Secrets of small business
Over the years, I've had the opportunity to work with people who had money. Were they born with it? No but they know how to hold onto it.
Having a business doesn't mean having your own little piggy bank where you take money out anytime it suits you. Just as the economy has its cycles of up and down, your business needs to have cash flow to ride out the lows.
I've learned a lot from observing people with money and successful small businesses. Mostly I've learned how both will spend when they have to but learn how to accomplish creatively what they want while being careful on spending.
I've picked up meals (even when not a business purpose) though I don't eat out all that often. Those people who never reach for their wallet when a ticket comes nor offer to share the cost don't usually make future dining meetings with me. I don't keep a tally but after a while you'll begin to notice a trend with some people.
I suppose those that don't offer to pay figure your status as a business owner means you can afford to cover a meal out. Business owners don't remain business owners long term unless what they spend can be justified in some measurable way such as forming a business relationship for future sales or strengthening a contact to utilize at a future date. Overhead is constant and every dollar is a precious resource to the business.
I am a CPA in San Antonio and provide bookkeeping, payroll, taxes and more. We offer a free initial visit and look forward to serving your business needs.
Richard J. Garcia | 10/21/2011