Structuring your business for success means designing the right organisational structure for your business particularly in this 21st in which some existing protocols have been displaced to some extent and it’s imperative we stay updated with the trend while creating and maintaining a niche for ourselves.
The need to integrate technological tools can’t be overemphasized for better Productivity, facilitate more sales, and enhance more customer engagement, but they’re some other aspects we overlook. I have enlisted useful tips below to enable you achieve a well structured business for success.
Register your business with CAC,
Getting register with the corporate affairs corporation makes your enterprise Legal and give confidence in your potential clients to invest and patronize your business without being skeptical
Most business of any appreciable size need to be registered with one or more government agencies,aside putting up confidence in your potential clients it equally deter your competitors from using your business name to gain visibility and gives your existing customers to refer you to other people
open up a business bank account,
Opening a business account can help you separate business and personal expenses, allowing you to effectively track your business cash flow. … Through separating your personal and business bank accounts it will help you manage and organize what is necessary for taxes and deductions at year end. A business account aids the ease of financial transaction between you and your potential clients.. It give a sense of competency to your potential clients when transacting business with you. Your clients are skeptical about your business operations when youuse your personal account to do business transactions
file up relevant taxes,
Filing up relevant taxes aids in keeping records for payment and let you know how much in the way of taxes will be withheld from your pay. … You might be able to reduce the taxes you owe—and get a refund of taxes you’ve already paid—by taking deductions and credits provided for in the tax code.
It is important you take tax payment very important, filling relevant taxes as at when due gives credibility to your business and it deter the case of government agencies like federal or State revenue services coming after to close down your company. Which can Lead to many lost of clients and inflow. Evading taxes is not always the best option it detrimental to the continuity of your business.
set up relevant internal processes,
Setting up relevant internal processes shows modalities in which your business will be operating. This have greater impact in your business output. It enhance orderliness, enhance customer service for better Productivity
Set up standard operating procedures and relevant policies
Setting up standard procedures like working hours, delivery time makes your business more professional, competitive. Operating procedure aids in effective time management, delivery of services will be done at ample time to avoid unnecessary costs implications for both you and your clients