If you have a new business and are searching for a small business consultant near me in Florida, it’s important to learn all you can before even securing an advisor. There are some major pitfalls you will want to be aware of in order to avoid falling into them, such as what your federal and state tax obligations are and the best way to handle them. Making even a small error regarding your small business can hurt your chance for future success. There is no guaranteed, fool-proof plan, but it’s imperative to make the wisest decisions possible.
What a ‘Small Business Consultant Near Me’ Actually Does
Before hiring a local Florida small business consultant, it’s wise to understand what they do for your company – or what they should do. The more you know about their role, the better able you’ll be at choosing a competent one.
Here are seven mistakes to avoid with financially managing your new business:
1. Failure to make a cohesive business plan
Many entrepreneurs are pantsers which means they fly by the seat of their pants – making decisions on the spot rather than planning their business all out. A clear-cut business plan is a necessity for those who are looking for investors or a loan to get their business off the ground. Even if you are not needing a plan for financing, you will need one to succeed. One of the best ideas is to hire an expert to help you put together a pitch deck, so you’ll see all your plans fall together in one presentation.
2. Neglecting federal and state tax obligations
It’s tempting to take a shortcut when doing your taxes. Don’t! Be sure the powers that be will find out and penalize you dearly. You’ll need a professional accountant or an excellent tax program you can run yourself online or one that you can hire someone to run. Ignorance is no excuse, so be sure to properly tend to your federal and state obligations.
3. Not being a goal-setter
If you aren’t setting goals, you’re probably not reaching them either. Setting long and short-term goals helps you take steps to achieve first the short-term ones and then those that take longer to reach. Start by writing your long-term goals down and figuring out the smaller steps it will take to reach them. Make sure to list your short-term goals too. Mark them out as you achieve them, one by one. It is motivating to cross them off, so you’ll be pumped to continue the winning cycle.
4. Avoiding innovative new technology
It’s easy to shy away from new technology that you’re not familiar with. It’s important to realize though that often, the technology was invented to remedy some of the exact problems you have with your new business. Being open to trying and to learning new technical devices and programs will set you up to succeed.
5. Over or undervaluing your products or services
To balance your business finances, such as the cost of your services or products, you’ll need to have an accurate value of your goods or services. Lack of knowing a realistic value will upset the entire foundation of your business, down to huge legal factors such as your federal and state obligations.
6. Fear of marketing
Marketing is the wave of the future. Hiring a pro to tend to market management is most likely the wisest decision you can make as a business owner. From branding to marketing you on social media and all points in between, investing in marketing is equivalent to investing directly in your company.
7. Identifying your target customer
Once you know who your ideal customer is, you can market accordingly. You’ll save a lot of useless ads if you direct the ones you put out to the people who are most likely to buy from you. Taking the time to identify that group is a wise decision.
Schedule a free consultation today & let us help you and your business plan for success
By heeding the warnings above, you’ll have a good start to making your company work. Then, when you conduct a search for a new business consultant near me in Florida, you’ll already have a jump start in areas such as federal and state tax obligations and so forth. Then, you’ll be well-informed to find a great consultant to help you manage your small and mid-sized business.