It’s that time of year in the United States when most businesses and individuals file their taxes. It is the time when we tally up our income and losses and figure out how we stand financially. Since I frequently think about the financial standing of our company, I am going to share a little insight with our clients.
I founded this company just over 10 years ago offeiring online review courses for the CIH and CSP exams. The company started out as a way to add a little extra income to my family while I was in graduate school. I was the only employee, and I did everything from creating the instructional materials and teaching to marketing and accounting.
There are many different tasks in running a small buiness. Over the years, our client base has grown, and much of the revenue has been put back into the business. We continue looking for ways to serve our clients.
This year, when I filed my personal income taxes my personal family’s total income was less than $100,000. I am the majority shareholder of Bowen Learning Network owning over 90% of the stock. A little less than half our income was derived from owning and operating the company last year.
In many ways 2013 was a fantastic year, and in other ways, not so good. While we continue grow with our increasing enrollments and registrations (this is good), many of our expenses have increased at a higher rate (not so good).
We are a pretty small company with less than 10 employees including myself. We provide competitive wages coupled with a retirement plan and health insurance. I was probably the lowest paid employee (based on hours worked) last year. My salary was intentionally lowered in an effort to maintain our financial health.
Our staff is fantastic, and I like to believe we offer the best customer service and support available. In many ways, their efforts make our tiny company appear to be a much larger organization. We are committed to helping our clients in a very personal way.
We greatly appreciate the positive feedback we continue to receive from a large number of our clients. The occasional notes of appreciation really help keep us moving forward.
I am confident that this, the financial health of our company will continue to improve. As we meet our clients’ needs and pay attention to the details, I know we will be successful.