Firstly, I gotta say — we're past the midpoint of October, and, well … the calendar is speeding up.
Sure, looking back from an historical perspective might still enable us to find some deductions. But by the time the end of the year hits, it'll be too late to fix problems like missing the new 20% QBI reduction, lost MERP deductions, lack of basis for losses, and the wrong entity designation.
If you do wait until December … well, technically it's not too late. But for practical purposes, by that point in the year, it's too late to establish a new entity type. It's probably too late to fund a C-Corp. Most likely it's too late to decide what type of pension plan you have and get it put in place by year-end.
We get real busy in December with year-end concerns, so I want to put a burr in your saddle now to make sure that we get ahead of the game with you and your North Central Texas business. Let's take full advantage, together, of the possibilities available in this year's tax code.
Now, leaving aside these tax issues for a moment, I'd like to have the chance to lift your vision about how you conceive of YOUR primary task as a business owner. This is something I've picked up along the way which has definitely benefited the growth of our firm. And it's worth thinking through.
You see, you need to see yourself as having the resources that are able to take care of the "details", while you focus on marketing and positioning your business. This has to be your primary task as a business OWNER (not to be just a "do-er").
What Is The Proper Role Of A North Central Texas Small Business Owner?
"If a man does not keep pace with his companions, perhaps it is because he hears a different drummer." – Henry David Thoreau
I'm curious. What drove you to start your own small business? A passion for the product or service you provide? A desire to be your own boss? A chance to dust off some ambition? A drive to stick it to "the man"?
Did you become a small business owner because you enjoy marketing or management? Probably not. But, if you're going to continue to grow your business you have to realize this important fact: Unless you want your North Central Texas business to forever stay in the category of "side hustle", you must move on from seeing yourself as a service or product provider.
Let me quickly show you the difference between an OWNER and a service/product provider.
A Service/Product Provider:
Has products or services
Talked to prospects
Owns a business
Hopes they'll stay in business
Continually talks to a list of prospects
Builds relationships with customers
Grows their business
Is building their business' future
So how do you make this shift? Well, here are a few questions you should be thinking about…
* Do you have a plan to move your "service-oriented" tasks off your plate?
* Are you building your prospect and customer lists in an ongoing, systematic basis?
* Does your business have a marketing "system" in place?
* If you stopped "doing your job" … would your business immediately shut down?
What I'm learning: smart marketing and owner positioning can make the difference between doing "alright", and creating something of growing, ongoing value.
Yes, I'm an accountant — but you must understand, I'm a business owner too, and these are hard-won lessons.
I want your business (and mine) to grow, and grow RIGHT.
I'm grateful for your friendship.
Feel very free to forward this article to a North Central Texas business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for families and business owners.
Andre + Associates, PC
Andre + Associates, PC