Jacksonville CPA | Developing Your Business Cycle
Hello and welcome to this episode of the podcast. My name is Brandon Mack Roy and I am the founder and president of been navy in Jacksonville based accounting and tax firm. If you’re a CPA, you’re Jacksonville. CPA is not giving you the results you need. Then come give them a call and we’ll help you out. So today I wanna talk about the importance of having a solid financial plan and the three key elements that go into a solid financial plan. For a brief overview of the elements. Number one, you need to have a solid and regularly reviewed plan for minimizing your income tax burden. Okay, there’s so many people out there that don’t have someone regularly advising them on how to minimize their income tax. Okay, who wants to give more than the half to the federal government? So let Mineva help you form this plan. Number two, you need to have a regularly reviewed performance monitoring of your business. Okay? Are regularly reviewed performance monitoring of Your Business. See, so many businesses go through their life cycles and they’re just forced into the day to day, but not need of carrying out business operations and their Jacksonville CPA is not helping them come up above the fray and regularly review their numbers and their performance of their business. Okay, so number three
is having a system where you regularly set aside profits, cash for retirement, and I use retirement, but now I don’t know if I’ll ever fully retire, but let’s use the term set aside cash. So you live the life of your dreams. Okay? What am I mean by that? So you may be working 60, 70 hours a week in your business. You want, you don’t want to do that until you’re 65 years old and then hang up. So you need to set up, put a plan together of how many hours do you want to work? Let’s create your ideal day, your ideal schedule.
You know, you may only want to work 20 hours, seen so many people retire and then kill over dead or just lose their purpose. They want to go back to work, you know? So that’s why I said I don’t know if I’ll ever fully retire, but I do know that I want to alter the schedule that I have now, so I want to be able to spend more time with family members. I love ones and doing the the recreational things that I enjoyed doing that are not providing me an income. Okay. But I still want to be productive and have income coming in, but maybe just not to the extent that I. I’m doing now. So you don’t have a Jacksonville CPA that’s helping you put a plan together, solid financial plan. Then you need to give Mineva call. So let’s go back to number one, reducing your tax burden. So it’s just so crucial, especially in today’s economy with the new tax law president trump has given us, which is great for small business owners. Okay? If you’re Jacksonville CPA has not sat down and gone over the things you could be doing. Structuring, moving things from here to there to make sure that you’re not paying any more than you absolutely have to, and federal income tax and you need to give them an ava up call and also
so many people they maybe know certain things that they could be doing that just forget. Right. Does your Jacksonville CPA reminding you of all the things like putting money into your 401k okay. No, I, I, some people say, well, okay, I thought the limit was $6,000. What did you know that, that before one k you can put up to $12,000 a year. You know, some of them, some people may not realize that the limits and then you have the catch up contributions after that. So you know, you definitely need to be looking at these things on a regular basis aside from, you know, the Handy Dandy strategic maneuvers you can be doing. Know just simple things. Just, you know, a lot of little things add up to a lot, a lot of little makes a big difference. Okay. And number two, having the plan in place to regularly review your numbers, making sure that you’re on track. Are you doing the things that you need to do to get your business where it should be? No. Do you know what your ideal, who your ideal customer is? Do you know what your average sales per per customer, our, no. You need to figure these things out and making a few tweaks in your business can really add up and the long term. So if you’re Jacksonville CPA is not give you the information you need to develop a solid financial plan, please, please, please give them a call and we’ll help you out. And number three, retirement planning or planning to live the life of your dreams. Okay? Nobody wants to. I found that most people that have the fortitude that it takes to open and operate a small business or are a cut above, a little different than the average American
can mere can. So, you know, I’ve seen this. Let me say, I’ve seen this scenario. Business owner loves being productive. He loves the business, has passions, hobbies, or they want to get into. And they think their only in, and I’ve seen this, I’ve seen this play out with the business owner. I think their only option is to wait until they retire. They sell the business to do these things. Okay. They loved the business on much that they want to work. They don’t want to give it up completely. So they try and they decide that they’re going to wait and and work another year just because they enjoy it so much. Right. And then get caught up.
Long story short, they get to be an old person when they finally say, Hey, if I don’t know they can start to have health problems. They finally retire and they’re so old and have so many health problems that they can’t do the things that they wanted to do, the hobbies and recreational things to time with their family that they really wanted and they don’t realize that they could have planned to number one, set up systems in the business to help it run without them set aside a nest egg. We may not be, you know, a huge sum of money that you could not work a day of your life and still survive, but anyway, give them a call if you’re Jacksonville CPA is not helping with these things and we’ll straighten it out, set you on a solid financial plan.