5 Things New Business Owners Must Know

Hello everyone!  See below for a list of what I consider to be the "Top 5 Things New Business Owners Must Know":

1. Cash is King – It’s cliché but it’s never been truer.  The #1 reason businesses fail is insufficient cash flow.  Having enough money to get the business off the ground, and then maintaining that cash by managing receivables and payables is the key to winning.  Orders and sales are great, but it’s the actual collection of the cash that fuels the business.  While it does take money to make money, if your idea is exciting enough, it doesn’t even have to be your money!  You can get financing or bring in investors to provide the cash if you show them a can’t-miss opportunity.
2. Have A Plan and a Budget – Compare your actual results against your budget constantly.  This way you will know what is going according to plan and what isn’t.  You’ll know where the unexpected expenses are coming from and what your best sellers are.  It’s impossible to hit a target that doesn’t exist, so know what the financial goals of the business are, then measure your results against those goals so you always know exactly where you stand.
3. Reap the Tax Benefits – Owning a business is the last tax shelter left in America.  The Internal Revenue Code has hundreds of incentives buried in it to encourage people to start businesses, the trick is to figure out which ones apply to your exact situation.  Having a tax plan to take advantage of those benefits will keep a lot more profits available to you.  Find your nearest Certified Tax Coach and work closely with them to build a proactive tax plan for your business.
4. Saving a Wage Can Cost You a Fortune – Too often the business owner with all the innovative and creative ideas ends up becoming the single superstar employee of the business.  Big mistake!  Don’t be cheap, hire the help you need and delegate as many tasks as possible, so you the business owner can continue being strategic, rather than get bogged down in the day-to-day tactical routine.
5. Think Big – I tell people if you build a business, you can earn a living.  But if you build a brand, you can earn a fortune.  The difference is being so unique that you essentially create your own market, rather than trying to a grab a share of an existing market.  When you build a brand, your customers rave
   about you and become your sales force.  If you think big and build a brand, your success can be exponential.

If you need help getting your business off the ground, or want to revive an existing business, give me a call at 203-767-7197 or visit my website at www.ConciergeTax.com.  I love helping with this stuff!