Top 5 things you can do in 2010 to increase the value of your small business

Big improvements often come from small changes. What could you do in 2010 to build the value of your small business?

  1. Get professional small business accounting advice and follow it! Get your books set up in a way that makes your profit/loss statement a tool to run the business not just a piece of paper.
  2. Stop trying to avoid taxes the risky (read…illegal way) and start taking advantage of small business tax breaks that are legal. First step, set up a small business retirement plan.
  3. Decide to learn something new this year. You may have been doing the same thing for 20 years and you THINK it’s right…but that doesn’t make it right. No matter how good you think your business is… you are probably wrong. Do you have the nerve to find out?
  4. Hire someone smarter than you this year. Do you have the courage for that?
  5. Tell your employees thank you when they do a good job. Don’t assume they only care about the pay check, they deserve recognition and you have to be the one to deliver it…sincerely. 

Nothing above is too difficult, unless you make it difficult. Now get going, it’s a new year.