How to Better Keep Track of Small Business Expenses in the New Year

Couples often open businesses together because they recognize that two heads are better than one. It not only allows them to be their own bosses but is usually accompanied by the idea that a joint venture will strengthen their interpersonal relationships. After all, running a business together will mean they must be more open and communicative, and therefore it ought to bring them closer together as they work together on their shared dream. But, sometimes couples have very different ideas about how to build and run new businesses and this can easily lead to a lot of conflicts. Fortunately, there are some strategies couples can use if they are experiencing problems in their small businesses. The Hidden ‘I’ in T-e-a-m Make no mistake about it, every joint venture depends on individuals. Two or more people have to come together in a meeting of the minds and spirit in order to make it ultimately work. This starts with an individual choice to pool skills, talents, and resources together once this decision is made and forces are joined together, the business should have what it needs to succeed. However, sometimes individuals can’t get out of their own way and that’s when the problems begin. When things get tough, refer back to your joint goals. Running a business isn’t easy, and when both you and your spouse are involved, that means your livelihood is hanging in the balance of the business you share. Instead of letting this fill you with stress and anxiety, instead, let it fill you with excitement and passion for the work you do. Be a support for each other, so when one of you gets stressed or worried, the other can remind you why you started. —Small Business Trends In other words, there has to be the right mixture of individualism and teamwork in order to make the relationship work. For example, constantly jocking for power will eventually lead to serious issues. If one spouse tells their employees one thing and the other spouse contradicts that, there’s obviously going to the at least some confusion and conflict. This is why successful businesses have defined roles for everyone involved. Doing so greatly increases communication, productivity, and also expectations. How Spouses can Successfully Run a Business Together If you and your spouse are experiencing problems in your business that are affecting your personal relationship, you’re definitely not the first and won’t be the last. The good news is there are steps you can take to reduce or eliminate conflict, such as the following: Mutually define individual roles. Both of you are responsible for running the business, but that doesn’t mean that both of you should be caring out the same roles. Take some time to talk over and outline your individual roles and responsibilities so there’s no miscommunication or unnecessary redundancy. Layout and set your expectations. Each of you has an idea of what you want from the other. But unless you communicate that clearly, there’s no way to truly know what you want out of one another. This will take a little trial and error but you can eventually find tune it in this will be a huge help in running the business efficiently. Leave home at home when you’re at work. There’s a reason that large corporations discourage romantic relationships between colleagues. When you bring your home life to work, you can expect to bring all of those issues into your place of business. Obviously, there’s no good that can come from this, so leave home at home while you’re at work. What other ways can spouses resolve their problems while running a business together? Please share your thoughts and experiences so others can benefit from your input. Interested in learning more about business? Then just visit Waters Business Consulting Group.

Starting a new business is an exciting and challenging venture. However, amidst the hustle and bustle, entrepreneurs need to remain vigilant and protect themselves from potential scams that can derail their success. Scammers often prey on the vulnerabilities and limited experience of new business owners. Most Common Scams that Target Entrepreneurs Okay, let’s get ahead of this right now. Entrepreneurs are proud people and willing to take risks. So, they can be a little more susceptible to scams. Even the most skeptical can be fooled. And that means knowing the most common schemes can be very informative. Now, let’s delve into the types of scams that entrepreneurs are most likely to encounter and provide essential steps they can take to avoid falling victim. Fake Invoice Scams One of the most prevalent scams is the fake invoice scheme. Scammers send fraudulent invoices for services or products that were never ordered or received. The invoices may appear legitimate, using logos and details similar to genuine suppliers or service providers. New business owners, caught up in the chaos of managing operations, may inadvertently pay these invoices without realizing the deception. How to Avoid Fake Invoices Implement strict payment protocols: Establish a clear process for verifying and approving invoices. Maintain a record of authorized suppliers and cross-reference all invoices against this list. Double-check all invoices: Scrutinize each invoice for any discrepancies, such as changes in payment details or unexpected price increases. Contact the supplier directly to confirm the legitimacy of the invoice before making any payments. Train employees: Educate your staff about invoice scams and the importance of verifying invoices. Encourage them to report any suspicious invoices or requests for payment. Business Opportunity Scams Entrepreneurs, driven by the desire for success, can become susceptible to business opportunity scams promising quick riches or high returns on investments. These scams often present themselves as legitimate-sounding franchise opportunities (or pyramid schemes or multi-level marketing programs). However, they typically rely on recruiting more individuals rather than selling legitimate products or services. How to Stay Away from Business Opportunities that Sound Too Good to be True Research extensively: Thoroughly investigate any business opportunity before committing. Seek independent reviews and testimonials from individuals who have engaged with the organization and look for the good and bad. Anything that strikes you as a red flag should give you ample pause. Take a step back and look objectively: This is much easier said than done, but it’s worth mentioning. Get some perspective and ask people you trust. Let them evaluate the offer and give you their honest feedback. Phishing and Email Spoofing Phishing and email spoofing scams remain a constant threat to entrepreneurs. Scammers send deceptive emails, often posing as trusted organizations, financial institutions, or even government agencies. These emails attempt to trick recipients into revealing sensitive information, such as passwords, credit card details, or social security numbers. Entrepreneurs may unknowingly compromise their own and their business’s security by falling for these scams. Best Ways to Protect Yourself from Phishing and Spoofing Be cautious with email links: Avoid clicking on suspicious links or downloading attachments from unknown sources. Hover your mouse over links to reveal the actual destination before clicking. Verify email senders: Scrutinize the email address of the sender carefully. Phishing emails often use slight variations or misspellings of legitimate email addresses. When in doubt, contact the organization directly through a trusted source to confirm the authenticity of the email. Utilize security measures: Install reputable antivirus software, spam filters, and firewalls to protect against phishing attempts. Regularly update software and keep your systems patched to minimize vulnerabilities. Business Directory Scams This is an old one, but it’s still in use today. And it targets new entrepreneurs in various forms – usually digital but sometimes, still hardcopy. Scammers may contact business owners, claiming to offer inclusion in a prestigious online directory or publication for a fee. They employ persuasive tactics, promising increased exposure and enhanced credibility. However, these directories often have limited visibility and fail to deliver any real benefits. Effective Protection Tips Conduct thorough research: Before investing in any directory or publication, research its reputation and reach. Look for genuine testimonials and reviews from other business owners. Question unsolicited offers: Be skeptical of unsolicited calls or emails from unfamiliar directories. Ask for detailed information about their services and cross-check their claims with trusted sources. Verify legitimacy: Contact established industry associations or local business bureaus to verify the legitimacy of the directory or publication. What other types of scams would you add to this list? Please take a moment to share your thoughts and experiences so others can avoid making costly mistakes and being victimized by nefarious individuals or criminals. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.