Subtract your expenses from your income and evaluate the results. These will include Retained Profits (the 30-36% you keep from each show), Overrides (the amount earned on your team’s sales volume), and Bonuses (kit and volume bonuses). List all your income for the month on the outside of the envelope as well. Write the highest total on the outside of a 9X12 envelope for each month.
Consultants who are maximizing tax benefits keep two totals: “Essential Expenses” and “Maximized Write-Offs” so they can see the additional benefits they are enjoying from their legitimate home-based business expenses. At the end of each month, total what you have spent on your business. Track every business expense for the month.Imagine the thousands of dollars in tax-deductions you may have missed simply because you did not keep a receipt. In addition, have a place in your wallet and a file in your desk where you place receipts for business expenses.
Disorganization not only costs you time it costs you money as well! Avoid wasting money on too many copies or duplicating forms by organizing your files. Make long distance calls to customers and hostesses on your cell phone if your plan includes free long distance minutes. Invite a prospect to your home for dessert and coffee rather than taking her to lunch at a restaurant. Find ways to reduce unnecessary expenses by thinking creatively. Then be conservative for additional expenditures like buying equipment for your office or supplies for organizing. First, focus on business essentials such as catalogs and show supplies.
Write down in advance what you will need for your business in the coming month. &object=&start_mon=&start_year=&end_mon=&end_year=&ttl_logic=OR&title=&txt_logic=OR&text=&nr_to_return=200&start_nr=1&jou_pick=ALL&ref_stems=&data_and=ALL&group_and=ALL&start_entry_day=&start_entry_mon=&start_entry_year=&end_entry_day=&end_entry_mon=&end_entry_year=&min_score=&sort=SCORE&data_type=SHORT&aut_syn=YES&ttl_syn=YES&txt_syn=YES&aut_wt=1.0&obj_wt=1.0&ttl_wt=0.3&txt_wt=3.Whether you joined your company for the additional income, the fun and products, or the tax benefits, taking the following steps will enable you to get control of your business finances for higher profits and greater peace of mind.
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