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Orlando, Fla.—According to the U.S Small Business Administration only 25% of small businesses make it past 15 years. Are you in the way to making the cut into that list?


Every problem has a solution and as long as you learn to address it properly, you are on the right track to make it effectively.

 

There are many reasons why small businesses struggle to succeed:

  • Lack of Money Management Skills —Accounting for revenue and expenses can help keep your business running smoothly. Make sure you maintain proper bookkeeping and have a basic knowledge of business finances


  • Poor Business Planning —A business plan is the foundation of your operation. Learn how to write a business plan quickly and efficiently with a business plan template. If you hired a professional accounting provider they might be able to provide you with an existing template or you can find some free resources like sba.gov to assist you on that task. A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan as a roadmap for how to structure, run, and grow your new business. It’s a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners. Investors want to feel confident they’ll see a return on their investment. Your business plan is the tool you’ll use to convince people that working with you — or investing in your company — is a smart choice.


  • Shortage of qualified labor —The shortage of qualified labor continues to hinder owners’ ability to fill open positions. According to the National Federation of Independent Business, sixty-three percent of owners reported hiring or trying to hire, up five points from the month before. However, 89 percent of those owners reported few or no qualified applicants for their open positions.


  • Rigid Business Modeling—The digital transformation drives organizations to continually refresh their business models, and much of the change will be technology-enabled. Technology is also amplifying continuous change at an ever-increasing velocity. According to a study conducted by Gartner, technology innovation leaders must:


  • Expanding Too Soon —Business growth is exciting, and needs to be managed adequately. Over growth can be dangerous for your business, when it’s not ready yet. Don’t lose track of your finances, and make sure that functions such as customer service, technology, and business operations are built to scale.


  • Lack of Loss Prevention or Insufficient Insurance Coverage—Make sure to consult with your insurance agent every time that you are doing changes to your operations, buy additional equipment or any other assets that may need to be protected and covered from damage or loss.




Keeping Up with Federal and State Requirements


Ongoing federal filing requirements

One of the most challenging aspects of running a small business comes from managing health care for your employees. Without a doubt, your workers’ health is important, but the increased healthcare costs make finances difficult to manage. The Affordable Care Act requires businesses with 50 or more employees to report to the IRS that they provide health coverage.


Most businesses won’t have federal requirements beyond paying federal taxes and complying with the Affordable Care Act. Make sure that you meet all federal tax obligations, including income and employer taxes. If your business has any federal licenses, permits, or certificates, you’ll need to keep those up to date.


Other federal requirements

Some business activities are regulated but don’t require filing. Make sure to stay in compliance with any applicable marketing and advertising laws, copyright laws, workplace poster laws, and workplace health and safety laws.


Maintaining licenses, permits, and recertification

For example, most restaurants need to regularly renew health and safety certificates. Businesses that sell regulated items like tobacco, alcohol, or tires might need to regularly renew their sales permits. For professional services like plumbing or nursing, the state might require certification with a third-party board to keep your license.


For federal licenses, permits, and certificates, check with the issuing institution to confirm renewal requirements for your business. Here’s a list of some common federal agencies and departments that small businesses register with:


U.S. Department of Agriculture (USDA)

Alcohol and Tobacco Tax and Trade Bureau (TTB)

Federal Aviation Administration

Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF)

U.S. Fish and Wildlife Service

National Oceanic and Atmospheric Administration

The Federal Communications Commission

 

 

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