Manage Your Business

The Lord Fairfax SBDC is here to support you as you take charge of your business. Our resources include tips for establishing strong operations, advice on hiring employees, and resources for maintaining good financial records.

The following are important guidelines for better managing your business. If you have questions or need additional information in any of these areas, please contact us at 540-868-7094 or email us. We are here to advise and coach. We can also provide referrals to professional resources. Additional information can be found in our Interactive Resource Library. You can also search the Library by industry or area of need.

Review Your Business Plan

Once your business is up and running, it is important to periodically step back and take an overall look at your business and how you are fulfilling your business plan. At least once each year, review your written business plan and update it to reflect the current state of your business and your plan for the future. 

Maintain Good Records

You have taken the steps necessary to start your business in the proper manner. Be sure to maintain required records throughout the life of your business. Need help? See our recordkeeping guide.

Get Insurance

Be sure that your business is adequately insured. There are many resources available regarding business insurance. The Small Business Administration’s website lists descriptions of various types of business insurance.

Hire Employees

It is crucial that small business owners take all of the proper steps when hiring employees. There are many factors to take into consideration. You can review them at https://www.sba.gov/starting-business/hire-retain-employees/hire-your-first-employee

Pay Taxes

Depending on your business structure and type of business, you will owe various Federal State and Local taxes. It is the business owners responsibility to know what taxes must be paid and to pay them on time. 

IRS Filing & Paying Your Business Taxes website:  https://www.irs.gov/filing/self-employed-small-businesses

By locality:

Track Cashflow

Periodically, you will want to update cash flow projections comparing the actual results from the latest month (and later, quarter to quarter) to test the validity of your assumptions and manage your cash flow. This important function can provide a path to growing your business, expanding, answer other “what if” questions and point to possible solutions for working capital needs.

Rather than prepare one forecast, some businesses prepare several: best-case and worst-case scenarios, along with the most likely outcome. This range of possible outcomes will assist with decision making by highlighting the risks and rewards of following certain financial strategies.

Cash Flow Budget Excel Worksheet

Dealing With Cash Constraints? Tighten Your Belt and Fight Back With Bootstrapping link:  https://www.sba.gov/blogs/dealing-cash-constraints-tighten-your-belt-and-fight-back-bootstrapping

Beef Up Your Marketing

All businesses can benefit from expanding their customer or client base. Marketing plays a key role in the continued success and growth of your business. 

Prepare for Emergencies

All businesses, regardless of size, need to be prepared in case of disaster. The ability of a business to get back up and running after disaster strikes is much easier if steps were taken before the disaster to prepare for such a possibility.See the SBA’s website for more information and helpful resources.