It’s the time of the year when we think a little more about our lives and how thankful we are for the people in them. In November, we give thanks to our founding fathers, our families and our friends.

Have you thought about giving thanks to the people in your business life? Mentors, those that guided you through the rough patches, maybe a coach or a colleague. The ones who helped you turn giant mountains into small hills.

If you think about it, I’m sure there are a lot of people you need to thank. Those that purchased your product or service, your employees and support team, your advisers and investors. The list goes on.
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And just as many people as you’d like to thank, I’m sure just that many want to send a big thank you your way. Think about the value you provide by offering your product or service. Think about the economic difference you are making in the world.

Are you employing a team? Are you paying freelancers or other small business professionals to provide you with a service, like hiring a copy writer or someone to create a new website? Are you helping other businesses grow their income and expand their operations?

What you do really matters and pricing yourself properly is one of the best gifts you can give yourself this season. You provide products and services and you need to operate at a profit (unless you are a non-profit company, which of course doesn’t apply here). I want you to think about the following:

— Profit After Sale

You’ve made the sale! Time to celebrate. But hold off on that for one moment and realize it’s not all profit. There’s that little thing called overhead to consider. You know…rent, networking events, website expenses, salaries, legal/accounting fees…all of these are general overhead expenses. Your CFO needs to know these numbers in detail and you as an owner need to know it enough to understand the process. Each business differs when it comes to amounts and each industry is unique, so dig into your personal numbers and get familiar.

— Taxes

I know, I know. It’s one of those words that you read and your stomach starts to turn, but it’s a part of our life. Think about what you need to pay to the IRS and (unless you live in Texas or another state with no income tax) the State Department of Revenue and your city. ​