Apparently there’s some news happening around us in Baltimore these days.
I often use this space to share Dundalk-specific, detailed information about PPP forgiveness, tax code updates, leadership and marketing strategy, expense reduction, and more — all essential topics for business owners and their teams here in Baltimore, and beyond.
I also like to speak directly, if you haven’t already noticed.
That’s why I’m steering clear of politics here, and instead speaking to you, one business owner to another.
Because, frankly, I’m a firm believer in fighting against the temptation towards procrastination and distraction to which so many of us can fall prey.
And there’s a special kind of procrastination that business owners and leaders particularly need to keep at bay…
(One quick reminder before I go there: rolling into the end of the year as we are, there are many little tweaks we can make to reduce your business and personal tax burden for 2020.
But we can’t do anything unless you let us help you!
Use this: 443-400-5101
And let’s get ahead of the game while we still can.)
Keeping Your Baltimore Business Focused During Distracting Times
“Every new beginning comes from some other beginning’s end.” -Seneca
There’s a famous study, often referenced in business focused productivity/success books and podcasts that you probably have heard about in some form or another:
[Edited excerpt from Wikipedia]
Mischel’s famous research study, “The Marshmallow Test,” showed the importance of impulse control and delayed gratification for academic, emotional and social success.
In the 1960s at the preschool on the Stanford University campus, Mischel put marshmallows in front of a room full of 4-year-olds. He told them they could have one marshmallow now, but if they could wait several minutes, they could have two. Some children eagerly grabbed a marshmallow and ate it. Others waited, some having to cover their eyes in order not to see the tempting treat and one child even licked the table around the marshmallow!
Mischel followed the group and found that, 14 years later, the “grabbers” suffered low self-esteem and were viewed by others as stubborn, prone to envy and easily frustrated. The “waiters” were better copers, more socially competent and self-assertive, trustworthy, dependable and more academically successful. This group even scored about 210 points higher on their SATs.
Fascinating study. So what does this have to do with you, this election week?
The work of a business owner is about planning, focus and execution (and later … harvesting) vs. chasing the fad of the week (the election aftermath, etc.), getting distracted and wasting time — time you can’t ever get back.
How many times did you look at social media today to gawk at political train wrecks? How much of your headspace is currently taken up with national concerns, rather than being business focused — when your primary domain is your business, and your family?
But even in your business: How many “get rich yesterday guru” emails did YOU get today? How many “pressing” client/staff questions did you manage, rather than focusing on revenue-generating tasks for your business? How much time do they waste? How many rabbits can you chase at one time?
Now, more than ever: Plan, focus, execute and harvest.
Be ruthless about your time. Don’t let the guru of the week waste it by trying to convince you that there’s a golden goose and only they know where it is. The real experts produce results for themselves AND help multitudes of others do the same.
The guru of the week produces results for the guru of the week and his insider buddies.
The political concerns of the hour *are important*. But unless they are of specific relevance to your BUSINESS, and unless there is anything you can and should do about it right now … chances are very good that they are taking up too much of your mindspace.
And, separately — chances are also very good that you’re executing tasks which could be easily-handled by a $17/hr employee (or $10/hr even) … and keeping you from pursuing what only you, the owner, should care most about: growing profit.
There really is a tyranny of the urgent, the noisy, and the small. Fight against it.
Instead: Keep your business focused, and do at least one thing today to get, or keep, a customer. That’s your most important task.
Belvedere Tax Group
Feel free to forward this article to a Baltimore area (or beyond!) business associate or client you know who could benefit from our assistance. While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for families and business owners.