When is the last time you took an interest in your business’s taxes? If you are like most business owners you have left that up to your treasurer since you hired them. As long as it gets done then you shouldn’t need to worry about it, right? Wrong. There are a few things you should always know. Things like your business credit score, the tax form you are using front and back and everything in between, and which vendors you are using for your products at what time. This information is premium level intelligence and should not be forgotten by the owner no matter how many treasurers you have working for you. You never know when someone will move to another company and paying someone to play catch up with what you should know by heart is extremely annoying. The same advise can be given to your chief treasurer. Even if they have no plans in leaving the company the one handling that portion of the work may.
Knowing each piece of information has its own benefits and rewards. If you know what your credit score is at all times then you know what vendors are open to you. Vendors go on a business credit basis and usually uses the Experian business credit report but don’t put all of you eggs into one basket; not all vendors do. Keep an eye on your credit report (did you know that in order to get cable tv they are checking credit scores?!) and how long you have been using each vendor and you can spot the time you can renegotiate your contract with them for your benefit. When it comes to the renegotiating make sure you know what vendors are offering what prices. Vendors will know their competitors pricing but they won’t try to beat those prices unless you know them as well. The taxes are more of a safety net. The right tax form for your business can mean the difference in millions for your business in savings. Follow this advise. Use it as your business bible.
