Most business owners wait until the beginning of the next year, after the current tax year ends, to send their tax information to their professional. I have seen so many get their information in with maybe weeks or even days before the filling deadline. And then the information is spotty or incomplete. How can you expect your accountant to find tax savings from the year before, when the year is over.
There is a specific formula for producing great financial results for every business. It is a proprietary process that I created more than 30 years ago. It is called the Wealth Building Formula® for your business. Follow this “recipe” and you will always make the 100% correct financial decision for your business.
What does this treadmill or a business controlling you look like? Meet a long-time client and friend of mine, Dr. David Zelman, founder of Transitions Institute, Dallas, Texas. David was an immensely successful coach to celebrities, c-suite executives and some of the most successful entrepreneurs in the country. Calendar full and in great demand, he was like our baker friend always “making the donuts”. He had no time to relax, always on the go. On top of that, while creating a nice life for his family and himself, there were other financial goals he had now and was anxious about the future. He was on a treadmill and worse, not having the time to make his business work for him: Think about ways to control it and make it give him the life he wanted now and in the future.
Anybody who knows me knows I’m a bourbon guy through and through. But not just any bourbon. For me, it’s Blanton’s or bust, and that’s a fact I’m always proud to share! Here’s why: I haven’t always been able to shell out the dough for this premium brand. In the early stages of my career, I owned an accounting firm that was hit by the 1980s recession, resulting in negative cash flow, massive layoffs, and even the potential loss of my home. And I am a CPA! As it stood, my career was a sinking ship with no lifeboat in sight.
“Master your cash flow®.” It’s just four simple words, but, taken to heart, it’s a concept that can change your life in ways you could never imagine! In fact, until you become the master of your cash flow you’ll never have full control over your financial future. And if you don’t have control, someone else will.
Practically all of the time, business owners are so busy working in their business that they forget to work on their business. It’s much more exciting to make a sale than to review a budget. But with the US Chamber of Commerce showing about half of new businesses failing by their 5th year, you might want to keep on reading.
Entrepreneurs can be like squirrels chasing nuts, always searching for the next big opportunity. They’re often distracted by the “shiny object,” always ready to jump on new ideas as they arise. But great ideas they do find. Making them successful is the challenge. Their talent for creativity and finding opportunities normally comes with a major blindspot in regard to running a business efficiently and maximizing cash flow. They need help.
