We are mourning with those who have been affected by the brutal events in Orlando this past weekend. What a horrific event, and regardless of what you might think about how our political leaders (and we) should respond, let’s all remember that there many very pained families right now, and they deserve our prayers.
In times like this, and during other disasters, I’m reminded of how important our work is. Not because “taxes and accounting” are inherently noble — but rather that we get to play a role in the results for hundreds of businesses, and thereby make our own little dent in the universe. Small businesses and their people form the groundrock of so much of what makes our nation great.
And some of our favorite clients are entrepreneurs.
Being an entrepreneur can be the loneliest job on the planet. Not very many will “get” what it takes to move out in risk and (hopefully informed) speculation.
And I know that lying within EACH of my Newtown Square, PA business clients is a dormant (or, very active!) entrepreneur.
If you’ve ever had a thirst for starting something on the side, or perhaps you’re in the midst of something like that, here are some quick thoughts on how to make it really work…
Stephen Venuti’s Tips For Growing Your Business
“Sooner or later, those who win are those who think they can.” -Paul Tournier
In years past, being an “entrepreneur” could carry a negative connotation. The general public (or “civilians”, as one of my business owner friends refers to them) associated business owners with insanity. After all, who would invest everything they had into running a business that may or may not succeed?
Well, in my opinion, people like Steve Jobs, Bill Gates and many in Silicon Valley did a great deal to change all of that.
“Business opportunity” companies are thriving. But here’s something you may be surprised to hear me say about these folks: Too many of the “new” generation of entrepreneurs want to play it safe.
They start a part-time company while still holding a regular day job. Or, they invest a little bit of money into a company, and back out when things become too difficult.
If this describes you, I have a little bit of news: You are a risk taker. Whether you would consider yourself one or not, you’re an entrepreneur … and therefore a risk taker. You took a risk in starting your Newtown Square, PA company.
But are you holding back to the point where you’re stunting your growth?
Well, I can relate — I’ve never been known as a “free-wheeler”, but I’ve learned a few things over the years about risk — and reward.
So here are a few “big picture” concepts you can use to guide your risk-taking decisions and still see large returns:
• Invest in your education. The wisest entrepreneurs read about the success/failures of others, and plan accordingly.
• Invest in a system. If you do not understand the importance of having a system in your company, read Michael Gerber’s books (The E-Myth series). But, I think you probably inherently understand how critical it is to make your business “scalable”.
• Invest in sales and marketing automation. Marketing is the key to growing your business. And, automation is a way to run your company while you work on growing your company. Rather than investing in expensive sales people, figure out a way to make sales online, or through other advertising media … in a systematic, “hands free” sort of way.
If you’re not taking risks, you will certainly not see the rewards of your efforts. Take the time to analyze the level of the risks you might be taking. But realize that without being willing to go out on a limb once in awhile, you will never see the rewards you dream of.
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,
Stephen Venuti
610-353-0686
Stephen J. Venuti, CPA, MST, LLC
