Hey there, savvy entrepreneurs of Lake Norman, NC! Are you at a crossroads in your business journey? Have a business idea but not sure how to get started? You’ve got big dreams, massive
goals, and a whole lot of hustle, but sometimes, even the most driven of us need a guiding light to navigate through the murky waters of entrepreneurship. That’s where the unsung heroes of the business world swoop in – strategic business coaches!

Now, you might be scratching your head, wondering, “What on earth does a strategic business coach even do?” Well, let’s break it down in simple terms.

Picture this: You’ve got a brilliant business idea brewing in your mind, but you’re not quite sure how to translate it into a tangible, profitable venture. Enter the strategic business coach – your
trusty sidekick in the realm of business planning. These wizards of the corporate world are masters at crafting comprehensive business plans that outline your goals, strategies, and tactics to turn your vision into reality. They’ll analyze market trends, assess your competition, and whip up a roadmap tailored specifically to your business needs.

But hey, their expertise doesn’t stop there. Let’s say you’re on the brink of expansion or contemplating a major business decision like hiring more staff. Cue the strategic business
coach, swooping in to save the day once again! These folks are like human Swiss Army knives – equipped with a plethora of tools and strategies to help you scale your business with finesse. They’ll conduct in-depth feasibility studies, crunch the numbers, and provide invaluable insights to ensure you’re making informed decisions that propel your business forward.

Now, you might be thinking, “Why do I need a strategic business coach when I can just wing it?”

First and foremost, time is money. Sure, you could spend countless hours trying to figure out the intricacies of business planning, market research, and strategic decision-making on your own.
But let’s be real – most entrepreneurs don’t have time for that! Strategic business coaches are efficiency ninjas who streamline the process, saving you precious time and energy that could be better spent on actually running your business.

But wait, there’s more! Ever heard the phrase, “Two heads are better than one”? Well, when you hire a strategic business coach, you’re not just getting one extra brain – you’re tapping into a
wealth of knowledge, experience, and expertise. These coaches have been around the block a few times (or maybe more), and they’ve seen it all. They’ve worked with businesses of all shapes and sizes, faced myriad challenges, and emerged victorious. So why reinvent the wheel when you can leverage their wisdom to fast-track your success?

And let’s not forget about the power of perspective. When you’re knee-deep in the day-to-day grind of running a business, it’s easy to get tunnel vision and lose sight of the bigger picture.
That’s where a strategic business coach comes in handy. They’ll offer fresh insights, ask the tough questions, and challenge your assumptions, helping you see your business from a different angle. Sometimes, all it takes is a new perspective to uncover hidden opportunities and untapped potential.

In addition to all of these amazing benefits, Kristin Gravitt, PLLC also offers tax planning services, accounting services, and even QuickBooks services. Once we’ve created a strong business plan, we can also partner on other services you may need for a comprehensive experience all in one place.

So there you have it, folks – the lowdown on what a strategic business coach does and why you absolutely need one in your corner. Whether you’re just starting out, gearing up for growth, or facing a major business dilemma, these coaches are the secret sauce that’ll take your business from good to great. So go ahead, take the plunge, and give your business the competitive edge it deserves. Your future self will thank you for it!

Think you or your business may benefit from a business coaching session? We would like to hear from you! Please contact us today if you have any questions about business coaching. Let’s work together to help your business succeed!

You might remember this little story from last year when an ex-IRS contractor pleaded guilty to leaking President Trump’s private taxpayer information along with many other wealthy individuals. It brought the IRS’s ability to secure taxpayer data into question along with a demand for better security measures as they continue to hire and train a new workforce in their walls. And Congress is still putting pressure on the IRS about that, an action supported by the U.S. Government Accountability Office back in September.

All this reminds us that cybersecurity measures matter now. This includes your Lake Norman business. I touched on this a little while ago and am happy to revisit the topic if you want to talk: 
calendly.com/kristin_kristingravitt/discovery-call

Something else we can chat about is withdrawing an ERC claim. If you claimed the ERC through one of the mills that were so temptingly waving free government cash offers at you via the ERC, we can help you figure out if you can and how to withdraw your claim. A lot of businesses fell victim to wrongful claims, which is why my team and I are here to help give answers and support to walk them (and you) through it.

Now, looking ahead to the next few months, and a topic that a lot of people feel strongly about.

The holidays and a busier sales season are just around the corner. So let’s talk about an important point of sale issue for your business during a time in which customers’ wallets are tighter than they have been in recent years.

Are Lake Norman Business Exhausted by Tip Screens?
“Good customer service costs less than bad customer service.” ― Sally Gronow

Consumers are tired of tipping. A 2023 survey revealed that over half of consumers feel like they are being pushed into tipping when using tip screens at checkout, and a whopping 70 percent felt like they were asked to tip way too often.

Another survey showed around two-thirds of Americans have a negative view of tipping.

A lot of this sentiment is likely due to the once-voluntary pandemic-era practice of dropping a little extra in the tip jar. This originated out of goodwill for workers but is now an established part of checkout tip screens. Shoppers are getting asked to leave a tip in more and more situations where they previously wouldn’t have been expected to give one.

The question for companies utilizing tip screens like these is how tip fatigue might be impacting business. Are you losing customers over this?

It’s a question particularly important for those non-traditional tipping businesses, like retailers, quick service restaurants, self-checkout kiosks, convenience stores, and event counters. 

Should your Charlotte business use tip screens? 

Here are some questions to ask yourself to know how to respond to customers’ growing frustration and maintain customer loyalty.

1. Is your business in a traditional tipping industry?
2. Does your business employ tipped workers?
3. What are your customers’ preferences and habits?
4. Are your competitors asking for tips?
5. Do your tip screens address the privacy concerns of customers when it comes to who can view the screen?
6. Does your service quality merit a tip?
7. Is your suggested tip range appropriate for your industry?
8. Do your customers know where their tip is going?

Addressing these questions and adjusting your practices proactively may help tip you (yep, I said it) in a sustainable direction on this customer management issue long-term. 

With inflation in full swing, the customer relations boat is a bit tippy right now. (I just can’t help it.) We’re here to help steer you in the right direction.

We’re here with more than just tax tips. ;)

Kristin Gravitt

A few things are grabbing my attention this week. The first being that the tax extension deadline has passed. That’s a big relief for my office, and perhaps for yours too. 

I’m continuing to avidly watch, as I’m sure you are too, the unfolding events in Gaza. Though Biden issued a back-channel warning to Iran about not joining in the conflict, the possibility of a larger scale war looms. Economically, that affects gas prices and other factors of the global economy. Then there’s the national budget deadline and the Congress’s gridlock over finalizing it. 

It’s more important than ever to keep your Lake Norman business doings sharp right now.

I’ll be here to keep you informed on how bigger happenings will affect your business… and to help you thrive through it. 

All of these headlines probably dominated your attention, and rightfully so, but there’s something else happening in October to give attention to: Cybersecurity Awareness Month. That might make your stomach twist, thinking through all you need to be prepared for within a budget. It can be daunting to know where to allocate funds for a pressing need that is so frequently changing and developing.

Because my office handles so much sensitive data, you better believe this is something we monitor and update systematically. 

Business spending for cyber network security is up 70 percent over the past four years, though that number has started trending downward and recent security company layoffs confirm this.

But recently issued SEC rules regarding the reporting of data breaches by public companies (more on that shortly) reemphasizes the importance of regularly addressing our own cyber network security measures as business owners.

So let’s talk about budget building for your cyber network security plan. 

Prioritizing Cyber Network Security in Your Lake Norman Business
“The best investment you can make is in yourself.” ― Warren Buffett

There are new rules from the SEC regarding the reporting of data security breaches that go into effect December 15, 2023. While those rules primarily target public companies, small and private companies should know what’s being required as they review their own cyber network security measures, especially since the SEC has shown a willingness to extend its regulatory reach to private companies when it comes to cybersecurity.

Basically, companies need to assume that they might face real cyber network security threats and breaches. And when they do, they have to tell the SEC about it within four business days if it’s a significant incident. Plus, U.S.-listed companies also have to share information about how they handle cybersecurity in their yearly reports.

With all of this in mind, let’s discuss how to build a cyber network security budget for your Charlotte business.

Making a budget

When building (or assessing) a budget, know that there are three basic areas that drive the needle: software and hardware, ongoing security services, and in-house training for employees.

Of course you want top-notch protection for all your important stuff, but the reality is that you probably can’t afford it all. This is why budget planning is so crucial – it decides how much you can spend and where you should spend it.

Here’s a simple exercise: First, make a list of all your important assets. Then, think about how vulnerable each of them is to potential threats. In other words, figure out which assets are more likely to be a security risk.

Assets that are both high-risk and critical to business operations should get the lion’s share of your cyber network security budget. On the flip side, if something is low-risk and not that critical, you can allocate less money to protect it because the chance of a cyberattack is lower there.

And don’t forget a line item for incident response and recovery.

Factoring actual costs

Cybersecurity costs can vary a lot, and here’s why:

• Size and complexity: Bigger and more complex organizations need more resources to protect themselves.
• Risk level: If a company is at higher risk of a security breach, they’ll need to spend more to stay safe. How often and what type of security incidents a company faces can also affect costs.
• The cloud: If a company uses cloud services, they might need extra security measures like encryption and multi-factor authentication, which can cost more than traditional setups.
• Compliance requirements: Some industries have strict rules about cybersecurity, like healthcare and government organizations. Following these rules can be expensive.
• Outsourcing: When companies hire outside vendors for IT tasks, they need to make sure those vendors are secure.

Saving money where you can

Despite all the costs, there are inexpensive but high value measures you can put in place.

1. Begin by setting up basic defenses like firewalls, antivirus software, and regular software updates, if you haven’t already.
2. There are free or inexpensive tools available for things like managing passwords, spotting intruders, and checking for vulnerabilities.
3. Teach your employees about phishing, social engineering, and keeping data safe. It doesn’t cost much but can make a big difference.
4. Instead of hiring full-time staff, think about using managed services. They can help with security and monitoring at a lower cost.

Now, I get it, not all of these budgeting decisions will be crystal clear. So, it’s a good idea to team up with your Chief Information Security Officer and accountant (that’s me) to figure out what makes sense within your budget constraints. Reach out to talk through your budget potential in light of your particular needs:
calendly.com/kristin_kristingravitt/discovery-call

Secure your assets and your future.

Kristin Gravitt

Profit is the lifeblood of any organization. 

Show me a small business with PROFIT at its center, and I’ll show you something worth modeling yourself after.

An organization NOT to model yourself after: the federal government. They prefer to operate in deficit mode, narrowly avoiding yet another shutdown this weekend with a temporary funding bill that expires around Thanksgiving.

So stay tuned for more drama on that front. Meanwhile, I’d like to help you avoid drama on your turf, by creating a strategic plan for prioritizing profitability. You might have heard the term “profit first accounting” in various business-type conversations.

It’s not a new philosophy. It was first made popular almost a decade ago by Mike Michalowicz and his book, Profit First.

I think it’s worth remembering, so today, I thought I’d cover some of those core principles so that it might spark new accounting ideas as you prepare your Lake Norman business for the close of another year.

For a deeper dive, obviously, read the book, and we can talk more about putting it into practice.

But here’s a start.

Steps For Prioritizing Profit In Your Lake Norman Small Business
“Money is a terrible master but an excellent servant.” ― P.T. Barnum

In the world of business, priorities are essential for long-term success. 

So, where does profit fall on your list of priorities for your small business? Traditionally, profit might come after handling expenses like COGS and payroll, but a profit-first approach flips that. You pay yourself first.

Here are some shifts that would need to come first…

1. Structuring Your Accounts

One of the first steps in embracing the profit-first mindset is organizing your bank accounts strategically. This simple adjustment, implemented with your accounting team’s help (ahem), will keep your small business profit goals on track. 

Here’s the setup:

Profit: Savings Account
Owner’s Pay: Savings Account
Tax: Savings Account
Operating: Transaction Account
Revenue: Transaction Account

2. The Weekly Instant Assessment

Fill out the Instant Assessment Table (from the author’s website) on a weekly basis to maintain allocation and accuracy. You and your team will need to record and report all revenue appropriately. 

Be mindful that tax laws may impact the percentages year by year. This is a key area where I can help you walk out these principles.

3. Implementing Profit Transfers

Every two weeks, the transfer of funds becomes your small business profit-first ritual. Accountability is paramount here. Consider partnering with a trusted team member to ensure precise fund allocation according to these objectives:

Profit: Build Profit Reserves
Owner’s Pay: Take Home Your Compensation
Tax: Fulfill All Tax Obligations
Operating: Cover Day-to-Day Expenses
Revenue: Exclusively for Income Deposits

Making Profit Your Small Business Mantra

The profit-first mentality is not a groundbreaking concept anymore, but it’s a pivotal step for small businesses seeking improved cash flow management. And if your current strategies aren’t giving you what you want, why not give it a try for a month or two?

After all, adaptability is a hallmark of successful businesses, as I’ve said before. If you have any questions about these profit principles and how they can benefit your Charlotte small business, don’t hesitate to reach out:
calendly.com/kristin_kristingravitt/discovery-call

Your profit is my priority,

Kristin Gravitt