Kelly J. Bullis: How’s your business doing?
December 3, 2018
It's been almost one year since the new Trump tax law/economy took effect.
Have you seen your business get more busy? Are you making a larger profit this year? Did you need to hire any new employees this year? Did you move to a larger location this year? Did you purchase some new equipment this year? Did you give your employees raises and/or bonuses this year? Did you finally set up that retirement plan for your employees yet? Have you expanded your employee benefits offerings to include dental, eyecare, cancer, accidents, etc.? Are you being told you will owe more taxes this year? Are you tired? Burned out? Do you look forward to getting to the business on Monday morning or do you dread it? What do you plan on doing different in 2019? How can you become less of the central key to your business success in 2019? How good are your "systems" that guide and direct the way you do business?
Have you ever heard one definition of insanity being, "To do the same thing over and over, expecting a different result"? So what things do you want to change for 2019 that will help you achieve your goals of living the life you always dreamed of?
What costs can you cut? Where are you wasting money in running your business? Have you gone over your insurance policies recently? Have you checked on your merchant services costs to make sure you have the best deal? Have you shopped around for less expensive major suppliers? What about shipping costs, can you get them lower? Have you sat down with your advertising providers to see if there is a less expensive way to get your message out? Do you have any equipment that is breaking down a lot and costing you in lost productivity? Is your bookkeeping system providing you with timely information on cash flow matters? Are you taking advantage of early pay discounts?
I'm just getting warmed up. Want more?
How well do you know your business? What is your current gross revenue? Your current net profit? Your current total debt? What has your growth rate been the last three years? When was the last time your estate documents were updated? What are your goals for the next three to five years regarding increasing revenue, increasing profit, improving cashflow, paying off debt, reducing your time spent in the business, improving your legacy for future family members, etc.? What are the three biggest business issues in your business that you need to fix? What is your number one business issue that needs to be solved right now? What's stopping you from achieving your goals?
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Have you set up a regular periodic meeting schedule with your CPA? Have you joined a "Mastermind Group" to have a small group of like-minded business owners as your "advisory board?"
Are these enough? It takes some hard thinking to successfully run a business. Every year, you should be asking tough questions like these, then setting goals and changing systems and processes to accomplish those goals.
So, one final question now: "How's your business doing?"
Did you hear? Psalm 20:4 says, "May he grant you your heart's desire and fulfill all your plans!"
Kelly Bullis is a certified public accountant in Carson City. Contact him at 882-4459. On the web at BullisAndCo.com. Also on Facebook.