11 Tips every first-time business owner should know for ongoing success

As a start-up or new entrepreneur, keeping everything rocking and rolling, basically everyday, is not easy. The enterprising ones, though, will always look for ways to optimise and flourish — in any business climate.

Here are 11 small but effective tips that create conditions for long-term vitality:

When dealing with a commercial landlord, check and recheck your tenancy agreements before you sign off. Clauses that allow mall owners to terminate leases prematurely — for example —- or force shops to relocate with no compensation are regularly inserted into unconscionable contracts. If you have the funds, get your documents reviewed by a professional.  Company Incorporation Singapore

Similarly, if you are incorporated as a private limited firm, always avoid signing a personal guarantee on any agreement.

When cash is low and your business is small, consider cutting back on corporate secretarial services. Sure, it will take a wee bit of effort on your part. But you will be surprised at how easy it is!

Maintain a separate business bank account and keep all your receipts. Trust us, come tax time, it will save you a lot of trouble.

Be proactive about your tax obligations. Depending on the legal structure of your business (sole proprietor, partner, LLC, corporation), you will have different deadlines and requirements to meet. In 2019 alone, IRAS recovered $175 million in GST and penalties. Bottom line. Missing a due date or not filing at all will lead to costly ramifications and many sleepless nights.

Keep informed of new government grants. For example, the Digital Resilience Bonus scheme will give eligible businesses up to $10,000 if they adopt e-commerce solutions.

In a digital-first age, your brand needs to exist across different platforms. Online marketing is the glue that will convey your message. Always have a company website, use Google Ads, start a blog, figure out how to leverage TikTok. The list goes on.

Take advantage of free online resources. There is Canva for your graphic design needs; Pexels for stock photos; Bplans for business plans templates, Smart Towkay for local-centric business tips, and XiboTax wizard for free tax filing.

Pay attention to your search engine optimisation (SEO). Its sole purpose is to get visitors to your website. This is a long-term process, so patience is key. But the payoffs are worth it. Upwork is brimming with freelance vendors that suit a small business’ needs and budget.

Be agile. The shift to an online world is clearly accelerating. Artificial Intelligence and automation will be at the forefront of every industry. As a company, what can you do to become more efficient in your workflows and practices?

Celebrate every milestone, big or small. Acknowledging an achievement can be very energising and empowering for your team. Tax services Singapore

2020 has been surreal for all of us, but remember — as smallish operations, we have a distinct advantage of flexibility whenever changes crop up.

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