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Never assume your product or service is still competitive. This is caused by a lack of evaluating current markets or allowing the competition to take over the market.

Never assume your product or service is what your customers need. This can be caused by a lack of market research and product/service development.

Never assume employees know what they are doing. This is caused by a lack of communication and training.

Never assume your finances will be alright. This is caused by a failure to track revenue and expenses.

Ever received a notice from a governing agency like the IRS? Don’t panic! In most cases, the notice is automatically generated by a computer system and can easily be resolved. You do want to have a payroll professional work with you as they know how to most efficiently resolve the matter.

Do you have employees who ask about being tax exempt? To ensure they don’t run into trouble with the IRS, you want to make sure they truly are exempt from federal withholding taxes. The IRS has set guidelines that enable you to verify the exemption. Better still, contact a payroll professional who can assist you.

The best way to avoid IRS issues is to keep an accurate record of all revenue and expenses in your business. I’ve seen many business owners panic at the end of the year when it’s time to turn records over to their tax preparers because they have not documented anything. This becomes a nightmare for...