If you’ve ever found yourself asking questions such as “when are taxes due?” or “what should I expect to owe in taxes?” this article will help you understand everything you need to know about taxes as a small business owner.
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With the end of summer comes lots of fun and anticipation. Back to school, football, the end of the 3rd quarter, and a time to plan how the end of the year will look for your small business. And with the state of inflation, why not take advantage of Labor Day sales 2022 to tackle some big expenses for your small business?
Today I’m discussing why Labor Day sales 2022 can be a great tool for your business. Keep reading to find out how!
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How many times over the past couple of years have you heard someone mention struggling with money-related stress?
My guess is, probably too many times to count. And for every person who did mention it, there are probably several others who were too embarrassed to bring it up.
As a business owner, maybe you’ve struggled with finances over the past couple of years. The global pandemic wreaked havoc on all kinds of businesses, big and small.
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You probably started the year off with the best intentions for your business. As a responsible business owner, you set your goals when the new year rolled around. Maybe you wanted to hit $25k in revenue per month. Or perhaps you set your sights on expanding the services you offer.
A mid-year financial checkup is the best way to evaluate whether or not you are on target to hit your goals. And if you’re not, then it’s a good time to course correct.
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One of my favorite exercises at the beginning of a New Year is sitting down to reflect and set informed financial goals for my business and personal life. This month, I invite you to join me by analyzing your current spending and figuring out how to find extra money in your budget to reach this year’s goals.
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Think of all the words you’ve used to describe your budget. If the terms “complicated,” “confusing,” “time-consuming,” or “outdated” come to mind, that’s okay! You certainly aren’t alone. The truth is, budgets are hard. Not only do you have to set up all of your accounts and categorize your expenses, but you also have to monitor, analyze, and adjust your budget regularly to reflect your true spending needs and habits.
If you routinely fear that you’re running out of money or that you don’t have enough to bankroll your biggest priorities, then keep reading. While you might be struggling with budget problems right now, after reading this article you’ll be able to diagnose and amend your budget so you know where incoming money is going before it even arrives.
Remember 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.
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Both 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!
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When 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.
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Essentially, 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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Well-done budgets can be so freeing. They can ultimately take a lot of the fear out of our finances.
Luckily, creating a budget for your business doesn’t have to be difficult or daunting. I’ve developed a simple five-step guide you can follow to create your own business budget right now and get more clarity on your business finances. Let’s get started.
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You’ve made the leap, business is rolling in and one of the first questions usually is - “How much should I be spending on things like my website, advertising, social media, hiring experts, etc.? And also, when should I start doing that? At the beginning? After I have revenue? Take a loan? Use my savings?”
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It’s officially fall in Western Pennsylvania! The air conditioning has been off for a few weeks, pumpkin flavored everything is in full swing and the cooler temperatures are setting in. And October this year has another benefit for many Americans, a 3rd paycheck.
What most people are inclined to do is pay off large amounts of debt with that extra pay. Was that what you were thinking too?
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Profit First is a life changing system for any business owner. Not just some, not just new businesses or small businesses or service based businesses or owners who don’t handle money well. Profit First is literally life changing for anyone who fully implements it in their business! Why? I want to dig into that below.
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When you start a business, you don’t realize the one million things that it will require of you. You simply think, I charge money for my service/product that I love and I make money! Voila!
But it doesn’t quite work that way….one of the most important things for business owners to understand and learn to manage is not just their revenue and expenses, but moreso, cash flow. So what is cash flow?
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