New Year Checklist for Small Business Owners

Happy New Year!!

It’s still early days in the new year;  whoop! Whoop!! Whoop!!

Nothing beats starting off the new year on a right foot and even if you have already started going about your business activities for the year, here are a few things you would want to check out, apply and execute all year round for a successful business year.

1. Set a goal : For every business, there is at least a common goal we all seek to achieve. It is to generate more revenue (profit) through sales. For some business owners, it could be more than just sales. Other goals they will have include opening more branches, expanding their customer base, widening their product reach or even introducing a new product. All in all have a plan, and set a SMART goal.
2. Get an action plan: For every goal set, get an action plan. Action plans are simply your laid out strategy to bring your goals for the year to fruition. It’s not just a written down plan, but one that is carefully followed through all year round. You can break these action plans down into very simple tasks to be executed daily, week or even monthly. This will require some form of accountability, meaning as a business owner, you need to hold your team mates accountable just as you do yourself too.
3. Have a working budget: A working budget simply outlines your revenue projections and anticipated expenditure all year round. You don’t want to start and end this year with excessive unplanned and unwanted spending. Likewise, it is very prudent to have a revenue goal and what sources you anticipate to get your projected revenues. You have to follow through this budget monthly or quarterly to see the progress you’re making as a business, then you can make the necessary adjustments on budgets and business flow.
4. Register your business: Most small business owners run their businesses for so long without duly registering their business names with the mindset that it’s just a small business or just my side hustle. Guess what? You are risking your hard earned business or brand name. Should anyone go ahead of you to register the name first at the Registrar General’s Department, they become the owners of your hard earned business name. You don’t want to risk this. Want to register your business name? Go to: https://www.launchapp.co/our-services/
5. File your annual returns/ Renew business registration: For every registered business in Ghana, you’re required to file your annual returns (in the case of a registered company) or renew your business registration (in the case of a sole proprietorship business) to avoid penalties and having your business name being taken out of the Registrar’s system. Filing of annual returns and renewals of business registration are done at the Registrar General’s Department. (Renew your business registration from the convenience of your home: https://www.launchapp.co/renewals/ )
6. File your taxes: Compliance is a big deal for a lot of business owners . As a business owner, filing and payment of  taxes is one way of being compliant. Ignoring this civic responsibility as a business owner can cost you and your business in the future, especially when bidding for contracts or securing deals with some individuals and corporate institutions. Every registered business owner is required to open a tax file at the Ghana Revenue Authority. Taxes to be filed by the business owner and business include Personal income tax, VAT, PAYE and the corporate tax.

Cheers to a successful business year.

Need further assistance or clarification on any of the subjects mentioned in this article? Call us now on 0302951447 / 0248586397 for prompt assistance.