There is a great article from Chicago’s Daily Herald that talks about New Years Resolutions for small business owners. It’s a great list and one that we should all look at. I’m going to run through a few of them that I consider to be the most important.
Large financial purchases: You need to ensure your accountant is with you throughout the process. In small businesses your accountant is a team member. Before you commit a large amount of money to something make sure the accountant is in the loop. This helps you do two things: 1) Make sure you are spending the money properly and 2) Ensures that you take advantage of any tax or other benefits.
Get IRS advice: This one seems like a no brainer, but many small business owners will take what the IRS or any other revenue department as gospel. They make mistakes and if you blindly send money you’ll find it’s harder to get it back. Your accountant can help walk you through the implications of what you owe and why. The accountant can also leverage your past financial dealings with these entities if you need to.
Business infrastructure: An area where many small business owners don’t consider is their infrastructure. In this case I am talking about technology. Yes, technology can save you money, but if you don’t do a proper job of planning and implementing you might destroy any ROI.
Value of your time: Small business owners sometimes feel they are a one person team. You’re not. All the tasks you do that aren’t part of your core business or services is costing you money. It’s important to determine what you can shed to save time, thus saving you money.
These are fantastic tips that all small business owners should consider.