This morning, I had the privilege of both attending and speaking at the Owasso Chamber of Commerce Small Business Workshop on Budgeting & Financial Planning. The event was hosted at Ascension St. John Owasso and brought together local business owners eager to strengthen their financial knowledge and practices.
Although attendance was smaller than in previous workshops, the conversation was lively, personal, and full of practical takeaways. I want to share a recap of the four presentations so those who couldn't attend can still benefit.
Cash Flow Management and Budgeting Basics with Jaime Umphenour, Home Ec Express
Jaime kicked off the workshop with a deep dive into budgeting. Her message was simple: a business budget works best when it mirrors healthy personal budgeting habits. She encouraged everyone to use a zero-based budget, meaning every dollar is tracked and assigned to a purpose. This approach helps identify overspending before it snowballs into a larger issue.
She stressed that separating business and personal finances isn't optional. It's essential. Commingling expenses makes tax time messy and often leads to missed deductions or compliance issues with the IRS.
Another key point was the importance of building liquidity. Jaime recommended small businesses keep three to six months of retained earnings to protect against cash flow emergencies. Finally, she explained how setting up sinking funds for big-ticket expenses (like equipment or expansions) prevents owners from relying too heavily on debt.
Business Banking and Credit Readiness with Jacob Lopez, Arvest Bank
Jacob followed with a session on commercial banking products and credit readiness. He explained how to align the right financing tool with the right business need:
- Lines of credit help smooth short-term working capital gaps.
- Business credit cards are best for small, recurring, or flexible expenses.
- Term loans work for larger investments like equipment or real estate.
What stood out most was his breakdown of how banks make lending decisions. He highlighted the Five Cs of Credit: capacity, capital, collateral, character, and conditions. While collateral is important, Jacob reminded us that banks are ultimately most interested in one thing: cash flow. If your business can't demonstrate consistent cash flow, loans and credit become much harder to secure.
Tax Planning and Compliance for Small Businesses with Kevin Jacobs, Step By Step Financial
During my presentation, I focused on some of the most common tax mistakes I see small business owners make, and how to avoid them.
First, quarterly estimated taxes. Missing payments or paying late is one of the quickest ways to rack up penalties. For 2025 income, the due dates are April 15, June 16, September 15, and January 15, 2026. Setting aside 20-30% of profits in a dedicated tax account can make those payments manageable.
Second, I highlighted important updates to 1099s under the One Big Beautiful Bill Act (OBBBA):
- 1099-NEC: For 2025 payments, the reporting threshold remains $600 (forms due Feb. 2, 2026). Beginning with 2026 payments, the threshold increases to $2,000, with inflation adjustments starting in 2027.
- 1099-K: Third-party apps like PayPal and Venmo only issue forms if payments exceed $20,000 and 200 transactions in a calendar year. This reverses the much lower $600 threshold that had previously caused confusion.
I also encouraged attendees to consider tax-advantaged retirement plans, especially if they are solo business owners. A Solo 401(k) can allow contributions of roughly $70,000 in 2025, dramatically reducing taxable income while building retirement savings. And I emphasized the importance of classifying workers properly. Treating employees as contractors may save payroll taxes in the short run, but it will catch up to you.
My parting advice was this: Don't get distracted by the latest tax fad you see online. The best wealth-building tool you have is your own business and your expertise. Hit your singles and doubles consistently over time, and your business will reward you.
Financial Statements Made Simple with Paul & Layne Stansberry, PLS Balance My Books
Paul and Layne wrapped up the morning by simplifying financial statements. They explained the three major reports every business owner should understand:
- The Profit & Loss Statement, which tracks income and expenses.
- The Balance Sheet, which shows what the business owns and owes.
- The Cash Flow Statement, which reconciles the other two and explains why a profitable business can still run short on cash.
They gave great examples, such as how buying a large piece of equipment reduces cash without showing as an expense on the P&L (since it's treated as an asset). Similarly, owner draws or distributions drain cash but don't appear as expenses, which can confuse business owners if they only look at their profit and loss. Their message was clear: financial statements are only useful if the bookkeeping behind them is accurate and reconciled monthly.
Key Takeaways
Each presenter brought a unique perspective, but the themes tied together nicely. Here are a few universal lessons from the morning:
- Separate business and personal finances. It makes everything else easier.
- Know your numbers. A budget, financial statements, and tax projections are tools for making better decisions.
- Stay compliant with changing tax laws, especially around 1099s and quarterly estimates.
- Build relationships early with a banker, tax professional, and bookkeeper so you aren't scrambling when challenges arise.
The September workshop was a great reminder that small business success isn't about flashy shortcuts. It's about doing the fundamentals well: budgeting, banking, tax planning, and financial reporting.
I was honored to share the stage with fellow professionals and to contribute to strengthening the business community here in Owasso. If you couldn't make it this time, I hope this recap gives you a few actionable ideas to apply in your own business.