One of the annual traditions of business ownership is making some tax planning decisions, usually late in the year. It includes things like buying equipment or vehicles to take advantage of accelerated depreciation through a Section 179 tax deduction or some other accounting jargon. But those aren’t really the surprises we’re talking about. We’re talking about those surprise tax bills you get from your CPA where you have less than a couple of weeks to come up with significant cash to pay your bill.
Some days it’s easier to stay positive than others. For instance, those days when you land a big new customer or finally bring on board that key new hire. But there are other days when it’s really tough to keep that positive outlook. Simply flip the scenarios mentioned before where instead of landing a big new customer you instead lose a customer that makes up 25% of your business. Or that key employee gives you two weeks notice.
In This Episode This might seem like a simple question. But depending who you ask about valuing your inventory, the […]
With so many things changing over these past 3 months, it’s good to know that some things stay the same no matter what. When it comes to business, one thing that endures is MVP’s 7 Keys to Success. These guiding principles for how to run your business successfully continue to be tested in all sorts of areas including a global pandemic.
How do you think differently and more creatively about how you compensate your people? There’s never been a better time to try something new than the current situation with COVID-19.
What’s the world going to look like in 2030? More importantly, what’s your business going to look like in 2030? Does that seem like a crazy question with all the uncertainty in the world today?
There’s never been a better time to fail! Think about it. Nobody has the answers right now so why not try something new or different? Is there something you’ve been thinking about trying for a while and yet you’ve made all sorts of excuses for why you can’t do it?
Usually three-letter words are OK, it’s the four-letter words you need to avoid! Yet it’s hard to find too many people having FUN in their businesses today with all the changes that are being introduced and forced upon us due to COVID-19. The real question is, were you having fun in your business before all this coronavirus stuff hit? Unfortunately we find too many business owners who aren’t having fun in their business any more. But it doesn’t have to be that way!
One of the things we have a lot of experience with is turnaround situations in business. A turnaround situation in our books is simply defined as taking a company that is losing money and turning it around to making a profit. Why is this important in the current Coronavirus/COVID-19 world?
To say we live in uncertain times might be an understatement given the recent and ongoing changes to lives worldwide as we all wrestle with the fallout caused by the Coronavirus and COVID-19. As a business owner, it can be twice as difficult as you are dealing not only with your personal situation, but also your business. So how do you plan in uncertain times?
As you can probably appreciate, many folks don’t like to plan under normal circumstances. But when it comes to uncertain times and your business, as the owner you really have no other choice but to pull a plan together. The key is where do you start and how do you do it in a way that you can take action quickly?