Over the years working with clients in both our consulting firm and The Sensible Business Owner, we have learned the top FOUR skills that are needed for business success. Having and using just one of these skills should help increase profits and decrease overwhelm. BUT having and using all four of these skills is guaranteed to take your business to new heights!

At the Sensible Business Owner, we are all about increasing profit and decreasing overwhelm. We have the tools to help you do just that! Let us help you end the year on a positive note!

1. Knowing the Basics

When I talk about business basics, I am referring to knowing how to properly run a business daily. While it might be fairly easy to open a business there is so much learning that must happen to properly run a business. Maintaining a business is not anywhere near as easy as opening one.

This is where the problem starts for many business owners. Most don’t leave school knowing about payroll law, sales tax, or bookkeeping. And that’s even if you go to college. I know from experience; I have an accounting degree and payroll and sales tax were never even mentioned.

This means self-education is critical to learning the basics of running a business. I urge you to not wait another day. Determine the topics you need guidance on and find resources to help. Most large communities offer small business workshops, there are numerous resources at the library and many professional websites.

Below are some of the most common areas we see business owners struggling:

1099 – who gets one and when
Hiring employees – what are the steps to take with the IRS and State
Payroll – calculating tax and remitting to the proper taxing authority
What expenses qualify as business deductions
How do I pay myself
I have sales but no money in the bank
How to properly account for income and expense

If you want to avoid problems and unnecessary penalties, you owe it to yourself and business to invest in knowledge. We’ve created a guidebook that will answer many of your questions and many that you didn’t know you should have. You don’t have to go it alone, and you shouldn’t.

2. Structure & Clarity

Are you living your entrepreneurial dream? Is it everything and more you thought it would be? If so, that’s wonderful! But for many, the answer is not a happy one.

- Do you struggle with balance in your personal and business life?
- Do you miss important events because your business has taken over your life?
- Do you feel like you are always working and would have a better life balance if you went back to working for someone else?
- Are you unsure of your exact business plan?

If any of this sounds like you, I urge you to get clarity in both your business and life. It absolutely is possible to create your dream!

3. Planning

Can you relate to any of the below?

- Do you feel like you’re being pulled in so many directions?
- Are you routinely missing deadlines?
- Is your accounting system always months behind?
- Do you feel like you’re always working in your business?

If you answered yes to any of these, I bet you’re not planning out important tasks and events. As a business owner, it’s critical to plan out your time and deadlines. Create a process that works well for you and stick to it. But first, be sure you learn deadlines that relate to your business. Such as sales tax, payroll tax, and annual filings.

Advance planning will help you be more intentional with your time. And just might allow you to take a day off or that vacation you’ve been dreaming about.

4. Cash Management

Knowing how to manage money is critical to a successful business. Do you know how to create a budget? How about a cash forecast? Do you know the difference? They each play an important role in any business.

Creating and using a budget is important for growth. And as an added bonus, the creation process can bring insight that would have taken you months or even years to have realized.

Money is necessary to grow a business. Do you know how long your cash flow will last? Do you have a healthy enough cash flow to get your business through unexpected events?

Both tools can:

- improve money management
- identify problems before they occur
- help you reach financial goals quicker

Take this important step and get a hold of your finances today!

We want to help you on your road to entrepreneurial success! We have created a course to do just that! It covers the top four skills and includes the guidebook. Click for all the details! You don’t have to go it alone, and you shouldn’t. Hurry the sale price won’t last long!

~ Brandon & Christi are successful business owners who enjoy traveling and making a mess in the kitchen with their two daughters.

The article is for informational purposes only and should not be construed as business, accounting, tax or legal advice. Details are subject to change without notice.