For decades, the financial industry has treated small business owners as if they needed simpler, scaled-down versions of big-firm strategy — “lite” planning, “lite” tax work, “lite” forecasting. But today’s entrepreneurs are running multiple businesses, managing real estate portfolios, investing heavily in their families’ futures, and carrying financial complexity that rivals mid-market companies.

Yes. Even if your business isn’t in a growth phase, you still need a plan. Strategic planning isn’t only for scaling—it’s also about protecting stability, preparing for opportunities, and avoiding costly surprises. A plan gives you clarity, keeps your operations efficient, and helps you make better decisions, whether you’re expanding or simply maintaining your current level.

Many small business owners believe that strategic planning is something only large corporations need. The assumption is that Fortune 500 companies have the resources, staff, and time to plan, while small business owners should simply “work harder” and focus on day-to-day survival.

Running a small business is rewarding, but it also comes with costs. The good news? Many of those expenses can be deducted to reduce your taxable income. Understanding these small business write offs not only saves money but also helps you reinvest in growth. Here are 10 of the most valuable tax deductions every small business owner should know.

Many business owners believe: “If a buyer needs financing or asks for a seller note, it means they can’t afford my business—or worse, that the deal isn’t safe.”