By Bernard R. Wolfe & Associates, Inc.
Here are 5 financial tips that will help entrepreneurs be more successful in their business ventures:
1. Build an emergency fund. Before you even start your business, you should make sure that you have a nest egg to fall back on since most new business owners struggle the first few years.
2. Manage the cash flow. The money has to keep flowing in, or business will come to a halt. Also make sure that if you have a business that’s seasonal, that you save for the times when business is slow.
3. Skip the office. If possible, work out of a home office as long as possible. A portion of the business related expenses may be deductible on your tax return.
4. Take advantage of retirement plans. You may be able to put away significantly more tax deductible contributions into a SEP IRA, Single 401(k) plan, or a defined benefit plan depending on your corporate structure and profits.
5. Work with a tax advisor. Work closely with a Certified Public Accountant who specializes in working with small business owners to help decrease their taxes and to keep them in compliance with the IRS. HBM
Bernard R. Wolfe & Associates, Inc., has provided financial management strategies and investment services since 1981. The company also offers professional women’s financial planning services, led by Samantha Fraelich, a CERTIFIED FINANCIAL PLANNER™ Professional. Visit the website at www.bernardwolfe.com.