987: ACTION SATURDAY (strategic year-end investments!)

What if you could gain more than just tax savings this year-end? Join our host, Brian Lofrumento, as we explore the art of making smart, strategic investments in your business before the clock runs out on 2024. This Action Saturday episode is your personal nudge to reassess your business operations, from software systems to the equipment you use daily. With just a month left, it's time to finalize your expenses and make impactful decisions that not only optimize your tax planning but also set a strong foundation for a successful 2025.

As the year concludes, the holiday sales present a golden opportunity to acquire the tools that will elevate your business. Whether it's a slick new microphone for your podcast or a game-changing software deal on AppSumo, these investments can reduce your taxable income and enhance your operational efficiency.

Transcript

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Hey, what is up?

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Wontrepreneurs and entrepreneurs all over the world.

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It's Brian LoFermento here, host of the Wontrepreneur to Entrepreneur podcast, and this is a very simple and very actionable Action Saturday episode, because it is all about the end of the year.

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2024 is flying by, we are racing to the end of the year.

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I'm recording this here at the end of November, which means we have just four weeks, just one month to go before December 31st and January 1st, 2025 is here.

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And, with that in mind, that's why this Action Saturday it's something that I personally do at the end of every single year, which is I get in my last minute expenses, my last minute business expenses, slash investments.

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It's funny, I always think about business expenses as investments because at this time of year, I'm looking at all of my processes, I'm looking at everything that everyone, across all of my teams, are responsible for, and I'm asking myself are there tools, are there software systems?

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Is there any equipment whether it be a new laptop or a new computer or a new microphone or a new camera that I need for this podcast or for any of my businesses?

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Are there any expenses that I can get in before the end of the year, so that, of course, I'm not an accountant, and that is your typical disclaimer in this type of episode is that you definitely want to get accounting advice from an accountant, not from me personally.

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But I will just tell you, at a very base level of, of course, your business expenses.

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You'll be able to use those to reduce your net income, which in turn reduces your taxable income, and so you're going to save a little bit in taxes, not to say that you know, if you buy a $500 camera, it's going to save you $500 in taxes.

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That's absolutely not how it works, but it is important to, at the end of the year, if there are things that you need to buy or that you want to buy for your business that are going to set you up for success in the new year, now's the time to get those expenses in.

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Now's the time to pull the trigger on those things, make some decisions and set yourself up for success in the new year, because it comes with, obviously, I mean at the beginning of next year, we're going to be talking about tax season and the importance of compiling all your revenues and all of your expenses.

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This is where you get to control that part of the equation.

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This is where you get to start adding in some expenses necessary expenses, of course that are relevant and important for your business in the new year, and this is where you get to add those in so that they are taken into account in your books when you start doing taxes come January, which I know none of us are looking forward to.

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But that's why it's important to at least think about this side of the equation right now, because if you don't want to think about your revenues, you don't want to think about setting money aside for taxes and all that stuff and doing your books.

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Well, you do know where expenses are going to go at the end of the year.

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So that's why here we are, end of November.

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This is my little kick up the butt for you.

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I will say for me personally, one place that I always look to buy new things is on AppSumo.

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I've talked about AppSumo many times before here on the show.

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I love AppSumo.

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It's lifetime licenses and I use so many tools across all of my businesses that I've picked up from AppSumo.

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That's APP like downloading a phone app AppSumocom.

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You'll get these lifetime licenses, some really good software products as well.

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But the time to do it is truly right now, before the year is over.

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So definitely just look at your processes, look at your operations, look at your products and services and customer fulfillment and sales and marketing and follow-ups, and look at all of these aspects of your business and ask yourself is there anything I need to buy?

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If so, let me do it now, during this holiday season.

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One, when there's amazing sales, and two, before the end of the calendar year.

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So I promise you this would be super simple.

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This action Saturday, it's just that little kick up the butt to get those last minute expenses in.

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So this episode is not about content.

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It's about you going out there taking action.

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I'll see you right back here tomorrow.

987: ACTION SATURDAY (strategic year-end investments!)

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