010 : What are the top tips and things to avoid to be successful?

Anyone think this business is easy? Anyone think they have it all figured out? If so, I applaud you. Otherwise your are like the rest of us putting out many different fires each day. Running this part, then this part then another part. Not easy. But can you mitigate some risk by consistency? Yes. Can your daily habits be modified to make month end easier? Yes. Can you become an outlier by putting your head down and doing the work? Yes! Any of these sound familiar? We deal with them in this episode Overcomplicating things – too many accounts in the chart of accounts. Not having a separate business/personal account. Trying to get things perfect resulting in inaction (“analysis paralysis” – too much research and asking others of their opinions and not just doing the books. Done is better than perfect.)   Not budgeting for a CPA to do taxes (why tax planning is important – entity structure, quarterly payments, etc.)   Not having enough for a “rainy day” (good inventory buy, operating expense surprises)   Not understanding that gross profit is more important than revenue   Getting confused about cash vs accrual (why inventory is an asset on the [...]