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Author: Jake Snelson

Business Dashboard

4 Reasons Small Business Owners Should use a Business Dashboard

It’s not surprise that entrepreneurs and small business owners often find themselves stretched thin. The dream of growing a business is an exciting one, but it requires long hours, big decisions and a lot of elbow grease. There’s little time to spend on getting organized or giving a luxury feel to the inner workings of your business  and making those big business decisions – well it’s hard without having everything you need in one place.

When you look at the inner working of a car, all the info appears in one place – the dashboard. Whether it’s a luxury car or a clunker, the system works to help get you where you need to go – giving you more time to focus on everything else. Just like a car, your business needs a dashboard, or somewhere you can go to see how all the parts of your business are working together.

Here are 4 reasons we think every business owner should have a business dashboard:

Monitoring Your Brand in Social Media

It’s easy to go cross-eyed when you think about managing your social media. Just making sure you’ve got a consistent presence on a multitude of platforms can be a full time job, but to make sure that presence is communicating effectively with your target audience, and that what you’re saying is converting to sales… well that’s a whole different story. Using a business dashboard to track social media is just plain smart (not to mention necessary). Dashboards all you  you all the insight because you pick the metrics you want to watch, and you can schedule multiple platforms (up to 30)  in one place – allowing you to have a presence without spending all the time in your daily schedule to appear on all platforms. Check out Hootsuite and Dasheroo.

Operate in Real-Time

Operate in Real-Time

Checking sales numbers, processing receivables, and serving customers has never been easier. There’s no longer a need to rely on bulky reports that are run weekly or monthly. Business dashboards allow all these things and more to be streamlined and viewed in real time (or as close to real time as possible). Here’s our short list on how business dashboards can help you operate in real-time more often:

  • update your receivables on a daily basis – making it easy to check on past due accounts and keeping them top of mind for you and the clients who are paying you
  • see how sales are trending right now and be able to implement actions that will help you meet your benchmarks
  • easily gather information from past months and years into one place so you can create better forecasts and look at year over year trends. The idea of being able to forecast is no longer just something done by big business
  • when orders come in information goes a lot of different directions. Connect all the moving parts through 1 dashboard so the process is streamlined, silos are depleted and everyone knows the status of every order at any given time

See More, Manage Smarter

A picture is worth a 1000 words – and understanding data through a chart or graph usually quickens understanding when compared to dredging through a spreadsheet to find the same information. Within spreadsheets or written reports, important insights drawn from data can be buried -most dashboards allow for chats and graphs, which are better forms for communicating important points quickly, because they’re visual.

Communicate with the Entire Team

Silos, lack of real-time information, and communication gaps between teams are excuses of the past. The internet, smart phones & iPads have made the ability to communicate and check information in real-time a reality. So why haven’t we started to communicate better? Expectations. It’s easy to not rise to the occasion when the bar hasn’t been raised and as the boss, you’re the one who gets to demand more from yourself, your employees, and your business.

If you haven’t already implemented a system that allows frequent communication between all the working parts of your business – now is the time, and using a business dashboard will make it that much easier. Invest the few hours to get yourself and your team setup and then expect great things.

Communicate with the Entire Team

How could business dashboards help your business? Take 10 minutes and explore how to improve your existing dashboards or get your small business started with a dashboard and headed for success.

FAQs about Business Dashboards:

Why should small business owners consider using a business dashboard?

Business dashboards offer a centralized platform to monitor various aspects of a business, allowing owners to gain insights, track performance, and make informed decisions efficiently.

How can a business dashboard help with social media management?

Business dashboards enable owners to monitor their brand across multiple social media platforms, track engagement metrics, and analyze the effectiveness of their social media efforts, thus enhancing their online presence and customer interaction.

What are the benefits of operating in real-time with a business dashboard?

Real-time data visibility provided by business dashboards allows owners to track receivables, monitor sales trends, analyze historical data for forecasting, and streamline order processing, leading to improved decision-making and operational efficiency.

How do visual representations in business dashboards enhance management?

Charts and graphs in business dashboards facilitate quick comprehension of data insights, making it easier for owners to identify trends, patterns, and performance metrics, thereby enabling smarter management and strategic decision-making.
How can business dashboards improve team communication and collaboration?

Business dashboards foster transparency and real-time information sharing among team members, eliminating communication silos and enhancing collaboration across departments. This ensures that everyone stays informed and aligned with business objectives, driving overall efficiency and productivity.

Quick Money Management Tips

3 Quick Money Management Tips to Grow Your Business

Quick Money Management Tips

It doesn’t take an advanced degree in finance or a CPA to keep your finances in check. And having a head for what’s happening with your money is crucial for small business success, just as it is in building personal wealth. So what type of quick money management tips help set a good groundwork for overall financial success? Here are 3 great ideas that won’t take more than a few minutes to implement.

Have a Plan

It seems detailed and time consuming to come up with a financial plan, but the type we’re talking about here should only take a few minutes. As a business owner, you probably have a pretty good idea where your money is going each month. That said, how much of a game plan do you have when it comes to the growth of your business? Sure, everyone wants to make more than they did last year, but have you sat down and decided how much more you’re planning to make and how? Are you launching new products? Looking to grow your client base? Opening up a new store or launching an online store? Grab a pen and paper and flush out just the basics of your growth plan. What will you need? How much do you think it might cost? How much of your current profits are you planning to put back in the business?

If you don’t have a plan, then you’re bound to lose, or at the very least, not grow. Even a simple framework will help you get started and you can flush out the details more once you’ve got the basics laid out.

Automate Savings

When you hear the words money management, you’re bound to talk about automate paying the bills,  but have you thought about automating your savings as well? If it’s true that you won’t spend money that’s not in your account – then it’s doubly true that you’ll save more if you set it aside before you get to work budgeting,paying bills, and spending your hard earned cash. The easiest way to make it happen is to set up an automated transfer to a savings account every time you get paid. Just consider automated saving as paying your best investor – you.

Prioritize Bills & Pay Early

It’s common to set aside money for bills every payday. But it’s even better money management to pay your bills early. You’re less likely to spend that money somewhere else and won’t find yourself scrambling to come up with the cash. If you’re really looking to improve your money management, consider even paying a little more than necessary every bill period. Soon you’ll build up a reserve and you’ll be sitting pretty if you ever run low on funds.

Want to read more about money management and how it can build your business? You can catch all our best tips here. 

Prioritize Bills & Pay Early

Frequently Asked Questions

1. Do I need a detailed financial plan for business success?

No, a detailed financial plan isn’t required, but having a basic framework is essential. A simple plan outlining your growth goals, potential costs, and reinvestment strategies can provide direction and prevent financial stagnation. You can build upon this framework as your business grows.

2. How can automating savings help with money management?

Automating savings ensures that a portion of your income is set aside before you start budgeting or spending. This approach helps build your savings consistently without the temptation to spend the money first, making it a crucial step in improving your financial health.

3. Why should I prioritize paying bills early?

Paying bills early helps you avoid last-minute financial scrambles and reduces the risk of accidentally spending money meant for essential expenses. It also allows you to stay ahead financially, potentially building a reserve if you overpay slightly each period.

4. Is it difficult to set up an automated savings plan?

No, setting up an automated savings plan is simple. You can schedule an automatic transfer from your main account to a savings account every payday. This way, saving becomes a habit without requiring extra effort each month.

5. How does money management relate to small business success?

Effective money management is critical for small business success. Having a clear financial plan, automating savings, and paying bills early all contribute to better cash flow management, allowing your business to grow and become more financially stable.

Pros & Cons of Tax Extensions

If you’ve ever felt the pressure of getting your small business taxes done before the deadline, you’ve probably wondered what the pros & cons might be to filing for a tax extension. We’ve all been there. Things are busy, and as a entrepreneur you need to know what your options are without spending a ton of time and money. Having a game plan is one step better than just knowing your options, so Ben Sutton, CPA and co-founder of Vyde, shared some expert knowledge on the pros & cons of filing for a tax extension and how it can effect your business.

Have questions? We’d love to answer them and talk to you about setting up a strategy for bookkeeping and taxes for your business. Contact us here. 

5 Steps to Establishing Business Courage & Fail Forward

 

Case Study:  I may have personal experience in this arena.  Yes, me. I am a very organized person. I do a great amount of due diligence, practice run-throughs, post-work, what to expect, current research, etc.  Even after all of that, I still manage to make mistakes from time to time. For example, recently, I was putting together an online workshop. I did all the right marketing prep, had an amazing entrepreneurial speaker who lives in another country, held a meeting to discuss the workshop, built an outline we both put our thoughts in, etc

On the day we’d arranged to do the workshop, he only had a set amount of time to present it with me. After that, he’d be packing up his house there and leaving for the United States. We did a practice run, which went well. We got the lighting just right and had native scenery in the background. We began the workshop and it went exceptionally well. Our conversations were in synch, relevant, interesting…the workshop was amazing. I got to the end, wrapped up with my business contact info, and then reached over to stop the recording. It was at this point I realized it had not recorded anything. The whole conference, gone.

 

Fast forward to today: I could have let that devastate me.  I could have held onto the feeling I had about the conference and about my worth and ability to collaborate with amazing people.  Instead, I decided to move forward and made plans to re-record again later on my own.

 

Business Owner’s Emotional Rollercoaster

Many times business owners go through what we call the “Business Owner’s Emotional Rollercoaster.”  Business owners tend to go through hope, excitement, enthusiasm, despair, and regret quite frequently.  The key is to realize that you are improving and learning and to stay consistent. I’ve outlined 5 Key Steps to Establishing Business Courage:

Confidence

This may not be hard for some of you.  Great. You’re amazing. We know. I’m assuming the rest of you have experienced failure a time or two, taken it hard, personally, and wanted to throw your hands up in the air and quit.  It’s important to take a look at the accomplishments you have made, realize you are doing something hard, realize that the cycle will be positive again soon, and take courage in continuing the plan you started.  Remember that it usually feels uncomfortable when you are doing something others aren’t doing. One important key to business success actually IS having different ideas and having the courage to try them confidently.  

Believe in Your Big Steps

It’s hard to make big steps with a new product or service. Many business owners can get lost in the idea that there are other businesses doing what you do better than you do it.  It’s important to remember YOU have something amazing to offer. Your skills and business blend together in a way that no one else’s are going to. The way that you run or organize your company will be different because it has something that no other business has: YOU, your UNICORN of a product, and your ability to continue moving FORWARD despite the trials that come your way.

Make Changes

When an obstacle to your plan arises, make a turn not a stop.  The obstacle doesn’t define your final destination; you do. There are always choices you can make.  Maybe this will help you do the necessary research to try things a different way and create something no one else has thought of.  No one knows a business’ plan but the owner. Feel free to make changes along the way.

Make the Failure Work for You

Winston Churchill said “Success is growing from failure to failure without loss of enthusiasm.” If a door is shut on the plan that you detailed, find a way to use what you created in a different way.  When my workshop didn’t record, I decided to move on to re-record it on my own and call it a “How To” video.  This rebranded it in a new way that appealed differently and I was able to use it for a social media tool instead.  No one was the wiser, and many were grateful for the tips!

Consistency

The number one problem with small business success isn’t money or time (although those are probably 2 & 3). It’s consistency.  So many times when business owners run into a snag or a roadblock, they either give up or say the whole plan didn’t work. Just because you needed to change a piece of a plan doesn’t make the whole plan worth throwing away to try something else. Consistency is the KEY ingredient for all business success.  You can alter and tweak things along the way, but do not give up on the aspects you have a good gut feeling about.

 

This month, I CHALLENGE you to face your project fears head-on.  Have confidence in your business decisions, BELIEVE in your big steps, make CHANGES when necessary, make the FAILURES WORK for you, and be CONSISTENT.  I know you’ll find great success.

 

 

5 ways to Boost your Productivity

 

One of the things we’re constantly working on is finding new ways to boost productivity. We’ve asked around, tried a few things here in the office, and come up with these tips that are helping us save time, and do more without adding stress to our game plan.

Get in Early (or Stay Late)

We’ve all heard the phrase “the early bird gets the worm”. We’re not sure if you’ll get the worm or not, but we do know that getting into work early provides you with quiet time and fewer distractions, which means you’ll have a chance at getting more things done. Most people who get into the office early say that they accomplish more during that time then they do the rest of the day, and we think they’d all agree that getting things done gives you a burst of energy that starts your day off right and boosts your overall productivity.  If you’re not a morning person, that’s ok. The idea works just as well if you’re the last one in the office – the key to boosting productivity is to find quiet time with few distractions and to focus on tasks that forward your overall progress rather than solving problems.

Minimize Distractions

We’ve talked about minimizing distractions by being an early riser or staying late at the office, but what works for minimizing distractions during normal business hours? We’ve asked around and here’s what we found when it comes to limiting distractions and boosting productivity:

  • if you’ve got an office door close it
  • silence your phone for an hour or two – just don’t forget to turn it back on and check your voicemails
  • don’t reply to texts
  • block off time on your calendar so you can power through a project or specific task
  • only reply to emails in the morning, evening, or in 15 minute increments
  • grab your laptop or tablet and change your scene – reserve a conference room, hang out in the lobby, or even go to a local coffee shop and use their wi-fi

Batch Tasks

Multi-tasking is skill, but it’s not always the best tool for getting things done. Productivity experts have shown that it’s more efficient to complete similar tasks at the same time, rather than whiz around trying to do everything at once.  Try reading and responding to emails for 15-20 minutes and jotting down tasks that you’ll need to complete as you go. Then instead of prioritizing your to do list, group similar tasks together. You’ll find you’ll save time by not having to switch gears or mindsets as often, and be able to push more projects through than you would if you followed one from start to finish before taking on the next one.

Leave the Office for Lunch

It seems like we’re suggesting a leisurely lunch, but what we’re really getting at is using this moment away from the office to your advantage. Almost everyone has experienced the afternoon slump that occurs in the office. It seems to drag productivity down rather than giving it a boost. Taking a few minutes to change your scene, take a walk, grab a bite to eat, and even finish up a few work tasks while you eat your lunch can re-energize you and get you ready for a productive afternoon. If you don’t have lunch places near by, bring a sack lunch and head outdoors; even walking the stairs or around the building will give you a change of pace and a chance to clear your mind.

Plan the Day the Night Before

Take just 15 minutes at the end of your workday and see what you have on the docket for tomorrow. Boosting productivity doesn’t always mean you have to work faster or harder, planning ahead can create the same effect. If you’ve got meetings, gather up whatever files you may need, plus a pen and paper to take notes. If you know you’ll be spending the day doing a certain task; plan to dress for the occasion. Have a long conference call scheduled? Make sure you’ve got a water bottle at your desk, and an extra battery or charging cable for your phone so you can take you meeting on the go. Prepping the night before saves you time gathering up items the day of and also prepares your mind for what you need to accomplish – and that means you’re not wasting valuable minutes trying to get your mind in the game.

 

Want to read additional tips we put to practice to boost our productivity here at Vyde? Check out this post for more ideas…

 

Podcasts for the Small Business

3 Podcasts for Small Business Owners

As business owners we spend a lot of time working on building the business and growing it to match our dreams. Entrepreneurs and small business owners are made of different stuff than they typical corporate employee. They make something out of nothing and combine their creativity with their business acumen. Here at Vyde we applaud the small business owner – because the stuff of small businesses is tough stuff. Today we’re sharing 3 podcasts for the small business owner – they cover business topics and always share useful tips and plenty of inspiration, but they also provide a tribe of sorts for small business owners and solopreneurs.

In no particular order, here are 3 of our favorite podcasts for small business owners:

How I Built This

Host: Guy Raz

Average Length: 50 Minutes

Website: https://www.npr.org/podcasts/510313/how-i-built-this

Ever wonder how some of the world’s most successful entrepreneurial ventures get started? Guy Raz interviews some of the most notable entrepreneurs about their amazing successes. You’ll be able to glean ideas on how to get big dreams done and get inspired to keep working on your own small business.

most notable entrepreneurs about their amazing successes

Marketing School

Hosts: Neil Patel & Eric Siu

Average Length : 5-10 minutes

Website: https://itunes.apple.com/us/podcast/marketing-school-neil-patel/id1138869817?mt=2

If you don’t have a lot of time to spend on marketing, this podcast might be a good fit. Neil and Eric bring actionable marketing tips every single day and each episode is only 5-10 minutes and are masters at marketing online and SEO. Even if you have a brick and mortar business, you’ll want to listen to these guys when it comes to building your online presence – and the tips they share are easily modified and applied to brick and mortar marketing tactics as well.

Online Marketing Made Easy

Host: Amy Porterfield

Average Length: 30-45 minutes

Website: https://itunes.apple.com/us/podcast/marketing-school-neil-patel/id1138869817?mt=2

Working on your online presence? Or have a business that’s exclusively online? Online Marketing Made covers everything this type of business entails. Amy breaks down how to monetize your online business and her advice is great for bloggers and those that are looking to run an commerce business. This is a great pick for fempreneurs and anyone that’s looking to build out drip campaigns and leveraging Facebook ads.

Online Marketing Made Easy

We’re always looking for new ones to add to our must listen list – what podcasts are you listening to? We’d love to hear about them in the comments.

FAQs about Podcasts for Small Business Owners:

What makes podcasts a valuable resource for small business owners?

Podcasts offer valuable insights, tips, and inspiration tailored to the unique challenges and aspirations of small business owners, fostering a sense of community and providing practical advice.

Why is “How I Built This” recommended for small business owners?

“How I Built This” features interviews with successful entrepreneurs, offering firsthand accounts of their journeys and strategies for building thriving businesses, inspiring listeners and providing actionable ideas.

What sets “Marketing School” apart as a podcast for small business owners?

“Marketing School” delivers concise, actionable marketing tips in short episodes, making it ideal for busy entrepreneurs. Hosted by Neil Patel and Eric Siu, it covers online marketing and SEO strategies applicable to various business models.

What makes “Online Marketing Made Easy” suitable for small business owners with an online presence?

Hosted by Amy Porterfield, “Online Marketing Made Easy” focuses on monetizing online businesses, offering insights into effective strategies like drip campaigns and Facebook ads. It’s particularly beneficial for bloggers and e-commerce entrepreneurs.

How can small business owners benefit from engaging with podcasts?

Listening to podcasts allows small business owners to stay informed about industry trends, learn from successful entrepreneurs, and discover innovative strategies to grow their businesses. It also provides a sense of community and support among like-minded individuals.

Do’s & Don’ts of Employee Development

The Do’s & Don’ts of Employee Development – 3 Tips for Improving Your Workforce

When it comes to hiring employees, you want to be able to pick from the cream of the crop. However, in today’s world, the movement of the workforce is rapid. 1 in 3 employees plan to look for a new job within the next year, and 59% of job seekers are willing to compromise for work-life balance. With these numbers and many more in the mix, it’s hard to know how to handle hiring, not to mention employee development.

But how do you know what prospective employees, or even those you currently employ,  are interested in when it comes to overall job satisfaction and employee perks? Glass Door and Harris Interactive reported the following in a recent survey: 

Despite the fact that the past has shown that health benefits, 401(k)s, and career planning programs were at the top of the list, today’s employees are much more interested in growth opportunities (52%) than they are flexible work schedules and work from home options. That means as managers, CEO’s and small business owners, we need to look for frequent opportunities to interact, but also encourage some stretching when it comes to work skills.

We’ve pulled a few of our best employee development do’s and don’ts together in hopes that they’ll be not only easy to implement but help retain your current employees and help you recruit those cream of the crop potential employees you’re looking for.

DO Look for Employee Strengths and Hidden Talents

You might be surprised that “Jane” in accounting has a real knack for the creative, but don’t let it slip by unnoticed. Make sure to recognize employees for their skills and abilities (even those outside their job descriptions) verbally and make notes in a personnel document so you have them to reference later. Referencing your own notes or those in the personnel files will help in putting together inter-departmental teams and might come in handy if you’re looking to hire from within for a new position.

DON’T Ask a Fish to Climb a Tree

The words entrepreneur, solopreneurs, or self-employed are common among today’s workforce. Because those titles often require an individual to wear many hats, it can be expected that those hats have provided them with quite a bit of knowledge in a variety of areas – accounting, marketing, business management, etc. However, it’s important that you don’t require those skills as part of their job description when you hire them. Just like you wouldn’t ask a fish to climb a tree, you can’t expect someone you hire to deal with finances to be great at customer service. Note strengths and talents, praise for contributions they make in any of these areas, but never require them to contribute in these areas on a regular basis unless you’re willing to renegotiate wages, titles and job description.

DO Allow for Failure

As an employer you can expect that many of today’s workers come with a variety of skills – chances are they, and even you, have Googled a topic and learned quite a bit. Even though information is widely available, it’s not ok to demand perfection. Employees are interested in growth, but doing it in an environment where they’re not allowed to fail can be toxic to the workplace environment. The best thing to do is to challenge employees to think outside the box and expand their skillset, encourage them to really push themselves, but also provide plenty of opportunities to ask questions, or be a sounding board that helps provide additional information they can utilize for their success.

DON’T Accept Age Limits

The whole idea “you can’t teach an old dog new tricks” is outdated. Older employees are completely capable to learn new technologies and procedures. With that in mind, don’t allow yourself to believe that a “young kid” couldn’t possibly have a vast amount of experience and expertise in a specific area. Breaking down these mindsets amongst employers and managers is the first step, but empowering our employees to believe them as well is what’s going to foster employee development and build out a viable work culture.

DO Make Sure the Right Resources are Available and in Good Supply

Lets talk about resources. Odds are you have the right tools to create the products or provide services to your clients, but how are you doing in providing the tools, skills, and support to your employees? Are there channels in which employees can request additional resources and are they widely-publicized so they’re aware of them? If you run a small business holding 1-on-1 meetings might be the right fit, a town hall type meeting might be a better fit for larger employee numbers. Regardless of how you communicate and fulfill employee needs, make sure you address both the things they need to get their job done successfully as well as the things they might want to use in order to grow.

DON’T Overload Employees

Balance is key when it comes to providing employees the change to develop new skills. Requiring, or even providing the opportunity, for outside training could possibly make it harder for employees to be satisfied in their jobs. Have you ever been excited about all you could learn and how much you could grow, only to be overwhelmed by the workload that’s required to obtain it? It happens to the best of us. While it’s important to provide growth opportunities, it’s also important that you help cap the amount of time spent in expanding skills. Make sure you set proper boundaries and if an employee is itching to learn more, consider asking them to lead a project where they can utilize their new skills, or even present an internal training for other employees where they can share what they’ve learned and how it can help their day to day work.

How are you working to implement employee development within your business? We’d love to hear about it in the comments.

small business audit

How to Make Smart Business Decisions

Have you ever sat down to make a business decision and wondered if what you were leaning toward was a wise choice? You’re not alone. Some might say that smart business decisions are made by those that are business savvy – that answer makes it sound as if being a smart decision maker requires an advanced degree or some type of natural-born talent. Although both of those might be helpful, they’re not required to make smart business decisions. In fact, we believe that smart business decisions are made when those doing the decision making consult the right sources (and we’re not talking about a magic 8 ball).

The answer is simple – financial reports.

financial reports

How do we create a financial statement?

It all starts with a bank statement. We take a look at your your expenses and income and then categorize them into a variety of categories like:

  • Supplies
  • Food & Entertainment
  • Marketing Costs
  • Business Equipment
  • Auto Expenses
  • Owner distributions
  • Loan Payments

Here’s where we put our accounting degree to work and create your Profit & Loss Statement and Balance Sheet.

Where to Look When You’re Making Business Decisions

You’ll want to have access to all of these reports for a variety of reasons, but to really make smart business decisions you’ll want to look directly at your P&L. Many business owners look to their cash balance (you can find this on the Balance Sheet)  when they’re deciding on purchasing new machinery or hiring an additional employee. That makes sense, no use in thinking about purchasing or hiring if you don’t have the cash to support it. But the Balance Sheet only tells us where we stand at a certain point in time (the end of the month). Your P&L gives you a better picture of how you’re business is fairing overall. If you see a net loss, you might decide holding off on those decisions  and see how things go over the next several weeks.

Where to Look When You're Making Business Decisions

Want read more about the differences in financial statements? You can catch it all in more detail here. Looking to hear it from a certified CPA and one of our co-founders, Ben Sutton – watch the webinar here. 

FAQs: Making Smart Business Decisions

1. What are the key reports to consult when making business decisions?

To make smart business decisions, consult your Profit & Loss (P&L) Statement and Balance Sheet. The P&L gives a comprehensive view of your business’s overall performance, while the Balance Sheet shows your financial position at a specific point in time.

2. How does a Profit & Loss (P&L) Statement help in decision-making?

A P&L Statement helps by showing your business’s revenue, costs, and expenses over a specific period. It indicates whether you’re making a profit or loss, guiding decisions such as purchasing new equipment or hiring staff.

3. Why is a Balance Sheet important for business decisions?

A Balance Sheet provides a snapshot of your business’s financial health at a specific point in time, showing assets, liabilities, and equity. It helps you understand your cash position and overall financial stability before making significant investments.

4. How do I create a financial statement for my business?

Creating a financial statement begins with your bank statement. Categorize your expenses and income into categories such as supplies, marketing costs, and auto expenses. From there, generate your Profit & Loss Statement and Balance Sheet to summarize your financial data.

5. Should I rely solely on my cash balance for business decisions?

No, relying solely on your cash balance is not recommended. While it’s essential to know your cash position, the P&L Statement provides a better overall picture of your business’s financial health. It helps you make more informed decisions by showing profitability and expense trends over time.

Register for State & Local Taxes

How to Register for State & Local Taxes

History Behind State & Local Taxes

History Behind State & Local Taxes

We can take paying state & local taxes back to the Founding Fathers. From the start of our country, until current day the Federal Government has always recognized the rights of the states to impose taxes on its citizens. When the Constitution was written, the ability to impose taxes was included; however the states retained the right to impose any type of tax except those that are clearly forbidden by the United States Constitution. That’s why Federal Taxes remaining mostly the same over the years while state taxes have the ability to fluctuate year to year as well as between states.

Monies from the state & local taxes are obtained through tax collection, fees and licenses as well as the money granted by the Federal Government to each of the 50 states. The income earned is put towards providing public services including public schools, police forces, health and welfare benefits and the operation and maintenance of state governments.

The most common state & local taxes are the personal income tax, corporate tax, sales, tax and real property tax. Personal income tax and sales tax were introduced in many states between 1930-40’s.

How to Register for State & Local Taxes

It seems that when it comes to taxes, things get confusing quickly. Federal taxes have enough ins and outs, but putting things right side up for a small business when it comes to state & local taxes could make you think twice about doing them yourself. If that’s the case though, we’ve got a few pointers for you:

  1. You’ll want to find out the information that is recent and accurate for your state. Here’s a good place to start: Tax Info by State
  2. You’ll want to register your business entity at these sites so you’re set up when it’s time to file your tax return or pay quarterly taxes.
  3. You’ll want to gather all your financial paper work together before you start working on your return – need a checklist to get you started? Here you go.
  4. If you sell a product or service that is taxable and you’re in  a sales tax state, you’ll need to set up a process to collect and pay the monies you collect. Not sure if you’re supposed to be collecting sales tax? No problem – every state except Alaska, Delaware, Montana, new Hampshire, or Oregon has sales tax. Remember, if you’re selling in more than one state you’ll need to be collecting and filing for sales tax in each of the states you’re making sales in.

How to Register for State

In conclusion, navigating state and local taxes can be complex and overwhelming, especially for small business owners. Understanding the historical context and current requirements is crucial for compliance and successful operation. If you encounter any difficulties in registering or managing state and local taxes for your business, consider seeking the expertise of a trusted company like Vyde. Our team can provide the guidance you need to ensure that your tax obligations are met accurately and efficiently.

Frequently Asked Questions:

  1. What are state and local taxes?
    State and local taxes are taxes imposed by state and local governments on individuals and businesses. Common types include income tax, sales tax, and property tax.
  2. How do I know if I need to register for state taxes?
    If your business operates in a state with an income or sales tax, you likely need to register. Check your state’s tax authority website for specific requirements.
  3. What documents do I need to register for state taxes?
    Typically, you will need your business registration documents, financial records, and identification information. Refer to your state’s requirements for specifics.
  4. What if I sell in multiple states?
    If you sell in multiple states, you must register for and collect sales tax in each state where you have a tax obligation. This includes filing tax returns for each state.
  5. How can Vyde help with state and local tax issues?
    Vyde offers expert services to assist with registering and managing state and local taxes, ensuring compliance and helping you navigate the complexities of tax regulations.
Increase Profits & Decrease Costs

How to Make Your Own Business Luck – Increase Profits & Decrease Costs

Make Your Own Business Luck

Many business owners feel that they are strapped for cash, would like to expand their business but don’t know how or how it would be possible.  One thing I learned growing up in a low-income household is that there’s always something you can do to change your status. Many times all it takes is to outline your (or your business’) strengths and skills, think outside the box, and network.  Instead of wishing for something great to happen, you’ll be able to find helpful and effective ways to make a little business luck of your own, from the items you include in your outline.

Case study:  From the beginning, I have paid for everything in cash for my business along the way.  It is a goal I’ve had to not borrow any money. This makes it tricky when I just started out, would look at the account and realize, I needed to cut costs, and certain invoicing software costs more than I can afford.  So…I went hunting for new invoicing software that was cheaper. I did find one that fit all the needs I had with a trial version. I tried it out and realized that it was a small business developer just starting out.  It had most things I needed and the developer would get back to me very quickly on questions I had. After a few months, I found I needed to upgrade to a higher level of this invoicing software because my business had grown.  I decided to talk with him about his business needs. This is something you can do with small businesses, but larger businesses are more set in stone. We ended up striking a deal. I test his software out, give him recommendations as I go as a user, he’d change anything I needed along the way and I’d get the product for free for my team for as long as that worked for both of us.

Top 3 ways to Change Your Business Luck:

  • Affiliate Marketing
  • Collaborative Partnerships
  • Negotiations

How to get people to help you out:  If you like the sound of a deal like that, look for opportunities, and look for ways that your business can benefit not only customers, but other businesses you need things from.  You may have to sacrifice fancy bells and whistles, but you can save money and make a great partnership as well.

Affiliate Marketing: You may have heard this buzzword and be intrigued.   Many people get passive income by promoting products on a sales site like Amazon.  When customers buy the product through your specialized link, you get a “commission” or “affiliate percentage” off of the sale.  This can be done to a huge scale, or if you have a product that compliments your current business strategy (for example, I had a Martial Arts studio client with insanely popular YouTube videos.  They started selling costumes the martial artists would wear in the videos with the Amazon link and getting a share from those that would purchase through their link. *Note: You need a large following to make this profitable.

Collaborative Partnerships:  This takes a little more risk and “schmoozing.”  When you are looking to lower bills, think about what costs most.  Think about other ways you could possibly solve that problem that would cost less OR think about how another business you know of might be able to solve your problem.  In the ladder case, think about what you have that could benefit that company, and then approach them. I like to offer free Small Business Spotlights as a way to grow exposure and help small businesses get to know me better instead of slimy sales tactics and cold calls. *Note: Make a list of the ways you can benefit them ahead of time. Any size business can use this tactic.

Negotiations: These require the most guts but they can be the most beneficial if you think less like a used car salesperson, and more like a friend who wants to help and needs a favor.  When you find a company or person you want to help your business, money is not the only thing that speaks. Think about the needs that company/person has. Set an appointment to discuss a partnership.  When you go in, build the relationship, voice your concern, and then just like in the Godfather, “give them an offer they can’t refuse.” Well maybe not COMPLETELY like in the Godfather 😉 *Note: Make a list of the different outcomes you’d be okay with ahead of time. If they say no, find out why and be ready to solve THEIR problem.  Any size business can use this tactic.

expand my business

Different levels of businesses need different levels of these strategies.  For more information on the specifics of how to make affiliate marketing, collaborative partnerships, and negotiations help your business succeed, here’s a previous article and an upcoming online free conference that will help!

Frequently Asked Questions

1. How can I expand my business when I feel strapped for cash?

Expanding your business with limited cash flow is possible by leveraging your strengths, thinking outside the box, and networking effectively. Start by outlining your business’s strengths and skills, and explore opportunities like affiliate marketing, collaborative partnerships, and negotiations. These strategies can help you maximize your resources without requiring significant upfront capital.

2. What is affiliate marketing, and how can it help my business?

Affiliate marketing involves promoting products or services on platforms like Amazon, where you earn a commission for each sale made through your specialized link. It can help your business generate passive income, especially if you have a large following. For instance, if your business has an online presence, you can promote products that complement your offerings and earn extra revenue without additional costs.

3. How can I use collaborative partnerships to lower my business costs?

Collaborative partnerships involve working with other businesses to solve mutual problems or reduce costs. Identify areas where your business could benefit from another company’s expertise, and approach them with a mutually beneficial proposal. For example, offering a Small Business Spotlight in exchange for discounted services is one way to create a win-win situation that reduces your expenses.

4. What are some tips for successful business negotiations?

Successful negotiations require understanding the needs of the other party and offering solutions that benefit both sides. Approach negotiations as a partnership rather than a transaction. Before negotiating, list possible outcomes that you find acceptable, and focus on building a relationship with the other party. Offer a proposal that addresses their needs while fulfilling yours, and be prepared to adjust your offer based on their feedback.

5. How can I find opportunities to make strategic partnerships for my business?

To find strategic partnership opportunities, start by assessing your business needs and identifying companies that could help meet those needs. Research potential partners and consider how your business can offer value to them. Networking events, industry conferences, and online communities are excellent places to connect with potential partners. Approach them with a clear proposal that outlines mutual benefits, and be open to creative solutions that can help both businesses thrive.

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Vyde is a licensed accounting firm (CPA) based in Provo, Utah, and members of the AICPA. We provide professional accounting services to businesses and individuals, with a focus on small business bookkeeping and taxes.

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