Can you afford to bring on a new employee to your small business? The work is rolling in and it would be helpful to have additional help, but it’s important to look at the numbers!
You should be managing your books regularly, whether that be daily, weekly, or biweekly to receive the full benefit of the information your books hold.
Thanks to technology, podcasts are an excellent way to learn about running a business. Podcast topics cover a huge range of information, everything from having a profitable idea, marketing, time management, networking… You name it, a podcast covers it! If you find yourself struggling in one area, listening to a podcast can educate, direct, and inspire you to move past it.
At the end of the day, think about how you want people to do business with you. Take that information and consider the best experience for your customers. Collecting payment is an important part of your customer’s journey and it should be as seamless as possible.
So many business owners feel uncomfortable discussing payment for their product/service. They fear it makes them look needy or unprofessional. This is absolutely not true! Let’s discuss 5 things you can do today to ensure your success. DO NOT let fear get in your way!
Stop! Don’t make another business transaction until you do this one thing. It isn’t sexy, but it’s necessary!
Do you wish there were detailed instructions for the major life decisions you make? A book that told you all the fine print nobody ever talks about? It would tell you all the things you never thought you would say as a parent like “why is this french fry wet?” or as a new home owner “this wire is supposed to do what?!” As a new business owner, just like everything else, there is fine print and it often isn’t discussed.
Every once in a while it’s good to do a check-in with yourself and evaluate where you are. We think you will realize you are farther along than you once were, you are stronger than you thought you could be, and you are determined and driven. It’s all worth celebrating!
When starting a new business, the focus is on the product or service you will offer, how you will offer it, and getting the money rolling in! What may not come to mind is taxes. You may also not consider what tax deductions you will be eligible for.
If you are a small business owner and filing your own taxes, it is important to know the tax deductions you are eligible for! You work hard and keep your business moving forward, the last thing you want is to give your money to the IRS. You want to save as much of your hard earned money as possible!
When it comes to filing your taxes, there are ways to save as an employer. There are tax deductions based on the expenses you pay for your employees. We want to make sure that as a business owner you are taking advantage of all the tax deductions possible!
Honestly, we are not big fans of filing extensions. We find that business owners have a hard time moving forward into the new year when they haven’t closed the previous year out. It’s almost as if they have a weight they are carrying and can’t put down. However, We do believe there are two good reasons to consider filing an extension.
Without a doubt, the number one reason to become an entrepreneur is so you control your own destiny. We are not just referring to how you live your day-to-day life, but your long-term future. When you think about the long-term, you should be considering retirement. As a business owner, you have so many opportunities to create a huge nest egg for your future!
Owning a small business makes you very aware of every penny coming in… and going out! While following your passion is why you started your business in the first place, the reality is, it needs to be profitable. Most small business owners try to save every dollar humanly possible, but there are just some things you should not skimp on. Tax preparation is one of them.
No one likes to pay taxes. Most people don’t even want to talk about them. We get it. Taxes can feel overwhelming and lead to frustration. However, understanding how taxes work is essential to setting yourself up for success.
When you can deduct business expenses depends on several factors: whether you are an accrual or cash basis taxpayer, what type of business you are, if related parties are...
Setting goals may seem like a minor footnote compared to the other items on your to-do list, but we cannot stress this enough; it is the most important part...