There’s no doubt that writing a detailed business plan can take some time—time that could be spent getting a business up and running.
As Mike Tyson famously said, “Everybody has a plan until they get punched in the mouth.” He meant that all plans seem well-thought out until something goes wrong. So, your plan might look great on paper, but it becomes instantly out of date once you start talking to customers and learning what’s really going to work and what isn’t.
You can choose from four types of business structures- sole trader, company, trust or partnership. The business structure may affect your tax liabilities, growth and investment opportunities, you need to know both advantages and disadvantages of each structure before you make a decision.
Most small businesses experience cash flow problems from time to time and urgently need working capital. Many business owners immediately think of the bank or loans when they’re short of money. But there are other resources you can tap before you ask for that expensive overdraft or overdraft extension. The money you need might already be there—locked up in inventory, assets or your debtors’ book...
How to create good habits in business
If you’re like most small business owners, there are never enough hours in the day to complete every task on your list.
Often you’re faced with prioritizing what you need to do right now – deal with a customer, meet a deadline, attend an event – and the things you know you should do for the ongoing growth of your business.
New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return.
Organization is key when preparing for tax time. As is taking advantage of the many tools and resources out there to support new entrepreneurs.
Set yourself up for success by following these four pillars of painless tax prep.