NFIB

Resolutions for Small Business Owners
01/ 02/ 2003

by Jeffrey Moses

Staying on a diet, getting more exercise, spending more time with the family, sticking to a budget... almost everyone makes New Year's resolutions of one kind or another. Here are a few that small business owners may want to consider making in 2003.

1. Save for estimated taxes throughout the year.

The only way to avoid a scramble when it's time to pay estimated taxes is to set aside the required amount from every check you receive. It's best to open a separate savings or checking account that is used only for this purpose. Deadlines for payment of estimated taxes for the upcoming year are: Jan. 15 (final payment for 2002 estimated taxes), April 15, June 16, Sept. 15 and Jan. 15, 2004.

2. Keep better tax records.

This includes saving all business receipts (and filing them!), keeping on-going records of business gas mileage and amount spent, and working with business advisers or accountants to make sure that all tax-related deductions are in place.

3. Think about raising your rates.

The New Year is an appropriate time to notify clients that your rates are going up. Always give a month or two advance notice.

4. Resolve to keep in better contact with customers.

Throughout January and February, you have the perfect opening line in any letter or phone conversation you have with customers: "Happy New Year! I just wanted to say hello and see if there's anything I can do for you this year."

5. Resolve to keep in closer contact with your business advisers, bankers or accountants.

Too many small businesses drift away from their business plans--usually with less than sterling results. Talk with your advisers frequently and update your business plan several times a year to address new factors.

6. Encourage your employees to become more involved.

The success of every business, no matter how large or small, depends on the loyalty and enthusiasm of its employees.

7. Implement any new ideas you have for your business.

Enthusiasm and energy are usually high in January and February. These are excellent months to plan, design, meet with consultants, get finances rolling with lenders or begin any other new projects.

8. Resolve to spend more time on health-related activities.

Don't work such long hours that your health suffers. Self-employed businesspeople often burn both ends of the candle. In the short term, this can be financially beneficial; in the long run it can reduce your productivity. Take a good look at your stress levels, diet, exercise program and general overall lifestyle--and act to improve these in any way you can.

9. Resolve to spend more time with your family and friends.

Don't forget the real reason you're working: to enrich the lives of those you love. The best way to do this is by spending time with them--now, not in the future.

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