February 2025 Business Tips Recap
In the month of February, we shared many business tips on our social media stories weekly every Tuesday. If you missed them, here is a monthly recap!
February 4, 2025
Create a Culture of Trust
The only connections possibly more important than buyers are the people who work with you. Try to work with a range of people from different backgrounds, all of whom you know would run the business in the business’ favor. Successful entrepreneurs know that they will always have gaps in their knowledge. Learning from your trusted peers is one of the strongest investments in professional development you can make.
Every Interaction Represents Your Brand
Nowadays, a digital archive can be pulled up in a matter of seconds, revealing all past and present transgressions of a company or individual. As an entrepreneur, you are the steward of your brand image – whether helping out on customer service or contacting a company for some quality guest-posting. Even if you run a small online store, your words and actions can have a considerable impact on your business – for better or for worse.
February 11, 2025
How to Record Transactions
A good recordkeeping system includes a summary of all business transactions. These are usually kept in books called journals and ledgers. All requirements that apply to hard copy books and records also apply to electronic business records. It is recommended to keep records for at least 3 years
Types of Records to Keep
Small business owners may choose any recordkeeping system that fits their business. You should choose one that clearly shows income and expenses. Except in a few cases, the law does not require special kinds of records.
February 18, 2025
Bookkeeping/Business Expenses
Be aware of the business tax deductions available!
Startup and organizational costs:
Deductions for capital expenses typically occur over several years. Amortization helps businesses accurately assess profitability year over year.
Inventory:
Some inventory-based businesses will manufacture products or purchase them for resale. If this is your business model, you can deduct the cost of your inventory, or the cost of the goods you sell.
Utilities:
Any utilities that you use for your business are fully deductible. This includes things like water, electricity, trash and cellular or telephone bills.
Hiring an experienced tax professional can be highly beneficial for a small business for variety of reasons.
Tax Code Expertise:
A tax professional stays updated with the latest changes in tax regulations ensuring your business takes advantage of all available deductions and credits, while remaining compliant.
Saving Time And Money:
Preparing taxes can be simply time-consuming.
Minimizing Errors:
Mistakes in tax filings can result in penalties, audits, or lost deductions. A tax professional reduces the likelihood of these mistakes.
Automating bookkeeping is a proactive approach for small business owners who seek efficiency, accuracy, and actionable financial insights. It’ll help with:
- Saving time
- Saving money
- Improving accuracy
With your financial records all in one place and up to date, you’re better positioned to maximize your refund, while avoiding penalties associated with incorrect or incomplete tax returns.
Some small businesses report less than half of the expenses they’re entitled to. Overlooking the importance of detailed receipt management can result in lost tax deductions—money that could be funneled back into growing your business.
Leverage technology
Capture receipts, monitor travel mileage, and generate expense overviews.
Track expenses
Keep an eye on your cash flow and help identify areas for cost savings.
Stay compliant
Keep accurate records and proper documentation to avoid penalties and provide proof of legitimate deductions.
February 25, 2025
Support System
Everyone needs a support system because you will have times when you just don’t see the light. Things happen! You need someone there to pump you back up and give you renewed confidence.
Pick Yourself Up
You WILL make mistakes. We all do. Don’t blame someone else for them. Own them. They are yours.
Recovering from our mistakes quickly and learning a lesson makes us stronger and wiser in our decisions going forward!