Owners experience a sense of pride when they see their businesses grow in leaps and bounds in the market. They notice a significant increase in their revenue, bottom-line profits, and business assets. Unfortunately, almost all of these business owners are aware that the path to success is never easy. There are many obstacles which they need to recognize and overcome. At the same time, they need to take decisive decisions in order to take advantage of lucrative opportunities. Only then can they expect their personal and business wealth to grow over time.
Steven Rindner – How can small business owners increase their wealth within a short period?
Steven Rindner is a popular corporate development expert from America who specializes in growth strategies for companies. He has over 20 years of valuable experience in the field of business and finance. His clientele consists of prominent companies operating in healthcare, high-tech, media, and real estate industries. He has succeeded in increasing the overall value of almost all of these corporate enterprises. His most noteworthy achieve a lucrative worldwide distribution network of Besins Healthcare International.
In the opinion of Steven Rindner,small business owners can increase both their personal and business wealth within a short time. They just have to keep in mind the following three tips:
1 Focus on liquidity and capital diversification
Owners should only keep cash equivalent to 12 months of their operating expenses in their businesses at any time. They should then invest the remaining sum of money in investment schemes, which offer them lucrative returns. Owners who diversify their capital in this manner see a substantial increase in their income while minimizing their potential risk. At the same time, they also have enough liquid resources in their businesses to overcome any foreseen financial difficulty.
2 Exploit each and every tax break
The governments often offer business owners incentives to expand their commercial activities by allowing them to avail tax breaks. They can take advantage of numerous deductions, exemptions, and tax holidays, which tax authorities allow on certain long-term capital expenditures. As a result, these owners end up less tax to the government than they are normally liable to do. This helps to increase their savings over time. They can even invest their money in lucrative tax-advantaged retirement schemes like IRAs and 401(K).
3 Analyze personal finances in the same manner as business income
Business owners spend a lot of time analyzing their business income, expenditure, cash flow, liabilities, and assets. It is prudent for them to scrutinize their personal finances and income from investments in the same manner. The owners need to know in which areas they are making wasteful expenditures and take steps to curtail such costs. They also need to find ways to increase their income. The owners need to understand the importance of getting their personal money matters in order. Only then will they experience fewer financial difficulties in their businesses.
According to Steven Rindner, owners can enhance their wealth while ensuring the growth of their businesses in the above three ways. For this, they need to keep adequate cash in their businesses and invest the rest of their money in lucrative investment schemes. Taking such a step increases their income over time while minimizing their overall risks. The owners should also take advantage of tax breaks and manage their personal expenditure to gain strategic growth and edge in the market with success!