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.

Jump to the section you need:

 

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.

 

Hire employees

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:

  1. Get an Employer Identification Number (EIN)

  2. Find out whether you need state or local tax IDs

  3. Decide if you want an independent contractor or an employee

  4. Ensure new employees return a completed W-4 form

  5. Schedule pay periods to coordinate tax withholding for IRS

  6. Create a compensation plan for holiday, vacation and leave

  7. Choose an in-house or external service for administering payroll

  8. Decide who will manage your payroll system

  9. Know which records must stay on file and for how long

  10. 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.

The Small Business Administration offers additional guidance.

 

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.

 

Cybersecurity concerns

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.

The SBA also has upcoming cybersecurity events.

 

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.

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There are great people, things, and businesses from Fluvanna. This site highlights all of those great things. Check out the new Fluvanna Business Directory and available small business resources. This website is maintained by the Fluvanna Economic Development Office.

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T: 434-591-1900 x1053

E: econdev@fluvannacounty.org

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