5 Things Every Business Owner Should Be Doing

1. Keeping Records

Nobody enjoys it. Yes, it can be tedious. But keeping up with your records is the only way to accurately assess the health of your business, and substantiating some of the most important deductions on your tax return.

There are a plethora of options when it comes to record keeping methods and software. Here are a few that we suggest:

1. Mint.com

Made by the same makers of TurboTax, Mint is free to use, although it relies heavily on advertising which can affect the user experience. After attaching your bank accounts, credit cards, retirement accounts, etc., Mint automatically pulls your transaction data into one place where you can tag, categorize and split transaction to organize your data. You can assess certain aspects of your business data using their financial reports. But don't expect these reports to be as detailed or in depth as the reporting features of their paid products, ie QuickBooks. Since Mint is pulling all of your transaction data you will need to separate business transactions from personal. Or, consider only adding accounts that you use exclusively for business. Since Mint focuses on transaction data, you will need to separately track mileage unless you are exclusively using the "Actual Method" for taxes.

2. QuickBooks Online
With the monthly subscription fee, comes a myriad of features to improve business record keeping for entities of various sizes and types. Robust reporting, automatic mileage tracking, automatic transaction categorization, and online collaboration are just a few of the benefits that can be utilized. QBO is a good options for transaction data and mileage tracking semi-automatically.

3. Exceed WPs

As an alternative to monthly payments, Exceed WP is a one time purchase, desktop, mobile, and/or online solution to managing your business data. You receive a customized software solution that can include the following features:

 

Transaction tagging

Mileage logging

Automatic reports

Desktop, Mobile, or Online platform access

To customize your software, you begin by consulting with a CPA to determine which features and capabilities are best for your situation. Training and set up is included, and extended support is an optional add on.

You may be asking if you can just estimate your expenses on your return to avoid the hassle of record keeping. The IRS has made it clear that it will not allow deductions if they are not properly substantiated and they do not allow estimations to be used on tax returns. Investing in the process up front will save you in the end.

2. Marketing

Content is King

In order to make the sale, you need exposure. Advertising shouldn't just happen when you are ready to sale a product or service. You should have a marketing strategy. Constantly branding your business, engaging your audience, and building a following will make the execution of your advertising more successful. Building a relationship with your customers makes selling to them more efficient. Use social media platforms to distribute information that is relevant to your product or service. Then when you decide to run advertisements, whether paid or free, you have an audience that is more interested and engaged, thus more likely to create a higher conversion rate for your efforts. Marketing is also more than just putting content in front of people. Marketing can be affiliating with other companies or organizations, joining associations or groups, giving presentations, etc.

3. Networking

Your network can take you places that your knowledge can't

To an introvert, this can sound like a nightmare, but networking is a necessity. Although it may come easier to extroverts, it's a skill that can be learned, honed, and mastered. The best way to improve that skill? To just do it. Or hire a coach. Find a mentor who can give you tips. Another simple way, join a club or organization. Use those opportunities to practice your social skills, perfect your elevator pitch, and create mutually beneficial relationships. Those relationships can lead to referrals, hiring opportunities, partnerships, investment opportunities, and more benefits to strengthening and growing your business.

4. Eating Healthfully

Hunger is the first element of self-discipline. If you can control what you eat and drink, you can control everything else.

Vegan, vegetarian, pescatarian, and mediterranean are just a few of the many different diets that have been popularized lately. That's not to mention OMAD, 2MAD, intermittent fasting, and other eating patterns designed to hack your hormones and maximize your biological processes for your mental and physical benefits. You may wonder what these diets and eating patterns have to do with the success of your business. Well, more than you may think!

Avoiding the specifics of any particular regime or diet here are a few ways that eating healthfully can benefit your business:

Practicing self discipline in your food choices strengthens your will power. That same will power will come in handy during late nights, tough projects, and challenging economic climates. Your ability to persevere against distractions, fear, and wavering ambition will bring success to your business.

Avoiding a sugar crash midday, or the post lunch slump are side effects of choosing healthy food and drinks; extending your energy throughout the day making you more capable of accomplishing your to-do list and working long hours when required.

Being a successful business owner is the result of dedication over time, risk taking against doubt, and sacrificing more than just the financial security of a steady paycheck. You've made the right choices and it's paid off. You should enjoy your success as long as possible. Diet related illnesses that could've been avoided can rob you of that enjoyment. A poor diet or poor nutrition habits shouldn't interrupt your growth and longevity. Make a conscious effort to assure that it doesn't.

5. Exercising

Exercise is a celebration of what your body is capable of

Similar to the philosophy of eating healthfully, exercise can only prolong your ability to enjoy your success and make you more physically capable of the demands that being a business owner can place upon you. Carrying inventory or equipment to trade shows, networking with potential customers or colleagues through physical activities, standing during a long presentation or performance, not getting winded while walking through an airport for a flight. No matter where your starting point is, the same determination and commitment that will make you a successful business owner can carry over to improving yourself physically and reaping the rewards.