When you first start up a business or even if you have been in the industry for a while, it can be very hard to make educated business decisions that will help your company thrive now and for years to come, as well. For small and new businesses specifically, decisions are even harder (in my opinion) because you do not have the thinking power of a large group of people. Instead, all of those hard decisions are on you. I know how hard it is, especially at first, so I wanted to hopefully make it a bit easier on you and help you see the light on just a couple of topics. Here are a few great business decisions that you need to make, no matter how small or large of a business you are:
Hire A CPA
There are tax programs out there, such as TurboTax, that try to make the tax process easier and I definitely understand why some people utilize these services, but a CPA will give you a completely different experience, at least from my experience using them. A CPA not only does your taxes for you, which other programs do, but they also are very knowledgeable on tax codes, deductions, credits, and other incentives. As a new or small business, I am sure you know how important tax deductions can be once the end of the year rolls around, so I highly recommend using a CPA for your tax purposes. A lot of CPA’s will have people within their company that can also help you with your other financials, throughout the year, so do not think that they are only useful once a year.
As a new business, you definitely need to be smart with your financial situation. A lot of companies hire an accountant to do their monthly financials and will then have an auditor (from your accounting/CPA company, or from a different accounting company) come in every quarter to audit them and make sure they are in good shape. Then, around the end or beginning of each year, you just pass along all of the information to your CPA and you should hopefully be in good shape. One thing to think about is making payments every three months to the IRS. This will help limit the sticker shock of owing taxes at the end of the year and if you have a great CPA, he/she can help you come up with a good estimated payment to make each quarter.
Utilize A Business Law Attorney
There is a fantastic law firm in Jacksonville called The Judy-Ann Smith Law Firm and one of their specialties is business formation and business succession. Judy-Ann Smith helps Florida entrepreneurs and business owners make informed decisions about their businesses and she provides tailored recommendations and assistance with all things related to business formation and business succession.
They say, “When you start a new Florida business, one of the most important decisions you will face is what type of business entity you should form. There is not a one-size-fits-all answer, or a one “best” way to create your new business; the best choice for you will depend on a number of factors, including your goals, whether your business will have one or more employees, the potential tax impact to you, and the level of business formalities you are comfortable maintaining.”
But, even after Judy-Ann Smith helps you with your business formation and entity options, you still need to plan for orderly business succession, as well. The Judy-Ann Smith Law Firm can help you with many business decisions based on your business plan and goals. In addition to business formation and succession, the Judy-Ann Smith Law Firm also specializes in estate planning, probate law, family law, and more.
This client-focused law firm based out of Jacksonville, Florida, has the mission to fully understand the circumstances, needs and goals of their clients and to develop customized strategies to accomplish that. Judy-Ann Smith says, “My passion as an attorney is being able to help people. When I help people resolve their legal issues that is the most rewarding aspect of the work I do. I also have an empathetic and compassionate side and I am willing to listen to my clients’ issues, to get a deeper understanding of what they would like to achieve and accomplish. Most importantly, I am an assertive advocate for all my clients and I will fight for what is fair and just according to the laws of the land.”
The Judy-Ann Smith Law Firm provides many perks such as flexible meeting options, flexible payment options, responsive responses to your questions and inquiries, and you will be kept informed throughout your entire time working with them. So, if you are in need of a law firm, The Judy-Ann Smith Law Firm is a great option!
Hire Experts
As a small or new business, it can be extremely hard to give away control and pay someone else to do a job that you know inside and out. While it is hard, it is essential for the growth of your company because nobody (especially you, as a business owner) can do it all. Experts are there to help you grow your business and although hiring an expert is more expensive, it is well worth it because the results will show for themselves much faster compared to hiring a less expensive employee that does not have the experience and understanding of the topic.
Think With Your Brain, Not With Your Heart
Last but not least, it’s very important to make sure you are making business decisions with your head and not with your heart. Your business is your baby and it’s what makes you money, but you need to treat it as such. Although you most likely have an emotional attachment to it, you need to be smart about your decisions, in order to make sure that it survives for years to come. Letting a part of the business loose to an expert? That’s a decision you need to make with your brain. It is almost like a new relationships of sort – but more important, obviously. You are blinded by lust when you first get into a new relationship and to make that lust turn into love, you really need to think with your brain (and a little bit with your heart). The same goes for your business.
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