In the previous blog about money management I told you to come back, so here I am to give you the rest of the tea. Being an effective business owner isn’t always about what you think you’re doing right. You need to be aware of what you’re doing wrong, even if you think it’s the right move. Here’s a few more lessons I’ve learned along the way:
Stay On Top Of Your Taxes. I cannot stress this enough, you have to be vigilant with your taxes. Keep track of everything business related, hire an accountant or tax preparer, and for the love of all things holy do not commingle your business and personal expenses and finances! You do not want to be the person who ends up getting a letter from the IRS stating you’re going to be audited or that you owe X amount of money more than what you paid in. It’s important to ensure that your business is reflected properly on your taxes year after year.
Reduce Expenses. Whether you are just starting your business or you’re a seasoned entrepreneur, it’s smart to have a list of each expense that you have each month and monitor those expenses frequently. This means, if you are subscribed to a certain program or service, make sure that you are actually using it each month. When you are constantly trying to grow your business, it’s easy to allow certain subscriptions to slip through the cracks and next thing you know, you’re paying hundreds of dollars each month for nothing.
Invest In Technology. Think about it, if you have multiple unused subscriptions that you could cancel to adopt one quality service or program that could reduce your work load while simultaneously increasing your revenue. Keep yourself educated on the latest technology and how it can work for your business. Don’t get stuck in an old school way of doing business just because it’s comfortable to you. There are new programs and services coming out everyday that are geared directly towards entrepreneurs. Keep your eyes open.