Entrepreneurs are always seeking to find new & different ways to grow not only their company, but also their personal development. We’ve summed up the 10 best tips that I’ve used in my 20+ years of being an entrepreneur who wears many hats. These 10 tips vary from budgeting, to expanding, personal recharge, and many more to give you a well-rounded list of actions that you can take to enhance your small business & personal development as an entrepreneur.
Even if your business is running smoothly, there's always room for improvement. We hope that you'll be able take at least a little something from these 10 best tips for entrepreneurs.
- Create “Savings Buckets”
As an entrepreneur, you’re always thinking of new ideas that probably cost money. You never know when an opportunity may arise. For instance, you may want to set aside money for professional development, purchasing a new office building, etc. Having your savings separated into various goal categories allows you to easily see how close you are to meeting them and deters you from using these savings for day to day business operations.
- Increase Your Business Knowledge by Having a Student Mindset
In this age of technology that we live in, the way that business is being done is changing every single day. This mean’s that business people need to have a student mindset throughout their whole career. Improving your understanding of new business management concepts can help improve your business decisions and aid in the growth of your business. Consider attending a business workshop or seminar this year to spark some new ideas in your business.
- Take some personal time off to recharge
Wearing a lot of hats as a small business owner can often lead to becoming burnt out. Making it a priority to take personal time can help find clarity, focus, and energy for you and your company. Being active & traveling has been shown in studies to enhance an individuals creativity, while reducing stress. Find what helps you relax and incorporate it into your life on a consistent basis to make sure you’re operating as your best self.
- Add a new product/service that you’re passionate about
If you have an idea that has been brewing in your mind for a long time, why not make this year the time you bring it into view. Don’t shy away from change. Do something different and better than you’ve ever done before. It could be a major revenue changer for your business!
5. Create and implement business policies that spark positive changes
If you perform an assessment of your business’ finances, you may find that a change in customer payment policies, updating your employee handbook, or other policy changes will be necessary. Create new policies you believe will be best for your business and its longevity, communicate and enforce them.
- Lower Your Taxes by Giving Charitable Gifts
The first step to ensuring that you get a tax write-off for your charitable donation is to make sure you give to a qualified organization. The most common organizations that are qualified to receive deductible contributions are: religious, charitable, educational, scientific or literary. If you are not sure of the type of the organization you are giving to, the IRS provides a list of organizations that qualify, click here to find out or work with your tax advisor for assistance.
- Define Which Workers Should be Employees & Which Should be Contractors
If your worker provides services to many businesses, besides your own, they are an independent contractor. If the worker only works for you, then additional factors need to be considered before you can be certain of subcontractor treatment. Specifically, the degree of control and level of independence in the relationship between your company and the worker in question should be reviewed. The IRS has three categories you can use as a guide in your assessment. Read more. If after reviewing the relationship between your business and your worker you are still uncertain of the appropriate classification, file Form SS-8for IRS assistance in making this determination. If you determine the worker is a contractor, you should have a contract that details your agreement with them and any other documentation for support.
- Clean up Your Client List
This year, it may be a good time to decide not to waste energy trying to please clients who either do not pay for your service or who will easily change service providers if you have even a slight increase in prices. Instead, decide to give your very best and more to paying clients who remain loyal and who want and need your services. Focusing on the latter will bring an increase in clients just like them and that will do wonders for your revenues!
- Work With a CPA to Represent You Before the IRS (an accountant cannot)
CPA’s can represent you before the IRS, while an accountant cannot. This means that if you have chosen to have an accountant prepare your tax return and are audited later on, they will not be able to resolve this matter for you, leaving you to fend off the IRS on your own. Because AEMC is a CPA firm, AEMC would be able to represent your business if you were audited during a tax year in which we prepared. As such, AEMC has a reputation of being of great assistance while representing clients before the IRS and other taxing authorities for help resolving tax issues.
- Manage Your Accounts Receivables & Have Flexible Way For Your Customers To Pay
We suggest that you create and review an aging accounts receivable report, regularly. This report lists all the customers who owe you and the amount of time their invoices have been outstanding. In general, the longer an invoice is outstanding, the more difficult it will be to collect on it, so actively monitor your unpaid invoices and follow up aggressively.
Having multiple ways for your customers to pay their service fees can have a positive effect on your cash flows. Accepting credit cards and ACH transfers are two methods you can offer in addition to cash, and many accounting/payment systems allow these options with ease and safety to your business and your customers.
As busy entrepreneurs, I understand that we have to be realistic in some cases. With that being said, you won't be able to tackle all 10 of these at once, but make an effort to incorporate at least one of these into your routine each week.
Narrowing my BEST tips down to just 10 was not easy for me, because I've tried/done so many different things over the years that have had a positive impact on my business & career. For more of these tips; check out our other blogs on our website by clicking the "More Blogs" button below!
