In What Areas Do Small Business Owners have to do a better job in the future in order to grow their businesses?

 a)           Most small business owners do not keep their BOOKS up to date – so tax planning is more difficult, if not impossible to do.

b)          Most small business owners do not have or have ever created a BUSINESS PLAN……. So if you suddenly want to bring in a partner, or you suddenly need get a significant loan to expand your business, or maybe you even want to or have to sell your business someday….. Without a business plan you will be without a vital piece of information necessary to do these things at a time when you want to do them.

c)            Most small business owners need to be made more aware of the NEW TAX LAWS - because there are more tax laws being passed these days than ever before and some of them do impact your business & can save you tax dollars now.

d)           Most small business owners fail to consistently contact their most natural source for new business- their historical list of past satisfied customers.

e)             A lot of small business owners are set up in the wrong LEGAL ENTITY and as a result these businesses pay a lot more taxes than necessary – Companies TAXED as Subchapter “S” Corporations almost always pay less income taxes, less self- employment taxes, less local earned income taxes, and less unemployment taxes than sole proprietors, partnerships, and LLC’s not taxed as Subchapter “S” corporations .

f)             Every small business owner should have some kind of business Pension Plan – Given a choice, I would rather pay my own pension plan and as a result pay less taxes to the government