When you first start a business, you may feel like you are making a lot of decisions on the fly and going with the flow while you discover what your business is about. This approach can work well at first, as it helps you remain flexible to change and new ideas, and helps you find the best niche in your market as quickly as possible. But once you have found some success and have your roots planted as a company, you need to start planning. Here are a few tips to help you be strategic about running your business.

Setting Goals

The first thing that you need to be doing to run your business more strategically is start setting smart goals for your business. While you may have some vague goals or aspirations, it is important to also have concrete, tracked and sought-after goals. You should be setting goals that are measurable; for instance, setting a sales goal of a particular number, versus immeasurable things like getting more “comfortable” in your marketplace. They should also be trackable and achievable. You don’t want to set goals that are too challenging or too easy; finding the sweet spot will help your employees and your bottom line.

Smart Tax Planning

The next key to being strategic about running your business is to start tax planning now. It may sound crazy but saving yourself tons of time when tax season comes around can help you stay on track and able to focus on business year-round. You also need to structure your business properly to avoid double taxation. An LLC avoids double taxation as it is taxed as a pass-through entity. A C-corp on the other hand gets taxed on its business income, then you get taxed on your income from dividends after that.

Think Long-Term

The final step to strategizing to run your business is to think long-term about your business. The key to planning and strategizing ahead is knowing where you want to go. If your long-term business goals are a destination, your strategy is the path you take to get there. If you don’t know where you want to go, you can’t make a cohesive path to your destination. Think about where you would like to see your business in five or ten years, and simply plan your goals and business directives towards getting closer to where you want to be.

Business strategy can be a difficult concept for many entrepreneurs. But being strategic about operating your business is what will take you to the next level. Follow these three tips and you are on your way to creating a killer business strategy.

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