Business is hard, but it is especially difficult if you are new to it. There are so many people all over the world who afford to launch their own businesses but hesitate to do so because they are afraid their businesses will not work out. Some people, however, think that taking risks is everything, and they start businesses without proper preparation. Such businesses, of course, are destined to fail.
Karla Dennis, a renowned tax advisor and real estate investor, believes that having a solid foundation for your business is crucial. She says:
“If your business is not backed by strong foundations, no amount of financial investment can save it from failing.”
Karla Dennis is the CEO of her own firm, Karla Dennis and Associates, Inc. She and her team regularly help small businesses thrive.
Here we will discuss some of the most important things Karla believes business owners should keep in mind:
An Ideal Revenue Model
Karla believes that if you want the foundation of your business to be strong, your revenue model should be your top priority. She recommends businesses adopt a proven revenue model that is built on consistency through repeatable systems and processes. There are many different revenue models that you can adopt; however, you must be careful to choose the one that is ideal for your business.
Decide Your Business Structure Carefully
Karla asserts that if you want your business to have a strong impact on the client and have long-term success, you should get your business structure right. There are many different options, such as S corporation, Limited Liability Company (LLC), partnership, etc.; however, you cannot just pick one randomly. Karla recommends talking to business professionals and experts in this regard. Since it can be exceedingly difficult to keep changing your business structure and is bad for business, you must be extra careful about the business structure you adopt. Karla recommends that you should consider the following five things when deciding on a business structure:
- The need for liability protection
- Tax implications for your business
- How do you plan to be compensated for your business
- Fringe benefits
- Will you be taking on investors or not?
Get A Good Accountant
Accounting is undoubtedly critical for businesses. That is why Karla always recommends clients hire professional accountants. According to her, a good accountant for a business is someone who understands your business and reports your income and expenses in a proactive manner. If you do not have a good and proactive accountant, you will face frequent difficulties while making business decisions.
Another thing Karla emphasizes in this regard is the operational efficiency of accounting systems. She recommends automating as many items as possible to maximize the operational efficiency of your accounting system. She also recommends using bank feeds and allowing other financial accounts to link automatically to your accounting system. This, Karla says, can save you plenty of time.
Do Not Forget Retirement Plans
Most businesses do not consider retirement plans, and it is a big mistake. If you want to save more, you should go for a good retirement plan and make sure it is tax deductible.
How Can Karla Dennis and Associates, Inc. Help You?
If you want to launch a startup but feel stuck and everything seems complicated, Karla’s firm can help. Karla’s firm will not only help you launch your business effectively but also run it. Karla Dennis and Associates, Inc. not only reports historical data but uses that data to help clients make decisions moving forward that will enable them to grow.
