Tax season: The annual event that turns normally rational small business owners into tightly stretched rubber bands, ready to snap. But fear not, entrepreneurs, for there's a way to navigate this treacherous tax planning terrain without losing your sanity.
Read MoreMeaningful numbers are a central theme at CFO on Speed Dial.
That’s because having and using meaningful numbers is the foundation for our entire framework for building business and financial success. If your financial reports are not meaningful; then they can’t do the job you need them to do — which is to make informed decisions about how to keep your company moving ahead strategically.
Using loan funding (like the EIDL or other SBA small business loans) can be fantastic way to fuel a growing company, but how much business debt is too much? Here are two ways to check if your business borrowing is helping or hurting.
Read MoreBusiness financial plans usually start with recent history and use a trend line to predict the future. For most companies, it's impossible to use 2020 revenue to predict reasonable sales or revenue growth for 2021. Still, when life and business are full of uncertainty; having a map of where you want to go and how you plan to get there is a critical tool.
So yes, in 2021, you can and should create a 12-month forecast to plot out a full year of what you think can or will happen. But, don’t treat it like a fixed business budget and try to make it 100% correct.
Instead, acknowledge something that has always been true:
Today’s forecast can’t fully predict next month’s challenges.
Read MoreToo many business owners leave their personal lives out of the financial equation. They’re so focused on the business’ ‘success’ that they never stop to consider where they want to be in relationship to it — now and in the future.
The thing is, we’re not just business owners, we’re people with families, retirement goals and any host of other responsibilities.
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