For many of us, owning our own business is part of the American dream. For some, it turns into a nightmare because of small, avoidable mistakes. Live the dream, not the nightmare, with help from White River Credit Union:
- Don’t mix personal and business money. You can do your business banking where you do your personal, but keep the accounts separate. You might miss some tax deductions and you might never know what shape the business is in if you mingle.
- Do leave a trail. Keep paper and electronic records of every transaction, income or expense. Websites crash but paper can’t be hacked.
- Don’t ignore the fine print. It’s there for a reason, so read every contract or agreement carefully, and get professional advice when needed.
- Do pay taxes quarterly. The IRS has no sense of humor, but they do own the world’s largest collection agency. Filing proper paperwork and having records to back it up are the easiest way to avoid trouble.
- Don’t mismanage business assets. Everything the business owns has some actual value; guard that value jealously and use them carefully, such as for collateral on business loans.
- Do develop long-term relationships. White River Credit Union offers numerous valuable banking services including small business checking and business savings.
Small Business, Big Decisions
Your business should have a team of advisors, including a lawyer, an accountant, and a banker. You might also want technical experts — if, for example, you’re an online sales company, you’ll want a coding guru, a social media guru, a blogging guru, and maybe others. Consider creating a board of directors with no ownership or control, just professional people who can review and advise. It’s a compliment on their expertise and it could provide them a useful resume bullet.
Keep Your Business in Check
The ancient proverb, “Don’t run faster than you are able,” remains solid advice. Create a plan (with the assistance of your directors, perhaps) with bold but not unreachable goals. Building a business is, in many ways, like raising a child; it only happens so fast and, if you don’t keep an eye on them, trouble can come at you with lightning-like speed.
White River CU is Your Small Business Resource
Our goal is your success, that’s how we succeed, that’s how our community succeeds. Contact White River Credit Union, Enumclaw’s business banking professionals for all your business banking needs.