Happy New Year, folks! Now that we’re in 2015, the tax planning door has been closed and it’s time to start gathering your documents (well, you can still reduce your tax bill by opening an IRA or contribute to an existing one by April 15th). However, the best thing you can do now to help your 2014 tax bill is to make sure that you have a competent professional by your side as you prepare your 2014 taxes. For business owners especially, with all of the ACA changes coming to fruition, this is definitely not the year to go it alone when it comes to your taxes and books.
And, of course, business calls. And life remains busy. Which is why I’ve been embracing the wonderful art of the “no” … As author Greg McKeown would advise us all: boiling life down to its essentials sometimes means disappointing some people.
But perhaps that is best …
Stephen Venuti On Saying No and Staying Focused in 2015
“Life has no blessing like a prudent friend.” -Euripides
In my observation, this is not unique. Many entrepreneurs struggle with the same problem. It’s hard to say no to good ideas. It’s even harder to say no to great ideas.
But when you neglect to say no, bad things happen. Here are 3 areas which you must be extremely careful to steward right–which means, saying NO.
Your Main Marketing Message
This is something many businesses get wrong. The key to a successful marketing message is to present one clear, concise message that’s easy for prospects to understand. There are so many great benefits to your product or service, but when you don’t say “no” to communicating some of them, the key thing gets lost. The prospect loses and ultimately, you lose.
Nail down ONE great message and then say no to all the great ideas that come.
Your Company Image
This is closely-linked to your marketing message–and, often, can be seen as one and the same. But, for larger businesses, the company image is larger than just their product’s benefits. The “brand” is what I’m referring to here. For smaller companies, this should be less of a concern…but if you have any kind of size, you need to be the one who says “no” to certain things here, too.
To create a lasting brand that is recognizable to prospects and customers, and invokes loyalty, you need to define the brand in clean, simple terms, and then lock it down. If the brand is always shape-shifting, your audience won’t be able to keep up and they’ll give up trying.
Your Core Products or Services
This might be the most important of the three. Whether it’s a product you ship to your customers, or a service that you provide, your product is how you deliver on your marketing message and brand promise. If messaging and branding tend to get disrupted by all the “good” ideas out there, there’s a good chance your product is all over the place as well.
Let’s take the photography industry as an example–but instructive for any business:
A photographer goes into business and defines her particular niche, let’s say black & white baby photography. If she sticks to her guns and focuses on that niche, there’s a good chance she can become an expert in that area and people will come flocking to get baby photos with her.
But, what usually happens is as soon as a slow month passes, she begins to take on work outside of her area of expertise. Someone requests wedding photos and she does it out of desperation. Someone else needs a family portrait. Pretty soon, she’s no longer an expert. She’s an average photographer that has no specialty.
Learn to say no. Your business future will thank you.
Feel very free 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 usually 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.
Warmly (and until next week),
Stephen Venuti
610-353-0686
Stephen J. Venuti, CPA, MST, LLC
