Running or starting your own small business can be a daunting effort on its own; this coupled with financial burdens can push owners over the edge. In this everchanging world, everyone must stay financially prepared for the worst – especially small business owners. One of the best ways to safeguard your livelihood from unexpected financial crises is to keep practical steps in place to protect your business from financial ruin.
Do your research. Keep your eye on local and national data on how businesses in your industry are doing financially to ensure you stay profitable and sustainable. Take a peek into what your competitors are doing. By doing so you can use others as a guide for knowing what to avoid and to see what is working. Edit your business model to include the new and emerging techniques in your industry.
Good Financial Habits
As a small business owner, you know something is always going on in your workplace. You are constantly in meetings, ordering supplies, delegating tasks – the list goes on and on. However, it should be one of your top priorities to set up internal financial meetings with yourself and whoever else on your staff who deals with financial matters. Use this time to familiarize yourself with your books; do this even if you are working with a bookkeeper. Doing so will allow you to have better insight into your business and financial expenses.
Get Your Rainy Day Fund Ready
Rainy days are sure to come. Setting funds aside every month for unexpected expenses can save you big time in the long run. You might run into storm damage, broken equipment or air conditioner repairs that can put a large hole in your pocket if you are not expecting them. By implementing a savings plan and account for your small business, you are sure to avoid major financial losses due to unexpected issues.
All successful business owners set goals for themselves. Make the goals you set for your business are both attainable and clear. To ensure you are meeting the milestones you want, consider creating “sub-goals” or goals within your goals that will help achieve your objective. Remember to review the goals you have set for yourself and your business regularly. To ensure they are realistic, relevant and achievable.
Peace of Mind
Finding a starting point for future-proofing your small business can be difficult if you are unsure of where to start. Luckily, with the help of Bumgardner Morrison, your business can achieve successful financial preparation. Contact us today for all your financial planning needs; our staff is ready to help take your business to the next level while providing you with a peace of mind.
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Avantax financial professionals may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.Securities offered through Avantax Investment ServicesSM, Member FINRA, SIPC. Investment Advisory Services offered through Avantax Advisory ServicesSM. Insurance services offered through an Avantax affiliated insurance agency.The Avantax family of companies exclusively provide investment products and services through its representatives. Although Avantax Wealth ManagementSM does not provide tax or legal advice, or supervise tax, accounting or legal services, Avantax representatives may offer these services through their independent outside business.This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.
Mike joined BumgardnerMorrison in 1983 and currently serves as partner to the CPA firm and as champion partner to the Wealth Management firm. He is responsible for audit, assurance and tax services and specializes in working with financial institutions and agriculture cooperatives. Mike has passed the FINRA Series 7 and Series 66 exams and holds the Texas Resident Life and Health Insurance license. He offers additional value to clients by providing wealth management services. He believes that every question deserves attention and an answer, and wants clients to be comfortable voicing concerns throughout the entire planning process.
Mike attended Southwest Texas State University, where he received his Bachelor of Business Administration in accounting. After graduation, he worked for a national CPA firm in Houston for two years. Professional organizations in which he is actively involved include the Texas Society of CPAs and the Victoria Chapter of the TSCPA. He has served as financial advisor for the Our Lady of Victory School advisory council, and coached basketball at OLV School for many years. Mike and his wife, Mary, love spending time with their family of seven children and ten grandchildren. He also enjoys sports, especially basketball, and his faith.
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