My Rookie Year As A Business Owner

by | Feb 13, 2019 | Uncategorized | 0 comments

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How To Develop Your Skill For Great Success And Happiness Including Become CPA? | Additional special tips From Admin

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My Rookie Year As A Business Owner

Late in 2017, I took the plunge and participated in buying out one of our company’s partners. Now, a year later, I’m grateful to have the opportunity to reflect on three key experiences that I hope will help you as you navigate the early stages of managing your small business.

Most of what you read and hear about taxes as a small business owner is bullshit. My first year having to file as a business owner was foolish and expensive. Stay away from those that oversell you an obnoxiously aggressive tax plan with little or no coaching. Not only will this result in future tax problems, but you’re buying power for normal things, like mortgages and auto loans, will go down the toilet. Find yourself a conservative CPA, and focus on the long term. My current accountant may not be the most aggressive, but he has saved me (and many other converts) from fines, poor choices, and ending up on the IRS’ shit list.

What I learned this last year is that my motivation for growth doesn’t always sync with my team. I remember being a part time employee during college for a young cell phone start up. The owners would sit in the back of the store for hours without engaging the team, then eventually poke their head out every few hours to ask for sales numbers. This was during the recession, so this usually resulted in them sliding back into the office with a scowl.

Their intent or motivation was clearly not syncing with our motivation to make sales. Now as a business owner, I sometimes find myself getting stressed out about sales numbers and revenue late in a month, and acting similarly to my old bosses in college. Inherently, your team isn’t going to feel the same stress or anxiety as you. However, projecting that stress and anxiety seems to do more damage than good. I found that my team reacts strongly to well prepared, clearly communicated flows and action plans where I can outline the foreseeable problems, and lead them in a way that is motivating for everyone.

I spent $500 on cereal over the course of 6 months for my team last year, and it had no impact on our team’s ability to provide an amazing customer experience or drive sales. If you’re worried about building a great culture for your business, start with the basics.

I definitely won’t be winning any rookie of the year awards for my first year as a business owner, but I hope my experiences and feedback help you better manage your investment and keep you on the right track to building a healthy business.

My Rookie Year As A Business Owner

Research & References of My Rookie Year As A Business Owner|A&C Accounting And Tax Services
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