We may not be accountants, but we know that business owners need to track their income and expenses as well as keep track of myriad other details that will help make tax filing time much easier. It doesn’t matter if you’re a first time business owner or a long-time entrepreneur, now is the time to make certain your business is in a good place with its record keeping — don’t wait until December 31!
What can you do to stay organized and on track with your business records?
- Set up folders — whether virtual or in a file drawer — label them and take time at the end of every day to put the paperwork into the folders that needs to go there.
- Keep track of your receipts. File your invoices and income. Set up file folders for your clients so you know when they need to be billed and whether they’ve paid.
- Have your contractors and employees complete W9s or W2s at the beginning of the year and file them with your year-end tax information.
- Track the miles that you drive for business. Keep a mileage log in your vehicle and note your beginning and ending miles every time you get into the car to visit a client or attend a meeting. Tally up the miles at the end of the year and share them with your accountant.
- Build your business team. Look for an accountant, a legal advisor, an administrative assistant or a marketing person, etc. determine what roles need to be filled to keep your business viable and for which you don’t have the time or talent to complete.
We can help you with your business systems, business plan and with implementing systems and processes to make your business as successful as it can be.
The new year is fast approaching and perhaps you’re thinking that you want to become a business owner in the new year. If that’s the case, you will want to not only put together a business plan, but you will want to determine whether you’ve got what it takes to lead. Not everyone who has entrepreneurial drive has the skills to be a leader.
Whether you’re a solopreneur or are leading a small cadre of employees or contractors, you will need to answer the question of, “Do I have what it takes to lead” before you leave your day job.
Consider these qualities and determine whether you fit the bill. (Remember, that leadership and business skills can be taught by working with a business coach):
- Could you share your professional value and your expertise with others? Either verbally or on paper? If you’re a business owner and need to lead, you need to be able to articulate your vision.
- Do you have the skill to look at a problem and determine where your solution aka expertise will fit in and solve the problem?
- Many a great business idea has fallen by the wayside because its creator didn’t have follow through. Do you have the follow through to cope with disappointments and downsides of being a business owner? The ability to get up and dust yourself off after a failure?
Are you looking to become a business owner in 2015? If you’re not sure where to begin, give our office a call and we can walk you through the start up process.
“I’d like to run a business.” If you proclaimed that, but didn’t add in the question of, “Do I have the leadership talents necessary to do that?” You may want to take a step back and consider that question.
Here are three leadership talents that we believe entrepreneurs should either possess or hone:
- Are you able to articulate your mission, vision and purpose? You need to be able to do this whether you’re hiring and training new employees or if you’re at a networking event.
- What makes you an influencer? Do you now how your own character and personality influences others?
- What is your overall plan for execution of business growth and execution of a business plan?
Ponder these three questions and determine whether you have these leadership talents or what you can do to hone them.
Let’s be honest. Being an entrepreneur isn’t always the easiest option for making a living. Along with being your own boss and perhaps being the boss of others, you may carry a lot of weight of responsibility on your shoulders, right?
What can you do when you’re feeling stressed out? Here are a few tips that we have found works for the business owners we deal with:
- Take a break. Step away from the computer, the office, the overflowing inbox and go outside. Taking a few breaths of fresh air or walking around for ten or fifteen minutes, while breathing deeply, can relieve stress and built up tension.
- Find a hobby. Remember hobbies? You had them before you became too busy with growing your business. Take time now to rediscover a lost hobby. Take time to do that at least fifteen minutes a day. Whether it’s knitting or baking or bike riding or woodworking, immersing yourself in something you love will help clear your mind and make you more effective.
- Stay connected with those outside of your business. You need to have connections, friends, networking colleagues outside of your area of expertise with whom you can connect.
Eating healthy meals and keeping a positive attitude will both go a long way in helping you deal with the stresses you may face on a regular basis.
Do you have a dream of owning your own business… someday? Is there something that’s holding you back?
As business coaches, we work with budding, and “someday” entrepreneurs and we find they share some common traits when it comes to taking the bold step into business ownership and here a few insights we offer if you’re considering becoming an entrepreneur:
- Remember that businesses take time to make a profit. We’d like to think that everyone can be an “overnight success” but that just isn’t the case for many. Your ultimate goal is to make a profit, but be patient as it may take time to get there (it’s best to have either a back-up plan or another source of income while you’re starting out). Don’t start off under-capitalized.
- Getting it done is better than being perfect. If you wait for “perfect” to arrive you may never move forward. While you don’t want to offer shoddy goods or services, you need to be willing to put it out there and then tweak as you move forward.
- Have a business plan. This bears repeating: Have a business plan. Your business plan doesn’t need to take up reams of paper, nor does it need to be so detailed that you get buried down in the writing of it and never get the business off the ground. You do need to know how to find your ideal client and to market to them effectively as well as knowing what to charge for your goods and services. A business plan is also your roadmap toward what you consider to be success — how will you know you’ve arrived if you don’t know where you’re going?
We’d love to hear your stories of success as well as any challenges you may be facing. Feel free to contact our office or leave us a message.