Make 2019 the year you take your small business to the next level. Here are four New Year’s resolutions small business owners should consider.
Get organized and keep great records
You’re probably drowning in paperwork and process. I know you didn’t get into this line of work to manage records but it’s vital for your business.
Staying organized helps you make better decisions. Far too many businesses don’t even have clear insight into their finances. This also applies to inventory, client pipeline and more.
There are many apps to help small business owners get organized. Try out some and see what works for you.
Stay on top taxes
Tax reform is in full swing and many experts say the new tax code offers many advantages for small business owners. Make sure you’re aware of the potential tax perks for the self-employed:
- Many small business owners can deduct 20 percent of their income
- There are expanded deductions for heavy equipment
- Businesses can immediately expense more under the new law. You can now deduct up to $1 million.
Speak with your tax professional about the latest tax advantages for small business owners.
Hire better, delegate more
Focus on whatever you’re best at and aim to outsource the rest. If you can afford it, hire more people and delegate more tasks.
Don’t ever forget: your time is worth money. You can spend a lot of time learning and doing tasks you’re not good at. But, think about the opportunity cost of that time. Sometimes, hiring a specialist can be the best investment for your small business.
Let technology help you
Whether it’s using a mileage-tracking app like MileIQ for business mileage, switching to a digital POS system or embracing digital ways to track your expenses, using the right technology can increase your productivity exponentially.
When evaluating new technology, ask yourself:
- Will this make it easier to run my business?
- Will this technology provide a good return on investment?
- Is this something that mIor my employees will actually use?
Take care of yourself
Burnout is very real for small business owners. That’s why it’s important to spend time focusing on your health.
I’m not just talking about health insurance, although that is very important. Take the time to enjoy yourself, too. Being a small business owner is a marathon, so be sure to take breaks.
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MileIQ’s blog does not constitute professional tax advice. You should contact your own tax professional to discuss your situation.