Recent blog posts
- Seven Deadly Mistakes for Failure in a Small Business
- Getting a 1099K in January 2012?
- Is your business worth it?
- Small Town Politics gets Recognized at Patton Village, Texas
- Have you went through an IRS audit?
- Why Should I Care?
- New 1099 Reporting Requirements Still Stand
- It's all about the sustainability.
- Is backing up your data saving not only money but also being green?
- Obama signing jobs bill today - How do the numbers stack up?
When Spouses Run a Business Together
It's always interesting coming across spouses who work and co-own a business together. When two people live, work, and "love" 24/7, it takes a lot of patience and a lot of understanding, as well as the necessity to actually spend time away from each other to make it work. As business finances can be a very intimate item of discussion, it is important for both people to be on the same page with the same goals and objectives. Here are 5 key points to consider if you choose to go into a business together:
1. Your marriage is more important than a business. If you are both constantly going back and forth with issues regarding the business and bring them home with you, then it's best someone leave the business in order to keep your home life healthy.
2. Do not try to hide anything from your spouse. Keeping secrets about your business' finances is just like keeping secrets about infidelity. It will come out eventually, and it'll be much worse when it does than if you were up front about it in the first place. Also keeping your head in the sand doesn't help matters either.
3. Sit down a minimum of at least once a week to go over where everything is at. You can make it a business lunch/dinner away from the office and the home, and use it as a legitimate tax deduction. This way there are no distractions, you see where your business is at and where it's going, and both of you is on the same page.
4. If you hire an outside contractor to handle your books, whether they are a bookkeeper, accountant, or CPA, check their work and ask questions. Learn the basics of how they are keeping track of your monies. This is your livelihood, and you are ultimately responsible for its success or demise.
5. Take time off away from each other. It's a rarety that two people can be around each other 24/7 for days at a time. Whether it's just going out to dinner and a movie, or even a weekend away with friends or other family members. Just do it. The break will do you both good, get you re-energized, and ready to focus on the issues on hand.
Best of luck and remember your priorities.
