Get Started On Your Small Business Success Checklist

Create a business plan. It doesn’t need to be long and complex for a simple business, however, you do need to develop a basic path you will take. It will tell you what you need and how you plan to grow. Business plans should be working documents that get revised when circumstances change.

Company Name. Have you selected a name that makes it easy for customers to remember you and find you? Is your name easy to spell? Can you read it in every size, from business card to billboard?

Legal Structure. Did you consult an attorney or CPA, who specializes in small businesses similar to yours, to determine the , based on your goals?

Business Phone. Do you have a listed business phone so you can be contacted by customers, suppliers, and creditors? If you’re using an , you must be certain you can be easily located.      

Employer Identification Number (EIN). Before you can pay yourself or anyone else, and before you open your business bank accounts, you need to contact the IRS to secure an EIN. Do it online; they'll e-mail it to you quickly.

Business Bank. Have you interviewed a wide spectrum of banks and credit unions in your area to discover which institution will serve your needs best, which you feel most comfortable with, and which is most committed to nurturing start-ups in your community?

Licenses, Permits, Zoning. Many start-ups end up with their company temporarily shut down because they innocently fail to apply for appropriate documentation required before you begin business transactions. Prevent any problems. Complete all legal paperwork.

Commit to excellence. Whether you’re cleaning houses, baking cupcakes or consulting for companies, decide you will always deliver excellent products and services with a positive attitude. This will distinguish you from most competitors.

Know Your Limits. If your personal credit is trashed, whatever the reason, know you’re not going to qualify for credit in your name. You won’t be guaranteeing any business credit. You will need to gradually build your business’s credit in the company’s name.

Apply for your DUNS number from D&B. You’ll discover you’re asked for it when you open business accounts. You’ll begin to establish a Paydex score, which is a business credit score.

Consider Equifax and Experian. With very good to excellent personal credit, you will want to establish business credit files with Equifax and Experian. Because they combine your personal credit history with your business credit history, anyone with damaged personal credit should not establish these accounts early in their company’s life. Poor scores could prevent you from accessing credit which might be available to you with an excellent Paydex score and no business files with Equifax and Experian. Eventually, you’ll probably need to open these files, but the longer you can wait, while your credit is improving, the more positive it will be for your business.

Join your local Chamber of Commerce and civic organizations. Become active in your business community. It’s part of building your reputation with your bank and with local customers.

Open local accounts first. To begin to establish business credit, open accounts with low balances with local suppliers.

Invest in marketing to attract clientele. Sometimes the most creative marketing ideas evolve from no budget. Effective delivery of customers is what’s important -- much more than any old school, often boring, marketing process. Skip the norm; go for wow.

Make accurate accounting a priority. Consult a CPA before you set up your books. Plan ahead to minimize tax liabilities. Hire a part-time bookkeeper if you won’t stay current on daily record-keeping. Companies have gone from start-up to IPO on Quickbooks. You don’t need monstrous, difficult accounting software. Keep pristine records.

Focus on building business credit. My series, , offers step-by-step assistance.

Hire the best talent you can. Your employees are your ambassadors to your customers. You want them to be excellent representations of your business.

Ask for customer feedback. Sometimes it’s difficult to know what customers like and what they don’t. Ask them. Offer a discount that’s large enough to make people feel sharing their opinions is worth their time. Don’t "dis" the responses. Look for patterns that indicate larger issues. Anything that makes customers uncomfortable will cause them to seek alternative sources.You probably want to address those issues first.

Growing a business is a mammoth undertaking. It requires dedication, creativity, resourcefulness, perseverance, attention to detail while seeing the big picture, enthusiasm, and massive amounts of optimism.