Say you’re on a flight that takes off at the equator with the intention of circumnavigating the globe and returning to the same longitude. If your course is off by only one degree at the outset then by the time you made it around the world you would be 500 miles off course of your destination. Yikes!
When Benjamin Franklin said “only two things are certain in life, death and taxes,” he obviously never considered a time when Comcast and Verizon bills would be just as certain. The reality of running a business is that there will always be bills to pay. That’s where the third question from our series, The Four Burning Questions Business Owners Have, comes in: How much do I owe people?
If you are thinking about selling your vacation home, consider all of the factors before making such a big financial decision. Have you thought about the tax consequences if you sell? What are the economic pros and cons of holding onto the property? Read about the four questions to ask yourself before selling your vacation home.
When people see a nice house they’re going to say, “Wow, that’s a really nice house.” You never hear “Wow, that’s a really nice foundation” because the foundation is unseen by outside viewers. However, a house’s foundation is crucial to the stability of the house. Similarly, there is a foundation that is crucial to having a successful business. That foundation is formed by a good accounting process.
You probably started your business because you’re passionate about a product or service, and wanted to share it. When things like invoicing, payroll, and numbers start encroaching, the passion part often ends up in the back seat and your time is consumed by making sure everything adds up. Knowing the answers to four key questions will give business owners back the time for the passion.