10 Must do’s for a Successful Business Year

Happy New Year!!! Can you believe another year has passed. Time is flying us by and I want to make sure we are making the best use of our time for our businesses. So I have 10 Must do’s for a successful business Year. These are things I had to implement in order to see success. I want to share them with you as well. It is really easy to become distracted from our goals or our purpose. In order to see continual success we not only have to remain focus but implement the things below:

1. LET GO

Our personal life directly correlate with our business life. If we are not happy in life or in personal relationships, that can affect the success of our business. There are some things and people we need to let go of. We need to let go of relationships that are no longer beneficial.

2. NO CONDEMNATION

Life is hard enough. Please do not be so harsh on yourself for the pass things you have done or have not done.  Or the people or things you had to let go. Moving on is necessary for your growth. There will be things and people you will no longer be able to hold on to and it will be difficult. However,  being hard on yourself will not make it easier.

3. BELIEVE

Believing in things I had yet to accomplish took my business to another level. I was believing for many things. We make goals for our business but sometimes we forget to actually believe that we will hit the goals we set for ourselves. It is not enough to have a goal. You have to have a plan. During the plan with each step you need to believe that your end goal is possible and will come to pass.

4. LIVE

One thing I wasn’t doing was living. I was working, working and working. Live through the process. Live through the process of building your business. For me, I get so stuck in planning and building sometimes I forget to relax or have fun, even on business travel. When traveling for business I make sure I have a casual moment. A moment to relax.

5. LOVE

I have a huge desire to love. That is not normal for me. I came from a past of rejection. So I shielded myself from love. I had to deal with the rejection head on and now I have a desire to have healthy relationship. It is very important to have healthy business relationships as well.

6. GRATITUDE

Remember to always be grateful for where you are now. When you show gratitude to your current circumstances you can continue to move forward in new circumstances. Do not curse your progress.

7. SERVE

I know we are in business for a profit. We also have to remember we work for our clients or customers. So ultimately, we are serving the needs of our audience. Start to look at your business from a perspective of giving and serving. It makes the business a lot easier.

8. CREATE

We have to be innovative. We have to continue to create content, material and products that our customers or potential customers will benefit from. This year at minimum I plan on releasing something every quarter. I know people who release things every month.

9. PRODUCTIVITY

I believe productivity and creativity go hand and hand. To create, we have to make sure we are productive. Lets make sure we are not just busy but we are busy producing.

10. EXECUTION

Lastly, execute. We have to implement what we create. 2017 is the year of following through.

I hope this list is a reminder for you to implement or continue implementing focus in your business for the new year.

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Easy 1 2 3 Explanation for Year-end Financial Audit

As the year is ending, business owners are preparing their financial statements for 2017 tax season.

I want to share with you a few things that need to be done in order to close your 2016 books for the Tax season.

#1

Review all Accounts

This is the most important part of auditing.  All of your financial accounts should be reviewed for accuracy. Many of us reconciled our books monthly but there is still a chance we may have incorrectly coded the transaction to the wrong account.

So we need to check for accuracy by checking the:

Amount: Make sure the dollar amount is accurate to the dollar. You want the accumulated amount of that account to show the right amount on your statements.

Date: You want to make sure the date for every transaction is accurate. As business owners you can run many different reports to make business decisions for your business. For example if you want to compare your 2016 4th quarter to 2015 4th quarter, or if you want to compare 2016 black Friday to 2015 black Friday, you can do so with a simple report. However you want to make sure you are reporting the right days with the right transactions.

Account: The account that the transaction is coded to. For example, rent, advertising, sales such as courses, eBooks, products, etc. are all different accounts you can use to categorize your income and expenses. Make sure you have coded to the right account.

I remember auditing a business financials a couple years ago. The owner salary was mixed with the employee’s salary. This caused the employee’s salary to be overstated and the owner’s salary to be understated.

Customer: When we receive income from our customers, every dollar should be coded to a customer’s account.

Vendor: Also when we pay our expenses, every dollar should be coded to the correct vendor account.

#2

Prepare 1099 for Contractors

Many of us have paid more than 600 plus dollars to independent contractor for work done in our business. You are responsible for preparing a 1099 and sending it to the contractor and to the IRS at the beginning of year. Please note any under the table work, meaning unrecorded expenses, limits you from reduces your tax liability.

#3

Close your net profit to your retained earnings

Once you complete your audit and are ready to file your taxes. Your tax account may have questions about your reports or need to provide you with depreciation expense for your assets. Once you two agree on your finalize financial report then you can close your books. Which is simply transferring your net profit into your retained earning’s, as well as your owners draws.  Your retained earnings will reflect the amount of money (net profit /net loss) left in your business, less the amount of money the owners withdrew. Both accounts will start at a zero balance for the new year.

This is a high overview on how I perform year end audits.

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3 Easy Things Entrepreneurs Must do to Reach Continual Success

How many times do we hear change your mindset?

I hear this all the time. No one really tell you how to change your mindset.  When people say change your mindset, I believe they are simply saying gain a different perspective. Many times our own mindset hold us back from the success we seek.

Now hear me out!

It doesn’t mean there is anything wrong with the way we think. It just means our thinking is limited. You are limited to your own upbringing, environments, and influences in your life.

I’ve had an entrepreneur heart since I came remember. However, I didn’t always have the entrepreneur mindset.

What I did know was:

I wasn’t going to get it from my parents. They weren’t entrepreneurs.

I wasn’t going to get it from my teachers. They weren’t entrepreneurs.

I wasn’t going to get it from my friends. They weren’t entrepreneurs.

So what do you do?

There are 3 things you can do to continuously change your mindset:

1.) Network with other entrepreneurs

I know we sometimes have this I don’t need anybody else. Or you don’t really do crowds (if you are an introvert like me). But truth is,  you do need other people to reach a certain level of success. Not only does your “network  equal your net worth”, But your success is determined through the resources and perspective of others. Sometimes you have to see things through other people’s lens in order to understand their perspective. Well same is true about success. We have to see things from an entrepreneur view point to truly understand what is needed to become successful.

2.) Read Books

There are a lot of free eBooks, free content and resources on the internet. Take advantage of this. It is said the average millionaire reads 7 books a month! It is also said it takes 7 times to see/read something before the average human retains the information! Wow. I don’t know about you but I do not read any book 7 times!!!

But if millionaires are reading 7 books a month that tells me there is always more to learn and information to gain. So any person reaching for financial success should be reading books monthly.

3.) Invest in Financial Education

There are 3 types of education: Academic, professional, and financial. If I had to start all over again and could only pick one, I would choose financial education. My accounting degree did not set me up for financial success.  Don’t get me wrong, I believe school is very much important and needed. I wouldn’t have the confidence to build my bookkeeping firm without my professional education.  I just really wish the education system could incorporate real financial intelligence in the curriculum.

So Remember,

Network, read, and invest are 3 easy things entrepreneurs can do to change their perspective and  reach continual success.

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