Francisco Espinosa & Co

7 Valuable Business Ideas!

If you integrate the following seven valuable business ideas into your business operations they will help you achieve balance and predictable performance.

1.         Operate your business under the proper legal form.
2.         Have the right accounting system.
3.         Your payroll processing must be cost-effective.
4.         Be organized.
5.         Do not procrastinate.
6.         Do not mess with your taxes.
7.         Operate your business by “The Golden Rule.”

1. Operate under the proper legal form
A big part of operating a business is complying with government regulations and to operate under the proper legal form. Limited Liability Companies (LLC) and Sub-Chapter S and C corporations, reduce personal risks, protect assets, received tax advantages and establish credibility.
2. Have the right accounting system
Your business is only as dependable as your accounting System. Your system needs: Financial Management, Customer Management, People Management, Payroll Services, and Payment Solutions. The accounting personnel should be properly trained to input the right information into the accounting system. An outside accountant should supervise the work, reconcile the bank accounts, issue analyzed financial statements to be useful for business decisions.
3. Payroll processing must be cost-effective
Failing to make payroll deposits and file returns on time will be disastrous to your business. The payroll processed in house or outsourced must be cost-effective and comply in a timely manner with all the government deposits and filings.
4. Be organized
Our greatest success has been found in staying organized when it comes to bills. Open your mail daily and sort bills before they become overwhelming. We recommend keeping two files, “bills to pay” and “paid bills”. Storing paid bills and receipts in a large manila envelope with the month and year makes working with your accountant simple and easy.
•           Have a calendar handy for your appointments
•           Budget your time
•           Learn to say no when necessary
•           When you meet with a customer/client or
            employee write the goals that you want
            to accomplish
•           Never use negative words, always be positive
•           Learn to delegate
•           Avoid interruptions
•           Do not misplace items
•           Empower your key employees
•           Be realistic with your time and commitments
•           Visit “Business.Gov” for free Government
5. Do not procrastinate
Procrastination is the worst enemy of a business manager. Solve the problems as they arise and everything else gets easier. A big idea you sit for a while is called “a missed opportunity.” The value of a business is based in consistency and performance. You do not get ahead by standing still. You do something magical one minute at a time. The moment you stop procrastination you will see astonishing improvements in your business and personal life.
6. Do not mess with your taxes
Always have a tax professional by your side that can prepare and file electronically all your personal and business tax returns on time. Never start messing with your business and personal taxes. You could lose your business, face heavy government fines and in some situations, go to prison. If you provide the information with sufficient time to prepare the returns there is no reason to file for extensions. Your tax professional should stand for trust, integrity and experience. A professional stands behind his clients in all tax audits.
7. Operate your business by “The Golden Rule”
Treat others as you would want them to treat you. Behind every good business stands an honest entrepreneur with integrity that says to customers /clients: “We are here to help you.” The success of a business is about helping and providing superior customer service. Service so unique that sets his/her company apart from the competition. A business operated by the Golden Rule, differentiates, is ethical, fair, honest, kind, considerate and just.