Issue link: https://www.ascpskindeepdigital.com/i/1101652
expertadvice MIND YOUR BUSINESS Spring into Strategic Saving 5 Questions for Financial Improvement by Allissa Haines routine. It wasn't particularly structured, but I nailed down the worst parts of the problem and came up with a few small fixes to move forward. The next year was slightly less difficult, so I made a few more improvements to my routine. This continues every year, and I start by asking myself a few questions. I've found the following to be helpful to other business owners too. 1. DID I SAVE ENOUGH TO COVER MY TAXES? For many business owners, the worst part about tax time is that we haven't saved enough cash to cover the tax bill and we're scrambling to get that money together. (Anyone ever raid their gift certificate savings account to pay taxes? Me too.) We may end up paying late or setting up a payment plan with the IRS. That's just stressful. The solution seems clear: transfer a percentage of your income into a separate savings account, so it's there when you need to make quarterly and year-end payments. But that's tough to do when you're a small business with a tight budget, and especially tough if you're still paying off previous years' tax debt. Ahh, spring. Here, in New England, it arrives with daffodils popping up cautiously and then getting punched back down by an early April snowstorm. For years, I felt like spring was a metaphor for my business. I would get through the steady winter months feeling hearty and strong, then April and May would bury me with the previous year's taxes, first quarter taxes, three license renewals (thanks, May birthday!), and professional membership renewal. Oh, and then second quarter taxes due in June. It took me too many years to notice the pattern. When I did, it took me a few more years to make a real change in my habits from June through February to prepare for the inevitable (and entirely predictable) avalanche of expenses each spring. What helped me finally get it together? Ultimately, some selfishness mixed with a little business fatigue. I wanted to make the next spring easier. I wanted to do a favor for my future self. So, I conducted a completely unscientific examination of my savings and planning 83 may/june 2019