Serving Clients Since 1996

850-877-5613
beverlyr@yspaccounting.com

Blog

9 Big Mistakes New Business Owners Make

9 Big Mistakes New Business Owners Make
  1. Start-up funds – Not putting aside enough funds to adequately start your new business.  You should have at least six months of savings or a year at best. Start-up costs usually come in higher than anticipated.
  2.  Improper Budgeting – Not budgeting the true costs (expenses) to run your new business until adequate revenue (sales and actual deposits) come in.
  3. Lack of impulse control or improper spending – Stop overspending on the wrong things. You don’t need that flashy new car right now or that new super expensive piece of equipment. You can easily get a used one for the time being and save your money. 
  4.  Building an experienced team – Look into hiring the experts in the fields in different areas of expertise that especially in the areas where your lack as a business owner.
  5.  Control issues – Thinking you can do it all by yourself.
  6. The wrong purpose of why you are going into business – Thinking you will get rich doing this – it takes years of commitment, slow progress makes the grade for success.
  7. Being a weak leader – You must show strength but also compassion.
  8. Marketing – Lacks a clear marketing strategy. Create a plan to promote your business.
  9. Not performing due diligence – Take time to study your competition – What is the market out there? Is my product readily available already, is my product or service better than others?

The Entrepreneur’s Paycheck

The Entrepreneur’s Paycheck

As business owners, we may be so busy making sure the bills get paid and the product gets out the door that we may not be quite as proactive about our own compensation.  To pay themselves, many new business owners take what’s left after employees and vendors have been paid, and that ends up being… Continue Reading

Five Places Where Spending More Pays Off

Five Places Where Spending More Pays Off

 It’s generally a good idea to keep overhead costs low so that your business profits will be higher.  This is especially true with items that are easily commoditized and fairly standardized, such as utilities and rent.  But there are times when increasing expenses pays off nicely, and here are five areas to consider so you… Continue Reading

Questions to help you decide if you should outsource your bookkeeping

Questions to help you decide if you should outsource your bookkeeping

1. Can you give me a few suggestions on how we can make the bookkeeping system more efficient? Your bookkeeper should always be looking for ways to improve the efficiency of your bookkeeping system.  Simple efficiencies can be made in QuickBooks like using memorized transactions, printing checks from QuickBooks, downloading QuickBooks transactions or linking online bill pay with QuickBooks. … Continue Reading

Do You Know Your Small Business Vitals?

Do You Know Your Small Business Vitals?

Do You Know Your Small Business Vitals? On a doctor’s visit, the first thing the nurse does is take your vitals:  your temperature, blood pressure, pulse rate, and respiration rate. These basic measurements are the first place doctors look to see if something is wrong with our health.   Knowing your vital signs, and especially… Continue Reading

Join our newsletter

Once a month digest of our news, tips & freebies.

Contact Us

info@yspaccounting.com

(850) 877-5613

Like Us!

Facebook

Website by Hat Rack Studio