Jake Snelson - Vyde

Why You Should Choose an Accountant Over Doing It Yourself

We’re accountants, so you’re probably thinking that this article is going to be completely biased towards hiring accountants, preferably us, to do your bookkeeping and taxes, right? Well, we’d love to meet you and talk to you about your business, financial goals, and so on. We’d also like to make your life easier by taking care of the day to day management of your books, and filing your business (and personal) taxes come tax time. But we’re going to be honest here and give you the pros and cons of hiring an accountant to take care of things, because we get it – we’re doing the small business thing too, and we know that straight talk, especially when it comes to business stuff, is exactly what you want and need.

Reasons to Do the Accounting Yourself

There are plenty of reasons to hire an accountant, but lets talk about the reasons you might not want to (despite the fact that it may not be in your budget at the moment).

You can understand tax laws – if reading tax law is your thing, we totally get that. Our guess is that you’re either incredibly savvy (like us accountants are) when it comes to these things, or you’ve missed your calling and should be an accountant. But in reality, some people just seem to get this stuff- they might have taken some accounting courses in college and spending the time deciphering tax laws and codes doesn’t make them pull their hair out. If this is you – you might want to just save yourself the cash and take a go at it yourself.
Numbers are your thing – when it comes to bookkeeping, we’ve seen it all. If numbers give you warm fuzzies and talking spreadsheets, P&Ls, and Balance Sheets make your heart sing, then handling your monthly books and filing your taxes isn’t a bad idea.
If your taxes are simple or unchanged – honestly, there are people out there that fit this category. If you’re not taking out business loans, running a large payroll, making investments, buying and selling property, or changing your marital status then doing your own taxes is pretty straight forward. If you’re trying to figure out if your taxes are in the simple or unchanged category and you’re not sure… read on.
You don’t own property or investments- we briefly mentioned this above, but other investments might include Roth IRAs, 401(k), stocks, bonds, running rental properties, vacation homes, partial ownership in timeshares, and so on.

Reasons to Hire an Accountant

If you’ve read this far you obviously didn’t nod your head to any of the bullets above. Just to make sure we’ve got you headed in the right direction, here are some reasons hiring an accountant will be beneficial to you.

Getting a handle on your money – everyone needs a budget, and many people have one, but few actually stick to the plan when it comes to their money. If you’re feeling that keeping track of receipts, logging mileage and making note of expenses is kind of something that you do in vain, odds are that you don’t really have a handle on your money and there’s no clear plan for how to grow your business or manage your finances when you business does grow. An accountant can help with that – in fact they love it.
You’ve started a new business – the best thing a new business owner can do is have a solid financial plan. We get that being business savvy and having entrepreneur mojo is what everyone talks about when their business is an overnight success, but a solid plan will make that success that much more certain and its the best way to keep track of how your new business is faring. Hiring an accountant can get you off to a good start and can answer questions about what type of business entity you want to be so you maximize your income and minimize what you pay in taxes.
Life changes have happened this year- maybe you got married, divorced or had a child. Purchased a new home, changed jobs, or decided to quit or day job and take your side hustle to a full-time gig. These types of changes make filing taxes intricate. They don’t happen all the time, so the ins and outs aren’t something that you’re filing year after year – for us accountants, we see clients with these changes all the time, and making note of these things is just part of the job.

5 Reasons Taking Notes Will Make You a Better Small Business Owner & Entrepreneur

You probably thought that taking notes was something that only happened in college, and high school if you’re were the studious type. But who knew that it would not only spread into the business world but help set apart high achievers and successful entrepreneurs? The research did. Many studies have shown that taking notes helps us to understand, remember, and retrieve essential facts when we need them most; but those same skills can be incredibly meaningful in the world of business as well. Here are 5 ways note-taking can set you apart as a successful entrepreneur and help your ideas blossom.

Note-takers are many things, but they definitely:

Are Avid Learners

There’s no needed for taped spectacles and pocket protectors here. Avid learners come in all shapes, sizes and a variety of fashions – but the one thing they have in common is that they are constantly asking questions. They’re tracking information, formulating questions, digging for answers and drawing conclusions, which in turn will lead to more questions. Those nerdy types in high school soaked up information like a sponge and often spouted out corrected answers whenever possible. Research shows that writing information down helps us pull out essential facts and starts the process of understanding – connections come once the notes are reviewed and ideas are consolidated.

Application: Successful entrepreneurs of today have put the skill of avid learner to use. They ask questions, make connections and apply their findings in real time. Their propensity to learn new things makes their brains and their processes malleable – making change and progress all that much easier to implement. To put this skill to use, think of areas of your business that may be antiquated or need a refresh. Start asking questions of yourself, employees, and maybe even your customers. You may be surprised at how easy the changes are to implement and how much they might effect your bottomline.

Know That Remembering Information is Important

It may bring on a cold sweat as you remember cramming for exams and trying to memorize countless facts so you could pass a class. Odds are that a professor or friend might have mentioned that a good way to remember something is to write it down. What seemed like a good suggestion has actually been proven as fact. Research has shown that a person has a better chance of remembering the facts if they’ve taken the time to write them down. In fact, students who had been taking notes in a class ,were 7 times more likely to remember the facts a week later than those who had not.

Application: This idea pairs perfectly with avid learning. Constantly learning isn’t enough – we have to be able to retain and then draw on information when needed. As a business owner you have many hats, you’re probably nodding in agreement that keeping track of all the details all the time is nearly impossible. If you aren’t already taking notes, consider starting a log of some sort where you jot down information that might be useful in the future. (i.e. websites that provide useful business tips, that new software your business friend mentioned, an idea that your daughter shared with you that she learned in her business class, etc. ) Even if you can’t recall the specifics you’ll have an easier time finding solutions if you have a place to start looking, and odds are you’ll recall a lot more than you thought you might just by looking at your notes.

Know How to Spot Cues

It may seem like being observant is a gift, but it actually is a skill that can be finely honed. Note takers have a lot going on during a meeting or presentation. They’re listening, writing/typing, and concentrating on what’s being said so they don’t miss a beat. Efficient note-takers seem to develop a sixth sense for spotting verbal and non-verbal cues. For example, during presentations speakers often pause or repeat a main idea, change their tone or inflection while trying to get a key point across. Non-verbal cues might include a deck of slides shared during the presentation, writing on a whiteboard, or when a speaker seems animated while speaking because they’re using their arms and hands to make a point.

Application: Knowing how to spot cues puts any entrepreneur ahead of the game. They seem to intuitively know that Jane was passionate about the project, or that Larry’s knowledge about an aspect of the project is unsurpassed. Odds are they weren’t told this information, but that they picked it up from spotting verbal and non-verbal cues. Even if you’re not expertly skilled in this area you can always start now and hone the craft as you go. A good place to start, both to practice your skill and mine some useful information, is an informal employee interview. Sitting down one-on-one provides you a chance to ask if there are concerns or ideas that they have for their job – you’ll be able to get some useful stuff, and practice looking for non-verbal cues that you’ll jot down as well to use in the future.

Are Efficient Readers/Leaders

Remember the kid that always seemed to have the right answer and raised his hand first in class? They seemed to know the assigned text by heart, and remembered countless details in addition to the answer the professor was looking for. It may have seemed annoying at the time, but that skill, when applied, can make a pretty amazing leader. Note-taking while reading is a great way to maintain focus and helps you practice summarizing key points. When it comes to running a business this skill helps you pinpoint problem areas, lead out in finding a solution, and summarize needs and how to fill them quickly – that makes for efficient processes which in turn bring success.

Application: It seems like just another to-do but adding some useful reading to your daily tasks might not be a bad idea. Some of the world’s best entrepreneurs and leaders have been noted to be well-read and they seem to be applying the ideas they’re gleaning to real life so they must be taking notes of some kind as well as just reading about them. If you dig around the internet for a minute you’ll find several subscription offerings that have curated great reads for aspiring businesspeople and leaders (just to prove a point, we’ve linked this sentence to a popular one.) Even if you don’t cough up the funds for the subscription, you might want to make note of some of the more popular business reads and set aside 20-30 minutes each day to take their information in.

Ready For New Ideas

Odds are that you’ve either doodled in the side margins while taking notes for a class or knew someone who did. Would it surprise you that some of the most successful entrepreneurs are avid note takers who not only jot down key points from the topics being discussed, but may have jotted down ideas, notes, or thoughts in the margins (along with their doodles of course)? We’d venture to say that some of the best business ideas and greatest entrepreneurial successes started out in the side margins of a notebook. Consider it brainstorming by 1 person instead of a group. Where do these ideas come from? They’re often the questions that come to mind while a person is learning something new, jotting down information that is important so they can make connections, etc.

Application: While you’re sitting by the pool taking on your next business read, or attending a work meeting or industry conference, make it a point to have paper and pen handy. Then instead of just jotting down the important points that are being covered, take time to jot down the ideas and questions that come to mind while you’re listening. When you review your notes, see if you can’t draw connections or brainstorm ideas for the questions you posed in the margins. What you’ll find might be the next big thing for your business, or even answer a question you’ve had regarding growing or managing your business.

So how will you step up your note taking game? What things do you already implement in your day to day and which might help you and your business grow? We’d love to hear in the comments.

FAQs:

1. Why is note-taking important for entrepreneurs?

Note-taking helps entrepreneurs understand, retain, and retrieve crucial information, fostering continuous learning and problem-solving skills.

2. How does note-taking help entrepreneurs become avid learners?

Avid learners constantly ask questions, track information, and draw conclusions, enhancing their adaptability and fostering progress in their businesses.

3. What role does note-taking play in remembering information?

Research shows that writing down information significantly improves retention, helping entrepreneurs recall essential facts and make informed decisions.

4. How does note-taking help entrepreneurs spot cues during meetings or presentations?

Efficient note-takers develop the skill to spot verbal and non-verbal cues, enhancing their ability to understand nuances and make insightful observations in business settings.

5. How does note-taking contribute to fostering new ideas and innovation?

Note-taking encourages entrepreneurs to capture ideas, questions, and thoughts, sparking creativity and potentially leading to groundbreaking innovations in their businesses.

How to Calculate Self Employment Taxes as a Small Business Owner

As small business accountants, we hear the question “how much should I put aside for self-employment taxes?” and other similar questions quite often. Although the answer really is “it depends”, we know that doesn’t help much in helping you get your books in order and make sure you’ve got enough come tax time. Today, we’re going to cover the basics of self-employment tax so you’ve got a handle on what it is and how it works, as you continue to grow your business.

What is Self-Employment Tax & Does It Apply to Me?

The self-employment tax is a combination of Social Security and Medicare taxes. If you’ve ever worked as an employee for a company, your pay stub should have reflected a certain dollar amount that was being withheld from your paycheck. The amount withheld is matched by your employer and then given to the government to cover the Social Security and Medicare taxes.

If you’ve decided to jump into the world of entrepreneurship or run a profitable business of any kind, you’re likely to become liable for self-employment tax. The self-employment tax rate is 15.3% – which is a combination of 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% Medicare (hospital insurance).

So when does Self-Employment Tax kick in for your side hustle? Generally, if you have net earnings from your business of $400 or more, you’re required to file an income tax return and pay self-employment taxes. The good news is that paying self-employment taxes is easy – it’s actually reported as part of your annual individual tax return.

How is Self-Employment Tax Calculated

Your tax professional or tax software should guide you through the process of filing self-employment taxes, but it’s always nice to know some of the details of how it works.

When you file your taxes your self-employment tax is calculated based on your net profit (business income – business expenses). All of your business’ net income is subject to the Medicare portion of the tax, but only the first $127,200 is subject to the Social Security portion. When it comes to self-employment tax, you pay twice the tax rate because you’re covering both sides of the tax (the individual portion as well as the employer’s matched portion). It’s because of this, that the government gives you a tax deduction for half of the self-employment tax you owe, reducing your taxable income overall.

How do I estimate my Self-Employment Tax so I Have Enough to Cover My Taxes Come Tax Time?

You could probably make a pretty good guess if you’ve made it this far, but we’ll break it down into a simple formula.

First you’ll need to find out what your net profit is. To do that use the following formula:

Net Profit = Total Income – Deductible Expenses

If you’ve got fancy accounting software or have hired a professional, you can check your Profit and Loss Sheet (P&L) and be able to find this number as well.

Now the amount of taxes you actually pay overall is determined by our tax bracket – and that’s determined by the amount you earn. (This is why we answer questions with “it depends”).

Our rule of thumb is to set 25% of your net profit aside for taxes (this recommendation holds true for LLC, sole-proprietor and s-corp businesses). You may end up owing a little more or a little less, but you’ll be sitting easy at tax time and that’s what counts.

Want to hear all this from one of our expert accountants and founders of Vyde? He covered this and many other common tax questions for small businesses in a recent webinar.

Should I Itemize or Use Standard Deductions?

Today we’re talking tax deductions, what they are, what qualifies, and how it will help your small business. Grab your favorite beverage and a notepad and pen and get ready to spend the next 30 minutes getting expert advice on how to work deductions to your benefit. Have a specific questions or don’t have time to watch the entire episode? Check out the show notes (with watch times) below.

What qualifies a deduction?

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Ordinary – an expense that is common and accepted in your trade or industry.

Necessary – an expense that is helpful and appropriate in your business.

Basis for Deductibility

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Cash – when you actually purchase, that is the day when something becomes deductible (this the default and the most beneficial for the small business to use)
Accrual – when you receive the expense, that’s the day that the expense becomes deductible
Hybrid – a mix between cash and accrual

What Will I Save?

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Tax Savings Formula

Deduction x Tax Rate = Tax Savings

Examples of What You Can Deduct

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Vehicles (for business use)

Phone

Equipment (Tools, Camera, Computer, etc.)

Supplies (Office, Cleaning, Hardware, etc.)

Contract Labor

Business Meals

Travel

Insurance

Website and Software

Taxes

Marketing and Advertising

Insurance

Where’s My Tax Refund & Other Tax Filing Information

You beat the rush and filed your taxes early. Having the stress over with is nice, but having that cash from your tax refund in your bank account would make the success of getting it done all that much sweeter, right? It’s true that the IRS issues more than 9 out of 10 refunds in 21 days, but it’s also possible that a review of your tax filing may take additional time. If you’ve ever wondered what happens between the time you file and when you get your refund and how quickly you’ll get that money back from the IRS, read on.

Your Tax Filing’s Journey

Once you, or the tax professional you hired, hits the submit button on your tax filing it’s just a waiting game on your side. That said, your submitted taxes aren’t just sitting around. Here’s how it all works out:

your tax return is hit with a “time stamp” or an electronic postmark – this keeps us all on track and puts your return into the system before it’s passed on for review.
The IRS has 24-48 hours to accept your return. This process includes them checking the personal information submitted with your tax return against the information they have for you on file.
If/when all the information checks out, the IRS officially accepts our return and you’re put on the IRS payment timetable.

From there your tax filing is processed and reviewed and only the IRS knows that status and whether or not you owe taxes or should be issued a refund – how you file also adds to the length of time your return takes. That said, you can start checking your status 24 hours after you’ve e-filed your paperwork by accessing the IRS’s tool Where’s My Refund?

E-file & Direct Deposit

If you e-file your taxes, you have fairly good odds that you’ll get your tax refund quicker than doing it the old fashioned way. E-filing provides you with the option to have our refund directly deposited into your account and it’s the safest, and fastest, way to receive your refund – not to mention the easiest process to complete. However, if you’re still filing a paper version of your taxes, you can still take advantage of the direct deposit method.

To take advantage of getting your tax return by direct deposit you simply need to provide the account and routing numbers for the account you’d like the money deposited to. There will be a spot to input the numbers on your return if you’re using a tax software program to do it yourself or you can provide the information to the professional that’s taking care of the filing for you.

Regardless of your method, direct deposit definitely gives you quicker access to your refund than a paper check coming to you in the mail.

What to do with That Refund?

Federal tax refunds are often the largest single check many people receive – so it’s a great time to start saving or even invest a portion of your return. You can easily divide your refund into two or three additional bank accounts with a submission of just one extra form. This option gives you the chance to manage your money – sending some to one account for use while the rest goes to savings or investments for future use.

Started a 401k This Year? Here’s What You Need To Know Come Tax Time

For many, landing a job right out of college is a necessity. There are student loans to pay back, rent/mortgage not to mention the general costs of living. Most need as many dollars in their pocket as possible to afford living, so saving for retirement often gets put off. We get it, bills are bills. The one thing we don’t think about is retirement. But a 401(k) is a great way to invest right out the gate (or whenever you decide to start one really). Read on to find out why investing in a 401(k) is a smart move and how it brings more perks than just money for retirement.

Why Investing in a 401(k) is a Good Idea

your contributions go in tax free – meaning you’re getting interest on every penny you put in rather than the amount minus tax
because your contributions go in pre-tax, that means your taxable income right now is lower – that’s a win for sure!
Many employers match your contribution – which means you get free money! Check with your HR department to find out the details so you can take advantage of this benefit if it’s offered.
Saver’s Credit at tax time – you may or may not qualify for this one, but it’s worth checking into. With the Saver’s Credit, you could get up to $1000 credit if you’re single or $2000 if you’re married filing jointly.

What You Need for Tax Filing

With all the perks, you’d think the downside of the 401(k) would happen come tax time – but there’s no additional paperwork for you. Your W2 reflects your 401(k) contributions. If you want to see how much you’re saving now, take a look at your W2 and you’ll see how much your taxable income is lowered by contributing to your 401(k).

Have questions about filing taxes? Want to know what other forms of investing would work for your current financial status. We’d love to chat with you – contact us here.

How to Build an Authentic Social Media Presence – Part II

You can find Part One of How to Build an Authentic Social Media Presence here.

Now that we’ve talked about the importance of having an authentic presence on our social media platforms, and we’ve reviewed a strategy for posting a variety of post types on our platforms, it’s time to talk about the nuts and bolts of making it all happen.

Types of posts

When putting together social media strategies, it’s important to remember the 3 P’s. Personality, Practicality, and Passionatism. Potential customers need to get to know you, just like going on a date. You can let them get to know you casually by sharing something general. Next, you share knowledge you have on the subject in a non-sales way, just helpful (building credibility). After that, you share something personal. All along the way you’ll respond to their comments, and observe their interests (likes, ha-ha’s, sad’s, etc). An example* of what to post with this strategy in mind is as follows:

1. Monday: something about the time/season of the year/holiday/motivational,
2. Wednesday: Educational, but helpful: How-to’s, Tips/Tricks, and
3. Friday: show personality, behind the scenes, videos with the owner/creating the product, etc.
4. Once per week, add a link talking about a sale Tuesday OR Thursday-talk about what event you have coming up, or both but not the next week

*This is a general schedule and may not work for all industries. It is also a starting point. Some companies have enough engagement/following to do well with more content. It’s best to take the advice and tailor it to fit your specific industry/product/service.

Social media isn’t all about sales and Call To Action’s (CTA’s), it is about building relationships with other people that need what you have. With that in mind, I recommend posts with heartfelt quotes, celebrations of holidays, etc. Social media is also about being consistent. Once you have started posting, reach out to engage your audience and let them know you are “available” and will continue to post information that is insightful and helpful.

Target audience

Time for a quick test…AGH! Don’t worry. This is easy.

Q: Who is the target audience?

If you answered “the general internet” you may be right, but you’ll agree that doesn’t really narrow things down at all.

You may ask, “Why do we need to narrow things down? I want all people to know about my product! All people can benefit from my Thneed (The Lorax).” Well, SOO GLAD you asked! More success comes from engaging people that have already had an interaction with you or already know you exist. Just like in our dating analogy, this becomes the point where someone that has met you few times, gone on a few dates, knows and likes you, could eventually ask to “marry” you. Beyonce’s line about “if you liked it you should’ve put a ring on it” works opposite in this case. If the CUSTOMER likes it, the CUSTOMER will buy your product or make the “move,” or “put the ring on it.”

Tip: Narrow your target audience down to those who already love your product/service. The tip here is to use your Current, Past, and Prospective Customer database as your target market. Don’t “hard sell” them, but let them be part of your “inner circle.” Invite them to get to know your company better, and let them help you on your journey. Let them know you have a social media page, let them know you’ll be posting tips and how-to’s, freebies that relate to them and help them in their lives, and behind the scenes that they’ve helped you with. Many times people also respond well when they feel they’re doing you a favor, “check out our new menu and let us know if there’s any changes you want us to make! Thanks for your help!” This can be done with an email, a video in an email (more personal), or a direct message on the social media platform they are on most.

Social media won’t bring you clients per se, but it will let people get to know you the same way fliers and open houses do, but much much BETTER. Will every person who gets a flier come to an open house? Not likely. Will every person that comes to the open house buy the house? No. Will every person who visits your page be interested? No. But they will continue to come back if you have things that relate to them, appeal to them, and interest them. This will keep your company in their mind when they hear of someone that needs that help or if/when they need it. It’s about keeping your company in their line of vision.

Check out a similar blog articles or Gerber Business Solutions’ social media feed (@gerberbusiness) with additional helpful tips.

How to Build an Authentic Social Media Presence – Part I

How A Social Media Presence Is Like Dating

How would you like it if someone you didn’t know, walks right up to you and asks you to marry them? What?! That’s a HUGE commitment! In a dating relationship, we get to know a person, spend time with them in many settings, and even consider how they treat others (family, friends, the cashier at the supermarket, etc.) before we consider the big question. The same goes for social media. We’re not proposing marriage to our clients; however, it’s a similar feel when people are on social media and we ask them to buy something. Let me explain…

Social media is everywhere. It is less and less of an “extra” and more and more of a necessity as far as advertising goes. Some business owners think of social media should yield an “immediate return” or something that brings many customers to their door right away. Most likely, that thought process comes from the amount of time and resources required to put out the right messages. Your company works hard, you want to see your money “paying off” right away.

Take a look at it from the customer’s perspective: How would you like it if someone came up to you when you were talking to your friends and family and started telling you about all their deals on igloo huts or lava beds? Chances are you might not be interested because you are in the middle of your “down time” and haven’t ever thought about igloo huts or lava beds. The topic doesn’t interest you and all you are getting from this person is a sales pitch. This is similar to a salesperson ringing your doorbell or getting a sales call from a private number to sell you something during dinner time.

But your product/service is great! How can you get people to be interested? Aren’t hard-nosed sales tactics the only way to get great return? NO. There’s a better way.

Case Study- Social Media Presence

Problem:

I’ve had very professional clients that refuse to get personal, even refuse to let their followers know that they have a social media page, thinking “If I’m on social media, people will find me there.” A few months later, they wonder why they aren’t getting any engagement or new clients. They’ve done the work. They’ve spent the time and money to be “on social media.” They’ve posted messages on all of their platforms that tell people what their product does and where to find it. Why haven’t the numbers gone up? Why hasn’t anyone signed up to be their next customer? Where’s the return on investment?

The analysis is simple:

The company hasn’t taken the time to get to know people first. To run with our dating/marriage analogy, there has been no introduction, no questions about past relationships, no getting to know them, no first, second or third dates. There will be no one lining up to “date” this company because all they know is that they sell things. Committing to a product or a company requires knowing something about them beyond their sales pitch.

No one knows the company exists, and for the few people that happen to stumble upon their page, the services/product was not something they were interested in and the page held no additional contribution to their life. That would be the end of the experience they would have with that company. The company needs to get a little personal and seek to understand their audience.

Recommended Solution: Focus on a variety of post types. Sales-type posts are needed but it’s a different strategy than it use to be. According Social Media Marketing World (SMMW), your company should:

50% of the time-post curated content (from other places, or generic type posts that don’t have to do with your product/service)
30% of the time-post original content (about your product/service-still not selling, just educating)
20% of the time-post promotional material (selling, finally) of the time.

Why is this the case? Well, as people are finding that your content helps them in their lives, they will continue to turn to you. Calls to Action (CTAs) are fine, but you really are just sharing information about your company, the industry, and useful ways that it can fit into their lives. In reality those are soft sales already and will help build relationships with potential customers.

Take a look at your current social media platforms? Are you like the clients mentioned in the case study? If you’re posting frequently, how do your post types match up to the recommended percentages above? We’ll talk more about building an authentic social media presence soon.

How to Stay Inspired About Building Your Business & Setting Goals

Running a small business requires hard work, but it also requires setting goals. Without goals, you’ll be hard pressed to turn those entrepreneurial dreams into reality. So how do you create stamina to pursue your goals when the thrill of the entrepreneurial chase is gettin you down? Here are a few of our favorite tactics to bringing life back to chasing our business goals and refueling our inspiration to make big things happen.

Monthly Reviews

It seems redundant, but just like a monthly review of your books, setting aside time to review your business goals and the stats that go with them can help build up your momentum to get great things done. Plus, reviewing what went right and wrong in regards to a goal’s progress can help you fine tune your efforts and push you further ahead – there’s no need to keep doing things that aren’t helping you accomplish what you set out to achieve. Plus, being able to step away from the day to day and see where you started and how far you’ve come can provide some pretty good power towards getting it done.

Keep Motivated

Vision boards are all the rage, but it’s true that having a visual representation of what we’re aiming for helps us in achieving it. A vision board might not be the right fit, but you can definitely find other ways to provide motivation. We like inspiring words, like this free printable – they help us remember why we’re doing what we’re doing in the first place.

You can download your free digital copy of one of our favorite quotes by clicking here.

Delegate & Celebrate

Big business goals often go better when you’ve got more people invested in the outcome – that’s where delegating actually becomes a superpower. Not only do you divide up the work, but you can rely on the inspiration of others to help contribute to the end goal you have in mind. You’ll also be able to draw on them when you feel your own inspiration lacking and vice versa.

Make sure to consider those that might be most interested in seeing you succeed – employees,business partners or even family members! Pull them into your goal setting process and ask where they’d like to contribute or where they see their skillsets making the most impact. Then don’t forget to celebrate your accomplishments once you achieve them!

Make it Manageable & Streamline

Achieving a large goal or dream becomes easier when you break it into manageable pieces. It becomes easier still when you streamline those pieces and make them tasks that you can either automate completely or at the very least, make them routine. Take a look at what your overall goal is. What pieces do you have that have to happen more than once? Can you see a process that you could implement to make it easier to manage and part of your routine? These light bulb moments help fuel your success.

What great goals are you taking on in your business right now? What are you doing to help make them reality? We’d love to hear about them in the comments.

FAQ

Why is setting goals important for running a small business?

Setting goals is crucial for running a small business because it provides direction and purpose. Goals help you measure progress, stay motivated, and maintain focus on what you want to achieve. Without clear goals, it’s challenging to turn entrepreneurial dreams into reality.

How can monthly reviews help in achieving business goals?

Monthly reviews help by allowing you to evaluate your progress, identify what’s working and what’s not, and make necessary adjustments. They also provide a chance to celebrate successes and learn from mistakes, which can boost momentum and motivation.

What are some effective ways to stay motivated when pursuing business goals?

Effective ways to stay motivated include creating vision boards, using inspiring words or quotes, and regularly reminding yourself of your “why.” Keeping a visual or written representation of your goals can help maintain focus and enthusiasm.

How can delegation contribute to achieving business goals?

Delegation helps by distributing the workload and incorporating diverse perspectives and skills into the process. Involving others who are invested in your success can provide additional motivation and support, making it easier to achieve large business goals.

What strategies can make large business goals more manageable?

Breaking large goals into smaller, manageable tasks and streamlining processes can make them more attainable. Identifying repetitive tasks that can be automated or made routine helps create a structured approach, increasing efficiency and reducing overwhelm.

How-To Streamline Your Small Business: Time Vs. Money Savers

Streamlining can feel like a dream-something lofty you need to do, but can’t afford the time or money. You may feel at a loss due to lack of knowledge on where to start, lack of funds, lack of time. All of these could lead to not wanting to take a necessary step toward helping your business succeed, and becoming more efficient. All small business owners need is JUST ONE MORE ASAP PROJECT.

Case study: Applying Time Vs. Money to Your Business Operations

Problem: A client I’ve worked with in the past had an old cash register and an old punch card (clock in and out) system. Their cash register broke and they wanted to save money by not buying a new up to date system because the other one “got the job done,” and was cheaper. Separately, running the punch card system “the cheap way” required family members to take one night a month, with an “all hands on deck” approach to help them manually count and add up the time. They would utilize as many as 6 family members, calculators, pencils, paper, and work until all of the employees’ hours were tabulated. The next day the owners would have the checks ready for the employees.

Solution: I encouraged them to make the necessary time and monetary commitment by recommending a new electronic register system with an app that would allow their employees to clock in, out, and automatically tabulate, etc. It did take initial time to set up and cost money upfront, but it ended up saving countless hours, money, headache, and family issues in the long run.

When you are truly committed to moving your business to the next level of success, there are a few areas to strategize your resources, Time & Money Savers, Work Flow Automation, and Financial Analysis. We’ve listed the best places to start in each of those areas. It’s important to not become overwhelmed, but remember that an organized plan, taking into accountability, available resources, time and money available for these projects is going to give the largest amount of success without a huge amount of headaches. “Going For The Gold” only works if you have a steady, plan on getting there.

Top 5 Time & Money Savers for Small Businesses

Timecard/Invoicing systems
Calendar/appointment programs
Electronic shared documents/files
Customer Resource Management Systems
Automated Social Media Schedulers

Workflow Automation – many times we get busy in the thick of the business that we don’t take time to step back and see how things can be improved. Consultants are great because they have an outside perspective, have experience in seeing successes and failures with other businesses, and can see processes in a different way than the business owner who is too busy to change things.

Redundant tasks-why do we do it that way? Because it always has been done that way.–not good enough. Anytime the task is done over and over, there could be a techno-injected or new process invented to make them more efficient.
Underperforming Employees-Uncle Joe needs a job but he also needs to follow the process manually in order to keep his job
Team meetings– The well-honed team needs to continuously hear about the issues of the company, the Mission, Vision, Values, and Goals of the company, hear about changes in policy/procedure, and voice new ideas that can innovate.

Financial Analysis-keeping thorough books seems ridiculous on top of everything else a business owner needs to do to keep up. The best way to maintain your edge is to:

Create realistic budgets for Marketing, Technology, and Product-and then revisit progress monthly
Perform Financial Forecasts in Nov/Dec
Perform Financial Performance review yearly Dec-Analyze where funds went and how effectively they were utilized

A business that is able to look at Time & Money savers, Workflow Automation, and Financial Analysis yearly will be able to catch many of the issues before they become large issues. They will also be able to save time and money while having time for what they love. Switching to fitting this type of strategy into what your business is already doing is painful at first, but when your business utilizes consultants, financial planners, and technology experts, the work can be done relatively fast. Slow going piece-meal on a few of these projects as the company has time and money is a great way to build a strong company a little more affordable, which is where a coach is handy.

Resources

Author: Jake Snelson