Next week here in the US we’ve got Tax Day for most people, so I thought today we’d talk about some lessons from this event as they apply to our businesses.
First, of course, money matters. You’ve probably heard the old saying that if you’re not making money on the work you do it’s a hobby. Hobbies are great, they’re good for stress reduction, exploring the world and enriching ourselves, but not so great for trying to make a balance sheet work or feed your family from it. While I always say that money is only part of a business, it definitely does matter and being a good steward of that money, both in being wise as it goes out and making sure it comes in, is essential.
Second, Tax Day is a reality check if you will for many who don’t look at their paychecks or don’t pay as super close attention to their finances. You can only hide your head from the facts for so many days during the year before you’re forced to face reality of what you’ve spent and earned in the past year. I know that business owners have a ton going on and a ton to pay attention to so it can be easy to not give much attention to anything that isn’t in the “on fire” (aka problem area) category. Thanks to technology though it’s much easier than it used to be to stay on top of more and to be aware of more of what’s going on in your business and how your business is doing than it used to be.
Which brings us to the third and final point: Tax Day is a reminder to be responsible. I have no problem paying the taxes I’m responsible for, but I’ve always said that I wish I could have a little more say in choosing where those dollars went to, in effect holding the government a little more responsible for putting money in certain directions where I think they’re not being as responsible as they could be. So when it comes to your business, choose to be responsible to the commitments that you’ve made to customers. Be responsible about your employees and contracts you have with suppliers (including any landlords regarding the spaces you use). Be responsible to your family and yourself and make sure that you do more than work your business 24/7.
Have you learned any lessons for your business from Tax Day?
Laura Dickey 