2011: A Year of Financial Fresh Starts!
This is the perfect time to resolve to take control over your business’ finances. The beginning of a calendar year is a natural time to clean the slate and get a fresh start for bookkeeping, taxes, and smart financial decision making.
Here are 11 financial topics you can resolve and make a positive change for in 2011!
1. Bookkeeping—It doesn’t really matter how you do it, but you must feel comfortable with the method you use or you probably will begin to slack off through time.
2. IRS taxes—If you are selling for a profit, you owe Uncle Sam his share. Ignoring this is just asking for him to come visit you in the coming year—he’ll call it an audit!
3. Banking—Having a separate bank account for your business is one of the smartest financial decisions you can make. It makes bookkeeping easier and helps you not mingle your personal and business finances.
4. Debt Free—If you have debt, do you have a plan to rid your business of this burden. Profitability increases when you have freedom to spend as you need without owing someone else.
6. Pricing—Do you know how much you need to price your products to make an adequate profit? Do you have a systematic and disciplined approach to creating a price? Good pricing is a key driver to financial success.
7. Reducing Taxes Owed—Knowing the tax law will help you take advantage of every legal way to only owe the government what they are due. Don’t let lack of knowledge drive your profits down!
To read the rest of these tips check out the post in the Etsy forums HERE.
Giving important Etsy forum threads written by the Etsy community a second look, so Etsy sellers can Read, Learn, and Apply! Find more Etsy Tips Here!
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