The big news this week, of course, is the opening up of the Obamacare Marketplace Exchanges on Tuesday. As your trusted Newtown Square, PA accountant, I will have much more to say about the ACA and it’s implementation in the future. But I’m resisting for now.
Why? Well, it’s extremely politically “hot”, for one. Too many passions flying around. And my regular readers of these Stephen Venuti Business and Personal Strategy Notes would know that I always prefer not to unnecessarily enflame passions when it serves no useful purpose.
Secondly, let’s judge this program after we’ve seen it in use for a little while. As a Newtown Square, PA accountant and tax professional, my involvement with the process begins in earnest for preparing NEXT year’s taxes (the ones which would be due on April 15th of 2015), as we are not required to make any representation of whether or not you or your employees are carrying insurance until we file taxes on 2014 income.
Plus, the political situation seems to be in a particular state of flux. Until things settle down, I’m reserving comment.
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*TAX INTERRUPTION: Extension returns for individuals are due Tuesday, October 15th. If that is you, PLEASE make sure that we have all of your paperwork this week.
* See, also, the end of this for something from us to you.
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On to this week’s Note…
I’ve been recently inspired reading JOBS by Walter Isaacson (about Steve Jobs, of course), and I’m considering getting angrier with my staff as a growth strategy.
Just kidding.
But I do think there is something to be said for us “small fry” Newtown Square, PA entrepreneurs — the service business owners, the independent retailers, the salespeople, the franchisee, etc. — to look at the stories of those who have succeeded rather dramatically, and to see what it is that they did.
So here’s a story I’ve summarized for you, and it’s one that you may not have heard about…
Real Entrepreneurial Story From Your Newtown Square, PA Accountant: Crunch, Crunch
“There is no passion to be found playing small — in settling for a life that is less than the one you are capable of living.” -Nelson Mandela
That was the sound of Joe Markham’s problem. Crunch, crunch. The three-year-old German Shepherd he’d adopted, Fritz, loved to chew rocks. So much, in fact, that his teeth were one-third their normal size.
In every other way, Fritz was a wonderful and loving companion. But Markham knew the dog’s one bad habit was endangering his health. So Markham, a partner in a motorcycle shop, encouraged Fritz to try softer substitutes: radiator hoses and motorcycle tires (customers often saw Fritz flying through the shop with a whole bike tire sticking out of his mouth). But the dog didn’t favor either of these items enough for it to become a rock replacement.
When winter came, the bike shop kept busy by working on cars and snowmobiles. One day, Fritz stretched under a workbench, pulled out a part from a car, and trotted over to Markham, where the dog dropped the part on Markham’s foot. This rubber-knobbed gizmo was a prize–and it was love at first bite. Fritz forgot his beloved rocks. His new
obsession had customers asking what kind of toy was making the dog so joyful.
That’s when Markham speculated that if his dog loved this type of rubber so much, other dogs would, too. And so began a long journey of prototypes, rejections, manufacturing woes, ridicule, and late-night commercial slots. But Markham persevered because he knew his real customers–the furry, four-legged ones–would prove him right.
Today Markham’s toy, the Kong, has surpassed sales of 50 million products–almost one for every dog in America. And my take as a Newtown Square, PA small business accountant is that while perseverance played a role in his success, the real secret was that he stayed focused on finding a fun, effective solution to a common problem.
So I ask you: where can you find these hidden answers to common problems faced by your customers? It doesn’t have to involve some witty, new invention — it can simply be serving a felt need effectively and well. But those problems ARE out there, even here in Newtown Square, PA.
Go solve ’em!
I would ask that you forward this article to a Newtown Square, PA business associate or client you know who could benefit from our assistance–or simply send them our way. While these particular articles relate to business strategy, as you know, we specialize in tax preparation and planning for Newtown Square, PA families and business owners. And we always make room for referrals from trusted sources like you.
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$57.00 Towards Tax Planning Strategy Session with Stephen Venuti
Print this out and bring it to our office for a special strategy session for how you are using your income. We’ll identify the BEST ways for you to maximize your wealth for the current year, so that we won’t just be “cleaning up” after the fact. Time to protect yourself from the coming flood of new tax law changes!
Deadline: October 11, 2013
Limit: First 6 respondents only (we’re limited by capacity)
Email or call us (610-353-0686) now to claim your spot!
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Warmly (and until next week),
Stephen Venuti
610-353-0686
