This week I want to open up the discussion about small business and its needs. It is a well established fact that over 50% of the employment in this country is provided by businesses of 25 or fewer employees. And yet we small businesses are very often overlooked when it comes to tax benefits, business assistance and so forth. Just look at the current bailout bill. Is there anything for small business here?
Be that as it may, we need to persevere in this difficult economy. The most important thing to remember is to keep debt and overhead as low as possible. My first business lasted only a few years back in the 70s and early 80s before it was acquired. I have had my current business 24 years. The primary reason is that I have managed to stay debt free and have a low level of overhead. Thus this small business has allowed me to make a living for 2-1/2 decades. It is important to watch these areas carefully, especially as the economy slides into whatever euphemism you care to use. Do not waste money on bank fees, office supplies, office space, and most especially interest expense. Spend carefully, and then make every purchase count. We will, in future posts, get into detail about all these areas, and provide useful information about how to maximize the value of what you buy, keep excellent records, and competently manage the financial area of your small business.
Have a great week!