As a small business owner in Nashville, we know you are probably planning ahead for the new decade. It’s always smart to look to the future and to take steps that will establish and maintain the health and viability of your business endeavor. That’s why you are successful!
Our goal here at Piccolo Marketing is to support small business owners in our area, and we’ve got a few tips for you to consider that will help to increase your chances of growth in 2020 and beyond.
Keep Business and Personal Expenses Separate
- We know you tend to be very connected with your business, and it can sometimes feel like your business life and your personal life are really the same entity. If you extend this philosophy to your accounting records, you will find yourself with a big mess when it comes to filing your taxes and calculating the value of your company, as well as placing a burden on your personal accounts when your business is losing money. You should have separate checking accounts for home and office, and a credit card specifically for your company. Make sure you categorize your expenses consistently and correctly to help protect you from personal liability due to business issues. And don’t forget to pay yourself!
- It may be tempting to rely on your business to continue to grow as you approach retirement age, but we all know things change. Have a safety net in place by contributing to a SEP or a Solo 401K, both of which provide tax benefits and are designed for the self-employed. You are allowed to contribute up to one quarter (25%) or $55,000 into these accounts, and this money will grow tremendously over time.
A Team Of Experts
- Find competent experts that can assist you in your business, especially in those areas that require a high level of expertise, as in accounting, taxes, and legal issues. Having a tax advisor on board is extremely important to help you navigate the complicated world of tax law.
- A majority of startups fail; that’s just a fact. It is a good idea to safeguard your assets, both personal and business, by being properly insured. Additional personal life insurance and disability insurance can ensure adequate coverage in the event that you become disabled or lose your earning power, for example, and contributing pretax dollars to a Health Savings Account (HSA) can reduce your taxable income while guaranteeing that you have enough cash on hand to cover medical expenses. Your insurance professional can help you to make the right choices for your particular circumstances.
Small businesses like yours need help to grow. An owner of a small business often wears more than one hat, managing customers and staff, operations, administration, and more. You need a trusted partner that can help you market your company without a lot of hassle, and here at Piccolo, it’s our absolute pleasure to do just that!