It’s important to think about your business from all angles. Imagine a customer walking in or visiting online. Go through their entire journey. Then take it from an employee standpoint, and, of course, the owner's lens. Write down and organize everything you need.
One of the top regrets we hear from customers is not having a clear picture of all the various aspects of their business. A business plan is an amazing tool to better understand your own goals, prepare you for what to expect as your business grows and help get investors on board. Check out the Business Model Canvas, when you’re ready to get a full business plan together.
2. Separate your business and personal finances.
When you’re just getting started, a light bulb here and an online subscription there don’t seem so important, but keeping business funds separate from personal finances helps in a number of ways.
- Make filing business taxes easier
- Provide a clear view of your business finances for a greater understanding of your cash flow – a critical component of long-term success
- Add a layer of protection in instances of fraud or theft
You don’t want to fish through your bank statement every month to figure out how much you really spent. Plus, starting a separate account for your business early on will legitimize it more.