Growth Group | Accounting for Musicians

Neglect At It’s Worst:The Little Engine That Couldn’t

How neglect can effect your business

As my check engine light flashed yellow in my Suzuki this week, my mechanic’s warnings were suddenly refreshed in my memory. The Silver Spring, MD mechanic told me over six months ago to have some belts changed or engine damage was certain if the cracks turned into breaks.

“Chitty Chitty, Bang Bang!”

Business neglect can cause serious problems

Whether it’s car or business troubles, neglect causes problems.

True Story: my car broke down. I know I can’t be the only one who has neglected car repairs! Yes, I take care of the regular items such as oil changes, fuel, and fluid levels; but when the large routine maintenance items come up I tend to shy away. Like with this upcoming tax season, it never fails that some aren’t ready because of only doing the minimum. Hiring a professional accountant to assist with tax planning can save you money.

Although I live close to a big city, being in the DC Metro area my vehicle is my main form of transportation. So now because of my neglect, my entire routine is changed. This morning I caught the Metro train from Addison Rd to Crystal City instead of taking my car as normal. Waiting until its too late can cause major changes in our personal or business success. Taking the proper precautions early can avoid the stress of last minute emergencies.

This morning was colder than any other this year reaching less than 20 degrees and I was without my prewarmed car.Only I can be faulted for this oversight. Only Alexis is responsible for neglecting her vehicle. I should have been more diligent in saving for the larger routine repairs that are due at certain mileage increments. But I realize we all have these types of situations that we neglect until they become major problems like:

  • Parking tickets (in DC they double after 30 days)
  • Health (who waited until January 1 to start getting fit, why not December?)
  • Cleaning (when you’re expecting guests it’s too late)
  • Marketing (if the business isn’t growing it’s dying)
  • Taxes (neglect can lead to interest and penalties, forfeited licenses, reinstatement fees, etc.)

Because car repairs are to be expected, they’re something that can be planned for. Therefore, I’ve resolved to save for these type of expenses (which always come). Saving can be tough but I’ve decided to join the 52 week challenge of saving $1 additional per week for the entire year so that by the last week I’ll add $52 to my savings and be set for any unexpected repairs in 2014.

What types of items have you previously neglected and what did you do to overcome them?

Have you neglected your business registration, sales taxes, or bookkeeping?

Contact Growth Group today and we can help you get back on track.