Manage Your Business
Congratulations, your in business now! Keeping a business going is no easy feat. But the resources below should help you keep your business going.
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Manage your finances
Managing your finances is vital to managing your business. Have you determined your method of accounting? What is your accounting software?
The Central Virginia Small Business Development Center can help with this along with additional financial resources.
Before finding the right person for the job, you’ll need to create a plan for paying employees. Follow these steps to set up payroll:
Get an Employer Identification Number (EIN)
Find out whether you need state or local tax IDs
Decide if you want an independent contractor or an employee
Ensure new employees return a completed W-4 form
Schedule pay periods to coordinate tax withholding for IRS
Create a compensation plan for holiday, vacation and leave
Choose an in-house or external service for administering payroll
Decide who will manage your payroll system
Know which records must stay on file and for how long
Report payroll taxes as needed on quarterly and annual basis
The IRS maintains the Employer’s Tax Guide, which provides guidance on all federal tax filing requirements that could apply to the obligations for your small business. Check with your state tax agency for employer filing stipulations.
Marketing and sales
Developing and implementing a marketing plan will help your business. You also will need to determine how you will make sales. The SBA has additional resources for both items. The CVSBDC also has available resources.
Small businesses are attractive targets because they have information that cybercriminals want, and they typically lack the security infrastructure of larger businesses. Learn more at the SBA. You can learn more about technology at CVSBDC. The 2020 Quad County Business Summit also included a breakout session on cybersecurity.
Selling to the government
Did you know Virginia mandates a portion of all purchases of the state government are from small businesses from Virginia? This includes everything the state purchases! Your business may be able to sell to the state! Learn more from the CVSBDC here.
Selling or closing your business
An exit strategy is important for any business. At some point, you'll need a plan to exit your business. The 2020 Quad County Business Summit had a session on preparing well to exit well.