🪄Magically Thriving Business💸 The Logical Path to Success + FinCEN Deadline Alert 10-Nov-2024
Embrace the Vulcan Mindset: Logic in the Face of Uncertainty
I had two sales calls cancel in the wake of the US election results this week, and I'd like to pick this apart a little to examine some of the choices and decisions involved.
On one hand, I think it's good that these individuals canceled our calls. You can't make sound business decisions from a highly emotional place, and it was smart of them to recognize this. However, there was a key difference in how each person acted: one rescheduled for a future date, while the other outright canceled.
Rescheduling was the better, more stable business decision because, while you shouldn't make a purchase when you're feeling emotionally charged, canceling is also a decision—one that, in this case, was made from a place of emotion.
Regardless of the particular situation, I will always encourage you to embrace a Vulcan mindset—logic over emotion—when making business decisions. I recognize how very difficult that can sometimes be, which is why it's just as important to have a solid business support system as it is to have a personal support system. Having professionals you trust, who you can turn to in times of distress, is a critical component of running a successful business. These professionals could be business partners, business coaches or consultants (like me), other business owners, accountants or financial experts, attorneys, or other specialists in their fields.
For better or for worse, I think it is safe to assume that while Republicans hold the Presidency, House and Senate for at least the next two years, we can expect to see a lot of changes. To keep your business going strong, I urge you to shore up your support system now, enhance your information system so you can stay on top of changes that will directly affect you and your industry, and work toward embracing a Vulcan Mindset of Logic and Calm in the Face of Uncertainty.
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FinCEN Beneficial Ownership Information (FinCEN BOI) Reporting Requirement
Starting January 1, 2024, many small businesses, including corporations and LLCs, must file beneficial ownership information with FinCEN under the Corporate Transparency Act (CTA). You only have to file this report once, but the deadline is fast approaching. You must file by January 1, 2025.
So if you haven't done it yet, now is the time!
As always, I've done all the hard work for you, broken it down into everything you need to know along with step-by-step instructions. This should take you less than 10 minutes to complete. Here's what you need to know about FinCEN BOI…
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Stay Magical,
Cheryl
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