One of the most important (but often overlooked) aspects of running your company is addressing the question, “How much should I pay myself?” It’s crucial to pay yourself regularly to maintain financial stability. The whole point of starting a business is typically to create financial freedom and security for yourself and your family. But it’s easy to get caught up in the day-to-day operations and forget to take care of your own paycheck.
Read MoreSimilar to other decisions you’ve had to make on your own, retirement is another crucial financial topic you must diligently explore to set you and your business up for success.
Small business retirement plans vary in terms of structure, benefits, and suitability, depending on the size of your business and team, your financial situation, and your goals. Choosing the right one for your business can feel daunting, but the sooner you decide which plan is right for you, the better handle you’ll have on your retirement planning.
Read MoreIt's that time of year again — tax season is fast approaching! As a successful small business owner, we know you’re busy enough without stressing about gathering receipts, tallying up expenses, and rushing to file your taxes on time.
But fear not! With a few organizational tips and tricks in place throughout the year, you can reduce your tax prep stress and breeze through tax time next year.
Read MoreJotting down your goals and visualizing their realization is exciting, but it's merely the starting point. Genuine progress happens when we dig deeper and adopt a mindset and lifestyle that aligns with our goals.
This is where establishing financial intentions comes into play. Our intentions propel us forward, even if we temporarily veer off course from an ambitious goal we've set.
Hiring your first employee is like adding a new character to the story of your business. You want to ensure they're a perfect fit, someone who can help you achieve your goals and take your company to the next level. So, let's jump into the exciting world of small business hiring and the employee onboarding process.
Read MoreSmall business scaling is not just about growing your operations, expanding your team, and increasing your offerings, but doing it sustainably and effectively. If you try to grow your business too quickly or too haphazardly, you could find yourself stuck down the road facing burnout, a lack of vision, or even cash flow problems. Learning effective strategies for scaling your small business can help you anticipate common challenges and discover actionable solutions.
Hiring your first employee is like adding a new character to the story of your business. You want to ensure they're a perfect fit, someone who can help you achieve your goals and take your company to the next level. So, let's jump into the exciting world of small business hiring and the employee onboarding process.
Read MoreYou've reached a point where your small business is thriving, and you can no longer be a one-person show. Congratulations! It's time to take that next big step — hiring your first employee. This is a significant leap, and while it might feel a bit overwhelming, we’re here to give you some tips to help make the process more smooth and straightforward.
Hiring your first employee is like adding a new character to the story of your business. You want to ensure they're a perfect fit, someone who can help you achieve your goals and take your company to the next level. So, let's jump into the exciting world of small business hiring and the employee onboarding process.
Read MoreEnsuring that all of your resources are being maximized to their full potential is an essential part of managing your business well. Time management also helps you adapt to the ever-changing business environment, allowing you to keep up with new challenges and embrace new opportunities.
We want to share some of our favorite time management hacks that help keep our business (and personal lives) running smoothly and efficiently.
Read MoreAs a small business owner, you are (by no official definition) a unicorn! Your business origin story is unique, your leadership style is unlike others, and you solve problems and handle challenges in your own way.
So while we don’t want to discredit your uniqueness, we do want to point your attention to a common small business life cycle that most entrepreneurs experience. Knowing these stages can help you prepare for upcoming challenges, face current struggles, and be equipped with knowledge and skills for the future.
Read MoreThe actions we take today can significantly benefit our future selves, whether it’s cleaning up our diet, investing in healthy friendships, or getting our tax paperwork in order.
Come early 2023, I want you to feel prepared — and relieved — that you had the foresight and knowledge to get you and your business ready for tax season. Planning early may seem somewhat insignificant in midst of all the work you’re busy with. But in reality, taxes are a huge part of your business's overall financial health and affect a lot of high-level business decisions.
Read MoreHaving a budget as we head into the festive (and expensive) holiday season will allow you to enjoy exciting activities, delicious meals, and gift-giving. You’ll also spend less time scrambling and stressing over finances when you have a spending plan in place.
Read MoreIf you follow me on social media, you know that I am an avid reader. I soak up all the information I can so that I can continue to grow and understand more for myself and my clients.
I thought it would be fun to compile and share the best financial books to read, both for personal and business growth.
Read MoreAs the old adage goes, “you need to spend money to make money.” But how do you know if you’re making the right decisions with your business spending?
Understanding expenses vs. investments is key. It’s important to be intentional about your business to keep your expenses from spinning out of control, but it’s also necessary to know when your business needs an infusion of capital to make meaningful strides forward. Keep reading to learn the 3 questions you should ask before every investment.
Read MorePlanning for college costs in advance can reap tremendous benefits for your child. Instead of having an average of $28,950 in student loans to tackle when they graduate, they can put their money to work for their futures. Without college debt they can use the money they earn to start investing in their retirements, continued education, or even begin saving for a home.
If you’re interested in how to avoid college debt and want to make sure your child isn’t one of the 43 million Americans with student loan debt, read on to find out what you can do to help!
Read MoreWhen you first set out as an entrepreneur, being your company’s chief financial officer (CFO) may not have been top of mind. But even if you’re not a numbers person, have no fear!
We’re here to help you avoid common small business money mistakes — and figure out what to do if you’ve already made them.
Read MoreAs a small business owner, you know the pressure to succeed can be… heavy. And because no one else can take responsibility for your business, that burden can feel both overwhelming and isolating — especially when you depend on your business to support your family and your livelihood.
I get it! With so much on the line, it can be easy to let fear take over when it comes time to make important business decisions. But ironically, this fear can actually prevent you from reaching the success you so desire.
As it turns out, there’s a name for this sense of fear in the world of business and finance: loss aversion. Keep reading to learn 4 ways to prevent it.
Read MoreMaybe you’ve gotten the hang of planning for your monthly business expenses. Your internet bill, monthly subscriptions, and software all have a place in your budget. And each month, you pay the bills on time. You’re feeling good! You’re a business owner, and you’re taking care of business.
But then, all of a sudden, another expense shows up. The yearly fee for your website. The cost to renew your LLC. After years of reliable companionship, your computer finally breaks down.
Unlike your fixed monthly costs, these expenses don’t have a spot in your budget. They don’t have a pile of money with their name on it, waiting to be spent. So how do you efficiently plan for them?
Read MoreRemember the old adage; businesses who fail to plan, plan to fail. By completing the steps in this year-end financial checklist, you can rest easy knowing that you’re creating a plan for success. You can’t improve what you haven’t measured, and this checklist will help you measure all the right things for year-end planning and improved forecasting.
Read MoreBoth new and seasoned business owners grapple with this problem every day, so you’re not alone. And luckily, there are things you can do to increase your business profit quickly and (relatively) painlessly!
Read MoreWhen you take the leap from employee to business owner, one of the most important things you need to consider is how you’ll pay yourself. Yet this is one area that new (and even some seasoned) business owners continue to struggle with.
Read MoreEssentially, there are three different professionals who can make your life easier when it comes to your business finances (there are more, but these three are the most common):
A financial business coach
A financial advisor who serves business owners
A bookkeeper or accountant
To choose the right professional for you and your business, you need to know what each professional specializes in, the services they offer, and how they can specifically help support your business financials.
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