The Inner Game To Growing A Successful Business In Kansas City

Kansas City is gaining a strong reputation for being one of the best U.S. cities to start a new business and to pursue the entrepreneurial dream.

If you have a business or are in the process of launching a new one, it is common to focus on the external factors that drive your success. It is important to know your market, have a profound understanding of your target prospect, and to prove that you have a solution to help them with their top problems and challenges.

After researching the market and having a decent outline of your business plan there remains another critical factor that is frequently overlooked… The inner game for winning at business.

Here are some steps you can use to discover your inner-game.

Assess your personal strengths and weaknesses

  • What are your inherent weaknesses and how can you compensate for them and/or turn it into a strength by consciously building a complementary team?
  • The same holds true with your strengths. Let’s say you recognize that you’re really strong with innovation and vision. While it is important to act quickly and to have a trusted relationship with your intuition, it is also imperative to have a team that can help to evaluate your ideas and help set priorities.
  • Set up a process that all new ideas have to go through and, at the same time, ensure yourself that innovation is always welcomed and not stifled by bureaucracy.

Connecting your passions to your income streams

  • The real secret to entrepreneurism is connecting your passions to your income streams. Big challenges are bound to come and if you’re just in it for the money you’ll burn out. If you love what you’re doing you will overcome great odds and succeed.
  • Take some time to analyze your passions. Do you like sports, music, art? What is it about your personal passions that you can apply to your business?
  • If competition fuels your fire, how can you create a positive competitive environment in your company culture? Perhaps one where the emphasis is more on team building and creating a winning product, versus having winners and losers in some internal challenge.
  • Think about how you can create a positive company culture that makes you, and all your employees, look forward to collaborating and feeling a deep sense of connection.

To be a strong leader learn to be a great coach

  • Many famous entrepreneurs such as Steve Jobs and Eric Schmidt had their own personal business coach. A business coach can guide you to navigate around obstacles and help you grow as a person to be a great leader in your field.
  • In fact, both Steve Jobs and Eric Schmidt had the same business coach and his name was Bill Campbell. A recently released book covers this legendary Silicon Valley figure and his inner game of leading.
  • Trillion Dollar Coach: The Leadership Handbook of Silicon Valley’s Bill Campbell. 
  • There are many profound takeaways from this book but since we are focusing on the inner game I would like to share one. The power of building trust in your culture and with all your business relationships.
  • Cultivating trust can mean that you work with integrity and generate loyalty in your teams and with your colleagues. Bill Campbell was known for his listening skills and his ability to guide you by sharing stories. Instead of telling you what you needed to do, Bill would tell you relevant stories of what happened to him and let you generate your own conclusions.

The Inner Game Conclusion

  • Connecting to your feelings such as life passions, curiosities, intuition, trust, and integrity will make you a natural leader. I have had the honor to work with many Kansas City business leaders initially as an accountant. By being authentic and truly caring about the success of each client I was able to win their trust and loyalty.
  • By connecting to this inner game I was able to expand my accounting practice into business coaching as well.
  • I invite you to do the same. See how you can expand your business opportunities by listening more intently to your inner voice and trusting it to take you to the next level in your business success.

Please leave your comments here below. I read them all and welcome you to share any insights that you plan to put into action.

Ten Things to Know About An LLC

You probably know of several businesses whose formal names end with the acronym LLC.  And you probably also know that LLC stands for limited liability company.

Here are 10 things you may not know.

    1. An LLC generally protects its owners from personal liability for business obligations in much the same way a corporation does, but an LLC is not a corporate entity.1
    2. Like a corporation, an LLC can do business in multiple states, although an LLC must be organized in a specific state.
    3. The owners of an LLC are called members. There is no limit on the number of members an LLC can have, and members don’t necessarily have to be individuals. Members’ management roles are typically spelled out in an operating agreement.
    4. Upon formation of an LLC, the members contribute cash, property, or services to the LLC in exchange for LLC shares or units.
    5. An LLC may borrow money in its own name and is responsible for repayment of the debt.
    6. An LLC is usually treated as a partnership for federal income tax purposes.(The remaining four points assume partnership treatment.)
    7. Like partners, LLC members are not considered employees of the company. However, an LLC can have non-member employees.
    8. LLC members are taxed directly on company income. The LLC itself doesn’t pay federal income taxes.
    9. If an LLC has a loss, its members generally can deduct their share of the loss on their own tax returns.
    10. For tax purposes, an LLC’s income and losses are divided among its members according to the terms of their agreement. Tax allocations must correspond to economic allocations of profit and loss.

An LLC is but one structure you might consider using for a business venture. The input of a professional may be helpful in determining which type of arrangement will best meet your objectives.

Source/Disclaimer:

1Each state has its own laws governing LLCs. Consult with an attorney before establishing an LLC.

T. Williams & Associates are willing to educate our clients as to what their financial statements say as well as make suggestions as to what courses of action are advisable. With the new year fast approaching, it’s important to understand the recent changes to our tax laws. Together, we can identify new ways to save you money and increase profits wherever possible. Through our experience and expertise, we have developed proven processes to help automate your bookkeeping, increase your cash flow, and ultimately save money on your taxes.

 

WE’RE HIRING REMOTE BOOKKEEPER – CLIENT ACCOUNTING

T. Williams & Associates, a full-service accounting firm, is looking for our next great team member to fill the role of remote bookkeeper – client accounting. This role represents a key member of our accounting services team.  Our firm services small businesses, so efficiency and accuracy are key in delivering clients error-free and timely financial information.

Recommended Skills/Qualifications:

  • Bachelor or Associate degree in Accounting and knowledge of current accounting standards and principles.
  • Experience bookkeeping for multiple clients.
  • Experience using Microsoft Office products (specifically Outlook, Word, Excel and PowerPoint).
  • Ability to adapt and learn new technology.
  • QuickBooks/QuickBooks Online experience preferred.
  • Minimum [2] years of experience in an environment with client contact.
  • Minimum [2] years of experience providing bookkeeping services.
  • Self-starter that is goal oriented and self-disciplined.
  • Able to prioritize work according to deadlines.
  • Excellent time management.
  • Ability to communicate in a professional manner in-person, via email and other electronic means.

Interested in joining our growing team? Submit a resume and cover letter.

Small Businesses Start Preparing NOW For Tax Season

The current U.S. tax law for individuals and small business owners is very complex.  Start preparing NOW.  One of the most followed personal financial tips is to consult a good accountant this season.

Here are a couple of major changes that may affect your 2018 tax returns:

Different Taxation Rules
Depending on your business entity, there are a variety of a correct ways you should be filing your business taxes. And getting it right can be hard for busy entrepreneurs. Sole proprietors have different taxation rules for LLC’s, S Corporations and C Corporations. Speaking to an accountant or tax professional can help you figure out what your obligations based on your business entity federal, state, and local.

IRS Releases Regulations on Passthrough Business Deductions
In August, the Internal Revenue Service issues proposed regulations for a new provision affecting passthrough businesses. The regulations would allow many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. This new deduction is referred to as the Section 199A deduction or the deduction for qualified business income was created by the Tax Cuts and Jobs Act.  Eligible taxpayers can claim it for the first time on their 2018 federal income tax return.

Stay on top of these important dates:

April 15 – Tax Deadline
File electronically, no later than 11:59 p.m.  If you are mailing your return, your envelope must be postmarked by the deadline date.

October 15 – Extension Deadline
This is the last day to file your tax return if you received an extension from IRS.

Need more help making sense of it all this tax season?   Consider using a tax professional.  If you don’t have one yet, call T. Williams & Associates!

Special tax breaks for members of the military and their families.

There are some special tax breaks for members of the military and their families. Learn how you can save money on your taxes.

If you’re active duty military or a military spouse, there are a few ways to keep money in your pocket this tax season.

1. Moving expenses. Service members who are on active duty and move because of a permanent change of station (PCS) can deduct the reasonable unreimbursed expenses of moving.

2. Combat pay. Enlisted personnel and warrant officers who serve in a combat zone for any part of a month can exclude all military pay for that month from their income. Commissioned officers also can exclude a limited amount of pay.

3. Joint returns. Spouses who are not available to sign a joint income-tax return due to military duty may use a power of attorney or IRS Form 2848 to file the return.

4. End of Service. During the transition to civilian life, you may be able to deduct certain job search and/or moving expenses. You should also remember to meet with your financial professional to make sure you have adequate insurance coverage.

You can depend on the experienced accountants at T. Williams & Associates for fresh ideas to reduce your taxes through proactive planning and skillful income tax preparation. With us in your corner, you’ll take advantage of every avenue available to minimize your tax burden and maximize your income. For more help with individual or business taxes, connect with us today. Our team can help you with all your tax issues, large or small.

3 Money Management Tips to Meet Your Small Business Financial Goals at Year-End

Resources to help you with money management do not need to be an EXTRA scary task.  The perfect way to satisfy this year’s financial goals in your small business is to take one step at a time.

1) Set a budget and stick to it. If the idea of budgeting seems intimidating, start with something simple by writing down your monthly income (paychecks, child support, etc.) and how much money you spend each month (rent, food, child care, car loan, etc.). Use this budget worksheet to help you plan.

2) Give your business and personal finances a wellness check. Your personal finances and well-being are closely tied to how well your business is doing.  Whether or not your business is as healthy as you’d like to be, it is recommended to run a wellness check to ensure that you meet your business’ financial goals.

3) Hire a tax professional to help you with your year-end tax planning.  The US code can be complex and difficult to understand.  Tax planning allows you to take advantage of strategies that may help reduce your tax obligation. To make things even easier, we recommend researching your tax credit opportunities to reduce your liability.

T. Williams & Associates are willing to educate our clients as to what their financial statements say as well as make suggestions as to what courses of action are advisable.  With the new year fast approaching, it’s important to understand the recent changes to our tax laws. Together, we can identify new ways to save you money and increase profits wherever possible. Through our experience and expertise, we have developed proven processes to help automate your bookkeeping, increase your cash flow, and ultimately save money on your taxes.

If you enroll in our accounting services by December 31st, we are offering a two month FREE trial of our payroll and Online Quickbooks software!*

Please follow this link to schedule a meeting or conference call, so we can discuss your business’ needs and determine how much money we can save you monthly.