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Category: Business Accounting

Building a Successful Small Business

5 Daily Essentials for Building a Successful Small Business

Successful Small Business

It’s no small feat to build a small business. Most entrepreneurs and small business owners invest time, money, and passion into their ventures. But it’s not just that investment, and their commitment to it, that makes their business a success. If you’re looking for long term success, you’ll need to consistently invest, building habits and work flows that build rather than create chaos. Today we’re covering 5 daily essentials for building a successful small business. Their items that the pros use to make sure they’re keeping on track and reaching their goals. Put these in place from day one, or even start implementing them today and we’re pretty sure you’ll see positive changes coming your way.

1. Check in With Your Vision & Goals

It may seem simplistic to say remember your vision and goals – everyday. But that’s exactly what you should do. The hard part isn’t the remembering it’s holding yourself accountable and getting achievable goals and a clear vision set in the first place. There are lots of ways to get a vision for your business, but the best one we know of is to simply take some time and ask yourself what you want to accomplish. Not sure? Answer these questions:

  • what do you want to accomplish this year?
  • where do you see yourself in 5 years?
  • what type of problems does your business solve?
  • what type of person are you helping?

After you’ve done this for your business, list out specific products and/or services and do the same. Who are you helping with this product? What would you like to see happen with this product during the year? How are you going to make it happen?

As you check in daily on your vision and goals, you’ll notice that your goals may shift over time – your vision however, should stay pretty much the same. Realigning yourself to your vision and refocusing on your goals on a daily basis helps you to stay accountable and keeps you focused on what’s important in your business.

We share some ideas on how to stay inspired on your goals and build your business here.

2. Review your Books

For many entrepreneurs and small business owners the idea of checking the books daily is overwhelming. When we mention reviewing the books on a daily basis, we’re not suggesting that you spend much time reviewing all the tiny details – that’s a process that’s more effective if done monthly. Instead a daily review of your books should be a few moments where you focus on the financials of your business. You should know if you’re making or losing money at any given time during the month. You also should have a good idea of what products/services are selling well and what seem to be lagging. Even if you’re a solopreneur or you manage the majority of your business happenings – keeping a ‘Review the Books’ mindset means that you’ll be wise in making business decisions because you’re aware of where you stand financially at all times. The daily process should take only a few minutes and be empowering, for example: “Today I’m going to see if I can market, sell, or promote Product X and keep moving towards my goal of increasing my monthly net income by XX amount.”

If bookkeeping isn’t really a thing for your business, we’d suggest getting it established. You can check out our secret formula for getting started here and learn some simple strategies for effective bookkeeping here.

Strategize with Employees or a Business Ally

3. Touch Base With Customers

Some of the most successful entrepreneurs still spend a ton of time talking to clients. Why? Well, without them there wouldn’t be much of a business to begin with. Taking a few minutes to touch base with customers every day is one of the best things we can think of to create a successful business. Here’s a few reasons why:

  • learning from customers helps you hone your current offerings
  • customer service is responsible for more than half of customer satisfaction – reaching out and making sure you’re getting it done for those that do business with you is just plain smart
  • expressing a little gratitude towards those you work with/for goes a long way – you’re putting a little bit of gratitude out into the universe, but it also helps build life long customers

You’ll find a lot of direction can be found in talking to your customers. Plus, the info you glean from these interactions should fuel you to create additional offerings, improve current services, or spend more time promoting the products you have. Interacting with customers takes time, but it also can provide some of the most valuable information out there.

4. Strategize with Employees or a Business Ally

Small business owners often operate in silos because they’re more invested in their work than those that they employ. That’s not to say that your employees don’t care about the work they do, but that they’re not as invested because it’s not their ideas, money, or passion they’re implementing. If you’re a solopreneur it’s a good idea to find a business ally – someone that’s also spending time on their own ventures – to bounce ideas off of. If you’re employing workers, we suggest spending a few minutes to strategize with them because as you brainstorm better ways to do things with those you employ, you’re utilizing the skills they bring to the table as well as empowering them to be more invested in the work they do because they helped create the plan.

5. Step Away & Unwind

Taking a moment to step away and unwind from your business ventures is vital to being successful. No one builds an empire overnight, and they definitely don’t accomplish it if they’re burned out. Taking at least a few minutes (we’d recommend at least 1 hour) to take a walk, have lunch, pursue a hobby, or spend time with family and friends actually fuels your passion rather than depletes it. Whatever you do, make sure you’re balanced in the time spent between being hands on  and stepping away. We find that some of our best work happens when we head back to the office after we’ve taken an hour or two to refuel our passion and unwind from the pressures of work.

Step Away & Unwind

What other things do you do daily to ensure your business success? We’d love to hear about them in the comments.

FAQs About Building a Successful Small Business

1. Why is it important to check in with my vision and goals daily?
Daily check-ins help keep your business aligned with your long-term vision and ensure you stay accountable to your goals. Regularly reassessing your objectives allows you to adapt to changes while maintaining focus on what truly matters.

2. How often should I review my financials?
While a detailed monthly review is essential, a brief daily check of your financials can empower you to make informed decisions. Spend a few moments each day to understand your income, expenses, and which products or services are performing well.

3. How can I effectively connect with my customers?
Touching base with customers daily is key to building strong relationships. It allows you to gather feedback, improve your offerings, and express gratitude, all of which contribute to customer satisfaction and loyalty.

4. Why should I strategize with my employees or business allies?
Collaborating with employees or fellow entrepreneurs can lead to innovative ideas and improved processes. Involving your team fosters a sense of ownership and investment, making them more engaged and motivated in their work.

5. How important is it to take breaks from work?
Taking time to unwind is crucial for maintaining long-term success. Stepping away allows you to recharge, preventing burnout and enhancing creativity. Regular breaks can lead to more productive work sessions and renewed passion for your business.

 

Mailbox

Mailbox, P.O. Box or Home Address – How to Pick the Best Option for Your Small Business

We may be living in tech-savvy world, where email, text message, and other forms of digital communication seem to be king. But when it comes to businesses, every style, shape and size of business seems to rely on physical mail to function. It might be new business cards, invoices, or deliveries of stock and supplies, but whatever it is, there are just some things that can’t be taken care of digitally.

It’s a common question among business owners – what type of mailing options are out there and what’s going to work best for your business? And although there are supporters in every camp, we firmly believe that any of the options could work out fine for your business – as long as you weigh the pros and cons and are informed on what each option has to offer. That said, we’re talking mailing options and why you might want to consider either a home address, P.O. Box, or a mailbox for your small business.

Legally What Type of Address is Needed for My Business?

When it comes right down to it, you’ll need at least a physical address to complete the paper work to legally start your business and obtain your licenses and permits. The addresses you may want to use beyond that in your business are up to you.

Many businesses, mostly home-based businesses, use their home address on their business cards, stationary and as their mailing address for invoices and the shipping of supplies. Although that doesn’t sound like a bad option, it does raise concerns when it comes to security as well as the logistics of changing addresses in case you move from your current home.

P.O. Boxes are a good options and are available at almost every postal office across the country. However, over time, the personal side and transparency of our businesses have become more important in attracting clients. Because anyone can obtain a P.O. Box and it’s a fairly common belief that many P.O. Boxes sit untouched for days, even weeks, at at time – the use of one can actually invoke distrust with some clients and make them wonder about the legitimacy of our business. When it comes to marketing our business, we want to do everything we can to promote trust, transparency, and passion for the work we do for our clients.

Mailboxes are another option, often provide a physical street address for your use, and include additional services that the traditional P.O. Box may not offer.

When it comes right down to it, any of the options may be just what your small business needs. But the best business decision you can make is one that is informed on the options. As you consider your business needs, budget, proximity, and marketing tactics, you’ll be able to pick and choose from the address options and make a pick that will fit your business to a T. We’ve compiled the basics on all three options for your use:

Reasons to Use a Home Address for Your Small Business

  • convenience
  • doesn’t incur additional cost
  • provides you with a proper mailing address, rather than a impersonal P.O. Box as your address
  • keeps things simple – one address for everything – your licenses, marketing materials, shipments, and a searchable location listing for Google and other search engines

Reasons to Use a P.O. Box for Your Small Business

  • usually the low cost option
  • provides a level of security for your personal life because your home address isn’t made public
  • provides continuity if you ever have to move and cuts down the hassle of informing clients of a change of address or an interruption in your deliveries
  • you mostly receive mail that’s delivered by traditional mail carriers (the post office)  rather than specialty mail delivery services (i.e. UPS, FedEx, etc.)

Reasons to Use a Mailbox for Your Small Business

  • you often receive from multiple carriers, providing greater versatility and reliability
  • need a mail forwarding option because you travel often or for work
  • notification options – many mailboxes provide a phone call or text message whenever an item arrives, so you can stop spending time checking the mail and get back to business
  • round-the-clock access – many mailbox providers offer 24-hour access to your mail and deliveries, so you can pick up your mail when you want instead of arranging your schedule around their hours

So which option fits your business best? Are there additional needs you have that don’t seem to fit between a home address, P.O. Box or Mailbox? We’d love to hear about it in the comments.

Small Business Accounting School: Tracking Your Receipts

Welcome to Small Business Accounting School – school is now in session and it’s time to start building your business. We know that small business owners everywhere have passion for what they do. They put in countless hours, keep track of the dollars and cents and are more than willing to invest back into the biz when they know it will grow and they’ll make a profit. Small business owners are savvy, but they’re also sometimes short on time. We get that, because we work with small business owners everyday, and we’re even small business owners ourselves.

Every small business owner seems to have their speciality. They’re good with the books (that’s us), or stellar with the creative, or super savvy when it comes to influencing and marketing. But it seems that none of us can do it all. We figured we’d pull our best resources and advice on accounting and put it all in one place. That way small business owners everywhere could gather, read through the posts, try their new found knowledge through the quizzes and then go forth to build a better business by putting our bookkeeping advice and financial savvy to use. If you have questions – we’d love to talk. Contact us and we’ll happily answer your questions and see if we don’t make a good fit for you and your business.

And now… on to this session of Small Business Accounting School.

If there’s one thing we get as accountants, its that bookkeeping and accounting for a small business can create a lot of paperwork. For us, running the numbers and tracking the receipts is no big deal, but we get that not everyone loves numbers or getting it all organized in the books. That said, tracking receipts and handling the books is a part of small business life – so we’re sharing our secrets.  This week, we’ll be covering: Conquering the Paper Pile-Up: Tracking Your Receipts

Test Your Knowledge with this Quiz

Missed last session? No problem. You can catch the post and take the quiz here

Small Business Accounting School: When Should I Start Paying Quarterly Taxes for my Small Business?

 

 

Welcome to Small Business Accounting School – school is now in session and it’s time to start building your business. We know that small business owners everywhere have passion for what they do. They put in countless hours, keep track of the dollars and cents and are more than willing to invest back into the biz when they know it will grow and they’ll make a profit. Small business owners are savvy, but they’re also sometimes short on time. We get that, because we work with small business owners everyday, and we’re even small business owners ourselves.

Every small business owner seems to have their specialty. They’re good with the books (that’s us), or stellar with the creative, or super savvy when it comes to influencing and marketing. But it seems that none of us can do it all. We figured we’d pull our best resources and advice on accounting and put it all in one place. That way small business owners everywhere could gather, read through the posts, try their new found knowledge through the quizzes and then go forth to build a better business by putting our bookkeeping advice and financial savvy to use. If you have questions – we’d love to talk. Contact us and we’ll happily answer your questions and see if we don’t make a good fit for you and your business.

And now… on to this session of Small Business Accounting School.

 

Have you heard of quarterly taxes? Have you ever wondered if your small business is making enough to warrant paying them? How might you go about figuring out if you should pay quarterly or just wait until the end of the year? We’ve got you covered – and this question is a frequent one we hear from new clients!  This week, we’ll be covering the question: When Should I Start Paying Quarterly Taxes for my Small Business?

Test Your Knowledge with this Quiz

 

Missed last session? No problem. You can catch the post and take the quiz here

 

 

 

Register My Business

When Should I Register My Small Creative Business?

There is no short supply of things to do when you’re starting a small business. There’s setting up the books, managing the finances, sourcing product and promoting services… and that’s just the start. And when you’re first starting out, there’s the constant need to keep expenses as low as possible, until you start hitting sales projections and making a consistent profit. So when do you need to register your small business?

What does registering my business actually do?

But registering you’re business isn’t merely a fancy piece of paper that cost you a hefty amount of pocket change. It’s not even something that just legally qualifies you to sell/work in the city and state where you reside.

No. Registering your business not only provides you the legal right to operate your business, but it also provides you with a “corporate shield” that will protect your personal assets and that’s something that you should want right from the start.

When is the best time to register?

It may seem like a stack of paperwork that requires both your time and hard-earned cash could be put on the back burner. However, the process is much easier to complete at the start. Small businesses are usually simple in the beginning and it’s easier to answer the tough questions before allow a lot of business to take place – especially if you’re going into business with a partner.

If you’re a solopreneur, or one-man shop, it might be easy to write off this process under the guise that this is all something you do for fun. As accountants, this is something we discuss quite frequently with bloggers (and other small business/hobby-like operations). You can read more about is my blog a hobby or a business here – and many of the same questions apply to those that sell frequently on ebay, refinish/sale furniture, among other things.

The short and best answer is this. Don’t put off registering you’re business, instead do it first. Here are just a few benefits as to why:

  • If you’re entering a partnership, the beginning is always the best place to define ownership, and outline partner investing, etc.  Letting a bunch of decisions go by without setting things up in a legal way is only opening up the chance for a I said / they said conversation later.
  • Putting it off doesn’t save you any money and it definitely doesn’t keep the IRS from taxing your income. We’ve found that if you haven’t taken the time to register, you’re probably running you business from your personal account and not managing expenses and such – that means that you’re probably going to have messy books and a harder time filing taxes and it also means that it might throw a flag with the IRS come tax time.
  • Defining it as either a hobby or a business and then acting accordingly will actually encourage you to grow the business or just sit back and enjoy the hobby. We’ve seen many budding entrepreneurs spend months spinning their wheels because they’re not sure if the idea they have is worth moving forward – if you’re willing to do the paperwork and pay the fees, chances are you’re invested enough to get to it and make it work.

How do I go about registering my business?

Although you’ve no doubt heard about the ins and outs between s-corps, LLC’s and sole-proprietorships (and which one is best for your business), it’s not really as complex as it seems and it can usually all be done online.

First, you’ll want to check out your local state government pages to find the requirements for a business license and other requirements.

Usually, you’ll find that there are links to the forms you’ll need to complete and take with you to register. Now is a good time to find out about other items you may need – DBAs, EINs and figuring out the percentage to charge for sales tax in addition to when to pay quarterly estimated taxes are all things that you should be able to find on your local state government pages.

Small Business Accounting School: Accounting Mistakes That Put Your Small Business At Risk

 

 

Welcome to Small Business Accounting School – school is now in session and it’s time to start building your business. We know that small business owners everywhere have passion for what they do. They put in countless hours, keep track of the dollars and cents and are more than willing to invest back into the biz when they know it will grow and they’ll make a profit. Small business owners are savvy, but they’re also sometimes short on time. We get that, because we work with small business owners everyday, and we’re even small business owners ourselves.

Every small business owner seems to have their speciality. They’re good with the books (that’s us), or stellar with the creative, or super savvy when it comes to influencing and marketing. But it seems that none of us can do it all. We figured we’d pull our best resources and advice on accounting and put it all in one place. That way small business owners everywhere could gather, read through the posts, try their new found knowledge through the quizzes and then go forth to build a better business by putting our bookkeeping advice and financial savvy to use. If you have questions – we’d love to talk. Contact us and we’ll happily answer your questions and see if we don’t make a good fit for you and your business.

And now… on to this session of Small Business Accounting School.

 

It’s not enough to just keep track of finances and hope for the best. Instead you need consistent bookkeeping, and a chance to sit down budget, and track your profits and losses. We get that there’s only so many hours in a day and that the accounting for your business might not be at the top of your to do list. That said, it’s important to learn about the mistakes that can put your business at risk and then make sure you’re not making them. This week, we’ll be covering the 4 Accounting Mistakes That Put Your Small Business at Risk.

Test Your Knowledge with this Quiz

 

Missed last session? No problem. You can catch the post and take the quiz here

 

 

 

Small Business Accounting School: Accounting Terms To Know

Summer is almost out and Pomp and Circumstance is queued up at schools across the country, but when it comes to Small Biz Accounting School, we’re just about to be in session. With tax season finally over for another year, we’re looking towards helping small business owners, entrepreneurs and solopreneurs alike by giving them a summer school version of accounting school. While it’s true that we won’t be handing out diplomas or prepping anyone to sit for their CPA exam, we’re more than ready to help anyone interested in handling the finances and bookkeeping of their small business.

Each week over the summer, we’ll be posting another session of Small Biz Accounting School  and covering topics that will help you manage your business, your books, and accomplish your entrepreneurial dreams. Knowledge is power, and it’s time to get financially set to grow your business and increase your green.

First things first. To understand any subject, you need to have a sound understanding of the basic principles and vocabulary that’s commonly used. When it comes to accounting, we often get blank stares, but it really isn’t as hard as it all seems to be. This week, we’ll be covering the Top 10 Accounting Terms Every Business Owner Should Know.

Test Your Knowledge with this Quiz

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 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…

 

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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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