When your company is just beginning, you’re not necessarily thinking about the talents and skills your employees are going to need in the years to come. At first, you just focus on surviving, and that sometimes means that you’re willing to hire just about anyone who will work at the pay level you can afford.
It seems almost cruel to bring up the topic of taxes this far in advance of year-end, but now is the time of year when smart business owners are thinking ahead and making adjustments that will minimize the number of dollars that go into Uncle Sam’s pocket on April 15.
If you want to be successful in business, your customers have to pay you on time. If you’re like most businesses, you sell products on a credit basis, and then ask your customer to pay you later, such as within 30 days. During this time, you essentially lend money to the customer, and expect that you are going to be paid back. Only when the invoice is paid do you have the money you need to successfully run your business.