Financial Planning: Tariff Time
The International Trade Administration defines a tariff as “a tariff or duty is a tax levied by governments on the value including freight.”
Author: Brandon Jordan, CFP®, CHFC®, CEPA®, CVGA®, CLU®, MSA, EA | CEO of Impact Advisors Group
In times of uncertainty and/or adversity, refocusing on the fundamentals is a time-tested solution.
Below are some fundamental and foundational principles to sustain business success:
1. Clear Vision and Mission: Define your purpose and long-term goals.
Yogi Bera once quipped, “If you don’t know where you’re going, you’ll end up somewhere else.” Not having a clear purpose and destination will rarely result in success.
2. Strategic Planning: Develop actionable plans with measurable objectives.
Failing to plan is the functional equivalent of planning to fail. Whether or not things go according to plan isn’t the point. The act of intentional planning brings clarity and purpose to our actions.
3. Strong Leadership: Guide and inspire your team effectively.
Peter Druker: “Management is doing things right. Leadership is doing the right things.” There is a difference. Choose wisely.
4. Financial Management: Maintain sound budgeting, cash flow control, and financial analysis.
Making confident and informed decisions is critical. Having quality financial reporting is a requisite to make confident and informed decisions.
5. Customer Focus: Prioritize customer satisfaction and build strong relationships.
The importance of focusing on those who voluntarily choose to pay for our goods and/or services should be self-evident. When times are tough, treat them better!
6. Operational Efficiency: Optimize processes for productivity and cost-effectiveness.
When times are plentiful, most businesses (and families) experience/incur some excess and unnecessary financial bloat. Challenging times represent an opportunity to become more operationally/financially efficient.
7. Team Development: Invest in hiring, training, and retaining talent.
What’s the bigger risk, training people who leave OR not training people who stay?
8. Networking: Build strong industry connections and partnerships.
There is little downside risk to networking. Networking can help expand business opportunities and create mentorship opportunities.
9. Continuous Improvement: Regularly evaluate and enhance business processes.
When we choose to focus on getting it right vs. being right, solutions tend to reveal themselves. Be the best at getting better.
Think of the number of people your business supports: your customers, your employees, your employees’ family, as well as your own family. Achieving and sustaining success has a material, positive, and enduring IMPACT on everyone! It’s a heavy burden for sure, but IAG will share this burden with you!
The International Trade Administration defines a tariff as “a tariff or duty is a tax levied by governments on the value including freight.”
When we experience bouts of market volatility, it can be disconcerting to watch our account balance decline in value.
When markets feel as shaky as they do now in the United States, it is normal to ask: Is this time different?
IAG is very excited to announce that Jon Bock, CPA/PFS has been promoted to Director of Tax Planning at Impact Advisors Group.