As I sit here, I'm in shock and awe of how long it's been since I've updated a post on this blog... geez...
A LOT HAS HAPPENED AND IS HAPPENING... It's a rather wet Saturday evening on a July 4th holiday weekend. Where should I begin? Sure, let's start with what I've been up to especially from a business perspective.
For well over 10 years now, I've been operating a tax prep and advisory firm, Jericho Tax Consultants. For the most part, we service individuals and small businesses that need expert, yet affordable tax preparation and advisory services. We also provide tax resolution services at both the state and federal levels. I've been involved with the tax preparation, advisory, and resolution industry for damn near close to 20 years. I really enjoy it... weird, I know.
For the last 5 years or so, I've also been operating a CFO advisory firm, Guiding Light Financial, Inc. We focus on providing guidance and advisory services to small business owners to help them to grow profits and more importantly cash flow. This business really gained traction during the aftermath of the CV19 pandemic due to the many small businesses that were decimated due to lockdown orders and ultimately to the change in overall business environment. It's safe to say that we're living in the new normal. If anything, this just deepened my love and passion for helping and aiding small businesses to succeed, survive, and thrive.
Last post on this blog, I was looking to ramp up the value I could offer the small business marketplace specifically those that are having trouble obtaining bank financing to grow and expand. Well, over the years, I've shifted my philosophy in this regard. I no longer believe it's prudent for small businesses to obtain bank financing (conventional, SBA, or private lending sources) especially in the start up or early stages. I'm of the mindset now that if the business model hasn't been vetted at least a year or so from bootstrapping (i.e. self funded), then switch up and pivot. Here's why...
After experiencing the ups and downs of life (wife, kids, mortgage, etc.) as well as the fragileness of it (see 2020 and 2021... need I say more), you better make damn sure that if you obtain bank financing or some fintech lender financing to start and operate a business, you better be damn sure you're working with a viable business model (i.e. you've figured out how to offer value to the marketplace and receive a profitable return for your efforts). How do you achieve this? You bootstrap and prove out the business model on your own dime and time. If you don't have the money to take this risk (either personally or borrowing from someone which I don't recommend), then I'm sure you have the time. I do strongly agree with putting together a business plan even if it's a one page business plan (see the $100 Start Up book). Once you have your one page business plan, then it's GO TIME!!! Pick up the damn phone, send an email or two, upload a Facebook, Twitter, TikTok, or Instagram post, or buy some Google or Facebook ads.
Before closing, let me say that I'm not completely against obtaining bank financing for small businesses... I guess that now with the passage of time and experiencing more than a few clients have some setbacks, I'm a little more selective about it. Just as most things in life, there's a time and place for everything.
Hope to post more regularly now (at least, once a week).
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