If you've actually managed to actually get a business off the ground, you should consider yourself lucky. The amount of businesses that never make it past their initial phases greatly outweigh those which never manage to have their break into being properly established companies that aren't struggling to pay the rent each month. However as great as having an established and successful business is, there are several things which need to be taken care of so don't get complacent. Some are simple things, and others are somewhat complicated legal matters that you can't afford to get wrong. Here are a few of them to make sure you're up to speed.
Get your DUNS number sorted
If you are still going around asking yourself questions such as “What is a DUNS number and how do I get one?”, then there are some things which you might want to catch up on. If you have not yet sorted your DUNS, or Data Universal Numbering System number, then you should get on it ASAP. Plainly put, a DUNS number is a nine-digit long number which is used to ID your business within most governmental and affiliated organisation systems. Considering the number can be used across literal dozens of countries around the world which include the EU, the USA and Australia. It’s easy to get one if you own a registered company based in the UK or Ireland, so if you still happen to not possess one then what are you waiting for? You’re just missing out on a plethora of potential benefits, so get on it.
Take care of your taxes
We all know that taxation can hit pretty hard at times, so make sure you are prepared for the inevitable when the time comes. You can’t avoid it, well, at least not legally, but you most definitely can prepare yourself for it, and you can do that in a manner of different ways. Get an accountant to sort out your taxes for you. If you hire a good accountant then this is not as much of an expense, as it is an investment. If your accountant does their job properly, you could even be saving money by hiring them. Meet with a tax advisor and get the info about any topics which you're not too sure about. A meeting such as this one can be incredibly insightful so don’t just write it off as a waste of time.
Business account for business people
Rather than having your own bank account doing all the work, open up a separate business bank account which is easy to open when you have properly registered your business. Not only can you get some benefits with a business bank account which you cannot get on a normal account, but it will also allow you to manage your money much more clearly. You will have a clear showing of what is company money and what your own personal savings are.
