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Know More, Make More: The Link Between Financial Literacy's Impact on Business Profitability


 

We see firsthand at SMG how small businesses are the superheroes of their local communities, and we love to see them soar! Yet we also caution them against resting on their laurels. Consider, for example, business taxes. How organized are your financial records? Do you understand potential tax law changes? The start of tax season (January 18, 2024) will be here before you know it, and there’s a lot more to the process than clicking “submit” using a software program.


To be fair, many business owners do their own taxes with no problems. At the same time, however, much of the trouble businesses find themselves in that leads them to SMG is due to a DIY approach. You really need to know your stuff to avoid making costly mistakes. Even then, you could be leaving money on the table without knowing about tax breaks that could benefit your business and you’ll also be responsible if the IRS comes calling with an audit.


Taxes are just the tip of the iceberg; there’s so much that small business owners need to keep a finger on the pulse of for maintaining a clean bill of financial health. We see time and again how a proactive, preventative approach to financial planning delivers the best results, helping small businesses identify their Kryptonite and increase their profitability. Our proactive and preventive practices can and will save SMG clients time and our individualized approach will lead to greater tax returns.


Successful businesses understand the importance of financial literacy and make time for continual learning.


The sky is the limit for what small businesses can achieve, but complacency clips wings. SMG’s Bookkeeping Bootcamp has successfully gained interest from many of our small business customers, especially Latin-x owned businesses, for staying ahead of the curve at a flexible, fixed monthly cost. So much so, that we’re rolling out a new Cash Flow Mastery Bootcamp Course (coming soon! Please stay tuned). You’ll learn at your own pace in a comfortable group setting how to master your income, expenses, and cash flow while building sustainable financial habits.


We’re excited to help our attendees get a competitive edge as they prepare for the start of a new financial year. You can join them by registering here!


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