Planning is an essential part of owning your business. You should always have a strong plan set up for where you are now, and how far you would like to take things down the road. Here are a few tips on how to start a successful business plan:
Write Down Your Plans
Even long-established companies have a plan that outlines their market, products, and objectives. If you’re not sure where to start, here is a step-by-step guide to help you get started. Success begins by first determining what it is you want. This business plan is the roadmap to your success. It is a constantly evolving document that projects several years ahead and outlines the route your company intends to take in order to grow. A well thought out plan also helps you to step back and think objectively about the key elements of your business venture, and informs your decision-making. A business plan is about results, what you want to do, and how to achieve your goals. You can use this plan as a foundation to branch off from, and then update it each year you’re in business.
Develop Business Goals and Visit Them Periodically
Entering into business without clearly stated development goals could cause failure. Since most new businesses go under within the first 18 months of starting, it’s vital to have these goals set up ahead of time. Many businesses have learned this the hard way. In trucking, a main goal could be how much income you want to earn in a year and some secondary goals could be miles run, fuel efficiency, increasing the number of trucks, etc.
Estimate Taxes Based on Current Revenue
Tax planning may not be the most exciting part of owning a business, but down the road it can help you save a lot of money. Some new business owners don't realize they will have to pay taxes quarterly and will receive a different tax form at the end of the year. Many new business owners also put off taxes because they are daunted by trying to get their products or services to market. Putting off your taxes can mean increased interest and penalties as well as the potential to forget about additional deductions if you wait multiple years to file your taxes.
Don’t Try to Do Everything Yourself – Delegate!
The inability or unwillingness to delegate has led to the downfall of many business professionals and owners, regardless of the company’s size or revenue. It is impossible to do everything yourself at the highest possible quality. No matter how passionate you are about the business that you run, there are many tasks to keep it running.
But the good news is, you don’t have to do everything yourself as there are many companies out there to help! Delegating work means you’re giving someone else the responsibility and authority to do something that is normally part of your job. Far from relinquishing control of your business, allowing experts to help can lead your business in the direction of your goals.
ATBS can be an extension of your core team by handling your tax, accounting, and business services needs. As an owner-operator, you likely don't want to be bogged down with the daily management of paperwork. Look to streamline your business by using a trucking-specific company you can trust! Image source 1: https://www.flickr.com/photos/djking/
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