At BASC Expertise we love working with some of the best small business owners in Arizona. As small business owners ourselves we also understand how much you need to do that isn’t directly related to your business.

We offer the following 12 tips for small business in 2012: 

1.      Business plan: If you haven’t heard us say it already, the answer is yes, your business needs a business plan!

2.      Banking: Separate bank accounts for business and personal and find a bank that is friendly for small business. By friendly we mean no or low monthly fees.

3.      Marketing Expenses: Take a look at marketing expenses to see where you can save money. Understand which marketing was the most bang for your small business buck.

4.      Networking: Networking is a funny thing because you network to get clients and then get so busy you don’t have time to network. You must continue networking to keep referrals coming to you and not your competitor. Evaluate the cost of networking. If you spent more on a networking group than you got in business from that group consider not renewing your membership.

5.      Know your numbers: Review your financial statements monthly or at least quarterly with your accountant. You want to know where your money is coming from and where it is being spent so you can adjust throughout the year.

6.      Core vs. Non-Core Business: Evaluate where you are spending your time. If you are a marketing businessperson spending time on non-marketing tasks consider outsourcing to a local professional. An accounting professional like BASC Expertise can sit down and evaluate the cost and benefit of outsourcing.

7.      Classification of employees: The IRS defines employees versus independent contractors. As a business owner it is important to your bottom line that you understand and adhere to these classifications.

8.      Tax planning: Small business tax planning is often forgotten and is essential to financial success.

9.      Business structure: Depending on which business structure is selected will determine, in part, the tax liability for your business.

10.  Location: Whether you work at home or in an office may determine the deductions you can take at tax time.

11.  Mileage: Find out from your tax professional if your business needs to track mileage.

12.  Trade: Consider trade as a way to build your business.

Here’s to you growing your business!

 

Related articles

• 10 Questions to Consider as a New Business Owner (bascexpertise.com)
• Yes your business needs a business plan!  (bascexpertise.com)