Change Your Money Mindset When it Comes to Business
As we approach tax time, many small business owners, entrepreneurs, and freelancers fill with dread. Catching up, compiling and complying can feel tedious and make you feel like you are taking away from the task at hand (growing your business and thriving). This is the time of year when it can’t be avoided. Working on taxes can also be a time when your financial sins are uncovered, creating heartburn.
But dealing with money matters does not have to feel so treacherous. If approached correctly, it can help you gain insight and become a better business person. It doesn’t matter if you have been in business seven days or seven years, it’s good to take these necessary reminders to heart. Check out some of these financial tips related to running a business that will help you change your mindset and continue to thrive!
Best Practice for Money Matters When Starting and Maintaining Your Business
Taking the Leap (Set up smart). Starting your business is an emotional time. You’re eager and full of excitement. Of course, there is an underlying feeling of “Oh wow, what did I just do?!” mixed into things that many people don’t discuss too. You might be focused on getting your website up and getting the word out, but there are other things to consider.
It’s about the time that you create your first invoice that you realize that some financial matters need to be managed too. Are you registered with the State as a business? Have you set up a bank account? It’s an essential first step. If you haven’t taken the time to make these considerations, you’ll want to “go back to Go” before you get too far into the game. It will make a difference in the long run.
Check yourself. It’s easy to fall into the trap of spending on things your business doesn’t need. From monthly app subscriptions to long-term real estate leases to software licensing that your business no longer uses, companies often throw thousands of dollars down the drain each year. These over-expenditures could include marketing tools that transferred from free trial to a paid model, old websites that auto-renew but serve no purpose as well as Human Resource recruiting or applicant screening tools.
Taking a deep dive into the books regularly, seeking out places to cut out portions of the budget that are no longer serving your business needs during tax time is a good use of your time (and may free up dollars that can be invested into other vital areas of your business). It’s best to look at this monthly, but if you’re bogged down with working in the business, rather than on the business, be sure to set aside time quarterly. You’ll be happy that you did.
Rely on professionals. The advantages of hiring a professional to assist you in the time-consuming tasks related to bookkeeping run deep. The risk of non-compliance alone can benefit your business in a myriad of ways, that include:
- Frees up employees to focus on other things.
- Avoids the last-minute sprint to get the books up to date in the weeks leading up to tax time.
- Keeping filing deadlines.
- Adds the support and expertise to your team for the optimization of your business.
Here is a secret: No matter where you are in your business journey, you shouldn’t be embarrassed to consult with financial professionals. Even financial professionals seek the help of other financial professionals.
“Businesses sometimes dismiss the option of outsourcing their bookkeeping because of the cost, when the benefits gained by efficiencies, optimization and bottom-line savings often more than outweigh that cost,” says Monica Roca-Quesada, founder of Agile Planners – a company dedicated to assisting businesses with achieving their goals through process and technology optimizations.
Stay flexible. One thing you learn over time as an entrepreneur is some things change, and some things stay the same. But it’s never what you think when you start. It’s best to keep an open mind and be nimble so that you can adjust. Perhaps you need to expand your talent base or enter a new market to propel your business forward. This is an area where Crown Center can be helpful.
If you have been considering the idea of expanding into a new market, have a seasonal business and office space needs, or in need of a place for meetings, you might consider a workspace with flexible options so you can adapt quickly and achieve your business goals.
The list of reasons to consider flexible workspace options are long and include:
- Market testing without a long-term commitment
- Improved client relations
- Employee engagement, culture improvements
- Support for remote workers
- Improved output, focus for the home-based entrepreneur
Crown Center Executive Suites, located in South Florida, supports businesses as they strive to reach their goals during tax time and beyond. Our office space solutions include full-time and part-time office space, shared space, dedicated desks, and day offices. All come with flexible terms and are available with a variety of options that can be fitted to your unique needs. You’ll also find well-appointed meeting rooms, a full range of amenities, and even concierge services from our helpful staff.
As we approach pending tax deadlines, we hope these financial tips inspire you to change your mindset about money matters. They can’t be avoided, but we can certainly embrace practices that can help create a thriving business venture.