Well done is better than well said.
Stop talking about the changes you should make in your business and make it happen.
3 changes you can make right now to improve your business.
You cannot do everything and you should not try! Delegate. Identify tasks that you can delegate to an employee or contractor.
Spend a weekend outside of your business. While away, take a fresh look at your financials, determine if your marketing is working, measure how profitable you are. The things you can learn while outside of your business are priceless.
Make a list of 5 things you want or need to do in your business and write specifically how you will get these things done by what date and who needs to be involved.
Everything in your past is preparation for something in your future.
Your past business failure is the best currency to use to fund your new business.
3 mistakes in your past that you will not make again:
In business, a budget is everything. It tells you what and when you can or cannot spend in order to stay on track.
You now know that you have to have a thoughtful and comprehensive marketing plan. Likes don't translate into dollars.
3. You thought you would save money by not hiring any staff.
You can't do everything and you shouldn't try. Know your role. You are the CEO.
Are you one step away from bankruptcy or breakthrough?
3 ways to ensure that your business is moving toward breakthrough and not bankruptcy:
Get your business in order.
1. Prepare financial statements
Your accountant should prepare a profit and loss statement and balance sheet for you at least quarterly.
When you receive your financial statements, take some time to review them. Review more detail if something doesn’t look right. Financial statements are good for measuring profitability, but also a good way to uncover theft.
What are you looking at? Do you know? Understanding what you should be looking for, making sure that you have enough money in the bank, confirming that you are making enough money and not losing money are all key to avoiding bankruptcy.
Who is stealing from your business?
3 ways to detect theft:
2. Make vacation time required by all positions that deal with money.
3. Research all vendors and employees to ensure that no one is adding fictitious payees.
Take additional steps to secure your business assets.
What is your exit strategy?
You can’t operate your business forever. Take a moment to get comfortable with that. Now, you have to make a decision. What is your exit strategy? Here are your options:
This option is not recommended.
2. Sell your business
This can be a great option. However, if this is your strategy, you will need to plan several years ahead of the anticipated sell date.
3. Close your business
Why would you work hard and put your blood, sweat and tears into your business only to close it?
4. Go out of business
This option is not recommended. Going out of business is a terrible plan, which is why when it happens, it is because no plans were made.
5. Make your business a generational money machine for future generations
We love this option. However, in order to create this generational money machine, we have to first transform you into a Financially...
Who will operate your business when you can’t?
So what happens if you can no longer operate your business? You have worked so hard to build your business. Have you been training anyone to operate your business if you cannot? Your children? An employee? Your spouse?
An exit strategy is one thing. But what about the unexpected? What if you suddenly cannot operate your business? Who will step in? Do they know their prospective role? Have they been trained? Do they understand the business?
Don’t let your business die because you thought you would live forever. (Spoiler alert….you won’t live forever.) Your business can thrive beyond your lifetime if you start planning right now. You’re not getting any younger. But like fine wine your business can get better with time. Start now.
Make the passing of the baton a smooth transition.
I should not be this excited, but I am! On December 27, 2020, in an effort to help the restaurant industry due to the COVID-19 pandemic, lawmakers enacted a new, 100 percent business meal deduction for calendar years 2021 and 2022.
To qualify for the 100 percent deduction, you need a restaurant to provide you with the food or beverages. The law requires only that the restaurant provide the food and beverages. You don’t have to pay the money directly to the restaurant. For example, you qualify for the 100 percent deduction if you order a restaurant meal that’s delivered by Uber Eats or Grubhub. ( This is so awesome!!)
You must be present at the business meal, and you must provide the business meal to a person with whom you could reasonably expect to engage or deal with in the active conduct of your business, such as a customer, client, supplier, employee, agent, partner, or professional advisor, whether established or prospective.
Remember, to qualify for...
The TCJA eliminated personal exemptions which makes your child worthless to you on your Form 1040. Sorry, but its true!
But what if I told you there is another way to turn your child into a tax deduction?
The current standard deduction for a single taxpayer is $12,000. This means that a single taxpayer such as your child can earn up to $12,000 in W-2 wages and pay not a penny in federal taxes.
As the owner of a business, you have the advantage of being able to hire your child to work in your business, which creates tax-saving opportunities for both you and your child.
The big dollar benefits of hiring your child go to the Form 1040, Schedule C taxpayer and the husband-and-wife partnership because such businesses are exempt from FICA when they employ their children who are under age 18.
The S and C corporations and the non-spouse partnerships still have to pay the payroll taxes on all employees—period. There is no...
When possible, you want to claim that your office in your home qualifies as a principal place of business, because this classification
Current law gives you two ways to claim your office in the home as a principal office:
If you have an office downtown where you spend 40 hours a week, can you claim...
You can realize the vision you saw. You are the only one that can stop you.
Don’t let fear stop you from realizing your vision. Your business can be more.
3 reasons entrepreneurs don’t realize their vision:
I know its all in your head. But that is the problem. God said write the vision and make it plain. You are not exempt! When you write down your vision and mission it becomes documented and able to be shared. Who reads minds? For real!
Saying you want to make a million dollars means nothing. Setting specific, measurable, achievable, relevant, time-based goals will get you to where you see your business going.
You are saying one thing and doing something different. Your mission says one thing but your operations have nothing to do with your mission. It becomes more difficult to accomplish your mission and reach your...