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If you’re a small business owner, the possibility of bankruptcy can be fairly high depending on your industry and how well your system can manage finances and sales.
Working from home has become a very attractive alternative for both freelancers and small business owners. It’s your own space after all, so you can make it the ideal environment for you to focus and be in peak performance mode! Here are a few tools that will enhance your business and allow you to do more and track production.
As a small business owner, you’re probably used to doing mostly everything yourself. From accounting, financing, managing, plus the activities that actually make up your service/product offerings.
“Success is a lousy teacher. It seduces smart people into thinking they can’t lose.“ — Bill Gates
Often the most important part to running a small business is managing those finances. The reason the majority of small businesses fail in the first five years is due to lack of financing, so if there are some ways to save those precious dollars, every small business owner should know them like the back of their hand!
Construction accounting is a type of project accounting which involves some unique terms and requirements that differ from other businesses. A regular brick-and-mortar business stays in the same place to sell products or services, whereas a construction company is mobile and completes custom jobs on a regular basis.
The short book The Richest Man in Babylon by George S. Clason, is considered the “bible of financial freedom” to many successful people. If you’re not familiar with it, here’s a link to a free pdf version. Not only are the strategies easy to follow, if you add a creative tax strategy on top of these, you’ll be well on your way to financial independence.
On average, global business tax rates are about 25%, so this makes the US more competitive at scale. This move will also help keep jobs in the US and create many more in the years to come.
Are you one of the many people who dream of becoming wealthy someday, without knowing exactly how that could be possible with the job you have or the life you live? Maybe it seems completely unreachable with your already busy schedule.
Most of us try to ignore where our wealth is today, either because we’re nervous to really know what the situation is, or we don’t have the time to keep track and it gets pushed to the wayside for as long as possible.
Step 1 was to determine your goals. Step 2 required measuring your current wealth and debt, and using taxes to your benefit. Now we’ll get into Step 3: Gain control of, and decrease your living expenses like crazy.