Paycheck Recommends Five ‘Must Have’ for the Small Businesses

In order to enhance the success of small businesses in the long-run, Paychex Inc, a renowned payroll service provider is advocating for five major tools. According to information gathered from the Association of Booksellers, almost half of the revenue earned by businesses that are owned locally is re-circulated across the entire economy. Saturday, 29^th November 2014 is a day set aside for supporting small business owners. In order to help the start up of the growth businesses, the following recommendations are essential for the success and growth of small businesses.

1. Building an in-depth business plan

When starting any business, planning is of utmost importance. Get to know what your goals are and the how you will go about attaining each one of them. The goals may be creative or financial. The business plan will act as a guide to their business.

2. Securing a dependable lender

It is expensive to start a business. As such, one should do extensive research in order to look for a lender who can offer affordable rates. In case the conventional bank does not do the lending, it may be wise to consider market places of online business loan.

3. Outsource business functions that seem obvious

The tax obligation and payroll function are some of the tasks that small businesses may consider outsourcing. This leaves the small business owners with ample time to concentrate on the success and growth of their business. They will also help the businesses to streamline returns and processes.

4. Set up an online process

According to a survey conducted by National Small Business association, more than 80 % of the small businesses have got the ordinary website. More than eighty five percent of small businesses sell their services and products through the same site. It is quite an intimidating task to handle the maintenance and development of a website. This is because it requires constant and ongoing management. For the business owners who haven’t got the expertise or time in managing, outsourcing is the best option. This will allow owners of businesses to concentrate on day to day operations.

5. Accept electronic payments

By offering your customers several options to make payments, you will not only serve them better but also benefit from receiving quick and easier payments. Business owners are now able to run payments via mobile devices and also issue email receipts to their esteemed clients. Apple Pay on iPhone and also the ‘chip- based’ smart cards are secure payment methods.