Business Analytics & Data Management
1 minute read
Jun 12, 2020
Written by: Shawn Sweeney
It's fair to say that most business owners are working toward greater profitability and growth. And while growth presents businesses and their employees with countless opportunities, the downside is the potential of having to stroke a big check to the Internal Revenue Service come tax time. Pile on ever-changing tax codes, exemptions, regulations and deadlines – and it’s no wonder that everyone is reaching for headache relief during tax season.
Most recently, Forbes Financial Council asked me to weigh in on smart tips to help business owners navigate this time. And while my peers offered up some great advice for small business owners, my approach – setting aside an additional 10 percent, on top of what you’d normally set aside – is geared towards mid-sized businesses with a steady cash flow.
Giving yourself some financial wiggle room enables businesses to close gaps with any revenue irregularities that might develop over the year. I recommend taking small steps by banking a portion of that every month, so it’s ready when you need to file. But don’t stop there. For service-based organizations, factor in faster payments, prepayments and any other end-of-year tactics your clients may use to limit or reduce their tax liability.
Interested in more intel from the Forbes Finance Council Experts? Check out our forecasts for the banking industry here.
As we are wont to do at the turn of each year, January is a time when we humans attempt to prognosticate the trends or major events to come over the next 365 days. And with this year being the start of a new decade, we’re feeling that tendency ten-fold. So, when Forbes Finance Council asked me about what changes I expect to see in the banking industry over the next 5 years, I jumped at the opportunity.
Spinnaker News 1 minute read
Most of us are familiar with the old saying “Hope for the best, prepare for the worst.” Although the origin dates back to the 18th century, the message could not be more relevant today, especially for business owners. From employee turnover to insufficient capital, there are numerous potential threats that could morph into financial disasters overnight. So, when Forbes Finance Council asked me to weigh in on simple steps businesses could take to prepare for such problems, I gladly answered the call.
Spinnaker News 1 minute read
For many small and early-stage businesses, serving customers and running day-to-day operations can be enough to overwhelm the day. But it’s critical that these organizations carve out time to tend to their financial health daily, or at the bare minimum several times a week. With so many different metrics to track, it’s important to identify those that give you a line of sight into how your business is performing, as well as those that help you pinpoint issues brewing below the surface.
Spinnaker News, Business Analytics & Data Management 1 minute read
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