Embrace the new year with 5 Financial Resolutions for Small Businesses: Strengthen cash flow, minimize debt, maximize savings, cultivate financial literacy, and set realistic financial goals. With Lighthouse Advisory's guidance, illuminate your path to a year of financial triumph and beyond, transforming your dreams into substantial victories.
Embrace the new year with 5 Financial Resolutions for Small Businesses: Strengthen cash flow, minimize debt, maximize savings, cultivate financial literacy, and set realistic financial goals. With Lighthouse Advisory's guidance, illuminate your path to a year of financial triumph and beyond, transforming your dreams into substantial victories.
Explore strategic territories such as retirement contributions, charitable contributions, and end-of-year expenses/purchases to maximize deductions and reduce taxable income for your business. With meticulous preparation and strategic foresight, make your path towards tax season not just manageable, but rewarding too. Lighthouse Advisory will guide you every step of the way.
Balance year-end financial tasks with holiday cheer. Discover effective strategies for small business owners to prepare for tax season from November onwards, while still enjoying the festive season. Lighthouse Advisory is sharing tips to stay organized, use digital tools, and outsource tax tasks if needed.
Setting an annual budget illuminates your business's financial landscape, paving the way for informed, strategic decisions. Adjusting your budget as you sail through the year prepares you for unforeseen storms and sunlit opportunities alike. Consider your budget the north star for your financial goals—steadfast, guiding you while you measure your progress. Comparing actual performance against your plans is like adjusting your navigation on this journey. At Lighthouse Advisory, we don't just guide you. We're your dedicated crew, helping keep your business on a successful course.
You have big dreams for your business, but who will help you get there? Business owners usually have great support from family, friends, employees, and networks. However, if you’re hoping to reach some major goals, you may need third-party guidance and accountability to achieve them. Two popular sources of support are business coaches and financial consultants. Let’s walk through these roles and which one may be right for you.
If you have big business goals, then you need a business finance expert who can serve your business through a holistic approach. Not solely based on one piece of your financial picture. This is why I am so grateful to my client, Rachael Venema, for taking the time to share her story. I’m sure you will relate to her story.
This resource is for educational purposes only. Make sure to speak with your tax professional for specific guidance. As state tax laws, federal tax laws, and the small business deductions change, it’s critical that a professional with a solid understanding of the current tax law assist you with filing your taxes. Now, onto your tax prep checklist!
Whenever I’m chatting with a business owner and I say the B-word, I almost always see a cringe in response. What’s the B-word!?
Budget, of course.
Your business budget can help you take your business to the next level and it can also save you from the lows. Let me share a little more about what your business budget can do for you as well as tips for creating your budget.
I’m lucky to work with incredible organizations across the USA. As a Business Growth Specialist, it’s my job to dig into your business backend and ensure it’s capable of reaching your biggest business goals while offering support and guidance along the way. After connecting with Lisa Merritt virtually, she and her partners brought me on for business consulting to help them build a successful foundation to grow their business.
What would happen if you didn’t change the oil in your car?
It would start to run like crap and, eventually, cause damage to your engine.
You and I know that it’s critical to maintain our vehicles by changing the oil or else we’ll have a burnout engine. With that in mind, let me ask the next question.
What would happen if you didn’t perform a profitability analysis on your business.
It would run like crap and, eventually, cause damage to your business.
You know it’s important to perform routine maintenance on your vehicle and the same principle applies to your business.
When you need an oil change, you bring it to the mechanic/shop. You trust an expert to take care of that for you. Let me share what a profitability analysis is and why you should trust an expert to walk through this process for you. It could change your business and result in reaching your biggest business goals.
An expense analysis is the process of strategically reviewing your business expenses and taking the time to audit and review each of them. It’s important to perform a proper expense analysis at least quarterly in order to ensure all your expenses are correct and up-to-date.
Think this is something you can skip or get away with performing annually?
Think again.
Let me share five stories of how an expenses analysis saved a business money or cleaned up the business books so that everything was running smoothly. But first, let me share some backstory.
This all started a few weeks ago when a business owner reached out with some questions about working with me. I had a realization that other business owners could have the same questions. While I love participating in 1:1 networking and my free introductory calls, I thought that if I took the time to record our conversation that it could answer those questions for you and when we meet, we can talk more about your business.
You can watch the video of our conversation on the blog. I hope this answers your questions, and you feel ready to go ahead and schedule our initial call.
A commonly asked question I hear is, “what is a strategic plan?” The short of it is that you need one to achieve your biggest business goals, so let’s spend a few minutes together breaking down what it is, and how it works. The end goal, what you need for your journey, and the directions to get there. Simply said - your strategic plan is your business’s successful roadmap for the future.
When we start our businesses, we are in DIY bootstrap mode and try to do as much as we can on our own. Once the business is up and running, it’s time to make key investments to help your business grow and thrive. When you’re a solo entrepreneur, and running the show yourself, it’s tough to decide when and where to outsource a part of your business. Your business is an extension of you, so, of course, it’s scary to let go of a part of it.
Many business owners hit a point where they need the help of experts to take their business to the next level. Let’s talk about outsourcing the most important piece of your business - the financials.
As a business owner, you work really hard and wear multiple hats (and scarves and shirts) to make everything work. You deserve to enjoy the fruits of your labor and live well without feeling stressed come tax season or hoping there’s enough money to pay yourself each month. There’s a better way to manage your business cash flow without increasing sales.
As a business owner, you work really hard and wear multiple hats (and scarves and shirts) to make everything work. You deserve to enjoy the fruits of your labor and live well without feeling stressed come tax season or hoping there’s enough money to pay yourself each month. There’s a better way to manage your business cash flow without increasing sales.
As a business owner, you work really hard and wear multiple hats (and scarves and shirts) to make everything work. You deserve to enjoy the fruits of your labor and live well without feeling stressed come tax season or hoping there’s enough money to pay yourself each month. There’s a better way to manage your business cash flow without increasing sales.
If you're working on next year's plan and could use a little help, take a moment to read our latest Blog post on building your strategy. Creating a comprehensive Strategic Plan is critical to achieving your goals. This month we're weighing in on what is the most important and how to develop a well thought out plan.
Embrace the new year with 5 Financial Resolutions for Small Businesses: Strengthen cash flow, minimize debt, maximize savings, cultivate financial literacy, and set realistic financial goals. With Lighthouse Advisory's guidance, illuminate your path to a year of financial triumph and beyond, transforming your dreams into substantial victories.
Embrace the new year with 5 Financial Resolutions for Small Businesses: Strengthen cash flow, minimize debt, maximize savings, cultivate financial literacy, and set realistic financial goals. With Lighthouse Advisory's guidance, illuminate your path to a year of financial triumph and beyond, transforming your dreams into substantial victories.
Explore strategic territories such as retirement contributions, charitable contributions, and end-of-year expenses/purchases to maximize deductions and reduce taxable income for your business. With meticulous preparation and strategic foresight, make your path towards tax season not just manageable, but rewarding too. Lighthouse Advisory will guide you every step of the way.
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