How to Find a Tax Accountant Who Protects Both Your Wallet and Your Business

If you are new to our weekly entrepreneur newsletter, I want to first extend a warm welcome! Each week, we research the issues that are currently impacting small business owners and entrepreneurs the most, and provide our insight, strategies, and expertise to help you solve the challenges you face and succeed in achieving your personal and professional goals. With tax deadlines coming up, we wanted to take some time to provide some tips for getting the most value from your relationship with your tax accountant. We hope you enjoy the content!

In This Issue:

• Common Pitfalls of Bad Tax Accountants
• Why Specialization Matters for Effective Tax Planning
• Balancing Tax Savings with Healthy Cash Flow
• Where to Turn for Help and Advisory Support

How to Find a Tax Accountant Who Protects Both Your Wallet and Your Business

Not too long ago, a business owner asked their tax accountant how to reduce their tax bill before year-end. The advice? Spend thousands of dollars on equipment and supplies—items the owner didn’t truly need. Sure, it shaved a bit off their tax liability, but it also left them strapped for cash when they needed it most. This scenario captures a fundamental problem with many tax professionals: focusing so heavily on short-term tax savings, they miss the bigger picture of maintaining a healthy, profitable business.

Common Pitfalls in Tax Accounting

• Barely responsive, often only available once a year.
• Charging by the minute, without considering revenue or complexity.
• Failing to offer genuine guidance beyond plugging numbers into tax software.
• Overemphasizing quick tax reductions—like pushing unnecessary expenses—at the expense of long-term financial stability.
• In the worst cases, an under-qualified accountant might even risk filing inaccurate returns, opening you up to scrutiny or penalties if you’re ever audited.

Why Specialization Matters

Some CPA’s try to handle both tax filing and day-to-day bookkeeping, which can dilute their expertise. They end up spending so much time on basic data entry that they have little bandwidth left to explore advanced tax strategies. Look for a tax accountant who focuses on tax law and strategy so they can devote their energy to where they provide the most value: strategic tax planning and saving you money. When an accountant specializes, they often have a deeper grasp of industry-specific regulations and creative, yet legally compliant, tactics to reduce liabilities.

Balancing Tax Savings with Healthy Cash Flow

A good tax accountant recognizes that while saving on taxes is important, it shouldn’t come at the expense of your business’s cash flow and growth. Buying unnecessary equipment for a $20,000 tax write-off might save you $5,000 on your return, but it still depletes $15,000 of your working capital—a decision that can cause financial strain later on. Ideally, your CPA should understand your long-term vision, personal goals, and immediate business needs, crafting tax strategies that improve profitability without depleting cash reserves.

Where We Can Help

While we don’t file taxes at our firm, we can still help you! If you’re not sure how to find a reliable, responsive tax accountant, we can make referrals to professionals we have used and trust. Alternatively, we can help you vet any accountants you’re already considering. We know the right questions to ask, how to recognize tax accountants that will really work in your best interest, and we speak their language.

Plus, our own bookkeeping and advisory services are available to ensure you have clean, up-to-date financials ready to hand over—reducing the time (and fees) a tax accountant spends piecing together your numbers. The bonus? With real-time, accurate financial data, you can make smarter decisions year-round instead of waiting until tax season to see how you did.

Click here to schedule a free strategy session now!

See you next week!

Transforming a Highly Seasonal Business: A Profit First Success Story

If you are new to our weekly entrepreneur newsletter, I want to first extend a warm welcome (it’s finally getting warm outside!). This week, we’re going to take a slightly different approach. We’d like to spotlight an amazing success story one of our clients recently experienced. We hope this can spread a bit of hope for struggling business owners and maybe even inspire you to take greater control of your business’ cash flow to achieve the same success in your business!

In This Issue:

• A Success Story: Transforming a Highly Seasonal Business
• Profit First and Seasonal Adjustments: How They Smoothed Cash Flow All Year
• The Impact on Personal Goals and Emotional Well-Being

In a bustling city known for summer events and tourism, a specialized hospitality business had operated successfully for several years, routinely surpassing $1.5 million in annual revenue. In 2023, they hit a record $2 million in sales. At first glance, you’d think the owner was living the dream—yet behind the scenes, the business faced an all-too-common issue for businesses that experience inconsistent cash flow (and don’t we all at times): their revenue flooded in heavily during the late spring and early summer, aligned with peak festival and wedding season, while the remaining months lagged.

Although their variable costs (materials and subcontractors etc.) moved up and down with the number of clients served, their fixed expenses remained the same year-round—rent, equipment leases, and most payroll costs had to be paid monthly, no matter how much (or how little) income arrived. With no concrete plan to handle the severe difference between Q2’s strong inflows and the slower rest of the year, their cash reserves dried up by fall—leading to a precipitous drop in profit and nerve-wracking debt obligations. Instead of relaxing during the holiday season, the owner was left battling insomnia and financial stress.

Enter Profit First

Earlier last year, before the busy season began, we started working together with them to implement the Profit First system and set up a cash-flow budget that would even out the highs and lows. We calculated a clear “Target Income for Allocation” (TIFA): the monthly amount of revenue needed to cover fixed expenses, taxes, owner’s pay, profit allocations, and any materials or subcontractor costs.

Armed with that TIFA figure, we devised a plan: once their busy season produced enough revenue to meet those budgeted needs each month, any additional cash flow would go into a seasonal adjustment account. During the lean months, when sales dipped and revenue wasn’t enough to fully cover expenses, the company would draw from this fund. Essentially, the summer spike funded the year’s quieter periods, sparing the owner from the dreaded “shortfall panic.”

A Smoother Ride and a Surplus on the Horizon

The results were striking. With strong early-season bookings—plus a disciplined approach—this company had fully set aside funds to handle fixed expenses, taxes, profit, and the owner’s compensation for the year already by the time they finished with their busy months. Within 2 months of starting their busy season, they even surpassed their annual TIFA goal based on realistic sales projections. That translates into a significant surplus by year’s end for every dollar earned above their annual budget—an incredible turnaround compared to last year’s cash crunch.

The owner recently asked, “What do I do with all that extra cash at year’s end?” That question is music to any advisor’s ears because it opens doors to achieving their long-term financial and personal goals:

• Paying down or completely eliminating debt
• Meeting tax obligations easily, without scrambling
• Enabling the owner to finally tackle postponed personal projects, like home upgrades or family vacations

More important than the bottom-line numbers is the new sense of calm and confidence the owner experiences daily. With business and personal finances on track—even during slower months—peace of mind has replaced the sleepless nights.

The Takeaway

This story proves how a strong cash-flow strategy can transform a business that’s profitable in peak times but falls short the rest of the year. By applying Profit First principles, calculating TIFA amounts, and creating a seasonal adjustment account, the company effectively eliminated the roller-coaster ride of feast-or-famine months.

If you’re dreading an upcoming slowdown or constantly chasing money after sales suddenly dip, remember there are proven methods to safeguard your cash flow and mental health. By planning ahead, allocating funds as they come in, and making your revenue work for you, you can avoid the trap of seasonal struggles—and finally find the freedom and confidence every business owner deserves.

Click here to schedule a free consult now!

See you next week!

Adam Litster
Certified Profit First Professional and Pumpkin Plan Strategist
816-500-5779
adam@betterbizinfo.com
Visit Our Website!

Working “In” vs. “On” Your Business: Finding the Right Balance

If you’re new to our weekly entrepreneur newsletter, welcome! Each week we research the issues impacting small business owners and entrepreneurs, then share insights, strategies, and expertise to help you overcome challenges and achieve your goals. Enjoy today’s edition!

In This Issue

• Defining “In” vs. “On”: What these terms really mean and why it matters.
• Ideal Time Allocation by Revenue Milestone: Insights from The Pumpkin Plan on where you should focus your efforts.
• Shifting to Big-Picture Leadership: Practical steps for delegating, automating, and systematizing.

In vs. On: What Does It Really Mean?

In the Business are day-to-day activities directly tied to operations and revenue: selling, delivering services, invoicing, troubleshooting, and managing emergencies. It’s the hustle that keeps the lights on.

On the Business are high-level, strategic tasks: planning new offerings, building systems, guiding your team, and setting the long-term vision. These activities take your company from where it is now to where you want it to be.

Most founders start by doing almost everything themselves. Over time, scaling requires shifting more energy “on” the business—leading and shaping it rather than getting buried in the details.

The Right Balance at Different Revenue Stages

According to The Pumpkin Plan, the ideal split between “in” and “on” evolves as you hit revenue milestones. Use this as a guideline to self-assess:

• Under $100K: ~80–90% In, 10–20% On
• $100K–$250K: ~75% In, 25% On
• $250K–$500K: ~60% In, 40% On
• $500K–$1M: ~50% In, 50% On
• $1M+: ~20–40% In, 60–80% On

If you’re feeling overwhelmed by daily tasks while revenue climbs, it’s time to shift more attention “on” the business.

Making the Shift: Practical Steps

1. Delegate & Empower
   • Identify non-core tasks you can hand off.
   • Train and authorize your team to make decisions—reduce emergencies landing on your desk.
2. Automate Wherever Possible
   • Use tools for billing, scheduling, email marketing, and other repetitive workflows.
   • Document each process so anyone can follow the same steps.
3. Systematize Your Offerings
   • Focus on your most profitable products/services.
   • Prune low-value offerings to simplify operations and free up your time.
4. Schedule “On” Time
   • Block weekly or monthly slots dedicated solely to strategic planning and innovation.
   • Treat these blocks as unbreakable CEO appointments.
5. Measure & Adjust
   • Track how you spend your hours.
   • If “in” tasks creep back up, revisit delegation and systemization until you find the right balance.

The Bottom Line

At every stage of growth, the balance between working “in” and “on” your business must shift. By delegating, automating, and systematizing, you free yourself to lead with vision and strategy—building a company that supports your long-term goals and gives you the freedom to enjoy both work and life.

Happy Valentine’s Day!

If you’re new to our weekly entrepreneur newsletter, welcome! Each week we research the issues most impacting small business owners and entrepreneurs, and share insights, strategies, and expertise to help you overcome challenges and achieve your goals. We hope you enjoy today’s edition!

In This Issue

• Work-Life Balance: Why entrepreneurs often struggle to make time for loved ones.
• Building Systems for Freedom: Insights from The Pumpkin Plan on delegating and automating.
• Refining Your Offerings: Focus on high-value, high-profit products and services for a leaner, more fulfilling business.
• Benchmark Assessment: Use our attached worksheet to evaluate where you are, where you want to be, and how to get there.

Balancing Love and Business on Valentine’s Day

Valentine’s Day reminds us to invest in our most important relationships—but the entrepreneurial grind can leave little energy for family, friends, or self-care. If your business is running you, instead of you running it, the cost is more than missed date nights: it’s burnout, stress, and missed opportunity to live the life you envisioned.

The Valentine’s Day Check-In

This week, ask yourself:

1. Am I satisfied with the time I spend with the people who matter most?
2. Does my business support my personal life, or dominate my schedule and energy?
3. What changes can I make to give my family, friends, and myself the attention we deserve?

If you’re struggling, you’re not alone—many founders trade freedom for stress. The good news? You can redesign your business model to reclaim both time and peace of mind.

Lessons from The Pumpkin Plan: Systematize for Freedom

Mike Michalowicz teaches that robust systems and processes free you from day-to-day chaos. Here’s how to start:

1. Delegate to Capable Team Members
   Empower employees with documented processes so they can handle routine tasks—and you can step away with confidence.
2. Leverage Automation
   Automate repetitive work—booking, billing, social media—to minimize errors and accelerate workflows.
3. Document Your Processes
   Create clear, step-by-step guides for core operations and store them in a shared hub for easy access.

Result: consistency, fewer interruptions, and the freedom to spend quality time with those you love.

Focus on Your Most Profitable Offerings

The Pumpkin Plan also stresses the importance of pruning low-value work and doubling down on what your ideal clients love:

• Boosts Profitability: More resources go to high-margin products.
• Simplifies Operations: Fewer offerings mean fewer headaches.
• Enhances Satisfaction: Specializing leads to better quality and happier clients.

Design a Business That Fits Your Life

Stop trading hours for dollars—build a model that fuels both your professional and personal dreams. Try these steps:

• Schedule Personal Time: Block “non-negotiable” hours for family, friends, or self-care—treat them like critical meetings.
• Assess Your Workload: List tasks only you can do versus those you can automate or delegate.
• Set Boundaries: If you’re working nights and weekends, consider trimming low-value offerings or raising prices to reduce hours without cutting profits.

Use the Benchmark Assessment to Get Started

Not sure where to focus? Download our Benchmark Assessment Worksheet to:

1. Capture key metrics: revenue, profit margins, client count, and more.
2. Evaluate team engagement & your time allocation.
3. Set clear goals for revenue, profit, and work-life balance.
4. Create an action plan to streamline processes, delegate tasks, and refine offerings.

Completing this worksheet gives you a bird’s-eye view of your business and highlights the areas needing attention—whether financial health, team efficiency, or your own time management.

The Bottom Line

This Valentine’s Day, gift yourself and your loved ones the balance you deserve. By building systems that let your business thrive without demanding every ounce of your energy, you’ll reclaim precious moments for what matters most. Remember: you’re the most important employee in your business—invest in strategies that help you live the life you envisioned.

The Three Levers of Profitability (Part 3): Raising Prices

If you’re new to our weekly entrepreneur newsletter, welcome! Each week we research the challenges facing small business owners and entrepreneurs, then share insights, strategies, and expertise to help you succeed. Enjoy this edition!

In This Issue

• Recap of Our Three Levers: A quick look back at cost cutting and sales-volume strategies.
• Lever #3 – Raising Prices: Why it can be the most direct way to boost your bottom line.
• Strategies for a Smooth Transition: How to communicate price changes, keep customers happy, and reinforce your value.

Why Raising Prices Matters

Once you’ve optimized costs and grown sales volume, the most immediate lever left is price. Even a modest increase can dramatically improve profit margins—especially if your operations are already lean and your sales are steady.

1. Know Your Value

• Reflect on Results: What do clients gain—time savings, efficiency, peace of mind?
• Benchmark Competitors: See where you stand, but don’t let their pricing define yours.
• Highlight Differentiators: Proven track record, specialized expertise, superior support justify a premium.

Don’t undervalue yourself—charge what you’re worth.

2. Determine the Right Approach

• Incremental Increases: Small raises over time ease clients into the change.
• Bundling & Packaging: Create high-value bundles instead of across-the-board hikes.
• Tiered Pricing: Offer premium/VIP options for those willing to pay more for extra features.

3. Communicate Effectively

• Advance Notice: Give clients plenty of warning.
• Explain the Why: Focus on added value or improved services.
• Transition Period: Lock in old rates for loyal customers for a limited time.

4. A Real-World Scenario – Doubling Your Prices

Doubling Prices, Losing Customers: You might lose ~50% of clients, but still earn roughly the same revenue!

• Same Revenue, Half the Effort: Fewer clients = more time, energy, and resources for each remaining customer.
• Higher Price, Higher Value: Focused attention raises perceived and actual value—transforming your business into a premium offering.
• Starting Small: Gradual bumps shed low-value clients first and build a healthier, more profitable base over time.

5. Prepare for Pushback

• Have a Conversation: Address concerns and consider phased increases or alternative packages.
• Stay Confident: Stand by fair pricing—rolling back sets a risky precedent.

6. Measure the Impact

• Track Conversion Rates: Are prospects still buying? Does revenue per client compensate for any drop in volume?
• Assess Profit Margins: Ensure net profit rises meaningfully.
• Gather Feedback: Ask loyal customers how they feel and refine future pricing accordingly.

Recap: Pulling All Three Levers

• Cut Costs: Lean operations make every additional dollar count.
• Increase Sales Volume: Grow revenue while maintaining control of expenses.
• Raise Prices: The final lever for rapid profit improvement when communicated and executed thoughtfully.

By balancing cost cutting, volume growth, and strategic pricing, you build a profitable, resilient business that supports your long-term vision.

The Three Levers of Profitability (Part 2): Increasing Sales Volume

If you’re new to our weekly entrepreneur newsletter, welcome! Each week we research the issues most impacting small business owners and entrepreneurs, then share insights, strategies, and expertise to help you overcome challenges and achieve your goals. We hope you enjoy today’s edition!

In This Issue

• Recap of Lever #1 (Cost Reduction): Why trimming expenses lays the groundwork for more profitable growth.
• Lever #2: Increasing Sales Volume: How to boost revenue strategically—without sacrificing efficiency or margin.
• Coming Soon: Lever #3 (Raising Prices): Stay tuned for next week’s newsletter on adjusting pricing the right way.

Why Sales Volume Matters

Once your costs are under control, it’s time to focus on Lever #2: Increasing Sales Volume. Growing top-line revenue can directly improve profit—provided you maintain your margins and avoid new inefficiencies.

1. Refine Your Ideal Customer Profile

• Identify Top Clients: Which existing customers bring in the most profit with the least hassle?
• Pinpoint Their Characteristics: Industry, company size, buying habits, and where they “hang out.”
• Align Your Messaging: Speak directly to their pain points and goals. Compelling offers start with a clear target.

Learn more about these techniques in The Pumpkin Plan!

2. Strengthen Your Sales Funnel & Automate Processes

• Capture Leads: Double down on channels that already deliver—referrals, social media, events.
• Nurture & Follow Up: Automated email sequences or personal touchpoints keep prospects engaged until they buy.
• Streamline the Close: Proposals, contracts, and checkout should be quick, clear, and friction-free.
• Automate Repetitive Tasks: Systematize any recurring revenue-related tasks so you can scale without burning out.

3. Tap into Existing Customers

• Upsell & Cross-Sell: Offer complementary products or higher-tier services to your happy clients.
• Referral Programs: Incentivize loyal customers to spread the word with rewards or discounts.
• Stay Top of Mind: Regular check-ins and newsletters remind them you’re there for future needs.

4. Expand Your Reach Strategically

• Explore New Channels: Could LinkedIn, industry partnerships, or YouTube bring in more ideal leads?
• Adjacent Markets: Target niches related to your core clientele for untapped opportunity.
• Measure ROI: Track which channels deliver profitable leads before investing heavily.

5. Maintain Control of Expenses

As you grow sales, watch out for hidden costs that can erode profit:

• Labor & Materials: Make sure staffing and supplies scale efficiently.
• Software & Subscriptions: Verify new tools are fully utilized and support profitable growth.
• Regular Check-Ins: Monthly or quarterly reviews ensure rising revenue isn’t offset by runaway expenses.

Setting the Stage for Lever #3

With costs optimized (Lever #1) and sales volume improved (Lever #2), you’ll be ready for Lever #3: Raising Prices. Stay tuned next week for smart pricing strategies that can amplify profit without alienating customers.

The Three Main Levers of Profitability (Part 1): Decreasing Costs

If you’re new to our weekly entrepreneur newsletter, welcome! Each week we research the most pressing issues for small business owners and entrepreneurs, then share insights, strategies, and expertise to help you overcome challenges and reach your goals. We hope you enjoy today’s edition!

In This Issue

• 3 Paths to Better Profit: Discover the three core levers you can pull to improve your business’s profitability and cash flow.
• Focus on Cost Reduction: Learn why cutting costs often delivers the quickest gains—and how you can start immediately.
• Preview of What’s Next: Look out for upcoming editions on strategies to increase sales volume and raise prices.

Why Focus on Cost Cutting First?

Many business owners dive head-first into chasing more sales—only to find that operating costs climb just as quickly (or even faster). If your business is spending more than it earns, ramping up revenue alone won’t fix your bottom line. That’s why, in this three-part series, we begin with the most immediate lever of profitability: reducing expenses.

Three Fundamental Moves

1. Decrease Costs/Spending
2. Increase Sales Volume
3. Raise Prices

By tightening your belt before pursuing growth, you ensure more of every dollar you earn stays in your pocket—and that your profit compounds with each additional sale.

Why Cost Cutting Comes First

• Immediate Control: You decide your spending—no dependence on market forces or consumer trends.
• Less Risk, Faster Impact: Cutting unnecessary expenses can boost cash flow instantly. Most companies can trim 10–15% without sacrificing customer value.
• Stronger Growth Foundation: When costs are lean, every new sale delivers real profit and funds future expansion.

Step-by-Step Cost Reduction Strategy

1. Perform a Thorough Expense Audit
   • List all outflows: rent, payroll, software subscriptions, memberships, and small recurring fees.
   • Ask “Why?”: Is each cost essential to delivering value? If not, eliminate, reduce, or renegotiate it.
   • Use our “PRU Analysis” template to categorize each expense as:
     • P (Profit): Essential costs that directly contribute to customer value.
     • R (Reduce): Costs you can renegotiate or lower without losing value.
     • U (Unnecessary): Expenses you can remove entirely.
2. Separate Fixed vs. Variable Costs
   • Fixed Costs: Expenses that don’t change with sales volume (e.g., rent, insurance). Negotiate or eliminate non-essentials.
   • Variable Costs: Expenses that scale with revenue (e.g., materials, shipping). Streamline processes to lower these as you grow.
3. Negotiate With Vendors
   • Bulk Discounts: Ask suppliers for better rates on larger or consistent orders.
   • Alternate Vendors: Shop around for commodities or services to find cost savings.
4. Increase Operational Efficiency
   • Automate Repetitive Tasks: Replace manual work with software or systems.
   • Eliminate Redundant Steps: Map workflows, identify bottlenecks, and remove anything that doesn’t add value.
5. Monitor & Maintain
   • Schedule regular expense reviews (monthly or quarterly) to prevent cost creep.
   • Set target ratios for overhead, materials, and other categories—track them religiously.

Laying the Groundwork for a Healthy Business

Cost cutting isn’t about depriving your business—it’s about streamlining operations, eliminating waste, and building a stronger foundation. With tighter cost controls, any future growth in sales or pricing flows directly into higher profits, helping you achieve both personal and professional goals.

What’s Next?

Stay tuned for Parts 2 and 3, where we’ll tackle the other two levers of profitability: increasing sales volume and raising prices.

Why “Bigger Is Better” Can Be a Trap (And Why Profit Matters More)

If you’re new to our weekly entrepreneur newsletter, welcome! Each week we research the biggest challenges facing small business owners and entrepreneurs, and share insights, strategies, and expertise to help you overcome them and achieve your goals. We hope you enjoy this edition!

In This Issue

• Why the “Bigger Is Better” Mentality Can Be a Trap: The myth that more revenue automatically solves business problems.
• Shifting the Focus to Profit: How cutting customers, services, or even staff can boost your bottom line and reduce stress.
• Planning for Healthy, Manageable Growth: Why systems, vision, and “profit first” pave the way for sustainable expansion.

The “Bigger Is Better” Myth—and Why Profit Matters More

Many entrepreneurs assume that if they just get “bigger”—more clients, more services, more employees—the rest will fall into place. You might remember thinking, “If I can land that one big client, I’ll finally make it.” But growing top‐line revenue without controlling costs often just magnifies the same problems: low profit margins, tight cash flow, and endless stress.

A Real-World Example

“A home‐cleaning client scaled up to 10 employees, hoping to solve their cash-flow issues. Instead, month after month they struggled—more payroll, more headaches, still no meaningful increase in take-home pay or peace of mind.”

After running the numbers, the owner realized that trimming the team back to 1–2 people would deliver the same income with far less stress and overhead. When expenses grow in step with revenue, profit can actually shrink.

Turning “Shrink” into “Optimize”

Accepting that “less” can be “more” is one of the toughest mental shifts—but it’s also one of the most powerful. By cutting unprofitable customers, services, or overhead:

• Your top-line revenue may dip—but your bottom-line profit will grow.
• You’ll free up cash flow and reduce constant stress.
• You’ll reclaim time and energy to focus on what really matters.

Healthy, Manageable Growth

Growth itself isn’t bad—it’s necessary to fulfill your vision. But scale only works if you’re profitable and stable to begin with. Before you “go big,” make sure you can:

1. Refine Your Business Model: Identify your most profitable core offering and focus on that first.
2. Put Systems in Place: Document processes so you don’t multiply chaos when you grow.
3. Manage Expenses as You Scale: Watch costs even when revenue jumps—profit rarely grows by accident.
4. Build Profit When You’re Small: At 5% profit on $100K revenue you net $5K. At 5% on $1M you net $50K—so maintain or improve margins before scaling top-line.

The Bottom Line

Stepping away from the “bigger is better” mentality lets you value real profit, owner satisfaction, and well-being over vanity metrics. By stripping away excess costs and unprofitable work, you create space for genuine growth—growth that enriches your life, not just your top-line figures.

Adam Litster
Certified Profit First Professional & Pumpkin Plan Strategist
816-500-5779
adam@betterbizinfo.com
Visit Our Website!

Hit ‘Refresh’ on Your Business Goals for the New Year

We want to wish you a very happy New Year! If you’re new to our weekly entrepreneur newsletter, welcome!

Each week, we research the issues most impacting small business owners and entrepreneurs, and share insights, strategies, and expertise to help you overcome challenges and achieve your personal and professional goals. We hope you enjoy the content!

In This Issue

• Reflect on 2024: Analyze this year’s performance to identify both wins and areas for improvement.
• Clarify Your Vision for 2025: Whether you’ve already defined your ultimate life/business vision or need to create one, it’s the foundation for setting meaningful goals.
• Revisit Your Profit First Allocations: Assess how well you stuck to your profit targets in 2024 and adjust percentages for the new year.

Looking Back and Moving Forward: Setting Goals for 2025

Another year has drawn to a close, and as we step into 2025, it’s a prime opportunity for entrepreneurs to hit “pause,” reflect on the progress they made in 2024, and chart a course for the next twelve months. Whether you nailed all your goals or found yourself off track, the start of the new year offers a clean slate—and a chance to align your business objectives with your ultimate life and business vision.

1. Reviewing 2024: Wins, Lessons, and Vision Alignment

1. Assess Your Goals: What did you set out to achieve in 2024? Which goals did you exceed, and which fell short?
   Identifying these trends will help you see what’s working and what needs revisiting.
2. Detailed Expense Analysis: Dig into your numbers to uncover inefficiencies.
   Look for recurring costs, forgotten subscriptions, or underperforming investments. Pinpointing where your money went is crucial before deciding where it should go next.
3. Check Your Vision: If you already have a clear picture of your ultimate business and life vision, compare your 2024 accomplishments against that vision.
   Did your strategies move you closer, or did they lead you in a different direction?

2. Defining—or Refining—Your Vision

If you don’t yet have a documented vision for your business and life, make this a priority in the coming weeks. Your vision is the driving force that shapes all your decisions. Without it, you risk setting goals that don’t truly serve your bigger purpose.

You are the most important employee of your business, and your business should help you achieve your personal and professional goals. Having a clear vision for the business allows you to lead your business rather than let your business lead you.

Ask yourself:

• What do I want my life to look like in five or ten years?
• How does my business fit into that picture?
• Which clients, products, or services align with the impact I want to make?

3. Revisiting Profit First

For those familiar with Profit First, now’s the perfect time to evaluate how well you stuck to your allocation percentages:

• Successes & Challenges: Did you maintain your profit, owner’s pay, and tax allocations consistently? Where did you feel strain?
• Set New Targets: Use this fresh start to tighten up your allocations, reduce unnecessary expenses, and ensure you’re setting aside a consistent profit each month.

4. Setting Focused Goals for 2025

Use your 2024 review and your ultimate vision to form clear, actionable objectives for 2025. Your goals should be:

• Specific & Measurable: Define exactly what success looks like (e.g. raise net profit margin by 5%, acquire X ideal clients).
• Realistic but Ambitious: Stretch yourself enough to stay motivated, but not so far that goals feel impossible.
• Aligned with Your Vision: Every project or plan should support the business life you truly want to create.
• Accountability: Find a trusted friend, business associate, or advisor as your accountability partner. Review progress together regularly and make small course corrections as needed.

The Bottom Line

The transition from one year to the next is more than just flipping a calendar—it’s a chance to realign, recalibrate, and recommit. By taking a thorough look at what worked (and what didn’t) in 2024, clarifying your long-term vision, and setting Profit First–inspired goals for 2025, you’ll be primed for growth that supports the life you ultimately want to lead.

Adam Litster
Certified Profit First Professional and Pumpkin Plan Strategist
816-500-5779
adam@betterbizinfo.com
Visit Our Website!