Experts urge small businesses to get the fundamentals right

Business Woman

Experts urge small businesses to get the fundamentals right

Tax and marketing experts are urging small business to get the fundamentals right in the start-up and early phase of their businesses.

This, the experts said, enables entrepreneurs to access financing and other technical support, as their business grows.

According to Merrick Saddler of Taxwise, he highlighted two key areas of taxation that affect all small businesses, namely income tax and general consumption tax (GCT).

He said it is critical for entrepreneurs to understand basic taxation principles, as “ignorance of the various taxes laws does not exempt them (entrepreneurs) from being liable for payment of the applicable taxes.”

Saddler pointed out that good record-keeping of the relevant documents, such as invoices, banking transactions, receipts, and using good accounting principles to manage expenditure and income, can assist entrepreneurs to more accurately determine the amount of tax payable to the relevant authorities.

This clear financial management is essential, because business owners have to pay the relevant Taxes.

He further urged entrepreneurs to “separate personal expenses and income from business-related ones”.

In explaining the principle of income tax, the tax consultant outlined that this is applicable to all disbursements and expenses wholly and exclusively incurred in acquiring or generating the income for the business. Cautioning that personal property that is used by business owners for dual purposes could not be attributed as a business expense.

Terrelonge

Communication consultant and managing director of DRT Communications, Danielle Terrelonge, in sharing key pointers to scale-up their businesses, highlighted a few marketing fundamentals, noting, “Be clear what you want to achieve for your business, then align your marketing objectives to achieve these one or two business goals.”

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Terrelonge emphasized the need for small businesses to understand their target audience and be deliberate in choosing the best channels to speak with them, and not simply set up a plethora of social media pages.

Instead, “identify a few initiatives that align with your business objectives, which speak to your target audience, and focus on those, refining the initiatives as needed,” was the word of advice shared by the communication guru. Adding “there is no success in life if there is no measurement. This will help (you) to determine whether or not you have met your business objective”.

This article first appeared on 👉 LoopJamaica

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