Time to Reflect Before the 1040s Come!

Welcome back.

I’m sure for many of us, 2016 has ushered in an unwanted weight gain physically and an equally unwanted weight loss in the wallet.

Present company included.

For the next two weeks I am banning all selfies on Facebook and will try to instill the value of omelet or tuna fish dinners to my family.

I look at it this way at least I was not one of those gullible idiots who shelled out $400 per person for a table at the Olive Garden in Times Square. And no, that’s not a misprint.

The land of the unlimited salad and breadsticks was actually charging that obscene amount for the privilege of being partitioned from 1 million other people sardined within a five-block radius to watch the New Year’s ball drop.

Rumor has it some of those who purchased those overpriced Olive Garden ducats put their tickets online for resale at $1,000 per pop!

Apparently Olive Garden wasn’t alone in their price gouging. Applebee’s and Ruby Tuesday units in the area charged between $300-$400 as well. I always say, there’s a reason they make 50-inch flat screen TVs – so you can watch an event in the comfort of your own home.

But I digress.

As with every January, we’re reminded that the onslaught of 1040s is literally just around the corner with an influx of TV commercials for do-it-yourself tax programs – although I will admit that the ones for Intuit featuring several world renowned geniuses are incredibly clever.

But in the few short weeks between finishing the requisite end of the year work and when filing season begins in earnest, it may be prudent to spend some time mapping out your post April 15^th strategies.

And by that I mean evaluating such areas as growth, adding personnel or offering potential new client services. Basically asking yourself and your partners of what does success look like in 2016 and beyond?

Does a merger figure into your growth strategy or will it be an equitable mix of both M&A and organic? How does your internal bench look after tax season – are there some potential partner candidates or is it time to begin looking outside for a succession plan? Have your clients requested a service niche that you don’t presently offer and is it time to begin expanding your offerings to help distinguish yourself from your competition?

If the answer to any of these is yes, then it probably warrants serious consideration over the next month or so, because before too long it will be difficult if not impossible to squeeze out an hour or two to focus on it when you’re already working 15 as it is.