Skip to main content

Things That Will Make You Money - Number 11 - Create Value



Really successful people do things that other people will not do.  Really successful people or businesses create value and give it to others.

You have heard "build a better mousetrap, and the world will beat a path to your door."  Really. Where do they really beat down a path to their door. McDonald's, Domino's Pizza, Apple are all examples. Did they really create a better product?  McDonald's and Domino's Pizza are very popular and yet they did not produce a better product and still people figuratively beat down a path to their door.

What they did do was create value. McDonald's provides a tasty product at very convenient locations and you know what you will get at their restaurants. The same with Domino's, you know you will get not a better but a decent pizza but you will get it delivered quickly. These companies created value for their products because of location and easy of getting the product. You typically don't even go to Domino's door.

How does this translate to your business? How can you create value? Consider what you do that no one else does in your market. Or consider what you could do that no one else does well that people will value.

Quite often to create value you need to find out what people value. To find that out you have to listen to and observe people and their behavior. A top investor regularly goes shopping with his kids to see what people are interested in and he invests in those companies. Have you noticed the shopping malls are no longer packed? Have noticed what people are doing? What are those gadgets they keep fidgeting with and how can you provide value for people today?  Find a way to make your product or service available through those devices people are using all the time now. Or create value for people in some way that people will appreciate.

You may even find that you can change the way people do things providing a better way for them to get your product. McDonald's did this as highways and main streets with stoplights sprung up and they acted on these developments and provided value given the changes that were being made. Domino's Pizza took advantage of people being too busy and made it more convenient to buy a pizza. Instead of going out for pizza and a show people are staying home to watch the show so why not have the pizza delivered at home.

Observe and listen and find a way to provide value today and in to the future and instead of beating down a path to your door they will ask you to deliver your product via a portal or have a drone deliver it.  What is next?

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

Follow the CPA Superhero on Twitter too at:


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.

Popular posts from this blog

The Dreaded IRS Audit...The Reality

Updated May 31, 2018

There is a fear of an IRS audit.  People have heard all kinds of stories and have many ideas about what will cause an audit and how to avoid it.  For example some fear that taking a deduction that they are entitled to will make them the target of an IRS audit.  I have also heard clients say both that filing on time will prevent an audit and also that filing an extension will avoid an audit.  So what is the reality of IRS audits.  

Who gets audited and why
The IRS audits aroud 1% of tax returns they receive.  That sounds like random selection but there are things that increase your chances of selection.  Ordinary taxpayers with ordinary income and deductions if audited are usually just a random and very unlikely selection.  In fact none of my cleints that can be described this way have ever been randomly selected for an audit.  Most audits are triggered by the unusual or areas of suspect by the IRS.  The IRS itself indicates there are randomly selected audits but m…

Who Is Watching Your Business? Someone Is. Hopefully It Is You.

Who Is Watching Your Business A few employees from the office went out together for dinner and a movie. It was interesting when the charges at a local restaurant and movie theater showed up on the next business credit card bill. It was reported to me as suspicious and I took it to the owner. Upon investigation it looked like the employees from the office had charged their night out on a company credit card. But how did they do that? Had the owner given them permission? No, he had not. It was discovered that one of the accountants had, without authorization, requested an additional credit card which she used for personal expenses.

Later, at tax time, a local tax-preparer called to ask about an employee's W-2. I could not give information about an employees salary but the preparer found two things interesting. One, some one from the firm I worked for would come to him to have their taxes done rather than have them done in house. Second, the salary and of course the taxes withheld s…

Year End Tax Moves to Reduce Business Profits

Here are some tax planning strategies to help you reduce profits for the year and thus reduce the taxes you will pay you. (Keep in mind if you want to accelerate profit into this year do the opposite of the strategies listed below)

Delay Revenue If your business is an accrual basis tax reporting business delay sending out invoices until next year. For a cash basis tax reporting business delay receipt of income. You may need to call people you have already invoiced to request that they make sure you don't receive their payment before the year end. In reality they can send you a payment before year end and you could receive it after year end so this could benefit both you and your clients/customers.

Accelerate Expenses On the Expense side for an accrual basis tax reporting business make sure you enter all the bills you receive before year-end and make sure they are dated this year. For a cash basis tax reporting business pay as many bills by year-end as possible. If cash is tight m…