Wednesday Wisdom in Reviewing Your Revenue

Sitting in our accountant’s office, for our annual tax appointment, my husband and I fumbled with our tax receipts, bulging binder of records and a scratched-up yellow pad with questions waiting nervously for our accountant to return to his desk. Entertained by colorful fish in the desktop aquarium, signed golf memorabilia and photos of his daughter from birth to womanhood, we were distracted as we awaited “the results” of the meeting.

Describing why my income was fifty percent less than last year created a conversation about my health and how it altered my business activities and earnings. I shared my health journey so he understood “what happened” as he phrased it. I understand. Both my books and looks are different. As I explain managing fewer events at physical venues and more one-one-one meetings with members at my poolside and pool house, to be comfortable while losing all my hair, I asked financial questions regarding different ways to increase revenue in 2019 while still dealing with lingering medical issues.

I decide to paint him a picture of my relaxing pool house and poolside and how I will rent it out this summer to women entrepreneurs to use for day-long retreats, relaxation, writing, swimming or even consulting, to give them a unique venue as well as subsidize my revenue. Renting a place that stands vacant, yet so beautiful, makes perfect sense. It provides customers with a place to use when seeking time away from their offices or a creative work place.

He informs us about his entrepreneurial decision to add staff to continue to grow his well established business even further because he wants extra revenue for retirement and how that staff are taking on new clients. I like the discussion we are having about business revenue. Departing the office, I think it shouldn’t take an annual tax appointment to focus entrepreneurs on financial planning, changes or goals.

Today’s Wednesday Wisdom is to inspire you to look at your books differently than last year by using figures as indicators on where you want to build your company or broaden your financial intake. Also an annual tax appointment can demonstrate large expense categories that need trimming or outdated processes or systems to make more efficient. Even looking back at how much or little you paid yourself in a year can lead to smart financial changes.