Small Business Tax Savings Podcast What is Strategic Planning?
Are you ready to create a successful business plan for 2023? On this episode of the Small Business Tax Savings Podcast and hear from Mike on how to set up your business for success. This episode dives into the importance of bookkeeping, tax planning, and strategic planning. Learn how to create a perfect scenario, three- and five-year plans, and a list of action items that need to be completed this year. Find out why having an accountability partner is so important in staying motivated and meeting goals, as well as which websites are great resources for finding more information about tax savings. Finally, get tips on tracking progress during regular board meetings and making adjustments as needed.
[00:00] Discover How to Achieve Your Perfect Scenario with Strategic Planning
· Strategic planning in a business is where a business defines its strategy or direction and then makes decisions or plans on how it can get there.
· Determine your perfect scenario: step away from your business for half a day and brainstorm what your perfect scenario would look like in 10-15 years.
· Do your five-year plan, and three-year plan, and determine and implement your 2023 strategic plan.
· Examples of things that may come up during brainstorming session: having your personal residence fully paid off, having a vacation home, working only two to three days per week, having a business profit of a million or 5 million or a hundred thousand dollars, having investments and or savings greater than 5 million, etc.
[04:42] Creating a Three- or Five-Year Plan and Annual Strategic Plan for Your Perfect Scenario
· Three- or five-year plan: list of action items and goals to complete in the next three or five years
· Annual strategic plan: specific action items to do this year to start chipping away at future goals
· Examples of action items: hire a social media marketing firm, grow social followers, close new sales, hire staff members, max out retirement accounts, put money into investment/savings account, hire kids and fund their Roth, set up a bookkeeping system, tax planning
[08:50] Strategic Planning, Bookkeeping, and Tax Planning
· Take some time to put together a strategic plan for 2023
· Include building out your perfect scenario, three- and five-year plans
· Check back throughout the year during regular board meetings to see progress
· Start researching and learning about tax strategies available to everyday business owners
· Get an accountability partner to ensure sticking with the plan
[12:15] Closing Segment
Final words
Key Quotes
“The ultimate goal here is to build out a roadmap. A roadmap that's going to take you or lead you to that perfect scenario.” – Mike Jesowshek
“This is your opportunity to dream, your opportunity to think of what would things look like if everything was perfect in 10 or 15 years.” – Mike Jesowshek
Resources Mentioned
Blog Posts:
· https://www.taxsavingspodcast.com/blog/how-can-i-setup-my-business-for-success-in-2023
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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