Keeping up with your expenses and income as a small business owner is critical to determining if your are profitable and accurately complete your taxes. For most sole proprietors starting out, accountants may not be an affordable option to start.
Here are some accounting tips to follow until your business grows the income needed to hire an accountant:
There are several free accounting packages available that can help you track your financial transactions. Wave Accounting is one of our favorites as it is simple, comes preset with transaction categories, and generates excellent reports to help you complete your taxes. You can also receive credit card payments from customers and link your business bank account for complete tracking.
A tornado strikes your business or home where your home office is located. Do you have a plan in place that will allow you to continue your business operations within minutes or hours?
If the answer is no, then keep reading.
Business Continuity Planning
It is just what the name implies, a plan that will allow you to continue critical business processes and services in the event of an emergency.
Business continuity planning (BCP) is not just for big business. For small businesses, having a BCP in place is even more critical. Consider that most small businesses can not afford to lose a week or even a few days of business to remain profitable. A recent survey found that less than 30% of small businesses have a BCP, and of that 30%, less than half were effective plans.
Through proper BCP development, you can reduce the negative impacts of emergencies on your customers and your business. It is time to plan now for a disruption of operations that will more than likely occur during the life-time of your business.
If you don't have a plan, or are not sure where to start, get help. Your business will thank you.
As a small business owner you probably have a good idea of what your customers need and want, but it is important that you continue to expand your understanding, and look for opportunities to better serve your customers or clients and identify expansion opportunities.
Here are a few ideas from big businesses that you can use to increase your market share:
Even if you serve a small market, a niche, taking some time to better understand your customers, their needs and wants can open doors of opportunities for your business.
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950 Eagles Landing Pkwy, Suite 422
Stockbridge, GA 30281