Last time we talked about the importance of being business ready in becoming a certified supplier. Be business ready and business focused. Here is an overview of what was discussed in Ways to Become Business Ready (Part II). If you have an interest in becoming a certified supplier you are required to have your last three years of taxes readily available, regardless of your legal business structure.
These documents will be a part of the required supporting documents in becoming a certified supplier. Not only are these records important for becoming a certified supplier but it will help you become business ready. Having these documents ready and in place are ideal if you need to acquire financing or to better understand your internal financial positioning.
Now another way to become business ready is to have a team in place. Having a team is key to helping you to stay on track in your business, whether you hire a virtual assistant or bookkeeper part-time. With a virtual assistant in place they can help you in performing minor tasks for your business. While for your financial upkeep you can choose a financial software program.
One choice for a financial softward program is Quickbooks. In using Quickbooks you can sync your banking and credit card information to help you in maintaining your financial records. With all of your records in one place you can perform business projections, forecasting, check your inventory, pull your financial reports (i.e. balance sheets), send invoices to customers, keep an account of your vendors, make payments and much more.
You can then use this information to give to your bookkeeper or accountant to complete your taxes and you can use it to assess whether you are business ready to go after a contract, hire or to acquire additional inventory. After assessing your records you can then determine if your business is financially healthy or depleted. Initially, the software that you purchase may appear to be costly and the learning curve may appear to be daunting but eventually it pays off.
The point is to make your job easier that will help your business to flow better. Even if you hire a virtual assistant or bookkeeper becoming business ready is a win-win for everyone involved. I am sure that you can think of other ways to position yourself to always be business ready. Click here if you missed Ways to Become Business Ready (Part I). Good luck!
Connect with me at Jabez Enterprise Group (JEGroup), @JEGroupBiz, LinkedIn, Facebook to see what we are doing next and pick up a copy of Get the Cheese, Avoid the Traps: An Interactive Guide to Government Contracting, if you are looking for ways to grow your business.
Published Author, Speaker, Founder/Owner Jabez Enterprise Group (JEGroup)
“Don’t think small or your limitations, think business” Vernita Naylor