James E. Heyward CPA

Episode 25-Building Your Business: The 5 Pillars of Success

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Starting a business is no easy task and it can be overwhelming to conquer the many tasks involved and make sure that all the pieces are in place. However, with the right focus, it is possible to build a successful business with a solid foundation. The five pillars of successful entrepreneurship are key components to consider when creating and growing a business. These pillars include planning and goal setting, customer service, marketing, financial management, and operations management. With a comprehensive understanding of each pillar and its importance, entrepreneurs can lay the foundation for a successful business. By utilizing these five pillars, start-ups can ensure that their business is well-rounded and has the potential to succeed.

Pillar #1: Planning and Goal Setting

The first step in building a successful business is setting your goals and creating a plan to achieve them. Goals are what keep businesses on track, and without them, your efforts may be unfocused and unproductive. Achieving goals requires a combination of skill, knowledge, and effort, along with a little bit of luck. Specific goals allow you to focus your attention on the factors that will make the biggest impact. By setting measurable goals, you can determine whether your efforts are successful. This can be done by setting performance indicators such as the number of sales made per day or the average profit per sale. Attainable goals allow you to set up a clear path to success. It is important to set goals that challenge you but that you can still achieve.

Pillar #2: Customer Service

Many businesses focus on sales and marketing but forget about the importance of providing great customer service. Providing excellent customer service not only builds trust from new customers but also retains existing customers. Successful entrepreneurs understand how important it is to identify and address customers’ needs and concerns. Entrepreneurs should survey their customers, initiate open-ended discussions and respond to any feedback they receive. Having a strong customer service strategy can help you retain customers, gain new customers and improve your overall brand image. Some ways to provide excellent customer service include offering helpful advice, providing quick responses to questions, providing a quality product, and offering exceptional customer support. Be sure to have a customer service policy in place, and make sure employees are aware of that policy.

Pillar #3: Marketing

Marketing is a key part of every business and is necessary to build brand awareness. The goal of marketing is to make potential customers aware of your products and services. This can be achieved through a variety of channels, including traditional advertising, word of mouth, content marketing, and social media. Marketing expenses may seem like a huge expense up front, but they are crucial to the success of your business. It is important to find a balance between investing in marketing and not spending too much. If you’re just starting out, it may be difficult to find the right marketing strategy. In this case, it may be beneficial to hire a marketing agency to help you create a successful marketing strategy. Marketing agencies can help you create a marketing strategy that fits your business and meets your marketing goals.

Pillar #4: Financial Management

Successful entrepreneurs understand that the only way to ensure long-term sustainability is to create a profitable business from the start. This can be achieved by setting reasonable prices for products and services, finding cost-effective ways to operate, and understanding your customer base. The first step to achieving financial success is creating a budget that details every expense and income source. This will allow you to see where you can make adjustments and cut costs. It is important to track your expenses and income to ensure that your projections are accurate. This will allow you to make adjustments if necessary and prevent budget shortfalls.

Pillar #5: Operations Management

Operations are the day-to-day activities involved with running the business. Behind every successful company is a team of trained and efficient employees, who know exactly what they need to do and when they need to do it. Successful entrepreneurs understand the importance of streamlining operations and creating a culture of continuous improvement to achieve maximum productivity. There are many ways to improve operations and achieve a high level of productivity. It is important to analyze operations and make adjustments where necessary. Entrepreneurs should identify bottlenecks and areas that need improvement and implement changes to increase productivity.

Conclusion

The best way to build a successful business is to focus on the five pillars of entrepreneurship. By creating a plan and setting goals, and providing excellent customer service, marketing, financial management, and operations management, you can ensure that your business has a solid foundation.

Watch the full video here.

Episode 23-The 3 Phases of Business-What You Need to Know

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The 3 Phases of Business: What You Need to Know Before Starting Your Own Company

Have you ever dreamed of starting your own company? It’s an exciting prospect, but there’s a lot of work that needs to go into the process. It’s important to understand the three main phases of the business in order to be successful. These are the planning phase, the development phase, and the growth phase. During the planning phase, you’ll need to decide on a business name, create a business plan, choose a legal structure, and register your business. In the development phase, you’ll focus on building the foundation of your business, such as hiring staff, setting up an office space, and creating a marketing plan. Once your business is off the ground, the growth phase begins. You’ll work on expanding your customer base, developing new products and services, and increasing your profits. Understanding these phases and preparing for each one is essential for starting a successful business.

The Planning Phase

In the planning phase, you’ll need to decide on a business name, create a business plan, choose a legal structure, and register your business. This information will be used throughout the rest of the startup process and will help you to stay organized and on schedule. A business name is essential because it will identify your company, set your company apart from others, and help you to be successful. It’s important to pick a name that is catchy, easy to remember, and not already in use by another company. If you’re just starting out, it’s important to plan ahead and create a business plan. This is a document that outlines your goals, the type of business you’re looking to start, your target audience, financial forecasts, and more. It’s an important tool for investors who will be funding your company, as well as potential clients and customers. Your business plan should be written in clear and concise language so everyone can understand it.

The Development Phase

In the development phase, you’ll need to focus on building the foundation of your business, such as hiring staff, setting up an office space, and creating a marketing plan. These tasks will help you to get your company off the ground and help you to succeed down the road. One of the most important tasks you’ll want to focus on during the development phase is hiring staff. You’ll want to start hiring people as soon as possible so you can get your company off the ground and start generating revenue. There are a few different types of employees you can hire, including part-time, full-time, and contractors. Be sure to follow state and federal laws when hiring employees. A professional office space is mandatory for some businesses, while others can get by with working from home. The type of office space you choose will depend on the type of business you’re running. If you’re working in the fashion industry, for example, you’ll need an office space that is well-decorated and reflects your brand.

The Growth Phase

In the growth phase, you’ll work on expanding your customer base, developing new products and services, and increasing your profits. Growing your business is an ongoing process that will occur throughout the entire lifespan of your company. The first step in growing your company is to expand your customer base. You’ll want to focus on targeting customers who aren’t currently purchasing from your business, as they’re the ones who will bring in the most profit. A great way to reach new customers is to create a marketing plan. This plan will outline your goals, how you’ll reach your target audience, and what you’ll be doing to generate leads and sales. Another important step in growing your business is to develop new products and services. This can be a great way to increase your profits and help your business to continue growing even after the initial launch.

Conclusion

Starting your own business can be an extremely rewarding experience, but it’s important to understand the three main phases of business first. During the planning phase, you’ll need to decide on a business name, create a business plan, choose a legal structure, and register your business. In the development phase, you’ll focus on building the foundation of your business, such as hiring staff, setting up an office space, and creating a marketing plan. Once your business is off the ground, the growth phase begins. You’ll work on expanding your customer base, developing new products and services, and increasing your profits.

Watch the full video here.

Episode 22-The Gross Income Delusion!

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In this topic, I'm going to talk about gross income delusion and how it can skew your judgment of your financial situation. I'm going to show you exactly what it is, and how it affects individuals and businesses.

Most of us have heard the term “gross income”, but many of us don’t really understand what it means or how to make sure we’re making the most of it. The Gross Income Delusion is a concept that is all too common, leading people to believe their money is going further than it actually is. Understanding the true value of your money and how to maximize it is essential for financial security and success. In this article, we will discuss the Gross Income Delusion and how to make sure you’re making the most of your money. We will look at the importance of budgeting, tracking expenses, and investing in order to create a solid financial foundation and reach your financial goals. With this knowledge, you can begin to make smarter decisions that will lead to greater financial freedom.

What is the Gross Income Delusion?

The Gross Income Delusion is a common misconception in which people make incorrect assumptions about the true value of their money. The misconception often leads people to overestimate their worth and spend more than they can actually afford. The Gross Income Delusion has often associated with the misconception that a person’s income is equal to their worth. The truth is, your income is only the beginning of your financial journey. Understanding where your money comes from is essential for making smarter financial decisions that can lead to greater financial freedom.

Why is it important to understand the Gross Income Delusion?

Gross Income Delusion can lead people to make poor financial decisions that will have a real and lasting impact on their financial future. It can also lead people to feel like they are not making enough money, which can result in feelings of inadequacy and stress. It is important to understand the true value of your money in order to make smarter financial decisions and feel confident in your financial future. Budgeting, tracking expenses, and investing will allow you to make the most of your money and feel financially empowered.

The importance of budgeting

A budget is a plan for how you will use your money. Budgets are essential for financial freedom and security. They help you make the most of your money by managing your spending and saving more. They also allow you to set financial goals and create a roadmap for reaching them. Budgets are not something that you can implement once and be done with it. They are a process that requires constant attention and adjustment according to your priorities and financial goals. Make sure to include plenty of room for the unexpected expenses that are sure to come up. This will help you make the most of your money and avoid running into debt.

Tracking expenses

Tracking your expenses is another important step in making the most of your money. It‘s a great way to get a real sense of your spending habits and identify areas where you can save money. Tracking expenses will allow you to see where your money is really going and find ways to make it stretch further. It will also allow you to see where you’re making good financial decisions and find areas where you can cut back or increase your spending. Tracking expenses is something that requires a commitment, but the benefits are well worth the effort.

Investing for financial freedom

A significant portion of your income should be going into investment accounts. The earlier you begin saving and investing, the greater chances you have at financial freedom. You should have an emergency fund in a savings account, and the rest of your money should be going towards retirement accounts such as a 401(k) or IRA. Make sure to diversify your investments and choose a financial advisor who is trustworthy and reputable. A financial advisor can help you select a portfolio of investments that is tailored to your risk tolerance and financial goals.

Tips for making the most of your money-Gross income

– Get a Financial Health Checkup: Make sure you are making the most of your money by getting a financial health checkup. This will allow you to identify areas where you are making good financial decisions and areas where you can make improvements. – Make a Budget: Make sure to include all of your expenses, both fixed and variable. This will allow you to make the most of your money and avoid running into debt. – Pay Off Debt: Debt is a financial burden that will cause you to make less money by making you pay more in interest. Make sure your monthly payments are going towards your highest-interest debt first. – Invest in Yourself: Investing in yourself is a smart financial decision that will lead to greater financial freedom. It can help you advance in your career, learn new skills, and make you more marketable. – Make Sure You Have an Emergency Fund: Make sure you have an emergency fund in a savings account to help you through unexpected financial hardships. – Find a Financial Advisor You Trust: Find a financial advisor you trust who can help you make the most of your money.

Creating a financial plan

Creating a financial plan will allow you to make the most of your money by planning out your spending and saving accordingly. Financial planners can help you create a financial plan that is tailored to your exact needs and situation. This can be a great way to get organized and make the most of your money. The benefits of taking control of your finances are innumerable. One will be able to make smarter financial decisions and feel confident in your financial future. You’ll also be able to live a more comfortable and secure lifestyle with the ability to manage your spending and save as much as possible. You can use the tips and resources in this article to make the most of your money and build a strong foundation for financial success.

Watch full video here

Episode 21-Tax Season is Over – Long Live Tax Season!

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In today's episode, we will recap the regular filing season and the year-round approach to taxes that most practitioners have.

Taxes are a complicated yet essential part of life. An accurate and timely filing of taxes is important for a variety of reasons. Using a regular filing season, the Internal Revenue Service (IRS) provides the American public with a standard annual filing period. On the other hand, the year-round approach to taxes allows for more flexibility in the filing. Both methods of filing taxes have their own pros and cons. It is important to understand the differences in order to decide which filing system is best for you. This article will provide a comparison between the regular filing season and the year-round approach to taxes.

Overview of regular filing season

The regular filing season refers to the standard tax filing period that occurs each year. This period covers the majority of the calendar year. The regular filing season is the most common approach to taxes in the United States. It has a number of advantages and disadvantages. First, taxpayers who fall into a specific income bracket are eligible for tax deductions or credits. As a result, that can help reduce their overall tax bill. Second, there is a high probability of them being audited. This is because the majority of taxpayers file their taxes during this period. People who file during this time are closely monitored by the IRS, which may result in a more accurate tax return.

Advantages and disadvantages of regular filing season

The regular filing season has a number of advantages, including guaranteed access to tax deductions and credits, less stress due to the smaller number of taxpayers filing during the regular season, and a high chance of being audited. On the other hand, there are also a number of disadvantages associated with filing taxes during the regular season, including the slower processing time of tax returns and the limited availability of assistance from IRS employees.

Overview of year-round approach to taxes

The year-round approach to taxes refers to a filing system that allows taxpayers to file their taxes throughout the year. This method of filing taxes has become increasingly popular in recent years, with many supporters of the year-round approach suggesting that it is a better and more efficient way of filing taxes. One of the biggest advantages of the year-round approach to taxes is the ability to file taxes at any time during the year. This means that people don’t have to wait until the end of the year to file their taxes, and they can do so at a time that works best for their individual situation. Another advantage of the year-round approach to taxes is the ability to claim tax credits or deductions as soon as they become available. This is particularly beneficial for people who expect to qualify for a credit or deduction that is especially beneficial.

Advantages and disadvantages of year-round approach to taxes

The year-round approach to taxes has a number of advantages, including the ability to claim tax credits and deductions as soon as they become available, a lower chance of being audited, and no restrictions on the amount of taxes that can be filed. On the other hand, there are also a few disadvantages associated with filing taxes in this manner, including the inability to claim certain tax credits and the requirement to file a return each year.

Comparing the two filing approaches

There are a variety of factors to consider when deciding which approach to use when filing taxes. Some of these factors include available deductions and credits, access to assistance from the IRS, and a person’s comfort level with the approach they choose to use. Overall, there are a number of advantages associated with the year-round approach to taxes. This filing system allows for the claiming of deductions and credits as soon as they become available, it has a lower chance of being audited, and it doesn’t have strict restrictions on the amount of taxes that can be filed. On the other hand, there are a number of advantages associated with the regular filing season. This filing period gives taxpayers access to specific tax deductions and credits, as well as a high chance of being audited.

Factors to consider when choosing a filing system

There are a variety of factors to consider when deciding which filing system is best for you. Some of these factors include your income and any life changes that may affect your taxes. In addition, your ability to accurately file taxes throughout the year. You should also take into account each approach to filing taxes and choose the one that best suits your individual needs.

Conclusion

There are a number of advantages and disadvantages associated with both the regular filing season and the year-round approach to taxes. Whichever option you choose must work best for you. Watch the full video here.

Episode 20-What happens when you file a tax extension?

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Filing taxes is a daunting process, especially if you're filing for the first time. It's even more difficult when you find yourself unable to meet the April 15th deadline. But don't panic – you can still make it right. The IRS allows taxpayers to file for a tax extension, which gives you an extra six months to submit your forms. A tax extension can be a lifesaver, but it's important to understand the process and prepare in advance. This guide will provide you with an overview of what to expect and how to prepare when filing for a tax extension. You'll learn about the different types of extensions, how to apply for one, and what you'll need to do to get your taxes filed by the extended deadline. With this information, you can rest assured that you'll be able to successfully file your taxes and avoid any potential late-filing penalties.

Overview of Filing a Tax Extension

A tax extension gives taxpayers an additional six months to file their taxes, making the deadline June 15th. When you file a tax extension, you're telling the IRS that you need more time to file your taxes and will meet the extended deadline. There are two primary reasons why you may need to file for an extension: You don't have all of the necessary information to make calculated decisions. You want to make sure everything is in order before you file. If you fall into either of these categories, a tax extension is your best bet.

Different Types of Tax Extensions

There are two different types of tax extensions that you can file for: An automatic six-month extension – This extension applies if you have a ton of forms and documentation to file. The catch? You have to estimate your taxes based on last year's income and other factors. It's important to note that this extension is only available to taxpayers who owe taxes. An extension by Form 4868 – This is the most common way to file for a tax extension. The process is relatively simple and straightforward – it's all done through a form. This extension is available to both taxpayers who owe and those who receive a tax refund. Keep in note that only a select few taxpayers can file for an extension by Form 4868: People who live outside the U.S. People who are serving in the military People who are seriously ill or injured People who are incarcerated

How to Apply for a Tax Extension

You can apply for a tax extension by filing a Form 4868 with the IRS before the April 15th deadline. The easiest way to do this is online. You can log onto the IRS website and navigate to their e-services portal, which allows you to file for a tax extension online. If you don't want to file online, you can also mail in a paper version of Form 4868. Keep in mind that the IRS will not process your extension until after the April 15th deadline. With that said, they will begin to process it as soon as they receive it. Once you file for an extension, the IRS will send you a confirmation notice and an estimated due date for when you have to submit your taxes. If you have questions about the form, you can call the IRS at 1-800-829-1040.

What to Expect When Filing a Tax Extension

Once you file for a tax extension, you will have six months to submit your taxes and make any payment that may be due. This means that if you're behind on your taxes, you will have until the extended deadline to make up the difference. If you owe taxes, you will have to make an estimated payment with your tax extension. If you are due a tax refund, the IRS will hold on to the money until you submit the rest of your taxes and file the final forms. If you have questions about your estimated payment, you can call the IRS at 1-800-829-1040. Keep in note that the IRS will not notify you if you're eligible for a tax extension. It's up to you to file the extension before the April 15th deadline.

What You Need to Do to File Your Taxes by the Extended Deadline

As you work to collect the information you need to file, keep these three things in mind: Organize your paperwork – You'll want to make sure that you have all of your documentation in one place for easy access. This includes W-2s, 1099s, and other forms that may indicate your taxable income and tax deductions. Make sure that you organize your paperwork by category, so it's easy to find and navigate. Gather your income information – You will need to report your income for the past year, plus any other income that you received during the year (such as 1099 income). You may also have to report your expenses – particularly if you're self-employed.

Conclusion

Filing a tax extension gives taxpayers an additional six months to file their taxes. There are two different types of extensions: An automatic six-month extension and an extension by Form 4868. To apply for an extension, taxpayers can file a Form 4868 online or mail in a paper version. Once you file for an extension, you will have six months to submit your taxes and make any payment that may be due. Keep in note that the IRS will not notify you if you're eligible for a tax extension. It's up to you to file the extension before the April 15th deadline. Once you have all of the information you need to file, you can organize your paperwork, gather your income information, and work to file your taxes by the extended deadline.

Watch the full video here.

Episode 17-Are You Wearing TOO MANY hats in your business?

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Running a business can be a rewarding but overwhelming experience. It can also be a balancing act between managing the day-to-day tasks and keeping an eye on the bigger picture. To be successful, you need to wear multiple hats. But how do you know if you’re wearing too many? Knowing when you’ve taken on too much is the key to avoiding burnout and finding ways to delegate tasks to free up your time and energy. This article will provide insight into recognizing when you’re wearing too many hats and how to manage it so you can keep your business healthy and growing.

What Does It Mean to Wear Too Many Hats in Business?

Wearing too many hats in business means taking on too many responsibilities and roles in your business, which could lead to burn-out or negatively affect your business productivity. This usually happens when a business owner wears too many hats and doesn’t delegate tasks appropriately to free up their time and energy for more important and impactful tasks that can help the business grow. When you wear too many hats, you put yourself in a position where you can’t effectively manage your time and take on too much that may be outside of your core competencies as an entrepreneur. This can lead to feelings of being overwhelmed and stressed, as well as a lack of direction and focus.

Signs of Wearing Too Many Hats

If you find yourself doing the following, it might be time to take a look at your role in your business and see if you can’t shift some responsibilities to others, while also taking on a few new ones. – Being spread too thin. If you’re feeling stretched too thin, it’s often a sign that you’re overloaded. – Feeling overwhelmed. A business should be challenging, but if you’re overwhelmed all the time, it may be a sign that you’ve taken on more than you can handle.

– Finding it difficult to manage your time. Having a hard time managing your time, something may be off in your approach. – Feeling exhausted. If you’re too tired to be productive and make the most of your day, it could be because you’re taking on too much and burning out. – Not following your vision or core values. If you’re stretching yourself too thin and trying to take on tasks that don’t align with your vision or core values, it may be a sign that you’re wearing too many hats.

How to Know When You’re Wearing Too Many Hats

The first step in knowing when you’re wearing too many hats is to take inventory of the hats you’re currently wearing in your business. From there, you can determine if you have too many and identify the tasks you could delegate to free up time, energy, and resources. To help you do so, follow these steps: – Identify your roles. Take some time to reflect on the various roles you have in your business. This can include a variety of things, such as managing employees, marketing, accounting, operations, etc. – Determine if you’re wearing the right hats for each role.

Take a look at the roles you’ve identified and determine if you’re wearing the right hats for each one. If something is out of place, take the time to consider how you could more effectively handle the task. – Create an inventory of your business responsibilities. This inventory can include things such as administrative duties, tasks related to your products/services, communication, etc. After identifying them all, ask yourself if you’re handling these responsibilities and if you’re wearing the right hats for them. – Consider the roles that could be delegated. After taking inventory of your roles and responsibilities, consider the tasks you could delegate to free up your time, energy, and resources.

Strategies for Delegating Tasks

Once you’ve determined which tasks you could delegate, it’s time to put a plan in place. While some tasks may be easy to delegate, others may be more challenging. Here are some strategies you can use to help you make delegation a success in your business: – Determine what the task or responsibility is accomplishing. This includes understanding why this task or responsibility exists in the first place. After all, it has a purpose in your business. From there, you can determine who can take the task off your plate and make it a core part of their responsibility. – Create a list of potential candidates. This can be a challenge, but it’s important to find the right people to delegate to. Resist the urge to delegate to the first person who is available. Instead, create a list of potential candidates who are a good fit for the task. You can do this by considering your employees, other departments, and outside resources.

Benefits of Wearing Fewer Hats

There are many benefits to wearing fewer hats in your business, but some of the biggest benefits include reduced stress and increased productivity. When you delegate tasks, you’re also giving others a chance to learn and grow, which can help your business in the long run. Delegation is also a form of empowerment that gives people in your business a chance to feel like they can make a difference. This can also give you a chance to focus on the bigger picture, such as strategic planning, hiring, and fundraising.

Tips for Delegation and Time Management

If you’re ready to take the leap and start delegating tasks in your business, you may also be ready to take a look at your overall time management. Managing your time effectively is key to keeping on top of tasks, making progress, and avoiding feeling overwhelmed. Here are some tips for delegation and time management: – Make sure you’re clear on what each role entails. This includes understanding what each role’s core responsibilities are as well as any additional tasks that could come up. – Be clear on the deliverables. A task may be complete, but it may not necessarily be done in the way you would prefer. Be clear on the deliverables for each task so you know the results you’re getting and can correct them as needed. – Establish clear timelines and deadlines. Deadlines are important for a variety of reasons, but they can also help you manage your time better.

Final Thoughts on Wearing Too Many Hats

Wearing too many hats can be a sign of a successful business, but it can also be a sign of risk if you don’t manage it properly. This includes taking time to reflect on your roles, determining if you’re wearing the right hats for each role, creating an inventory of your business responsibilities, and deciding which tasks you could delegate. With these steps in mind, you can better manage your time and reduce the risk of wearing too many hats. With these tips in mind, you can better manage your time and reduce the risk of wearing too many hats. Watch full video here!