It's Time For You to Look In the Mirror

D. Rhodes, CPA, Writer and Editor

The SBA (Small Business Administration) reports that businesses conducting mid-year audits are 83% more likely to secure funding when needed.

Mid-year is when common people slack or maintain - it’s also when the cream of the crop level up. At this crucial mid-year point, are you financially f[H]it or are you risking your future growth?

Think of your business as your vehicle sitting out in your driveway and business audits as the gas refills, oil changes, tire rotations, etc... To keep it running smoothly, you or a professional need to regularly perform maintenance. You don’t just drive your car and hope the tank magically gets refilled (even though that would be amazing). And if your brakes were screeching so loud that it was heard three blocks down the street, you wouldn’t just rock it out by blasting your stereo hoping the music drowns out the shrieks. No, you'd take it to a shop, allow them to run diagnostics and make critical adjustments. Well - guess what? That's exactly what your business needs right now.

Another study by the SBA reported that businesses that conduct regular performance reviews have a 35% year-over-year track record of reporting growth. It’s time for you to be part of that 35% and stop leaving money on the table.

Starbucks, a company that knows a thing or two about consistent service, reviews its sales data weekly. Why? Because data doesn't lie. It can be manipulated to tell a story - but at its core - data doesn’t lie.

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Do you know TOM? In big business it's recognized that three aspects majority of businesses lose money on are Taxes, Operations and Marketing.

Taxes

I know, I know. Taxes are about as exciting as watching paint dry. But here's a statistic: The IRS reports that businesses that engage in mid-year tax planning can reduce their tax liability by up to 85%. That's real money back in your pocket.

Imagine having a tax bill of $18,000 and the next year it being between $2,700 and $5,000...that's the significance of a mid-year business audit.

Operations

Let's talk efficiency. Toyota's famous for its "lean" manufacturing process, which has helped them reduce waste and increase productivity by up to 30%. Now, you're not building cars, but the principle applies.

How streamlined are your operations? Are you wasting time between appointments? Is your booking system working for you or against you? The SBA found that businesses making less than $150,000 annually, that invested in operational improvements saw an average 25% increase in profitability year-over-year.

Marketing

Your marketing strategy should be tunnel-visioned based on system data. Did you know that Nike adjusts its marketing campaigns quarterly based on performance data? They consistently see a 40% increase quarter-over-quarter in campaign effectiveness as a result. What's the barber equivalent?

Have you set a marketing budget or are you just posting the same reels and videos (transformational, cleaning your shop, fades, etc...) as every other barber? Or are you just throwing money at social media ads and hoping for the best? I know maybe you're reaching out to influencers who have a large following and trying to tap in their market. Smart – you're in NC tapping into a FL market. It's time to cut the dead weight and double down on what has been proven time after time to work.

A mid-year business audit isn't just a feel-good exercise. It's a critical business move that can mean the difference between scraping by and thriving.

It's time to take a hard look in the mirror, make the tough decisions and set yourself up for a killer second half of the year.

Remember: Our ultimate goal is to help you save time and money, while building wealth and legacy.

The choice is yours, but the clock is ticking. Reach out today so we can help get you from where you're at, to where you want to be. Your move boss.

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*This article provides general information, not individual tax advice. Tax situations vary; consult with a qualified tax professional, like myself, for advice specific to your circumstances.