Money Myths and Mindsets
Money myths and mindsets are terms I often use when speaking about money blocks. Our money mindset determine the amount of money we choose to make and can make in our business as well as earn in our lives. What does this mean? Myths about taxes and the work involved in monitoring and tracking spending often deter business owners or independent contractors from moving forward.
Tax Planning, Cash Management, and Bookkeeping help you to avoid two business and cash management pitfalls. 1. Waiting until tax season to know your financial outlook and 2. Low or lost income and high ineffective spending.
Waiting until tax season to determine $0 taxes does not reflect a successful business. $0 tax reflects the business income is low or the business is over spending. If a business attempts to get a loan then $0 tax liability does not look well to the lending institution. However, if you owe a large tax balance the taxes due reflect a poor or ineffective spending plan. An effective spending plan is based on tax deductible spending and proper self employment taxes on money withdrawn from the business.
Your goal should to be to increase income and become an effective spender to lower or better manage your tax bill.
Consult with an Accountant to set up a bookkeeping system for you. The system does not have to be complex but effective to track income, receipts, expenses. The system should produced financial or money reports to determine your financial outlook of your business. Your receipts should be kept in a digital format to avoid the receipts that fade at the end of the year. And create a money plan for effective spending to create more money in your business and lower taxes.
Next newsletter, we will talk about paying taxes out of fear and making investments or purchases out of emotions. Did you just hire some one or lower your pricing because you felt sorry for them? Let’s talk about how that effects your income and taxes.
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“The Purposeful Business Owner” is dedicated to fulfilling his or her reason for serving others or to spark an area of service that needs to be changed.
We all have gifts and talents that we use in different ways to service our calling or purpose.
Often, business owners are so busy with the day to day of business that we forget our “Why.” The why is the reason we started our business. Having a purposeful why will encourage the business owner through very tough times and allow the business owner to continue serving their customers/clients with value.
Dori Staehle is Business Coach and Author of “Finding My Divine Rhythm.”, She’s a former band manager, educational consultant, and professor. Dori is very strong in helping business owners with branding, social media, and networking. Dori has an MBA in Finance, and has graduate and post-graduate work in gifted education and gifted psychology, 20 years in educational consulting,
She says, “15 years in the music biz doing booking, promo, marketing, management, and coaching, and 5 years in international banking in NYC, Serial entrepreneur.” -Dori
Dori is also my business coach and friend. She helps me embrace my purpose and helps me to navigate through the tough business moments. She celebrates the happy moments with me as well! Dori has shown me how to embrace my gifts and creativity to help me move my business to new levels!
Dori’s story is inspirational and is a glowing example of what it takes to whether the entrepreneur field! And Dori is not afraid to be different!! I dare you to be different to..Dori can show you how!
Watch the webcast for helpful tips about how Dori brings out the creativity in others and hear special tips for business owners.
One tip Dori would like to share is
“One tip I’d give to business owners is to be flexible.”
Find out more about Dori!
LinkedIn: Dori Staehle
MBA Google+: +DoriStaehle
Produced, Recorded, and Written by Y. Michelle Coard of B&P Accounting Solutions, Corp.
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Watch Episode 1 of “The Purposeful Business Owner with Y. Michelle Coard” with “Semonna McNeil of New Client Magnet” “Building Your Business One Client at a Time”
I’m Y. Michelle Coard and I help entrepreneurs with new or established business, create and keep more profit by fixing the money leaks. I help transform the finances of their business, through a profit-generating plan, financial awareness, simplified systems, and expert guidance.
Most people RUN when they hear the words accounting, financial planning, budgeting, and bookkeeping. This pains me because this avoidance can be costing them thousands of dollars and a whole lot of unnecessary stress and guilt!
The reality is that most business go out of business within the first 3-5 years and the biggest reason for that is lack of cash flow. They simply weren’t earning a sustainable profit to stay in business.
But this can be avoided! And my sole purpose is to not only keep you in business, but to help your business thrive.
I pride myself on being your one-stop-shop to financial awareness and financial growth. I can serve all of your monthly/quarterly advising, bookkeeping, cash flow, profit growth strategy, and annual tax needs.
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