Top 10 Pieces of Advice I Give to Business Owners (From Your Trusted Accountant)
Running a small business is no joke. Whether you’re buried under paperwork, struggling to make payroll, or just trying to stay afloat, it’s easy to feel like you’re in it alone. But as someone who’s been in the accounting trenches with business owners for years, I’m here to tell you: you're not.
In fact, I've given the same core advice to dozens (maybe hundreds) of business owners over the years. These 10 tips come up again and again — because they work.
So here they are. My no-nonsense, real-world, accountant-approved tips to help your business not just survive, but thrive.
1. Pay Yourself First
Far too many entrepreneurs forget to pay themselves, or convince themselves there isn’t enough left over. I get it — especially in those early months. But if you don’t prioritize this, you’ll end up dipping into business funds for personal expenses, and that’s how the corporate veil gets pierced. That’s a legal headache you do not want.
2. Be the Boss You’d Want to Work For
Hiring is hard. Keeping great people is harder. Want them to stick around? Train well, communicate clearly, pay fairly, and don’t be a jerk. Loyalty goes both ways.
3. Take Time Off — Seriously
You didn’t start your business to burn out. If you’re working 24/7, you’ll eventually start to resent it. Take a break. Be with your people. Refill the tank.
4. Stop Chasing Payments (Make A/R a Thing of the Past)
Don’t be shy about asking for money up front. For big jobs, require a deposit or set up autopay with clear terms. I know it doesn’t work in every industry, but if you can do it — do it.
5. Pay Bills Early (Not Just On Time)
Consistently late on bills? That’s a cash flow red flag. It could mean you're undercharging, overspending, or not collecting quickly enough. And yes, early pay discounts are your friend.
6. Stay Educated on Your Responsibilities
The IRS doesn’t send friendly reminder emails. As your business grows, your tax obligations do too. Know your deposit schedule. Pay attention. Or pay penalties.
7. Stop Undervaluing Your Skills
You’ve spent years mastering your craft — don’t slash prices to “win” clients who’ll never respect your worth. You’re not competing with Amazon. Charge what you're worth.
8. Don’t Skimp on Professionals
I’ll be blunt: cheap accountants and DIY legal work cost more in the long run. I've cleaned up messes you wouldn’t believe. Your accountant and your lawyer should be a team — one that has your back.
9. Plan Your Exit
Newsflash: your kids probably don’t want your business. You need an exit strategy in writing — and yes, a lawyer should draft it. Your future self (and your family) will thank you.
10. Give Back to the Community That Built You
You didn’t get here alone. Someone taught you, helped you, encouraged you. Find a way to pay it forward — whether it's time, money, or mentorship. Strong communities build strong businesses.
Final Thoughts: Which Tip Resonates With You?
I’ve watched these 10 tips save businesses, transform owners’ mindsets, and prevent countless mistakes. I hope one of them lands right where you need it.
Which one hit home for you? Send me a message — I’d love to hear from you.
Need help getting your business finances in order?
If you're looking for a partner who can help you make sense of the chaos and guide you with real-world, actionable advice — I'm here. Schedule a consultation at RatliffAccountingTax.com and let's talk.
