November 2024

FINANCIAL PLANNING BASICS FOR SMALL BUSINESS OWNERS
 

Financial planning is the foundation of a successful business. Whether you’re just starting out or have been in business for years, planning your finances helps you make smart decisions. It gives you a roadmap for where your business is going and ensures you’re prepared for whatever comes your way.

If you’re new to financial planning, start by setting clear goals. Do you want to grow your business, pay down debt, or save for future investments? Once you have goals, you can create a budget to track income and expenses. Don’t forget to plan for taxes and set aside money for unexpected costs. These are key parts of managing your business’s financial health.

At Pratt and LeFevre Corporation, we’re here to help you with every step of financial planning. Whether you need help creating a budget, planning for taxes, or structuring your business for better tax savings, we’ve got you covered. Financial planning doesn’t have to be overwhelming, and with the right guidance, you can secure your business’s future.

FINANCIAL PLANNING FOR SAVVY BUSINESS OWNERS:
KEY REMINDERS

If you’re already familiar with financial planning, you know how crucial it is to review and fine-tune your strategy regularly. Use Financial Planning Month as a chance to reassess your goals. Are you hitting your revenue targets? Do you need to adjust your budget to reflect changes in your business? Regular reviews help you stay on track and adapt to new opportunities.

As your business grows, so should your financial strategy. Think about how you can invest in areas that will drive long-term growth. Whether it’s upgrading equipment, hiring more staff, or expanding your product line, plan your investments carefully. Also, look at your current operations for ways to save money or improve efficiency without sacrificing quality.

Even if you’re financially savvy, expert advice can help you optimize your plans. Pratt and LeFevre Corporation is here to help you refine your strategy, maximize tax savings, and protect your assets. We offer tailored solutions for business owners who want to make sure their financial planning is aligned with their long-term goals.

REMINDER: FILE YOUR BENEFICIAL OWNERSHIP INFORMATION REPORT BY THE DEADLINE

Starting January 1, 2024, most small businesses must file a Beneficial Ownership Information (BOI) report as part of the new Corporate Transparency Act. This is a legal requirement for all corporations, LLCs, and other similar entities. If your business was formed before 2024, you have until January 1, 2025, to file. New businesses must file within 30 days of formation. Failing to meet these deadlines can result in serious penalties, including fines of up to $500 per day and potential criminal charges.

At Pratt and LeFevre Corporation, we want to ensure that all our clients are aware of this new responsibility. The BOI report asks for details about anyone who owns or controls 25% or more of the company. This information must be filed with FinCEN to comply with the new law. While we are committed to helping our clients with many aspects of business compliance, we regret to inform you that we are not allowed to assist in filing this specific form due to the nature of the law.