- Check fraud is a reality, so make sure that you keep your company's checkbooks in a secure location. Create monetary limits for checks, set-up a special account for paychecks and keep all other checks made out to business and not individuals.
- Making sure to keep up-to-date records of all of your financial activities is important. This includes, paying bills, payroll, expenses, and profits. This information is required in order to properly file taxes and can cut accounting costs at tax time.
- Checking all your billing statements should be routine. Often times spotting extra, hidden or incorrect charges soon after they happen may help resolve issues that cost you extra money for nothing.
Find the Numbers for Your Business Plan
"In the United States more than 20 million businesses have less than five employees. The largest and fastest growing group of these microbusinesses consists of non-employee businesses - firms without paid employees (other than the business owner) with revenues between $1 thousand and $1 million. . . Our businesses are stable and profitable in our crazy economy, and are recognized as being the "shock absorbers" for both the labor market downturn and recession," (Hope Player, author of Find the Numbers for Your Business Plan).
Magazines and newspapers are reporting bad economic news. Our backbone American companies are experiencing the worst financial difficulties in decades. Unemployment rates are up because these companies are laying off droves of employees, which impacts local economies all across the country. It used to be that a W-2 meant a stable income, maybe a pension or a gold watch, but that ideal has changed in recent years. From my perspective, that W-2 robs you of the control of your financial future.
If you look more closely in those same magazines and newspapers, you'll find stories about people starting businesses in a field entirely different from what they were trained in -- an investment banker starting a cupcake bakery or elder-care services franchise; an autoworker becoming a personal trainer, or an accountant trying her hand at writing. New terms are popping up like mompreneur, solopreneur, seniorpreneur, actorpreneur, etc. You get the picture. These terms attempt to capture the essence of those categories of individuals who choose to start their own business and take charge of their futures.
Would you like to be in charge? Have you ever thought you'd like to own your own business? Do you think you can make the tough business decisions that directly impact your family? You've thought about starting your business, why not take that leap and do it!
It is a great time to set up a business plan. Find the Numbers for Your Business Plan can help you get started.