Essential Tasks Every Business Owner Needs to Complete

Essential Tasks Every Business Owner Needs to Complete

Running your own company is an incredibly demanding job and one that likely consumes all of your time. When you are solely in charge of a company, it can feel like there are endless tasks that need to be completed, and finding the time to get them all done can be challenging. With so many items on your daily to-do list, you may find it tough to keep on top of your workload, leaving you forever playing catch-up. If you find yourself in this situation, you might be concerned you will overlook essential tasks and put your business at risk. This list should help you stay on top of the tasks involved in running a business and make it easier for you to prioritize your workload so that important jobs are not overlooked.

Renew Your Legal Entity Identifier Code (LEI)

If your business is obligated to hold a legal entity identifier, it is your responsibility to ensure this is kept up to date and renewed when needed. To prevent your LEI from lapsing, you must keep up with applying for your lei renewal and remember when it is due. If you forget to renew your LEI before the expiry date, your LEI code will become inactive until you complete the renewal. So, it is vital to ensure you make a note of the date that your LEI is due for renewal to ensure that it does not lapse. Letting your LEI lapse could have severe implications for your company, so it is always best to renew your LEI code on time.

Your LEI data will need to be updated every year to meet the true data verification requirements and ensure that all your company information is current and accurate.

Monitor Cash Flow

Monitoring your business’s cash flow may seem like an obvious task to complete to ensure your company’s finances remain healthy. However, it is surprisingly easy to overlook this crucial task when you are managing a heavy workload. Keeping track of your accounts payable and accounts receivable is something that you should consistently do to ensure that you make informed business decisions and prevent your business from running into financial difficulties.

Equipment Maintenance and Safety Checks

While making money is your business’s main aim, it is essential that health and safety in the workplace are a focus for your company. The International Labor Organization (ILO) estimates suggest that approximately 2.3 million workers experience workplace injuries or illnesses each year. This vast figure demonstrates how common workplace accidents and injuries are and how crucial it is to take action to try and prevent them.

Making workplace health and safety checks a task that is at the top of your priorities is vital to ensure your employees are protected. This can be achieved by inspecting equipment regularly, maintaining records of equipment maintenance, and ensuring all relevant health and safety legislation is followed. Making these tasks a part of your regular routine should ensure that these vital jobs are not forgotten.