What Entrepreneurs Lack, But Need

01/25/23 • 14 min

We had a couple of interesting things happen over the past week. A few articles came out and they just kind of corroborated some things that we hear our new clients say when they come into our advisory office.

One of them is that 70% of entrepreneurs and small business owners do not have an accountant.

Most entrepreneurs handle "the books" themselves. But what it comes down to is that even if you can type in data, are you putting it in the right spot? Is it going to generate a report that's going to tell you something that's relevant?

If you're just entering data into a program and then you just enter that in your tax return, of course, that is a function that needs to be done. But if you're not interpreting that, if you're not looking at things and trying to find out what our margin really is, say, are you really profitable in this division? What are you really making a profit at? Why are these expenses higher or lower? Are you the right entity type? What's your tax situation?

This happens if you're just literally throwing data against the wall and then doing a tax return. And as an entrepreneur and you don't even know if it's in the right category, how can you possibly assess how your business is doing?

Running a business doesn’t have to run your life.

Without a business partner who holds you accountable, it’s easy to be so busy ‘doing’ business that you don’t have the right strategy to grow your business.

Stop letting your business run you. At Harper & Co CPA Plus, we know that you want to be empowered to build the lifestyle you envision. In order to do that you need a clear path to follow for success

Our clients enjoy a proactive partnership with us. Schedule a consultation with us today.

Download our free guide - Entrepreneurial Success Formula: How to Avoid Managing Your Business From Your Bank Account.

One of them is that 70% of entrepreneurs and small business owners do not have an accountant.

Running a business doesn’t have to run your life.

Without a business partner who holds you accountable, it’s easy to be so busy ‘doing’ business that you don’t have the right strategy to grow your business.

Our clients enjoy a proactive partnership with us. Schedule a consultation with us today.

Download our free guide - Entrepreneurial Success Formula: How to Avoid Managing Your Business From Your Bank Account.

Previous Episode

Top 3 Things An Entrepreneur Needs To Do In The New Year

It's a new year and a new beginning for all of us as entrepreneurs. Here's our opportunity to start the year in the right direction.

In this episode, we talk about the importance of planning and goal setting, the benefits of engaging with and seeking advice from trusted advisors, and how to create and implement a personal and business manifesto. We dive into the unique challenges and rewards of entrepreneurship and empower aspiring entrepreneurs to take action and bring their vision to life.

We hope you will walk away with the knowledge and motivation to make the most of your entrepreneurial pursuits in the new year and beyond.

Empowering Moments

00:00 Podcast interviews entrepreneurs who provide valuable insight.

05:12 Engage trusted advisors for a broader business perspective.

07:06 Strategizing involves shared brainstorming and accountability.

10:07 Plan, purpose, and leadership drive success.

This episode is brought to you by PureTax, LLC. Tax preparation services without the pressure. When all you need is to get your tax return done, take the stress out of tax season by working with a firm that has simplified the process and the pricing. Find out more about how we started.

Empowering Takeaways

1. **Yearly Review**:

Importance: Take time to review the previous year’s financials and operations.

Actionable: Assess revenue sources, profit margins, expenses, and taxes.

2. **Operational Efficiency**:

Importance: Ensure your organization runs lean and efficiently.

Actionable: Evaluate if the right people are in the right roles to maximize strengths and minimize weaknesses.

3. **Comparative Analysis**:

Importance: Use year-to-year comparative statements to understand trends.

Actionable: Identify areas of improvement or growth by comparing multiple years' financials.

4. **Personal and Professional Goals**:

Importance: Plan both personal and professional goals for the upcoming year.

Actionable: Think about improving as an individual, including health, leadership, and personal roles.

5. **Detailed Planning**:

Importance: Create a concrete plan with specific goals and timelines.

Actionable: Write down 30-, 90-, and 120-day goals and share them with trusted advisors or accountability partners.

6. **Engage Trusted Advisors**:

Importance: Utilize a team of professionals (CPA, financial advisors) to offer different perspectives.

Actionable: Regularly consult with advisors to identify blind spots and opportunities for improvement.

7. **Time Management**:

Importance: Entrepreneurs must prioritize time to plan, review, and execute.

Actionable: Dedicate a few hours for high-level strategic planning to avoid being stuck in everyday tasks.

8. **Delegation**:

Importance: Recognize what tasks can be delegated to free up time for strategic thinking.

Actionable: Identify team members or external resources to handle non-essential tasks.

9. **Execution of Plans**:

Importance: A well-thought-out plan is useless if not implemented.

Actionable: Commit to executing the plan with regular reviews and adjustments as needed.

10. **Positive Mindset and Manifestation**:

Importance: Believe in your goals and manifest success through written and shared plans.

Actionable: Maintain a proactive approach, writing down goals, and visualizing success to stay motivated and focused.

Running a business doesn’t have to run your life.

Without a business partner who holds you accountable, it’s easy to be so busy ‘doing’ business that you don’t have the right strategy to grow your business.

Our clients enjoy a proactive partnership with us. Schedule a consultation with us today.

Download our free guide - Entrepreneurial Success Formula: How to Avoid Managing Your Business From Your Bank Account.

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Next Episode

Stress Less: Kelli Risse's Untraditional Journey To Unlocking Your Best Self

Kelli Risse is a mindset coach, stress management coach, and speaker who has a master's degree in dance education was an elementary educator for 15 years and started a direct sales health and wellness business before beginning her own coaching business.

Kelli created a weekly porch dance routine during the 2020 pandemic to bring joy to her community and left teaching to pursue a career in direct sales and eventually start her own business. Kelli believes that the current generation needs to be taught how to use stress in a positive way and to be resilient. Overcoming her fear of what other people would think of her by surrounding herself with like-minded people and mentors, Kelli found it difficult to adjust to working alone and had to find ways to stay motivated and productive.

Kelli also believes that marketing is more important than selling and that there is no endgame for entrepreneurs. Her superpower is asking the right questions to help people make the changes they want in their lives, which she does by helping her clients get rid of limiting beliefs and inner conflicts. Kelli offers a one-day deep dive breakthrough and a complimentary 30-minute strategy session to help people with their goals.

It is an inspiring conversation, and we are so glad we had the opportunity to speak with Kelli.

www.riseupandlivewellness.com

Running a business doesn’t have to run your life.

Without a business partner who holds you accountable, it’s easy to be so busy ‘doing’ business that you don’t have the right strategy to grow your business.

Our clients enjoy a proactive partnership with us. Schedule a consultation with us today.

Download our free guide - Entrepreneurial Success Formula: How to Avoid Managing Your Business From Your Bank Account.