I don’t know about you, but after the holidays (and I hope yours were filled with good things and happy times with loved ones), I’m always a bit tapped out on the spending. 

But in true governmental fashion, Uncle Sam is piling it on. Seems like Congress missed the post-holiday “no spending” cue.

The recent passage of the trillion-dollar omnibus spending bill does have some important implications for Downtown Los Angeles businesses starting with the SECURE Act 2.0. Incentives abound to get retirement plans set up for employees as well as a few requirements for 401k opt-in for both full- and part-time workers. There’s even a push to help employees get emergency savings set up via automatic payroll deductions.

Another implication of this bill: the money being funneled into the IRS from the Fed means a higher risk of audit for S-corps.

Even though I don’t do taxes, these changes are worth mentioning so you can talk it over with your tax pro. But if you want to look at how to implement the other SECURE Act 2.0 requirements in your business, you can catch me here:
calendly.com/dtlacpa/request-a-meeting

Now, as you look to 2023, one thing I want to encourage you in is staying laser-focused on tasks that will bring you and your business toward achieving your goals next year. We can get so bogged down with what’s happening around us (inflationary pressures, political turmoil, etc.), or on the small, picayune details of life.

When you focus on something enough — however small — it becomes “big” and crowds out room for truly significant issues. I’ve seen it happen with some of my clients.

The service coordinator focuses on moving the paper, ticking off the tasks in the software, getting the phone answered … and maybe focusing just as much on the person in the next room she doesn’t like, the chair that squeaks … and on and on.

We all (meaning everyone on your business team) need to be brought back to what’s important in business. Over and over. It adds purpose to what we do. It’s also the magic ingredient that separates the good from the great.

And I’m here today to remind you (and perhaps your staff) of it …

7 Primary Tasks For Any Downtown Los Angeles Business Team
“Sooner or later, those who win are those who think they can.” -Paul Tournier

What are the most important tasks in your Downtown Los Angeles business? 

Taking care of customers and growing revenue. 

Add any trendy business philosophy you want on top of that, and it still gets down to the same thing. 

So … EVERYONE on your business team should either be adding revenue or helping to control expenses. I suggest you (constantly) ask your staff — and yourself — what they can do to help: 

  1. Get more customers 
  2. Keep customers longer 
  3. Increase the amount of each transaction 
  4. Control expenses 
  5. Get more referrals 
  6. Get good online reviews
  7. Make operations more efficient

So, in that vein, here’s a discussion you can have at your next business team meeting: 

* Review and discuss these 7 issues 
* Ask everyone to write down the things that would help them do their job better (or obstacles that are in their way).
* Ask everyone to write down ideas for each of the 7 issues between now and the next staff meeting.
* Review everyone’s first draft privately or as a group in your next staff meeting.

Everyone in your business must be involved in growing revenue or controlling expenses. They must see their role in that part of the business. And YOU — the business owner — must keep that discussion alive and dynamic with your business team.

This is especially true when almost everyone is bound to be distracted by what’s on the horizon in 2023.

Now is the time to lead.

 

Warmly,

Argel Sabillo