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The Right Start For Business Success

Tips For Successful Small Businesses

We know starting and running a small business can seem like a daunting task. The best advice we can give is take it one step at a time. Surround yourself with folks who own businesses of their own. Always stay current with the latest trends in your industry and educate yourself on how to stay competitive. Proper bookkeeping and accounting is a important part of running your small business as well. You will need a team of people in order to be successful. Below you will find links to some helpful articles and tips for small businesses.
Local Small Business Administration Office

Georgia Tax Center

Buford Business Alliance

Johns Creek Chamber of Commerce

Dacula Business Association

Georgia Small Business Resource Directory

How to start a business in 10 steps

How to build a better business credit score


Gwinnett County Business License


Locals Loyalty Club

Annuity.org

 Small Business Accounting FAQ

  • What is the difference between bookkeeping and accounting?

    • Bookkeeping records daily transactions (invoices, payments, receipts).
    • Accounting interprets, classifies, analyzes, and summarizes financial data for decision-making and tax compliance.

  • What records do I need to keep for my business?

    Keep records of:

    • Sales & invoices
    • Receipts & expenses
    • Payroll & employee records
    • Bank statements
    • Tax filings & forms

    Retain these documents for at least 7 years for IRS compliance.


  • What financial statements should I track?

    • Income Statement (Profit & Loss) – shows business profitability
    • Balance Sheet – displays assets, liabilities, and equity
    • Cash Flow Statement – tracks cash in and out of your business

  • How should I separate personal and business finances?

    • Open a dedicated business bank account
    • Use separate business credit/debit cards
    • Don’t mix personal and business purchases—it complicates taxes and reduces legal protection

  • Do I need accounting software?

    Not required, but highly recommended. 

  • What expenses are tax-deductible?

    Common deductions include:

    • Office rent or home office portion
    • Equipment & software
    • Business meals & travel
    • Advertising & marketing
    • Professional services (accountants, legal)

  • How often should I update my books?

    Ideally weekly or at least monthly. Regular updates help you:

    • Spot cash flow issues early
    • Stay tax-ready
    • Avoid costly errors

  • Should I hire an accountant or do it myself?

    • DIY is fine for simple operations with basic tools
    • Hire a pro if you’re growing, taking out loans, dealing with payroll, or facing complex issues

  • What is accrual vs. cash accounting?

    Cash basis: Record income/expenses when money changes hands

    Accrual basis: Record income when earned, expenses when incurred


    Most small businesses start with cash basis, but accrual gives better long-term insights.

  • What KPIs should I watch?

    • Gross Profit Margin
    • Net Profit Margin
    • Accounts Receivable Turnover
    • Break-even Point
    • Cash Flow Forecast

7 Money Habits Successful Business Owners Should Follow

1. Regularly review finances
2. Maintain a budget
3. Save for taxes
4. Proactively reduce debt 
5. Structure business to optimize liabilities and taxes 
6. Pay themselves first 
7. Maximize tax write-offs and deductions

Keys to Consistency

    Get your priorities straight.
    Just get started.
    Set it and forget it.
    Make the commitment.
    Show up.
    Wear your brand proudly.
    Keep showing up.
Structure and schedule some tasks at the same time daily
Schedule big actions 2 weeks at a time  
Focus on processes not the outcome 
Set Reminders