Key responsibilities for new business owners

When starting a new business there are many responsibilities to consider.

From coming up with the initial idea to finding the finance and sorting the paperwork right through to managing employees, it can all seem a little overwhelming. As a new business owner, you’ll quickly get used to the fact that freedom and flexibility comes with responsibility.

To help you along, we’ve put together a list of some key responsibilities to consider when staring out on a new business venture. Get these sorted and you’ll have a sound foundation to build from.

Legal responsibilities

Make sure you are aware of all your legal obligations as a new business owner. You must have adequate insurance , all the relevant permits and licenses that you need and in keeping with all the legal requirements. The US Small Business Administration provides some great advice on how to stay compliant with state and federal business law.

Finance and accounts

Keeping your finances in check as a new business is essential to drive as much growth and profit from your activity as possible. For example, in addition to providing each of your employees with a W-2 form by the required deadline, you must also file copies of each employee’s W-2 with the SSA, along with a W-3 form.

This form summarises all your business’s employee wages and contributions for the previous year and is, therefore, an essential piece of paperwork. This can be a time-consuming process. However, with advances in modern technology, many of these processes are now automated. You can download IRS approved tax forms from within some accounting software packages which can make this process super easy.  Not only does this save time but there are fewer chances for human error.

People

As soon as you take people on, you put yourself in charge of management of their productivity, training and development. This responsibility requires excellent communication and people skills as, ultimately, you are responsible for your employee’s livelihoods, development and satisfaction. 

READ  Adding Bitcoin to your retirement fund

Strategy

A unique strategy and business model is essential to ensure customer satisfaction and profitability. For some great business advice and strategy inspiration check out this article in entrepreneur.com on Warren Buffet and Bill Gates’ favourite business books.

Customer service

If your new business is customer facing then you must provide the best service possible from the outset. These first few interactions with paying clients will create your business’ initial reputation. You are the face of your business and so how people see you matters. Find a way to project the image that you want your business to enjoy.

These responsibilities require an all-round skillset. Finding a way to look after your legal requirements, taxes, people, business strategy, communications and image all in one go is no mean feat.

By tapping into the support of business advice services, software package and colleagues you can manage all of these and come out the other side thriving.