19 Mar 2019

Building a Strong Foundation for Your Business

Have you ever had a pre-drywall inspection? In new construction, that’s when the experts take a look at the electrical, plumbing, and framing of the building before the walls go in. It’s important to make sure the framing and structure are completed correctly before they are covered up with the pretty parts: walls, ceilings, and flooring.

This is a great way to think about your business too. If starting from scratch, what are the nuts & bolts? Make sure you’ve got the foundation and essentials in place, and consider working with an expert to help you get it right as you go through each step of building your business. Even if you have been in business awhile, it can be beneficial to review the basics from time to time.

Some basic essentials to consider for your business are:

  1. Purpose of the business: What are you building? Why are you in business? Who do you serve? What service(s) do you provide? What does the market demand, need, support?

  2. Foundation: Set up the business entity (LLC, Sole Proprietor, S Corp., etc.) or review your existing entity to determine if it still makes the most sense for your current financial situation and company size.

  3. Framing: Set up your business bank account, insurance, overhead budgeting, accounting software, business license and registration with the state. Be sure to review and renew these systems and processes on a regular basis, to make sure they are still the best fit for your growing company.

These are the basics to inspect before getting to the pretty parts like sales, marketing, customer service, and pricing. You may also consider working with experts to help you stay on track (i.e. a CPA, a business attorney, a business coach) who can each provide important perspectives and accountability.

by Kim Ellet, CPC, The Growth Coach of Metro Atlanta

Kim Ellet is a certified professional coach and owner of The Growth Coach of Metro Atlanta. She finds joy in helping successful leaders committed to continuous improvement, be more of who they are, dream bigger dreams, and accomplish more than they realized was possible. www.TheGrowthCoachATL.com

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