How to Set Up Your Business Requirements Checklist

Whether you're setting up your first business or have been working at building a legacy for decades, a business management checklist helps you make sure that your licenses are renewed, your certifications kept current and all your qualifications kept up to date.

Here's a quick look at the process and how to plan your business' requirements for the year in an easy-to-follow checklist.

Create a cheap calendar.

Whether you use an online calendar or a cheap paper planner, make sure it has the ability to add tasks to your list. This allows you to add the tasks ahead of time as well as the final dates when they're due to avoid late fees.

Look at your requirements.

What do you need to have to stay in business? Make a list of your business licenses, certifications, tax payments and similar expenses and add those dates and costs in first, as they're necessary to keeping the doors open.

Consider the cash flow.

If all of your business licenses, professional certifications and similar expenses hit during the same time of year, pre-pay some of them to spread out the expenses over the year.

Include the income multipliers.

Once you have the basics on the calendar, it's time to add items that multiply income. Whether it's database subscriptions, referral services, marketing or other areas, these make your business worth running.

Replace aging assets.

If you've been in business a while, don't forget to include time to review new equipment to replace that aging dinosaur in the back shop or warehouse.

Turn it into a checklist.

Break your calendar down into daily, weekly, monthly, quarterly and annual tasks to make it easier to handle throughout the course of the year. If possible, shift busy season tasks towards the quieter parts of the year.

By taking the time to set up a business requirements checklist, you can avoid missing important deadlines and other vital timelines for your projects. This, in turn, allows you to remain profitable by avoiding late fees and other problematic expenses. But what if you're not quite sure which items to prioritize and which ones you should put off? The business professionals at AccountRely can help you sort it out. Please feel free to contact us today to get started.