15760 Ventura Blvd, Suite 610 Encino, CA 91436
15760 Ventura Blvd, Suite 610 Encino, CA 91436
Personal, Affordable Payroll Services, Bookkeeping, and Tax Processing for Small Business throughout Los Angeles County.

3 Keys to Small Business Success

What do you need to build a strong business? Is it just a great idea? Is it business “sense?” Or is it something else? If you are a small business owner, here are three keys to success that you may not have considered. With these factors in place, you will be ready to succeed.

Exceptional Use of Technology

Today’s businesses have more technology at their fingertips than ever before, and with the advent of the cloud and the Internet of Things, that technology is becoming increasingly mobile. A successful small business is going to need to find and implement the technology that best meets their needs and the needs of their customers. Some of the more vital technologies include those that allow for the collection of payments more easily, such as emailed invoices and bills, and e-commerce payment processing. Also, technology that allows the business to go on the road, using a phone or laptop to stay on top of things, will help the business appear larger than it really is.

Relationship with a Bank

Running a business requires money, and the bank is the place where money can be found. Businesses need to stay on top of their income and expenditures, and a strong partnership with a bank can help with this. Today’s banks can keep business owners aware of their daily bank statements through daily notices. Having a strong relationship with a bank also helps businesses get the funding they need when expenses arise or growth is necessary. Because of the importance of this partnership, it is imperative for a small business to have a business bank account and work to build a relationship with the bank providing that account.

An Accounting Professional

Finally, a strong business today needs a trusted and skilled small business accounting professional. Whether the bookkeeper is on staff or is hired on a contract basis, it’s critical to ensure that the business’s books are kept up to date and available to the business’s owner in real time. With a skilled accountant on the business’s side, you can be made aware of potential problems and also opportunities for growth. Accountants can also assist with keeping books accurately for tax purposes, limiting the risk of audit or the hassle if one occurs.

Building a strong business requires more than just good business sense, though that is an excellent starting place. It also requires knowing when to seek the help and guidance of financial pros, how to utilize technology and how to get the funding needed to keep a business growing. For help with small business accounting, contact the team at Accounting Taxes Payroll Partners today at 818-436-2775.