Small Business Minute By Greg Weatherdon

I’m always surprised at how many small business owners don’t prepare for their business’s year-end. Sadly, it’s more of a case that “they don’t know what they don’t know!” But spending some time on this annual event can potentially save you a lot of money. As to why so many entrepreneurs are oblivious to the importance of preparing for year-end has a couple of parents. To begin, most of the responsibility lies squarely on the shoulders of the business owner. For some unknown reason, far too many owners don’t take the time to understand the financials of their business. Being an entrepreneur requires you to have an understanding of all aspects of your business if you hope to succeed. So many owners can recite chapter and verse on the merits of social media or other online promotions but can’t read an income statement. This makes absolutely no sense to me. The root cause for this appears to be that many owners are afraid or don’t want to look foolish by asking questions of their accountants, yet in the ne