Operating Your Business

 

Expanding

If you have already successfully started a business and are ready to take the next step, you may be wondering what you can do to help your business grow. Maintaining your momentum means looking forward even as you focus on the present. Forecasting and planning are critical to your continued success.  One important way to help developed our plan for growth is to develop a marketing plan.A strong marketing plan will ensure you’re not only sticking to your schedule, but that you’re spending your marketing funds wisely and appropriately.

There are several ways to grow you business depending on the type of business you own, your available resources, and how much money, time and resources you're willing to invest all over again.  Some of those ideas include Opening another location, offering your business as a franchise or business opportunity, licensing your product, merging with or acquiring another business, or expanding to the Internet.

Human Resources

Once you are ready to hire employees, it is important to remember that as an employer you have certain responsibilities and obligationsYour organization's workforce is one of its key assets. Managing your employees is critical not only to the basic operation of your business, but also for its ongoing success. Before you hire your first employee, there are several steps you need to take to ensure you are following state and federal regulations.  

It is important to have an effective job description so your applicants and employees have a clear understanding of their duties and can be held responsible.  Another essential tool to help manage employees is an employee handbook. An employee handbook is an important communication tool between you and your employees. A well-written handbook sets forth your expectations for your employees, and describes what they can expect from your company. It also should describe your legal obligations as an employer, and your employees' rights.  

Insurance

Insurance is a risk management tool that can help you protect your business, your employees and your customers. Unexpected events cause many successful small businesses to close or can destroy existing assets. Insurance coverage is available for every conceivable risk your business might face. Cost and amount of coverage of policies vary among insurers. You should discuss your specific business risks and the types of insurance available with your insurance agent or broker. Your agency can advise you on the exact types of insurance you should consider purchasing.

As an employer in Montana, you are required  to pay for unemployment insurance and workers’ compensation insurance

Marketing and Sales

Creating a solid marketing plan is essential tool for your business' success. In order to successfully grow your business, you’ll need to attract and then work to retain a large base of satisfied customers. Marketing emphasizes the value of the customer to the business. 

If your business involves selling a product, you are probably looking for ways to improve sales. A sales strategy will focus your efforts on your most important customer audiences, existing or potential. 

Paying Taxes