Guides to starting a business abound on the web but few point out the most often missed crucial components. These factors can make or break a business, so addressing them immediately works to your advantage. Let’s consider what you can do to provide your startup with the best chance for success.

Properly Insure Your Business

Choose a well-respected insurer and consult with it to learn which commercial insurance best suits your business. Investigate whether each insurance company you consider has a history of bad faith, the industry term for when an insurance company fails to fulfill policy obligations. Only work with companies that act in good faith.

Financial Factors

Startup founders often focus so hardily on funding that they forget the importance of budgeting and accounting. Plan for the worst-case scenario so that if your new business does not make a profit in its first months or year, you can still pay the bills. Your startup funds might come from your credit card, a bank loan, or angel investors. Every source except your credit card will ask to see your budget.

Create your budget and budgeting process first. Work with your accountant to build a viable, accurate granular budget. If you cannot hire a full-time accountant, hire an independent contractor because every startup needs accounting support from the beginning. According to the Financial Post, for 87% of small business owners, the business’s accountant becomes a trusted business advisor.

Work with your accountant to research and set the business’ pricing model. Instead of picking an arbitrary price point, write your business process for setting prices. As your business grows, this helps you update the price of your existing products and set appropriate pricing for new products.

Continuous Improvement

Choose an improvement methodology, such as Six Sigma or the Toyota method, when you establish your company. Use this improvement method throughout your company’s existence to drive innovations, evolve business processes, and marshal the resources of your research and development (R&D) department. Every goal of the R&D department should align with your business’s mission statement and vision, including strategic objectives that improve your company overall.

Eliminate time-wasters, those tasks that require lots of time for little results. Improvement methods like those used at Toyota can spot these problems. Ask the employees who handle the tasks what would make them go faster. Sometimes, automating activities or creating keyboard shortcuts can significantly reduce task time. Apply the same improvement methods to your manufacturing line and your office processes. Review business systems and processes annually at a minimum. Efficiency updates can spur business success.

Organizational Structure

Startups don’t typically envision their business as it will exist five years from its founding. More than 90% of small businesses in the U.S. fail, so they don’t plan that far ahead. Create your organizational structure at startup, then fill positions as you grow.

Create meaningful job titles and descriptions so you’re ready to go when you can hire employees. Offer fair compensation, including fringe benefits, and an exemplary company culture. Doing so prepares you for operational success.

Develop onboarding procedures and paperwork before opening your company. Consider creating an all-electronic onboarding package that goes beyond tax paperwork and payroll information. Include the company’s organizational structure, mission, vision, and purpose. Each individual’s packet should contain their job title, description, and function within the organization.

Staff Development

While envisioning your business, plan your company’s staff development program. Begin with the idea that every staffer should attend continuing education courses. This helps you develop talent from within, which can speed up your search when a position opens. The need for continuing education applies to every staff member, even the C-level.

Marketing Your Business

Start your company with a well-designed, organized website. Focus on the user experience and make sure your web pages answer common customer questions. According to Forbes, 21% of business owners say that their website has low traffic issues. Combat this from the start by consulting with a search engine optimization (SEO) expert to develop a website that search engines rank highly, so people can find it.

In Summary: Plan for Success

Envision your business as a success from the beginning by creating a plan for each department and the overall business structure. Focus equally on strategy, budgeting, and business processes. Provide a positive environment for employees and stay prepared for growth.