on top of things and avoid potential crises.
6. Remain up-to-date on industry trends. Staying ahead of the curve can give a business an edge over competitors. Business owners can keep abreast of trends via networking, reading industry publications, attending industry events, and listening to their employees and customers.
7. Figure out training and onboarding. Business owners who are hiring will want to have a plan for training and onboarding new employees. This process can help ensure that new hires are productive and knowledgeable about the company. Having a solid onboarding process can be especially important for a new business making an impression on its customer base for the first time.
8. Start establishing strong relationships with vendors and suppliers. These relationships can be beneficial for both parties involved. A good vendor or supplier can help a business save money, share specialized knowledge, and provide high-quality products or services.
9. Stay positive and enjoy the journey. There will be ups and downs along the way, but it’s important to stay positive and celebrate your accomplishments. Remember, a positive attitude is contagious and can help motivate your team to achieve great things.
The primary purpose of permanent life insurance is to provide a death benefit. Using permanent life insurance accumulated value to supplement cash flow will reduce the death benefit and may affect other aspects of the policy.
Source: Northwestern Mutual
Contact: Don Klein, 1-800-323-7033
