8-plus things you can do when you leave the taxes (and other vital support) to us.
It is never too early in the year to set yourself up for a successful tax season. And one of the most hassle-free and easy ways to do this is to leave the season to the pros!
While we get to know all of our clients’ industries, sectors and businesses intimately, we don’t pretend to know your business or areas of expertise better than you do. The same can be said of our expertise; for our tax professionals, seeking out tax opportunities and minimizing liabilities is not a once a year activity or limited to a “season.” It is everything that we do, day in and day out, regardless of season.
Savvy business owners who partner with our team get a big boost to their teams in terms of productivity, securing efficiencies, addressing waste and improving other aspects of the business to run a healthier, high-performance organization. In a nod to this notion of letting us handle the tax obligations, while you get back to doing what you do best, O’Donnell, Ficenec, Wills & Ferdig present to you all of the things that you will be able to do for yourself and your business now that we have freed up more time in your schedule.
Yes, we did the impossible … we created more hours in the day for truly meaningful experiences and high-value tasks that continue your firm’s upward trajectory and build upon a history of successes.
Fast-track all of those growth-oriented strategies that formerly had a conservative timeline. Yup – go ahead! You will likely have more time on hand to now focus on the onboarding, leadership development and other transitional efforts necessary to support brisker, more rapid growth. Often, owners get so in the weeds, struggling with the day to day, that those long-term items on their wish list are further and further delayed to the point where they become irrelevant or outdated. This approach is very limiting, and constrains any wind that an organization may have at its back to propel forward.
Direct resources, including monies, toward those more aggressive ramp-ups in growth. Consider another added benefit of “outsourcing” key functions such as taxes: cost-savings. Now that you have freed up some funds that might otherwise go toward a full-time staff member, you can funnel the savings toward the technologies and other processes necessary to build out your business more quickly.
Assess, reassess and recalibrate (as needed). You can dig in to whether you must continue to focus on the services and products that have always been your bread and butter. Or, with more time on your side to reflect, you can identify areas to pivot toward – such as emerging products, or new and innovative ways to deliver existing services.
Get in touch with your “good.” When pulled in so many different directions, entrepreneurs often find themselves sacrificing what led to their being the great, sustained business that they are today. You can now focus on bolstering or restoring the quality customer care and delivery of services integral to your team’s successes thus far. Additionally, this feature can be a true lifesaver, because catching the problems earlier into the life of the business can “save” it and add many productive years to it. So, notably, you not only have the time to strategically attract new customers. But you can also focus on taking care of those existing and loyal customers and cultivating the all-important referrals from clients who truly feel valued again.
Worry less. Live more. By adding OFWF to your “advisory circle,” there is considerable peace of mind. You can sleep better at night, knowing that silly errors or costly mistakes will be minimized or abated. By letting us handle the essential functions that we know best, there is less of a risk of compliance failures and blind spots, which tend to arise when teams are overextended, rushed or lack the familiarity with given functions to accomplish them in a timely, complete, and accurate manner.
Add quality years to your life. What good is building and sustaining a business when you are barely around to enjoy it and are not able to reap the fruits of your efforts? Many of the business owners that we work with struck out on their own, because they wanted to enhance the quality of their lives. They wanted to build in more flexibility, and ultimately spend more time with their family and friends, rather than less time with their loved ones. And then what happens? They end up doing too much, failing to delegate and becoming the very definition and embodiment of stress.
Do it for your health. Copious research has looked at the dire or unintended health consequences of poorly-controlled stress on owners of small businesses. Analysis of existing medical literature has deemed owners’ stress and effects “more pronounced” than those suffered by staff (non-owners). Special attention has been paid to poor sleep, persistent fatigue, depressed moods (due to business uncertainty and as the novelty and “honeymoon” period subsides), heart disease and other cardiovascular events such as stroke.
Amplify the good aspects of running a business. As an extension of your team, we help you to reengage with and elevate all of the positives about embarking on your own and being your own boss. Even the aforementioned research touches on the sunny aspects and advantages of ownership versus being a salaried employee or other staff member. With the passage of time and the rose-colored glasses removed, however, owners may forget their purpose and the many impetuses for taking the leap into entrepreneurship in the first place. With the renewed clarity and perspective that accompanies delegating, outsourcing, and expanding your circle, you can lean into the positives and minimize the negative physiological and physical consequences.
In conclusion: We are true to our tagline of “more than accounting.” So, our team at OFWF is also well-equipped to provide tailored consultancy guidance. And many of the above items are right in our wheelhouse. If you are struggling on strategy and other aspects of business and personal wealth management, we are here for you and happy to help you make the most of your time and other resources. Get back in touch with your exceptional entrepreneurial self. Be a better leader and role model. Finally crack down on persistently elusive fundamentals (i.e., overcoming resistance to delegate). Solidify your legacy, whatever that may look like. With more time on your side, stretch yourself personally. Find a new hobby. Discover a new talent. Enrich your life.
Start the process today