How much are you spending?

This is the time of year when we often hear “my spouse says I'm not making enough money in my business and wants me to quit.” Sound familiar?

If so, ask yourself the following questions:

Do I have a separate checking account for my business?

Do I have a separate business credit/debit card?

Am I carrying a balance on my credit card?

Do I have too many business supplies on hand?

Do I own lots of extra “stuff” with my company's logo on it (ie; tee shirts, stationery, magnets, hats, etc;)

Am I spending money on extra hostess gifts (over and above my company's hostess plan)?

Am I mailing out catalogs/brochures and sale fliers without asking my customers if they want them and/or not following up?

Do I often spend cash when a customer uses the real “green stuff” (vs. check or credit card) instead of depositing it?

Am I paying at least one family bill in addition to all the expenses created by my business?

Am I doing enough revenue generating activity each week or am I spending too much time playing office?

Am I keeping good financial records?

Do I know how to file a Schedule C so my family benefits fully from the tax advantages available to me because I have my own business?

Take a moment to answer these questions and BE HONEST!