It’s AJOY Blog
EST. 2009
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Beware of These 6 Hidden Business Expenses That Impact Profit
Some expenses are to be expected when you’re running a business: the rent for your office space, your employee’s salaries, the cost of equipment, and so on. But over time, less noticeable, smaller expenses can also add up, quietly sabotaging the financial well-being of your company if you’re not careful.
Should I Hire a Tax Specialist?
Small business owners are notorious bootstrappers, driven to succeed by their own volition and generally super vigilant when it comes to their expenses. If they can do something themselves to save money, they probably will. While at times this can be advantageous, in many instances it’s actually counterproductive. Sometimes, it’s better to part with some funds so you can save time and ensure the task is done efficiently and correctly.
Are Legal Fees Deductible?
So many questions pop up all the time for small business owners, especially when it comes to taxes and determining what is and isn’t deductible. Naturally, we want to deduct as many legitimate business expenses as possible to lower our taxable income and lessen our tax burden. Sometimes, however, it can be hard to figure out which expenses are deductible in our specific industry.
10 Healthy Habits of a PROFITress
Running your own business is very different from working for someone else. For one, you need to be self-disciplined because no one is there telling you what to do every day. For another, especially if you work from home, there might be a lack of IRL colleagues that you need to impress. So, in reality, it’s really on you to establish habits that will manifest progress and positivity as the boss of a profitable business. Keep reading for 10 of our top suggestions.
Financial Management Made Easy
What comes to mind when you hear the term financial management? Maybe it makes you feel anxious or confused. If so, please don’t! Like any other business activity, managing your company’s finances can be broken down into smaller, repeatable, and actionable steps. Taking these steps will erase worries and help ensure that this part of your business runs smoothly.
How Savvy Bosses Stay Digitally Organized
There are lots of ways to describe small business owners. From smart and ambitious to creative, decisive, and resilient, there are many notable qualities that help those of us in this position succeed. But what about organized? While maybe it doesn’t sound quite as exciting as the rest, being organized is incredibly important when you’re running a business. After all, there’s surely a lot on your plate and all those details matter!
The Joy of Charitable Giving
It can be tempting as a small business owner to cling to every dollar. After all, sometimes we’re strapped for cash, and even when we aren’t, it’s natural to want to put every cent back into the business so we can keep growing it. The idea of giving away our funds might feel counterintuitive to our mission. It might even seem flat-out wrong from a business standpoint, despite knowing in our hearts that it’s good to give to others in need.
Cash is Queen
When it comes to business ownership, it’s absolutely critical to have access to substantial amounts of cash. In all honesty, cash is the lifeblood of a business. This might sound obvious, but do we really understand why? To put it simply, it’s because, despite how often you hear that you should leverage credit to operate a business, you’ll ultimately need cash, not debt, to establish, expand, and grow your business.
Low on Cash? This is Normal at Every Stage of Business
It might be tempting to think that only startups experience cash problems. After all, they’re just starting out, and it’s expected that they’re still figuring out how to generate enough sales to cover all their expenses. But what about as your company moves beyond the startup phase? You might wonder if it’s normal or not for it to continue encountering cash issues.
The Profit First Methodology is People-Driven – NOT Greed-Driven
Society teaches us that wanting lots of money is bad. Think of old Ebenezer Scrooge in Charles Dickens’s A Christmas Carol, for example. He certainly isn’t viewed favorably as he greedily counts and hoards all of his riches, refusing to help those less fortunate than him. Indeed, being a miser at the expense of others is not at all good. But ensuring that your business is profitable so you can consistently pay your employees what they’re worth? This is what the Profit First methodology is all about – creating sustainable businesses that put their people first.
Your Business is Never Too Small to Automate
It might be tempting to count yourself out as you’re first getting your company off the ground. You might think when my business gets bigger, I’ll get some real accounting software or once my company grows, it’ll be time to automate that process. But, in fact, even a company in its nascent stage can benefit from automating many of its processes. And there are many free and low-fee automation options available – you just need to look for them.
How to Succeed Better
There are lots of small business owners out there who have reached a certain level of success. We can point to them as examples and say that they are clearly operating successful businesses. And that success can be defined in many different ways. Perhaps they’re making a ton in revenue, they’re simply happy, or their team is strong and capable. The meaning of success is naturally open to interpretation.
8 Sources of SMB Financial Stress (+ How to Combat It)
Everyone gets stressed, no matter who they are or what type of job they have. Small business owners, however, share many of the same stressors. The good news is if you can identify the sources of your stress, you can alleviate and ideally eliminate it – stopping the stress right in its tracks. So if you’re losing sleep, money, or even friends because you’re so high-strung and anxious all the time, keep reading for more information about the eight most common sources of SMB stress and learn how to get it under control.
7 Common Fears in Business Ownership & How to Overcome Them
Everyone feels scared sometimes – especially business owners. After all, by starting and running your own company, you’re really putting yourself out there. You’re taking a leap of faith that many people will never be courageous enough to take. Be proud of that but also recognize that this doesn’t mean you’re immune to fear. Naturally, there will still be times when you feel afraid – and you aren’t alone. Other business owners frequently feel the same way.
Information presented here should not be construed as legal, tax, or accounting advice. No one should act on such information without retaining appropriate professional advice based on a thorough examination of the particular situation.