Essential Tips for Small-Business Owners
by Mashum Mollah Small Business 26 April 2019
Running a small business can be a hectic and stressful thing, but many of America’s roughly 30 million small-business owners can’t imagine doing anything else. When you’re a small-business owner, you’re the captain of your own ship. You make your own way and create your own fortune. This also means that your decisions have a strong impact on how well or poorly your business does, so be careful. Here are a few tips for managing your small business the right way.
Know how to delegate:
Small-business owners are experts at juggling lots of different tasks. When you’re the head of a business you care about, you won’t just be tackling the main services that your business provides — you’ll also be running around doing everything from paying the rent to working on payroll solutions.
You’ll get good at a lot of this stuff, but remember that you don’t have to do every last thing yourself — and, in fact, you should aspire to stop doing it all. Experts say small-business owners should be conscious of their do-it-all instincts and work on delegating tasks to others.
When you hire carefully, you’ll be able to trust your employees with delegated tasks. Smart outsourcing can be a form of delegating, too, and can save you a lot of money while ensuring that you get expert services. And you can also leave certain types of work up to computer programs — which brings us to our next section.
Choose the right software solutions:
In our modern world, you can find an app for almost everything. From check printing services to sales lead tracking software, you’ll find a number of powerful computer programs that can make your day-to-day business tasks a little easier.
But it matters quite a bit which software solutions you choose. These sorts of programs can be pricey, and some companies even lock you into long-term contracts. Pick the wrong program, and things could go wrong: Employees will get confused, customers will get the short end of the stick, and your business will lose money.
So choose carefully. Draw on your professional network for advice, and turn to review sites that provide verified reviews of B2B software offerings.
Maximize your tax savings:
Nobody exactly loves tax time, but salaried employees have it pretty easy: They grab their single-page W-2, punch a few numbers into the single-page 1040-EZ, and bam: They’re all set. When you’re a business, things get much more complicated much more quickly.
Businesses have to report all sorts of things and document all sorts of details. On the bright side, you can deduct quite a few things to save on taxes; on the less-than-bright side, the forms are archaic, confusing, and frustrating. Did you remember to deduct depreciation on company vehicles? What about maintenance, remind experts at a technical institute that offers automotive, diesel and collision repair academic programs? Did you deduct fuel, mileage, and that tire you had to replace on a business trip? It all matters.
How you manage your business’ taxes is key. If you’re able to maximize your deductions, you could do a lot of good for your business’ bottom line. That’s why, when in doubt, you should turn to a tax professional to help you do your taxes. Working with a professional accountant will help you get all of the deductions that you need while avoiding any moves that will raise suspicions at the IRS. Fortunately, small-business owners will find lots of outsourcing options for tax services, many of which will also help you with payroll and other accounting-related tasks.