Last month, we defined SMART goals and suggested 4 SMART goals for your business. We love to help people who think BIG! But as a bookkeeping and accounting firm, we also pay attention to the details. Remember, anything you do in your business will have an effect on how you do business. So you need to lay the groundwork for success.
We’ve provided a few ways we to help prepare you. That way, when you meet those big SMART goals, you’ll be ready for all their potential implications.
Be prepared to meet your SMART goals:
- When you increase profits, you’ll make more money, which is what you want in business, right? But before you reach for that pot of gold at the end of the rainbow, make sure you understand the tax implications: higher salary means higher tax payments and perhaps even a change to your tax bracket. We highly recommend meeting with your financial team, especially your financial planner and CPA, to work together to help shelter some of your money from taxation.
- Consider how you are incorporated/filed. Does your type of corporation allow for growth, or do you need to make some changes? Your lawyer and CPA can help with these decisions.
- Do your big goals require a big loan? Or even a small one? Enlist a banker to work with you. And remember, businesses need to show profits for lending – but there are tax implications involved with showing profits, so keep your CPA in the loop on this one.
- If these big goals are met, will you need to carry more insurance or revise your financial planning strategies? Be sure to ask your insurance broker and financial planner.
- Let us know what you’re planning! We want to be part of your financial team, and we’re always here to help with advice, planning, processes, and support for those big goals you’re setting.
Big goals often come with big responsibilities and implications, but if you get the right financial team in place, you’ll be able to handle whatever comes your way. Now get going on those goals and get ready for an amazing 2015!