ERJ Services, LLC

Merry Christmas from ERJ Services!

Make profits a priority not an afterthought. When you plan for what your profits will be as a percentage of revenue, not only will it now become a goal to work towards, but it will also be a prioritized activity in your business. A percentage of every dollar that comes into your business should be moved into your profit account. Profitability helps you to establish yourself as credible to investors and make way for other financing opportunities.

Keeping your financial records in your business is important. Doing so helps you to maintain a historical record of your financial activity. These records should be accurate, reliable, easy to follow, and consistent. In order to achieve that, you must have a recordkeeping system and process that you will follow on a monthly basis. This should not be an annual function when taxes are due or even quarterly for quarterly tax purposes, it should be a monthly process. Being able to look at your numbers monthly will help you meet financial obligations and make informed business decisions. Do you have this process in tact in your business?

Choosing the right business structure is important. My company sees so many entrepreneurs who just pick a business structure out of the hat. Most feel that it is more prestigious to be a registered corporation over any other form, but I can tell you that for some, it’s a pure waste of money. I see entrepreneurs making little to no money for years paying for a corporate tax return when there is no justifiable reason for doing so. Corporate tax returns are significantly higher in cost as compared to a simple LLC filing a Schedule C. For such individuals, starting with the LLC business structure and then over time, taking the S Corp election and then eventually becoming a C Corp if a strategy session with their Tax Accountant merits them moving in that direction. Book a discovery session with us to discuss your options.

Every business has a lifecycle that consists of its inception, growth, expansion, or even its end. In order to see your company, reach its full potential, you as the business owner must implement processes and systems that are conducive to maximizing growth. Utilizing a system for building your business is one of many sustainable ways to create long term success. Keep following our posts for resources and options your business.