Our economy doesn’t seem cater to the small businessman or woman anymore. Owning your own business is a feat in and of itself, and the work never stops. There is always something to be done, and for small business owners especially. Often times, it isn’t for the insane profits made but rather the love of what you do and the impact that it has on the community as a whole. That isn’t to say you can’t make money as a small business owner, because success is always an option. But, there are some things that small business owners should keep an eye on if they plan on staying successful and staying in business.
Tips for small business owners:
1. Taxes: Make sure you have a good tax preparer or accountant who can oversee your taxes each year to ensure you don’t misfile or miss out on any possible write-offs and/or deductions. Knowing someone competent is in charge of your taxes will also help ease your mind.
2. Cash flow: Find a way to accelerate payments from customers to increase your cash flow, while delaying your own personal payables.
3. Technology: It’s okay if technology intimidates you or you know little about it, you can hire someone to help you with that. Just as you may want to hire an accountant, you may look into hiring someone who is tech savvy to help you out.