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Focus on your strengths and hire partners for the rest
Manage episode 427786810 series 2854501
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Business owners don't know what they don't know. Small business owners try to wear too many hats and there are areas where they are not good at. For example, financial literacy or tax laws are typically not the focus areas of business owners as most of the energy goes into the products or services they are offering. A conversation with an accounting professional is a must at the start because establishing the right business entity will have a significant financial impact. A good accounting professional should act as a trusted advisor, be truthful and should be willing to connect with the right experts in areas where he or she doesn't specialize in, and should also be a good communicator. Joe loves to discuss the possibilities of Section 1202 and R&D credits with his clients because these are great for eligible businesses. He believes that business owners should focus on doing themselves what they are good at. For rest of the things, hiring the right partners will add lots of value to the business.
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