pro finance blog
Menu
  • About Me
  • Hire Me
  • Contact Me
  • Submit a Guest Post
    • Privacy Policy
    • Disclaimer
Menu
control your personal finance

Don’t Let Your SME Be Brought Down In Flames!

Posted on April 26, 2018January 16, 2023 by Tina Roth

This blog is all about taking control of your personal finances.

And what better way to do this than by establishing your own business? Many salaried workers grow frustrated not only by their jobs but the lack of opportunity within their chosen sector. They have been raised to believe in meritocracy and that hard work and persistence pay dividends.

Yet they spend years going above and beyond, putting in unpaid overtime and making themselves indispensable to their line managers only for their wages to stagnate and their career prospects dwindle with every passing year. In this culture, it’s little wonder that so many make the decision to cut out the middle man altogether and aset up their own businesses as a means of reinvigorating their careers and taking back control of their finances as they strive for financial security on their own terms.

control your personal finance

 

Before you start trading your thoughts may be filled with ideas for branding, product lines, services and marketing ideas. But in your zeal to get started, don’t forget the important process of risk management. In an uncertain economy, it’s vital that entrepreneurs take steps to insulate themselves from the risks that could bring their business down in flames as soon as it’s established. Risks such as…

Legal disputes

As much as we want to believe that everyone will just love our business, it’s a sad but inevitable fact that the longer you operate, the greater the chance that someone will take legal action against you. With this in mind, it’s important to keep a lawyer like Ogletree Deakins who specializes in small business affairs on speed dial. They can help you to protect your business’ reputation and allow you to remain operative in the unfortunate event that someone makes a claim of any sort against you.

Cyber crime

There was a time when the only criminals small businesses needed to worry about were shoplifters and pickpockets. As our times become more and more technologically advanced, so too do criminals become more and more adept at confounding businesses’ security measures, and compromising their data for personal gain or out of sheer malice.

In this climate, even the humblest of SMEs are expected to employ a range of technological redundancies to protect their data. This is an age where ransomware, Blueborne vulnerability and security scams are realities not just for multinational elites but the humble small business. Make sure that your outsourced IT services include comprehensive security provision for your data; incorporating employ a combination of physical and cloud based storage to allow for double backups to keep sensitive data extra secure.

The IRS

We get it. We really do. When you’re a nascent entrepreneur you’re spinning so many plates that you rarely have a moment to think. What’s more, that first year of trading is likely to be a tumultuous affair where your personal finances are near impossible to manage. Nonetheless, if you think the IRS will accept this as a legitimate excuse not to meet your tax obligations, think again. Your business should have an accountant, bookkeeper, CPA and a tax lawyer on speed dial to ensure that your business is properly tax compliant and that you’re well prepared in the (unlikely but possible) event of an audit.

Category: Personal Finance

Leave a Reply Cancel reply

You must be logged in to post a comment.

About Me

finance blogger

The idea of starting a blog has been hitting me for long; I took it seriously after falling into a spiral of debt and recovering from it.

I have been anxious all through the financial difficulties. I see that same anxiety in the eyes of people, whose ill fate has put them at odd with financial repose.

It makes me compassionate. Out of this compassion and goodwill, I started this blog. I wanted to help all those, who are facing financial distress..




  • Stock Market
    Understanding the Gov Tech MarketFebruary 16, 2023
  • Phuket Real Estate
    Why You Should Invest in Phuket Real EstateJanuary 24, 2023
  • Corporate Governance
    Corporate Governance: What Are the 3 Core Principles of Good Corporate Governance?December 17, 2022
  • Successful Retirement
    How To Plan For Successful Retirement At 50: 5 Steps To Get Started OnNovember 4, 2022
  • Online Money Transfer
    Do You Still Transfer Money Internationally With Your Bank? There Are Better Online Solutions For ThatOctober 14, 2022
  • finance
    Important Roles of the Minister of FinanceSeptember 16, 2022
  • Avoid for New Businesses
    5 Forecasting Faux Pas to Avoid for New BusinessesSeptember 16, 2022
  • Affecting Pensions
    How Inflation Is Affecting PensionsSeptember 2, 2022

    ProFinance Blog is dedicated to help people who are struggling with their personal finances. We have learned the lessons first hand and know how real the struggle is. Being compassionate about the personal finances and blogging about is our way to help people know more about different situations and how effectively they can handle it. So take control of your finances now and take actions towards gaining financial freedom and security. Join us in the mission to self-educate, learn and help others by sharing valuable information on finances. Here you will find information, tools and techniques on various aspects of finances and learn how you can use the information and implement it to make your financial life better than ever.Join us in our mission to financial freedom.

    • Stock Market
      Understanding the Gov Tech Market
    • Phuket Real Estate
      Why You Should Invest in Phuket Real Estate
    • Corporate Governance
      Corporate Governance: What Are the 3 Core Principles of Good Corporate Governance?
    © 2023 ProFinance Blog | Powered by Minimalist Blog WordPress Theme