Last Updated on 3 weeks by Heyward CPA PLLC
In the ever-evolving world of small business ownership, staying ahead requires more than just crunching numbers or filing taxes. It demands a commitment to continuous learning, self-awareness, and building authentic relationships with your clients and community. These are some of the key insights shared by James E. Heyward and his co-host during episode 80 of Heyward CPA Live, a show dedicated to unpacking the complexities of running a small business from an accounting and advisory perspective.
Whether you’re a seasoned entrepreneur or just starting out, this episode offers a wealth of practical advice on how to sharpen your business acumen, refine your branding, and develop the discipline needed to thrive in today’s competitive market. Let’s dive into the core themes and actionable ideas that can help you elevate your business to the next level.
The Reality of Running a Business: Discipline, Learning, and Authenticity
James opens with a candid look at the authentic environment of tax season—a busy, sometimes chaotic, but always productive space. This sets the tone for a conversation grounded in real-world experience rather than polished facades. He emphasizes the importance of discipline, especially during taxing times, and encourages entrepreneurs to embrace the journey of consistent growth rather than seeking quick fixes.
One of the standout points is the concept of “the bag.” In business, “getting the bag” means making money, but James warns against carrying a bag with holes—meaning, earning revenue without understanding the fundamentals that keep your business sustainable. To really secure your finances, you need to understand how your “bag” is made, which in business terms translates to mastering the numbers and the systems that support your operations.
Continuous Learning: The Key to Business Mastery
James stresses that business is a continuous learning process. It’s easy to feel overwhelmed by the sheer volume of information available today, from tax laws to marketing strategies, but staying stagnant is not an option. He shares his recent experience with book summaries, highlighting the value of distilling key lessons from literature like The Mastery of Love by Don Miguel Ruiz. This book, while rooted in personal growth, offers important insights that resonate with business owners, such as the dangers of unrealistic expectations and the importance of self-love and truth.
“Healing yourself is rooted in self-love and truth. That’s why a lot of people aren’t healed—they don’t want to deal with the truth.”
James connects this to the business world by reminding us that the ultimate truth in business is found in the numbers—your balance sheet, cash flow, and financial statements. No matter how good your story sounds, it’s the hard data that reveals the real health of your company.
The Trap of Social Media and Half-Truths in Entrepreneurship
With the rise of social media, entrepreneurs often find themselves comparing their behind-the-scenes struggles to the highlight reels of others. James calls out this phenomenon, pointing out that many of the success stories shared online are not fully transparent. He encourages business owners to ground themselves in reality and to “stand in their own truth,” which means being honest about where they are financially and operationally.
This honesty not only helps in making better decisions but also in building authentic brands that resonate with clients. James’s own setting—a modest, unfiltered workspace—serves as a metaphor for this authenticity. He reminds us that the goal is not to appear perfect but to be real and relatable.
Building Your Brand: Authenticity Over Image
Branding is more than just a logo or catchy slogan. It’s about the perception people have of you and your business, shaped by your actions, communication style, and core values. James and his co-host explore the idea that your personal and business brand should be authentic and reflective of who you truly are.
They discuss how many entrepreneurs adopt “personal brands” that don’t align with their real selves, which can create disconnect and mistrust. Instead, the goal is to cultivate a brand rooted in genuine values and consistent behavior. James likens branding to the original meaning of the word—marking cattle to identify ownership. In business, your brand marks your unique identity in the marketplace.
One of the key takeaways here is that branding is a journey. It evolves as you grow, learn, and adapt. For startups or “start-outs” (a term they suggest might better capture the early phases of business development), establishing a strong, authentic brand foundation is essential for long-term success.
Biz Therapy: A New Approach to Business Coaching
James introduces Biz Therapy, a therapeutic and strategic coaching approach designed to help small business owners and startups structure their thought processes and address challenges head-on. Biz Therapy is not just about numbers—it’s about self-accountability, mental clarity, and creating sustainable systems for growth.
Much like seeing a therapist helps individuals process and move past personal hurdles, Biz Therapy offers a space for entrepreneurs to articulate their business struggles, identify root causes, and develop actionable plans. It’s about creating a blueprint that can be repeated and refined as the business grows.
This approach recognizes that business owners often face isolation and the pressure of self-discipline without the support of a traditional workplace. Biz Therapy fills that gap by providing guidance, accountability, and a community that fosters continuous improvement.
Embracing Technology and AI, But Staying True to Your Voice
The conversation also touches on the role of technology, especially AI tools like ChatGPT, in modern business operations. While these tools can offer tremendous value by providing information and generating content quickly, James cautions against relying on them blindly.
He advises entrepreneurs to use AI as a starting point but to always review, edit, and infuse their unique voice into any output. Authenticity in communication is a key part of branding, and AI-generated content that doesn’t reflect your style can undermine your message.
James shares his personal commitment to developing a writing habit this year, using AI and tools like Grammarly to enhance—not replace—his voice. Writing is both a therapeutic exercise and a powerful way to connect with your audience on a deeper level.
Writing as a Business Skill and Personal Growth Tool
Writing is often overlooked as a crucial business skill, but James highlights how it improves communication, sharpens thinking, and helps articulate complex ideas simply. He reflects on his own journey from struggling with academic writing to embracing business writing as a form of expression and connection.
For entrepreneurs, writing is more than just content creation—it’s a way to clarify your vision, share your story, and build trust with clients and partners.
Planning for the Future: Commit to One Area of Improvement
As the episode wraps up, James challenges listeners to commit to improving one aspect of their business or personal development. Whether it’s mastering a new skill, refining your branding, or enhancing your financial literacy, consistent progress in even a small area can lead to significant growth over time.
He reminds us that business is a game, and like any game, you need to know the score. This means tracking your financials, understanding your market, and continuously evolving your strategies. Success is not about perfection but about persistence and adaptability.
Final Thoughts: Building Community and Resilience
Throughout the episode, a recurring theme is the power of community and support. Business ownership can be isolating, but connecting with others—whether through coaching, networking, or client relationships—provides the resilience needed to navigate challenges.
James emphasizes that businesses don’t have brains, only hearts; it’s the people behind them who drive success. Building strong teams, fostering client loyalty, and creating authentic connections are all foundational to long-term sustainability.
In a world full of distractions and “noise,” focusing on continuous learning, authenticity, and disciplined execution will set you apart. Whether you’re working from a “utility closet” or a high-rise office, what matters most is your commitment to growth and your willingness to embrace the journey.
Take the Next Step
If you’re ready to deepen your understanding of business fundamentals, enhance your financial strategies, or explore the transformative power of Biz Therapy coaching, now is the time to act. Visit heywardcpa.com to schedule a consultation or learn more about how expert accounting and advisory services can support your goals.
Remember, every successful business starts with a clear vision, a strong foundation, and the courage to keep learning and growing. Commit to your journey today, and watch your business thrive.