What NOT To Do Financially If You’d Like To Start a Successful Business
Want to start a business this year? Has the new year inspired you to finally take that leap and build the business you have been fantasizing about? If so, our Mid-MO accounting firm can help. Wilson Toellner CPA knows there is a right way and a wrong way to go about starting a business. This CPA firm in Central Missouri is here to give you actions you should NOT do this year if you would like to start a successful business. Keep reading this week's blog for those actions to avoid in 2020. For help getting your business on the right track as far as tax planning and more goes, please give us a call today. We have four locations throughout Mid-Missouri, all of which can be found on our website at www.WTCPA.com.
Failing to be strategic when pricing your items.
Not fully understanding your market, which can happen with new companies, can cause you to not price your products correctly. This can be a serious financial mistake because if you price them too high, you may not make enough sales if you price them too low, then you may not be making enough profit. Do your research on the industry and know your competition.
Hiring more employees than you can manage too early on.
As they say, "Do not peak too soon." Too often companies will hire too many people too soon. You need to wait for your company to grow and become more profitable before you expand your staff. Otherwise, you run the risk of hiring too many people and having to lay some off. Also, staffing costs alone can really start to add up after a while, so you need to find a healthy balance for your company.
Failing to have a back-up plan for when unexpected things happen.
This can be very hard to think about but do you have a plan for if a key member of your team passes away unexpectedly? You should consider a life insurance policy that can help in these sorts of situations. Losing a key member of your team would clearly be heartbreaking and potentially costly.
Trying to handle all of your accounting work on your own.
We understand your business is yours and you take great pride in running it by yourself. There is no shame in asking for some accounting help though from people that have the experience to do so.
Starting your first business is a big deal and we get that there is likely going to be a little bit of fear on your end. That's ok and normal. New things can feel scary, but our accounting experts in Mid-MO are here to help you. Check out our website at www.WTCPA.com to see all of the services we can provide you to help make your new business a complete success!
Failing to be strategic when pricing your items.
Not fully understanding your market, which can happen with new companies, can cause you to not price your products correctly. This can be a serious financial mistake because if you price them too high, you may not make enough sales if you price them too low, then you may not be making enough profit. Do your research on the industry and know your competition.
Hiring more employees than you can manage too early on.
As they say, "Do not peak too soon." Too often companies will hire too many people too soon. You need to wait for your company to grow and become more profitable before you expand your staff. Otherwise, you run the risk of hiring too many people and having to lay some off. Also, staffing costs alone can really start to add up after a while, so you need to find a healthy balance for your company.
Failing to have a back-up plan for when unexpected things happen.
This can be very hard to think about but do you have a plan for if a key member of your team passes away unexpectedly? You should consider a life insurance policy that can help in these sorts of situations. Losing a key member of your team would clearly be heartbreaking and potentially costly.
Trying to handle all of your accounting work on your own.
We understand your business is yours and you take great pride in running it by yourself. There is no shame in asking for some accounting help though from people that have the experience to do so.
Wilson Toellner CPA Can Help You Avoid These Mistakes!
Starting your first business is a big deal and we get that there is likely going to be a little bit of fear on your end. That's ok and normal. New things can feel scary, but our accounting experts in Mid-MO are here to help you. Check out our website at www.WTCPA.com to see all of the services we can provide you to help make your new business a complete success!
Our Success Stems From Your Success
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
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Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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