HOUSTON – If you or someone you know owns a small business, you know that every dollar counts.
But there are common mistakes many small business owners make.Â
Private wealth advisor with Ameriprise Financial, Trevor Shakiba along with Jerome Austin with RY2 Solutions share tips to help us avoid those common mistakes.
You can't just put everything back into business... if all you do is invest everything back into the business, you're not guarenteed eventually to be able to sell the business forwhat you want... I recommend, start paying yourself a salary," said Shakiba.
THE SHAKIBA REPORT
- Reinvesting everything back into the business
- Pay yourself a salary as soon as you can
- Start taking money out of the business and saving for retirement
- It is not guaranteed that you can sell your business for what you want when you want
- Not knowing your numbers
- If you don’t know your numbers then you don’t know your business
- Have a plan/contingency in place for financial emergencies
- Find a good CPA to help produce accurate financial statements and manage tax liabilities
- Not having the right insurance protection
- Most entrepreneurs think they are indestructible... wrong!
- Life insurance, disability and liability should all be reviewed and implemented
- Not having a Business Disruption/Disaster Recovery Plan in place
- Protect your place of business, data, history and information against unexpected damage
- Know your inventory, property and equipment and put in place preventative measures to offset loss or destruction
- Establish a communication plan for your employees, customers, vendors etc. in the event of a major business disruption
- Diverting your attention from your plan
- Do you actually have a plan
- Focus on what’s most important: Growing revenue and profit
For more information or to request a complimentary consultation with The Shakiba Group, click here or call 281-724-9917.
The initial consultation provides an overview of financial planning concepts. You will not receive written analysis and/or recommendations.Â
Sponsored by The Shakiba Group