Fear dashes many dreams.
You probably felt at least some of it as you considered whether to start your own company. But you did it anyway.
Still, there are critical tasks you have to take on as a business owner that can be downright scary, especially if they are outside your area of expertise. Whether you’ve been operating for six months or 10 years, you may always feel just a little queasy when you have to take them on. Here are three of the most nerve-racking fears that small business owners face and what you need to know about them.
What is Tax Planning?
Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business transactions to reduce or eliminate tax liability.
Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to meet with their CPAs, EAs, or tax advisors but tax planning is an ongoing process, and good tax advice is a valuable commodity. It is to your benefit to review your income and expenses monthly and meet with your CPA, EA, or tax advisor before the end of the year to analyze how you can take full advantage of the provisions, credits, and deductions that are legally available to you.
As a low-cost method for connecting with influencers and ferreting out new opportunities, networking remains one of the most effective ways to market your small business.
Unfortunately, putting ourselves out there with the intention of cultivating key business relationships doesn’t come easily to everyone. But that’s okay. Because networking is a skill that can be learned like any other. And while the internet is full of helpful advice, you might want to consider what your bookkeeper can teach you about the ins and outs of a networking system.
After all, building social capital isn’t so very different from building any other type of capital – and growing a business is something accounting professionals know quite a lot about. So, if your attempts to network have been chaotic and haphazard so far, why not see what unexpected benefits lie in adopting a bookkeeping mindset?
These days we have devices at our fingertips just waiting to connect us to all the weird and wonderful offerings of the internet. Who can blame us when one funny YouTube video invariably turns into three hours down the internet rabbit hole? The tech age has turned us all into masters of procrastination.
However, we can harness the power of technology and use it to keep us on track. Let me introduce you to three tools that will turn you into a model of efficiency.