Getting Ready for 2010

It’s nearly the New Year and you know what that means! Resolution time! While some of your resolutions might be related to other aspects of your life (stop smoking, exercise more, you know all the regular ones!), doubtlessly there will be a handful of resolutions related to your business. But how many of those resolutions are related to your business’ financials? You should have business goals, that’s rarely a problem for business owners; but what is more often a problem is making some of those goals FINANCIAL goals! No one likes talking about financials so financial goals get swept under the carpet. However, it’s the financial goals that can make or break your business!

We want you to be fully equipped with all kinds of ideas and habits BEFORE the bell strikes midnight and we discover that it’s the New Year! So this blog is going to be some “required reading” that you need to do before 2010 so you can prepare a few financial resolutions for your company.

Geekery for Rent: Five Accounting Tips for Small Businesses as they Enter 2010: This article isn’t easy to find but it’s a gem! Good, solid advice for business owners including ways to track your finances, reduce your overhead costs, manage relationships, reduce bills, plus a way to help you borrow money.

The Microenterprise Journal Blog: How to Select and Use Small Business Credit Cards: You may need to borrow money next year and credit cards are a type of loan (but a high interest loan!!!). This article shows you exactly what the title promises, empowering you to get a business credit card that is right for you.

WebWorkerDaily: How to Plan for a Successful New year: This article doesn’t seem to be related to finance at first, but it is, in fact, closely related to generating revenue from projects you like to do. It’s a step by step exercise that is well worth doing!

MintLife Blog: 8 Tax Strategies to Consider Before 2010: This article lists some smart ideas to help you get higher tax deductions or pay less tax. Now all of these ideas will apply to everyone, but even a few of them will make a difference on your tax return.

About.com (Small Business): 6 Year End Small Business Tax Tips: If the MintLife blog was more about finding tax deductions in your personal life, this article at About.com is about gaining some tax advantages in your small business.

Happy New Year!

- Jessica Routier, IAC-EZ