Do you know who the most important employee is in your company? I bet I know who it is… If you guessed you, then you are correct! You are the most important employee at your company and today’s guest, John Briggs, shares his thoughts on this subject and more.
John is an author and owner of Incite Tax, a company built to support growing entrepreneurs. He is a Profit First expert. If you recall, we had Mike Micholowicz on the show on episode 23, and we have it included in the show notes if you want to listen to that episode too. John shares how every decision you need to make should be making your future better than your past, how an expense of just 3.33% can cripple your business, and why you need to continue to grow as a leader.
Let’s go ahead and jump into my interview with John Briggs.
**Subscribe to our NEWEST Podcast called: Franchise Your Business. CLICK HERE
**Learn more about Incite Tax: https://incitetax.com/
**Listen to the podcast on your favorite Podcast Service by Clicking here: https://www.multiplyyoursuccesspodcast.com/1001167/6391270-23-mike-michalowicz-why-you-should-pay-your-profit-first
**Read the transcript to the Multiply Your Success with Mike Michalowicz : https://bigskyfranchiseteam.com/why-you-should-pay-your-profit-first/
**Learn more about Big Sky Franchise Team: https://bigskyfranchiseteam.com/
ABOUT OUR GUEST:
Achieving a highly lucrative financial position can be draining, especially with all the options out there that PROMISE they will grow your wealth.
Which leads taxpayers feeling overwhelmed and often confused with which path will get them the level of income they’ve always wanted. Or not taking the practical steps to reaching their growth potential.
Incite Tax saves people from the inevitable burnout they will reach without having a consistent strategy of wealth creation and provide them the steps to attaining true cash flow. So they can enjoy a bigger bank account, their life can THRIVE, and still have the freedom to focus on their passions.
John Briggs is the Owner of Incite Tax and is on a quest to protect unfairly treated taxpayers from massively overspending on taxes. His model and strategies that he’s taught for over a decade have given the practical steps to reach people’s financial goals much quicker.
This episode is powered by Big Sky Franchise Team. If you are ready to talk about franchising your business you can schedule your free, no-obligation, franchise consultation online at: https://bigskyfranchiseteam.com/ or by calling Big Sky Franchise Team at: 855-824-4759.
Tom DuFore, Big Sky Franchise Team (00:00):
You’ve worked hard to build your business and now it’s time to grow. Welcome to the Multiply Your Success Podcast. I’m your host, Tom DuFore, CEO of Big Sky Franchise Team and a serial entrepreneur. The purpose of our podcast is to give you a weekly dose of inspiration and education to help you multiply your success.
Tom DuFore, Big Sky Franchise Team (00:21):
As we open the show today, the question is, do you know who the most important employee is in your company? Do you know? Because I bet I do. And if you guessed you, then you are correct. You are the most important employee at your company. Today’s guest, John Briggs shares his thoughts on this subject and a whole lot more. John is an author, and the owner, and founder of Incite Tax, a company he’s built to support growing entrepreneurs. He’s a Profit First expert. And if you recall, we had Mike Michalowicz, the author of Profit First on the show. If you remember the number, anybody remember which episode? It was episode 23. We linked it in the show notes for you to check out.
Tom DuFore, Big Sky Franchise Team (01:08):
John shares on our show, how every decision you need to make should be making your future better than your past. How an expense of just 3.33% can cripple your business and why you need to continue to grow as a leader. So let’s go ahead and jump into my interview with John Briggs.
John Briggs, Incite Tax (01:27):
So I’m John Briggs. I’m the owner of Incite Tax. We’re an accounting firm located in Salt Lake City, Utah. About 30 team members at this point. I graduated from BYU with a master’s degree in tax and ended up working at a door-to-door sales company instead of going straight into accounting. From there, I learned a whole bunch about that industry and working with independent contractors. And then that company kind of imploded. We might end up talking a little bit about that story depending on how our conversation goes because there’s some great learning experiences there.
John Briggs, Incite Tax (02:07):
Then I decided to get back into my roots of my degree in tax because I had worked at Deloitte previously during college. And then from there, I just realized business owners need someone who isn’t an accountant per se, because I don’t feel like the generic accountants speaks the right language for business owners.
John Briggs, Incite Tax (02:32):
We use words like depreciation and amortization and entity, instead of saying it’s a write-off. Anyway, so I’ve just really found a passion and have built a team around that passion of helping business owners specifically grow their wealth. We use tax and accounting and cashflow management as the way we help them do that. But our focus is always, is this decision actually growing your wealth so that your future is bigger than your past instead of just straight up we’re monkeys and we do compliance. So that’s a little bit of a snippet of what we do and who we are.
Tom DuFore, Big Sky Franchise Team (03:09):
Yeah. That’s great. I love that background. It’s very interesting, especially that you stepped before you really jumped all the way into your CPA and accounting career that you went into door to door. Hopefully we have time here to talk through a little bit about that and what… I guess, I’m just curious why you decided to not go that pathway that you went to all the schooling and education for, and then take a kind of a detour.
John Briggs, Incite Tax (03:41):
Yeah. Honestly, as a college student, they just gave me a better offer than the accounting firm. I was going to work in Deloitte in Orange County, California, Southern California, or I could make $10,000 more living in Utah, which is a lower cost of living state. So I was like, “Yeah.” I mean, at the time for a college student, I mean, 10 grand still was a big number. I like that number. It’s good. But at that time it was massive as a college student. It’s like, “Oh my gosh, how could I turn this down?”
Tom DuFore, Big Sky Franchise Team (04:15):
Yeah. No doubt about that. I guess you were using your education and schooling that said business decision. More money, lower expenses. Greater income, lower expenses. Okay. That deal looks better.
John Briggs, Incite Tax (04:30):
Tom DuFore, Big Sky Franchise Team (04:32):
Great. Well, one of the things that you specialize in, and why I wanted you on the show is you just speak plain language to business owners, successful entrepreneurs, growth minded folks that are growing. I think one of the things that stood out to me is that we mentioned this before the show, how business owners in my experience are always worried about that looming IRS tax bill that hits them and in an unforeseen way. It’s a massive tax bill or something more than they can accommodate and how you handle that situation. I found it interesting that you have a very clear communication that you are an expert in this and helping companies through it.
Tom DuFore, Big Sky Franchise Team (05:20):
So I’m going to go a little backwards and say, okay, I’m in this situation or someone who’s listening might be, how can you help or what steps can they take to do it? Then once we get through that, we’ll go back to the other front end on how we actually can prevent that. So I know there was a lot there. So I’ll let you take it away.
John Briggs, Incite Tax (05:39):
Okay. So the good news here is the solution to prevent not having the money when you owe the bill and the solution to getting the money to pay off a big tax bill that you do owe is basically the same thing. So we are big proponents of a cashflow management system that is called Profit First. There’s the first book of Profit First was written by Mike Michalowicz. He has since allowed some of us Profit First professionals to write derivative books. So I’ve actually written one specifically to the gym industry, but there’s six other ones right now like dentists and contractors, things like that.
John Briggs, Incite Tax (06:24):
But here’s how this system works. And I think to get into it, let me actually go back to story with this door to door sales company, because they highlight the reason business owners get into this situation… And I’ve seen the situation. “Hey, Mr. Client. You owe 10,000, 15,000, $50,000 in tax. What the junk How did I owe that much money? I didn’t even make that much money?” And It’s like, “Well, you actually did.”
John Briggs, Incite Tax (06:55):
So how did that happen? So I was working, this was close to the end of my experience with the door-to-door sales company and the president of the company comes running into my office and he’s like, “Hey, you better lock the doors. Don’t let anyone know you’re here today.” Look, my position was controller, which is a head accountant and that’s a pretty boring job. So when he’s telling me to lock the doors, I’m thinking hostage situation. It feels like he’s being a bit dramatic.
John Briggs, Incite Tax (07:26):
So obviously, I’m like, I don’t understand what’s going on. I mean, we just had our end of year celebration where the sales reps had finished the summer sales season and we handed out these big bonus checks to them. And he’s like, “Well, all those bonus checks that we just sent out are bouncing because the owner was working on getting a million dollar loan to cover all these checks we just sent out, and he didn’t get it.”
John Briggs, Incite Tax (07:51):
So those checks are bouncing and they’re all going to come in to the office because I’ve been telling him, “Oh, just get with John to cut you new checks. So I’m just giving a heads up. You can’t let them know.” Because when you give them checks, those are also going to bounce. So this company for that year, we had done almost $30 million in revenue and here they found themselves short, a million dollars to cover their payroll.
John Briggs, Incite Tax (08:19):
Now, those are big numbers, but from a percentage, I see that all the time. I mean, one 1/30 our businesses can become crippled just by having an unexpected 1/30 of our income come up. It’s not that big of a number. What happened is they fell prey to this thing called Parkinson’s Law. This is human behavior. We’re all subject to this. Parkinson’s Law says that the demand for something expands to match the supply.
John Briggs, Incite Tax (08:59):
So the demand for something, in this case, we’re going to talk about our money, specifically in our bank account. So the demand for my cash that’s sitting in my bank account, because I have the one bank account and that’s where all my cash lives. The demand to spend that is going to continue to increase until I have no longer have money left to spend. That’s what Parkinson’s Law is telling us. Most business owners as they hear that are like, “Oh, yeah. Basically, if I’m making a decision to spend money, I look at the balance of the bank account. Do I have money to do it?”
John Briggs, Incite Tax (09:30):
The problem is, is that when we have a dollar hit our bank account, there’s already part of it that’s committed to other things. And in this case, what we’re specifically talking about is taxes. I think the IRS sucks. It’s spending our money. I think they’re bullies. I don’t like them. But when you’re successful, I also love the freedoms that we enjoy in the US. You’re going to pay some taxes. Of course, if you have tax geniuses like us, you can reduce how much you pay, but you’re still going to pay and you’re going to still need to save, right?
John Briggs, Incite Tax (10:01):
So what we say with Parkinson’s Law, and this is where the Profit First system comes into play is we were like, “Look, I’m not going to try to avoid this human psychology and behavior that exists within all of us, but I can’t put boundaries around it.” So instead of having one giant bank account, let’s have multiple bank accounts. And specifically to get to the point of your question, we recommend having at least one account designated for your income tax burden.
John Briggs, Incite Tax (10:32):
So when money comes in to my account, I’m going to come up with a percentage of what percentage I should be stocking away. And most of our clients are honestly between five and 10% of their revenue they set aside. And most of the time that’s super sufficient. Now, if I’m doing that once a week or twice a month, I actually don’t feel the burden of not having that cash available. Because again, if I had it available, I’m going to end up spending it based on Parkinson’s Law. But now that’s not available. It’s not even a temptation to spend it because I’ve already set it aside.
John Briggs, Incite Tax (11:08):
So whether I am trying to prevent for the future or if I currently owe taxes now, this is the best method to at least start fixing the problem. Set up another bank account, start setting aside five to 10% on a very consistent basis. We recommend at least either once a week or twice a month. You don’t need to do more than once a week. Now the money is getting set aside and you’re doing it in increments of 500, 800 bucks. It’s not a big deal. Then when the end of the year happens or as you’re making payments, the five to 10% is what you’d be making for the payments.
John Briggs, Incite Tax (11:48):
It’s such a generic thing. There are some specific techniques when you owe some taxes back to the IRS we can talk about. I just wanted to pause because I just barfed a whole bunch of stuff on you.
Tom DuFore, Big Sky Franchise Team (12:01):
That was great. And the tax savings idea and plan, moving the money from one account to the next and just keeping it there, I think that’s brilliant. So I guess when I think about that, that makes sense when you’re saving or you’re implementing and you’re going forward for this year. Does that same rule apply for if you’re in arrears in some way, shape, or form if you owe back pay or do you do it the same way? Do you double the numbers? What does that usually look like for your clients?
John Briggs, Incite Tax (12:33):
Yeah. So we take a couple approaches. First, we do an analysis because we want to figure out how much do you legit owe? I don’t know if people know this, but just because you get a letter from the IRS, it doesn’t actually make it true. 85% of the letters that our clients get. The IRS is basically making a false claim or assessing them on amount of dollars. It isn’t even accurate. So that’s usually the first step we take. So we figured out what’s the real amount that you owe.
John Briggs, Incite Tax (13:06):
Now, if they’re in a financial situation where they legit their business declined maybe because of a pandemic, you can actually settle your tax debt with the IRS. It’s not considered personal bankruptcy, but it functions like bankruptcy does in the sense that… Let’s say you owe them $10,000 but you can show that you can only afford to pay them $4,000. It’s called an offer in compromise. And you can actually do that with the IRS. I mean, we’ve had clients that have owed more than six figures settle for 500 bucks.
John Briggs, Incite Tax (13:44):
It is dependent on your current financial situation because when you do go down that route, you have to prove to them that you don’t have the financial ability to pay it back. So we’d look at that analysis first. Then most of our clients aren’t in that scenario. It’s probably a small percentage to qualify for that where it’s like, “Yeah, if the IRS looks at this information, they’re going to say, you can totally afford to pay this. We’ll take the payments.”
John Briggs, Incite Tax (14:12):
So you can set up an installment agreement with the IRS that just says, “Hey, I admit I know I owe this, but I can’t pay all of it right now. But I’d like to make payments to you over the next three to five years. And by doing that, you at least get them off your back. You’re not going to continue to get nasty-grams from them, you’re just going to get reminders of here’s what your current balance still is. That’s the next step.
John Briggs, Incite Tax (14:35):
But if you’re doing that then, then we get into the more practical side. The first thing we always love to do with our clients is analyze their expenses. I think any business owner is capable of doing this themselves and it doesn’t sound fun, but it promise if you do the work, you’re going to have fun with what you uncover. Every time we do this, there’s two comments that always come up.
John Briggs, Incite Tax (15:01):
I thought I’d canceled that expense, or I have no idea what that’s for. Either of those phrases usually indicates that you don’t need the expense. Because if I owe back in arrears, they are the last people I want to own money to. I mean, I’d probably rather owe money to a loan shark than owe the IRS money because they probably are the mafia. I think the mafia set up the IRS because of the way the system works. It just seems that way.
John Briggs, Incite Tax (15:35):
So if I can free up extra cash flow, that cash flow that is freed up, I’m going to start putting it towards the back taxes that I owe. Yes, I’m going to still continue the five to 10% so that I am protecting myself from the future, but I’m also wanting to free up cashflow so that I can pay back the past debt as much as possible.
John Briggs, Incite Tax (15:59):
Now, if someone is in a scenario where they can’t do that, I would put the five to 10% I’m saving towards my arrears first. And then once that’s paid off like you just keep the thing. Again, by doing the five to 10%, most of our clients end up getting caught up within a couple of years. It’s good. Again, you don’t to owe the IRS any money. By protecting yourself against Parkinson’s Law, you ended up having the cash available to pay the tax. Because here’s the other thing I forgot to mention. As part of our cashflow management system, one of the first things that you do is you actually pay yourself as the owner.
John Briggs, Incite Tax (16:39):
Way too many times business owners pay themselves last because they’re… I’ll just hope that money’s left over. Look, if we have team, we love our team and we value what they do for us. But the reality is as the owner, you’re the most important employee of the company. What do you do with the most important employee? You pay him first so they don’t leave. You’ve got to treat yourself the same way. So pay yourself first.
John Briggs, Incite Tax (17:05):
What we like about the system is that what you pay yourself because that’s another percentage that you’d take out of the income. You’re allocating it to these different buckets. By paying myself first, I’m living off that money. The business is generating the tax burden, which is why I’m having the business save the tax money. I don’t want to come out of pocket out of my owner’s pay amount to then cover my taxes. I want to be able to live my lifestyle off of that. Let’s let the business save for the tax burden. And that’s another reason why this system works so well is because it’s automatically giving business owners a pay raise.
Tom DuFore, Big Sky Franchise Team (17:41):
Wow. Those are just great bits of advice. I think it’s super simple. It’s one of those very simple things and programs. It’s something that we run I’ve read Profit First and we use a similar implemented… What you’re discussing describing into our business. I want to say few years ago, and it made a massive change. It made a big, big difference in the way the business operates and how it runs and just you’re much better prepared for the future and planning ahead. It’s made a huge impact in our business. I’ve seen it work.
John Briggs, Incite Tax (18:26):
That’s awesome. And another thing too, as far as bring for the future, look, the definition of a crisis is something that you don’t really plan. So if another COVID thing were to come around and happen and shut down the country, running the Profit First system, every single one of our business clients who ran this system, they’re still in business today. They were able to get through the pandemic. We work with a lot of gym owners and literally governments shut them down. They weren’t even allowed to operate because they ran the Profit First system. So it’s a great way to prepare for the future, especially for the unexpected things that you just have no idea what’s going to happen.
Tom DuFore, Big Sky Franchise Team (19:07):
Yeah. That’s a great point. And I can be a testament to it. The same thing for our business impact, COVID hit. You never know what’s going to happen, but we had these buckets. Things were prepared for that rainy day or global pandemic that government shut you down, whichever one it might be. Right?
John Briggs, Incite Tax (19:29):
Tom DuFore, Big Sky Franchise Team (19:31):
Well, great. Well, John, I’d love to make that transition here in the show where we ask every guest the same four questions before you go. So you’ve been a successful person in your career in developing and growing your business. So we’d love to hear from you about the misses make some multipliers. So we start first with a miss. Was there a miss or two along the way and something you learned from it?
John Briggs, Incite Tax (19:55):
There was at least one miss. I mean, if I really had to think about it, there’s probably at least one. I also am a part owner in a gym and I had this miss in both things. It’s really important to identify team that is on the same page with you and pushing and driving the business forward. And those have become poisons. Because a poisonous team member is way more detrimental than just to that person. It spreads like a cancer.
John Briggs, Incite Tax (20:33):
So some of my misses were I didn’t want to believe it. I’ve since been told and taught and believe that people are telling you or trying to tell you who they are. It’s our job as the owner to listen instead of to convince ourselves, “No, no. Don’t get out of it. It’s a funk.” They would be malicious. They would never do that behind my back. Those types of things. I mean, if that’s who they’re telling you who they are, that’s who they are.
John Briggs, Incite Tax (21:05):
So my miss was I tried to save some of those people instead of just having the direct conversation as soon as I knew that there was a problem and then having a successful exit with them out of the company. We dragged it on for too long and both companies took some financial blips because of it. If you know a team member is bad, you got to get rid of them.
Tom DuFore, Big Sky Franchise Team (21:32):
Yeah. Great. Those are tough learning lessons, for sure when you’re in that situation. It’s definitely hard, but those are tough. What about a make? What about the sunny side up here?
John Briggs, Incite Tax (21:46):
Yeah. Man, there’s so many makes. I mean, the first make is realizing that that was a miss and now when we identify someone is telling us who they are and it’s not aligning with our company culture or values, we get rid of them and that’s not the right way to say it. We actually give them the opportunity to find a place where they’re going to thrive better because that’s ultimately what we do as business owners. We release them back to an opportunity where they’re going to be more happy because they’re not going to be happy.
John Briggs, Incite Tax (22:15):
If their values don’t align with yours, they’re not going to be happy in their job with you. But I’d also say every step of the way in my journey from working in a 10 by 14 internal office and executive suite type of location, no windows, to a multi-million dollar firm, I have had mentors every step of the way.
John Briggs, Incite Tax (22:40):
And I’ve always approached it in the sense of what do I feel the weakest on? What I feel like my biggest bottleneck is? What’s holding us back? I try to find someone who’s better at that than I am. Then we figure it out. It’s okay to move on past those mentors because you outgrow them, because now you have new problems that you need new mentors to help you solve. So those have been a lot of my makes is finding those right people to help me through the areas that I don’t know.
John Briggs, Incite Tax (23:06):
Because look, as business owners, the truth is if you’re in a growing company, you are the most incompetent person in the company because every day as your company grows, you are now owning and running a larger company than you ever have in the past. And you’ve never done that before. I’ve never done that before. But your team members, for our accountants, it’s the same thing. Do they do the accounting stuff every day? Their competency doesn’t change based on the growth of the company. But mine does because our company with 30 team members looked a heck of a lot different when we only had five team members. A lot of it is trial and error, right? So having mentors to help you at least at a minimum avoid some of those competency gaps has just been super critical in our success.
Tom DuFore, Big Sky Franchise Team (23:57):
Wow. Yeah. I think that’s great. A good mentor, they’re priceless. I mean, it’s priceless to have great mentors and be a part of that with you. How about this idea of multiplier? Is there a multiplier that you’d want to talk about or share?
John Briggs, Incite Tax (24:20):
I mean, I think in context of what you’re saying, I come across a lot of business owners who end up having… They’ve created PTSD for themselves when it comes to hiring and having team members in general. I believe a normal cycle with a lot of business owners that, “Okay, I have too much work to do. I need to hire someone to help me.” You hire that person to help you and then there becomes a headache in managing that person or the work they do isn’t quite up to par or what you would like it to be.
John Briggs, Incite Tax (24:53):
Maybe you’ve hired two or three or four and then you have to get rid of them or replace them. Then we go back to the state of, “Oh, it’s just easier for me to do it all myself.” And therefore at that point, they are choosing to not grow simply because they don’t want to develop the skillsets to grow a team. I can tell you going from a one man show to having 30 team members, it is definitely a skill set. It can be learned, but it’s different. Being excellent at whatever you’re doing, making widgets or selling a service of widgets, that’s one thing. Being a good leader is a completely different skillset.
John Briggs, Incite Tax (25:33):
I think as an owner, we have a little bit of some responsibility and obligation. If we’re capable of growing a business, let’s learn the skill sets necessary to provide a good living for our team because in the US, the economy sits on the shoulders of us small business owners. I know the Fortune 100 companies get all the attention and these big tech companies that are having massive valuations, they get all the attention. But the reality is collectively as small business owners, we employ way more people.
John Briggs, Incite Tax (26:11):
So if you’re good at growing your business and being a good leader, wouldn’t you rather them work for you than being stuck in a corporate job where they’re treated like garbage? So I feel like from a multiplier standpoint, I just would love business owners if they really only want the lifestyle business and want a small thing, that they’re consciously making this decision to do that and they’re not giving up because their first attempt didn’t go so well. Because I believe from a multiplier standpoint, we need team to grow and scale and leverage. I feel like it’s a simple reality.
Tom DuFore, Big Sky Franchise Team (26:48):
Yeah. The final question we like to ask every guest, John, is what does success mean to you?
John Briggs, Incite Tax (26:58):
Yeah. So for me, success is being able to do what I want to do when I want to do it. It doesn’t necessarily have a dollar figure tied to it, but I’m also not going to be facetious and tell you money is not important. I actually believe most people who are successful, money allows you to buy a lot of the things that help you feel like you have that success. And again, that dollar amount could be different for some people, but you have to accept the fact that the value you’re putting out in the world, you deserve to receive that value back, and often it comes in the form of compensation, payments from clients, those types of things.
John Briggs, Incite Tax (27:41):
For me, success is being able to do that. which requires me to have the cash available to do those things when I want to do it. If I want to take my family to the Bahamas for a week, I want to be able to do that. That’s success. If I don’t want to go into work that day and I don’t have any future commitments to my clients, then I don’t want to do it. Then I don’t. That’s success for me.
Tom DuFore, Big Sky Franchise Team (28:07):
Great. And as we bring this to a close, is there anything you were hoping to get across or share with the audience that you haven’t had a chance to yet?
John Briggs, Incite Tax (28:16):
No. Just an emphasis on how important I think your audiences is and I hope everyone feels that, the importance because I think as we feel the importance of what we’re doing, we rise to the challenge. And being a business owner is certainly a challenge. You’re at the top, you’re the owner. You’re never going to get the full truth, which is why I also like having team, because then your team that trusts you can get the truth and bring it back to you. So you can make a decision with full information. But I truly believe the health of our economy depends on small businesses being successful. I certainly would love our government to give us more resources.
John Briggs, Incite Tax (28:59):
I know they try to say they are, but then if you look at where they’re going, it’s often not to small business, but large business. But stay the course, keep providing jobs, keep growing, because I think the world’s a better place if you do that.
Tom DuFore, Big Sky Franchise Team (29:15):
Great. And what’s the best way for someone to get in touch with you to learn more about what you do if they said, “Oh man, I like this John guy.” I like what he’s saying. How can they get in touch with you to get connected?
John Briggs, Incite Tax (29:28):
Yeah. Our website is incitetax.com and that’s incite as in to incite a riot or to cause to action is the real meaning. It’s just often used in the phrase, someone’s inciting a riot. incitetax.com. We also have a ton of great free information on our blog posts if someone’s looking for tax tips or cash, some of the stuff that we’ve talked about here. Most of the time we’ve gone into more detail in a blog post. So check out our free blog. But yeah, that’s a great way to get in contact with us.
Tom DuFore, Big Sky Franchise Team (30:00):
John, thank you so much for being a guest on the show. Let’s go ahead and jump into today’s three key takeaways. So takeaway number one is when John talked about is the decision that you’re making today actually growing your wealth so that your future is bigger and better than your past. I thought that was a great question. So as you’re contemplating and going through things to great takeaway.
Tom DuFore, Big Sky Franchise Team (30:26):
Takeaway number two, most small businesses can be crippled by an expense that is just 1/30 of their annual income or their annual revenue. I’ve seen this in so many clients and small businesses over the years that I’ve worked with. If you break that down, that’s just 3.33% of your total annual revenue. It’s crazy to think that an expense of 3.33% could literally cripple your business or maybe put you out of business.
Tom DuFore, Big Sky Franchise Team (30:58):
Takeaway number three is that you are your company’s most important employee. So pay yourself first. I love how he made sure that he made note of that. And now it’s time for today’s win-win.
Tom DuFore, Big Sky Franchise Team (31:16):
So today’s win-win is that as your company grows, you become the most incompetent person in your company. And you need to make sure that you are growing as a leader. Being a good leader requires that you grow and develop. And that’s whether you’re a growing small business, a franchise or both. I thought that was just a great point that John brought up that as your business grows, you continually are surpassing your knowledge or your expertise.
Tom DuFore, Big Sky Franchise Team (31:48):
We’ve got to keep fresh on that, and keep learning, and keep adding to it. That’s going to be a win for you, a win for your staff, a win for all people involved. As you get better at leading, your company continues to grow. It’s going to be a fun and awesome ride.
Tom DuFore, Big Sky Franchise Team (32:04):
So that’s the episode today, folks. Please make sure you subscribe to the podcast and give us a review. And remember, if you or anyone you know might be ready to franchise their business, please connect with us at bigskyfranchiseteam.com. Thanks for tuning in and we look forward to having you back next week.