So many small businesses owners play a dual role in the community: in addition to bringing commerce and jobs, they are also often who local organizations and schools turn to for sponsorship. That little league team, that community festival, that 5K fundraiser and that nonprofit board are likely mostly powered by your friendly business owner.
That’s what sets the small business owner apart. They are your local business owners in addition to the PTA, Chamber of Commerce or Library board members. They aren’t anonymous shareholders, they are your neighbors and they are woven into the fabric of the community.
I think being involved in the local community is important for the small business owner. But I also believe finding that balance between profit and being charitable is important. Knowing how much you have to give is likely even more important than giving. Here at Bayside Tax & Wealth we help business owners figure that out, so they can remain a successful and contributing member of their community for years to come.
September is a good time to ask yourself as a business owner if your business is moving in the right direction: where are you going? What can you afford? What can’t you afford?
Understand What Happened This Year
Good bookkeeping matters, but bookkeeping itself isn't really the objective. The goal is to understand the business well enough to make better decisions.
By this point in the year, an owner should have a reasonably clear picture of profitability, cash flow and where the company's money is going. That means understanding whether margins are improving, which expenses are producing a real return, where money may be getting wasted and how much cash the business actually needs to operate comfortably.
Those numbers also affect the owner's personal finances. Business income may flow directly onto the owner's tax return, and waiting until tax season to understand the result can eliminate planning opportunities.
Before year-end, business owners should be reviewing things such as:
year-to-date business income and expected full-year profit
the likely impact on their personal tax return
retirement-plan contributions and owner compensation
major purchases or investments that may make sense before year-end
estimated tax payments and available tax-planning strategies
The point isn't to spend money simply to create a deduction. It's to understand where the business stands while there is still enough time to make thoughtful decisions.
Decide What You Want From 2027
Once you understand where the business has been, the next question is where you want it to go.
Some businesses are still firmly in a growth phase. The owner may want to hire, increase marketing, expand into a new location, invest in technology or continue reinvesting most of the company's profits.
Other businesses may be entering a different stage. The company is established, and the owner's priorities are shifting toward taking more income home, building personal investments, increasing retirement savings, reducing debt or preparing for an eventual transition.
Neither approach is inherently better. What matters is being intentional about it.
At Bayside, we're still very much in a growth phase. We continue to invest in people, technology, marketing and improving client experience. That also means constantly asking whether we're investing in the right places and identifying expenses that aren't helping us get where we want to go.
Every business owner should be asking some version of those same questions.
Make Sure the Business Is Working for You
For many owners, the business becomes an extension of themselves. They pour so much time, energy and capital into building it that it's easy to forget that the business was originally supposed to accomplish something for them, too.
That might be financial security, more control over their time, opportunities for their family, the ability to retire comfortably or simply the freedom to support the people and organizations they care about. A successful business should eventually help make those things possible.
Before 2026 is over, I encourage business owners to carve out some time to look at the bigger picture. Understand what happened this year. Make the tax and financial decisions that still need to be made. Decide what you want from 2027 and make sure the business you're building is actually helping you get there.