This is part six of the Business Essentials Series.
Business Essential #6 – 3 Common Hazards
What do Business Owners Want? More transactions, more relationships, more free time, less costs, less taxes, better employees, better products, higher sales and higher margins.
Today’s Straight Talk covers some topics that seem simple yet are so complex in the nature of people as human beings. We will look at a few of the common hazards that keep people from building their successful business, making money and keeping money.
The first common hazard is the Superhero. The Superhero keeps people from making money and keeping money because they think they are invincible and so the put off making plans, put off making plans, put off making plans. When the time comes and no plan is in place, a plan will be made for them and it may not be the plan they wanted. Without a plan, and in this case we are talking about a business plan or, if you like, an estate plan, families face anger in lawsuits, F.A.I.L., they face financial abundance is lost, F.A.I.L. and they face family achievement is lacking undermining real enrichment, F.A.I.L.U.R.E. Without a plan business owners just do things with no focus hoping everything will work out.
The second common hazard is the Wylie E. Coyote. We all know Wylie E. Coyote. I can do it myself. Wylie prevents people from making money and keeping money because while Wylie is clever it just seems that everything Wylie does, doesn’t turn out quite the way he wants it. Have you ever done a project only to realize you didn’t have the right knowledge, skill and training and the project ended up, well, in disaster. At what cost in money, time, frustration and many times we then hired the professional to do it right in the first place. What are you doing yourself that you don’t have the right, knowledge, skill or training. How about everything legal? There is a reason we go through 3 years of law school, 1 year of tax school (I am a tax attorney trained in tax law) and years of practice to learn the small distinctions of words, concepts and rules. I wouldn’t pretend to know how to build a house. I have pretended to know how to do landscaping only to find out 4 hours later while I am still hacking away at the tree root that I broke the sprinkler line as well. Ugh. Business and Tax Planning is science and art. It’s not like putting a W-2 into a computer to get a number for your taxes which pretty much will be accurate.
The third common hazard is the Ostrich. The Ostrich keeps people from making money and keeping money because the Ostrich makes a plan and then goes about its daily activities and then puts his head in the sand hoping everything will work out. Making a plan and then never using it is probably worse than not having a plan because money was spent to do it.
Avoid the common hazards and do a plan, follow the plan, focus on the plan and make and keep money.
Our vision is for business and families to create lasting wealth. Our mission is to build, protect and preserve wealth and legacy for generations. To do these things we need to have business prosperity, good financial foundations, a tax fortress and personal power.
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