How Every Choice Can Contribute to Business Success

“Even if you are on the right track, you will get run over if you just sit there.” —Will Rogers

“Choose always the way that seems the best, however rough it may be. Custom will soon render it easy and agreeable.” —Pythagorus

Every business decision you make impacts your success in some way. Often small business owners make emotional decisions rather than strategic ones. On the other hand, many wait for all the facts before making a decision and, as a result, continually trail the competition. There’s a better way to make decisions so they can positively impact the course of your business, and that requires implementing a more strategic approach.

Be Prepared

“Chance favors only the prepared mind.” —Louis Pasteur

Webster defines strategy as “the art of devising or employing plans or stratagems toward a goal.” This implies a fair amount of forethought and research. All too often, we wait until a decision must be made before taking the time to think it through. The most successful business owners were prepared to make those critical decisions long before it became a necessity. This gave them ample time to consider their options and plan for the most profitable outcome.

The first thing small business owners must recognize is that change is constant. Your profession is always in flux, moving forward and altering in order to best meet market needs. In order to keep up with the wonderful world of tax preparation you must be aware of change, and in some ways, anticipate it. This requires you to, first and foremost, be prepared for change. Acknowledge that it’s necessary and be on the lookout for its signs and symptoms.

Do Your Research

I once worked for an employer who required all his employees to spend at least 15 minutes a day researching the field. My boss had subscribed to all journals and magazines related to our discipline and made them readily available. He also asked that we search online for relevant information and forward anything valuable we found to our colleagues. He asked that we look for trends and forecasts so that we could always remain on the leading edge.

As a tax preparer you also need to recognize current industry trends and begin to anticipate future trends in order to better prepare for them. Schedule time each day to do a little research and take note of things you find. This will prepare you to develop a strategy that will respond to changes within your industry.

Plan Ahead

“Developing the plan is actually laying out the sequence of events that have to occur for you to achieve your goal.” —George L. Morrisey

Once you can anticipate, as best as possible, industry changes, you can begin to plan for them. This is where you develop your strategy, which is basically a series of things you must do in order to accomplish a goal. Perhaps you wish to prepare for potential legislation that will require tax preparers to become licensed in order to charge a fee. Here you recognize a potential future trend and are taking action to prepare for it. You may develop a strategy to become an enrolled agent or earn a professional designation as evidence of your expertise.

Implement Your Strategy

“What you can do or think you can do, begin it. For boldness has magic, power, and genius in it.” —Johann Wolfgang von Goethe

Once you develop your strategy you must decide when to take action. Because strategic decisions are made in advance, you must determine the best time to implement your strategy. Sometimes it’s easy to become stuck in the research and planning stages: paralysis by analysis. At some point you must take action.

Because strategic decisions require research and forethought, they’ll better enable you to advance in your profession. You may think you’re wasting your time preparing for the future. When you feel that way remember the adage: when you fail to prepare, you prepare to fail. Take a little time and prepare to succeed today!

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