I have to be honest – no matter how long I’ve been involved in the world of accounting, I never thought I’d see as many bad habits among such smart people.
No, I’m not talking about personal habits, or even business decorum, I’m talking about bad advice.
How to handle money.
How to think about building a business.
How to grow your company.
When to take this action, or make that move.
It’s really a shame that so many people selectively listen to advice and then cherry-pick the things they want to do.
Case in point: A prospective client many years ago refused to follow my advice on hiring a bookkeeper due to the costs (which, it’s worth pointing out, was less than $500 a month). His company was, at that time, making nearly $5 million annually, and as you can imagine, his tax preparation fees were astronomical. He decided to simply do it all himself because he’d save several thousand dollars each year, and guess what?
When Under Armor offered to buy his sports clothing business, his inexperience and lack of professional assistance not only resulted in his business being incredibly undervalued, the resultant mess of his taxes and how he ran both the company and his personal income resulted in a nearly seven figure tax bill out of the blue.
You see, what happened was simple: he took advice from folks who had never been in his position before.
His friends who worked for other people. His family who had never run a large company. His sphere of influence and his own relationship with success actually made things harder for him.
This year, I want you to not only admit you might not have the right people in your corner, but I want you to push through all your old ways of thinking about your business and look at what the next level of success really means.
Is that moving to a C-corp? An S-corp?
Building systems and processes to take certain items off your plate?
In short, I want you to REFUSE to accept the status quo and instead, make yourself and your business so successful you can’t help but be overwhelmed and expand in every direction – personally, professionally, and even spiritually.
Well, two reasons:
First, the middle class is a death sentence. You’ll never have enough and even a million dollars isn’t really a status symbol like it once was.
Second, there’s no such thing as “Enough.” Any living thing that stops growing has begun dying, and while you could say the same thing about a business, what I mean right here is YOU. If you’re not challenging yourself and your company, you’re really shrinking.
You’re losing an edge you can’t afford to lose and a market share you MUST be seizing.
If you’re worried about where the growth can come from, or how to deal with it, the answer is simple – find the people and businesses who are growing and mimic their actions and ideas.
You can do this … and you HAVE to.
My team and I are here for you, so if this idea is a little scary (and it should be), then reach out and let’s discuss how growth and expansion doesn’t mean higher taxes.
All the best-
Ted Smith CPA