Tuesday, July 22, 2014

Imitate the Best: Invest in the Long-Term Success of Your Business


Imitate the Best: Invest in the Long-Term Success of Your Business

Sustained business success is really about balance.  Getting sales and filling orders or serving clients is important today but what about tomorrow.  Tomorrow won't take care of itself.  The challenge is to take advantage of opportunities presented this day but also take action that will create opportunities in the future.

Quite often businesses will advertise and promote and that will result in a wave of business which in and of itself must be served or managed.  At times taking care of existing business can become all consuming and then when the wave is finished then suddenly business and cash flow dries up. Then it is back to advertising and promoting and the cycle starts over like dips and hills on a roller coaster ride.

The roller coaster ride can be exhausting as periods of exhilaration are followed by periods of panic. The same thing can happen in terms of a product life-cycle.  Focus on milking current opportunities can crowd out product development and creation of new products.  The longer term roller coaster ride can be devastating as you can find yourself with a slide-rule for which there is no longer any demand.

For long term success businesses need to invest in the future today.  So back to the point, this requires balance. A business needs to balance its investment in time and resources between the business at hand and developing future opportunities. Try to always make time to create future success. The fun part is you get to be creative and imaginative as you work on the future. To make this happen you have to appreciate the value of your investment for the future. This requires a vision for the future. As you create that vision naturally you will think about how to make it a reality. How can you improve your product or make it more desirable? How can you improve your interactions with people so they will have an increased desire to do business with you? How can you reach new people and new markets? What are people going to want tomorrow?

What would Bill Gates and Steve Jobs do? They developed the most popular products in their market while at the same time they were working on the next version and the next product. You can imitate their success by investing time in creating opportunities for the future.

Have fun with it.

The CPA Superhero wants to help you to succeed in business, life, and in retirement.  While my main business is preparing tax returns, I also work with clients to setup accounting systems to start, manage and develop their business(es) and develop and implement a financial plan. Contact me using my information below to schedule a free introductory consultation up to a half hour. 

Jeff Haywood, CPA

The CPA Superhero
972-439-1955
jeff.jhtaxes@gmail.com

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My posts contain general information that does not fit every situation, they are not all inclusive, and as always for your tax situation everything "depends on facts and circumstances."  In addition, the information/IRS requirements are always subject to change.  So call me to talk about your specific facts and circumstances and what you want to accomplish.