Episode Transcript
[00:00:00] Speaker A: Welcome to what's next. I'm Christine Conti, and today we're exploring the mindset that transforms breakthroughs into lasting success. You're watching now Media Television.
Hello and welcome to what's next. I'm Christine Conti, and this is a show where we explore what happens after people break through those mental barriers that once held them back. The fear, the doubt, the. The old story, or the belief that kept them from taking the next step. Today we are bringing the conversation into business finance because for many entrepreneurs, the biggest financial challenge is not only the tax return, the balance sheet, or the cash flow report.
Sometimes the first barrier is internal. It is the stress of not knowing, the fear of looking too closely, the belief that numbers are too complicated, or the habit of waiting until there is pressure or before asking for that help. My guest today is Harsh Jadhav, cpa, cgma, cisa, CFE partner at the Profit Guru.
Harsh works with business owners, medical professionals and executives to decode complexity, implement advanced tax strategy, strengthen cash flow discipline, and turn profitability analytics into clear growth plans. With more than 25 years of senior leadership experience from the IRS, Deloitte, Ernst Young, Intel, American Express, Harsh brings a rare insider perspective on where business succeed and where they stumble and what becomes possible when owners stop guessing and start leading with clarity. Harsh, welcome to what's Next.
[00:01:48] Speaker B: Thank you, Christine.
[00:01:50] Speaker A: So it was really lovely talking to you when we were getting started. You've had a lot of what next moments, like from going from the IRS world to corporate America to you said you had a brief stint in real estate. You're trying your hat at being a college professor and writing a book, having the courage to take that stint step.
When you work with business owners, what do you think are some of the barriers that you've encompassed, encountered with them that have kept them, that have held them back from taking that next step.
[00:02:30] Speaker B: Christine, that's a great question. First of all, and I think the most common barrier is I see that fear of discovering bad news.
I think many business owners know something may not be working, but they're afraid that looking more closely will confirm it. So they continue working harder, selling more, hoping that the problem kind of resolves itself. I think that's one part of it. The other thing is this barrier of embarrassment. I think successful professionals, especially sometimes believe they should already understand every aspect of finance. A physician may be exceptional at treating patients or an attorney outstanding at practicing law, but that does not mean that they're well trained at analyzing profit margins or forecasting cash flows or even Creating a tax strategy. I remember once speaking to a successful professional who said, I feel like I should know this already. And I told her, you should know your profession, but you should also have the right to have the right people around you who understand those areas that you've never really been trained on.
So the goal is not to make every owner an accountant. The goal is to give them enough understanding to have them ask better questions and make more informed decisions.
[00:03:49] Speaker A: I love how you worded that, ask better questions, because I think so often we don't really, when we're at that transition stage, we know doing isn't working, but we just don't know how to get there.
So with all your vast experience, how are you able to help guide someone and give them the tools to create those better questions?
[00:04:15] Speaker B: For me, it's all about financial clarity.
I think that when people say they want financial clarity, I don't think they really mean they want a spreadsheet or some kind of financial report.
What they're really looking for is some level of peace of mind. They want to know, am I making the right decisions? Is my business actually healthy? Can I afford to hire someone? Can I invest in marketing? Am I putting money away for taxes? And will this business actually eventually provide the light that I imagined when I started it? I've met, like many business owners, where, you know, they generate significant revenues, but they still wake up in the middle of the night, you know, worrying about payroll or the taxes. They have money coming in to the business, but they don't have that certainty about what that money really needs to do next. I think financial clarity gives them that certainty. It helps them understand what they can spend and what they should be saving and where they should be investing. We want our clients to look at their numbers and feel more in control of. Of their business and in their future.
[00:05:23] Speaker A: So what I think I'm hearing you saying is you're helping the business owners to stop being intimidated, to let go of that fear and by kind of giving them that hope and starting to see, understanding those numbers and reading that information.
So from your experience, where do owners confuse that? Being busy, that overworking, like, you know, the go, go, go with being financially healthy?
[00:05:58] Speaker B: That's a really great question. Again, you know, I think that that is a balance they have to learn. And I think what ends up happening more often than not is you've got entrepreneurs who are just super busy with their, you know, with their business, right? Phones are ringing, customers are coming in, they team is really busy, and owners assume that they're doing something well, they're focused on delivering the services, you know, solving customer problems, managing employees, you know, reviewing financial reports.
But they're, and they're dealing with really kind of what's urgent on their plate in front of them versus thinking about it more long term. Now, I've seen like owners say, we had our best sales month ever. And then they discovered they also had one of their weakest profit months. You know, revenues might have increased, but the overtime, the advertising costs, the contractor expenses, those just increased even faster. And that doesn't mean that the owner is not intelligent, but it just means they're simply looking at the most visible numbers rather than looking at the most meaningful numbers. And then when you got pressure, right, pressure eventually forces attention and a tax payment comes due, you know, cash gets tight and, and maybe a major client leaves and then the owner starts asking those questions. And the problem is that decisions made under pressure are rarely the best decisions. Financially disciplined businesses, they tend to look at the numbers before an emergency even comes up while they still have multiple options available.
[00:07:28] Speaker A: So in your own journey, do you feel like you're able to kind of connect with people and kind of help them kind of foresee some of these obstacles? Like, you know, are you, have you found that you're able to offer that wisdom because you, you've been through it. You know, you've worked on the corporate side, you know, tax, you've been worked on the tax side.
You've obviously, you know, tried your hand at your real real estate agent. That's entrepreneurial and now you have your own practice. So you really truly understand that waking up in the middle of the night scenario of, oh, did I plan everything out correctly? Or have you kind of gotten to that point where you have said, no, I'm a forward thinker and I make sure I've asked all the questions ahead of time?
[00:08:24] Speaker B: Yes. You know, and I will tell you, I'm the first to admit I was never really good at that. Christine. You know, I think that I'm still learning, like probably all my clients are same time, because I think we all struggle with that to some degree.
[00:08:36] Speaker A: Yeah.
[00:08:36] Speaker B: And it's interesting, you know, like when, when I started my business, right, we were really traditionally an accounting firm. That's what we did. You know, we offered bookkeeping and taxes and payroll. But I think, you know, when we started having more engagements with our clients, it, it felt like it was very transactional. I remember like one of my long term clients, you know, Saul, who ran a successful food truck venture, was Looking to expand his business, and unfortunately decided to take on a partner, someone he had known probably since high school. And the partnership was a disappointment from day one. As you know, Seoul had under underestimated the time that was required to train the partner, and the business expectations were unclear. For example, the new partner assumed running a food truck was like, you know, handling the lunch rush, not the long hours, you know, behind the scenes of food prep and handling the. You know, and then working the back office, accounting, dealing with vendors, and the weekend hours at the swap meet. So within a year, the partnership was over, and, you know, Saul filed for bankruptcy and lost a close friendship that he had since high school. I think when Saul called me around tax time, I had all these great suggestions about what he could have done. His simple question back to me was, you're my cpa. Why didn't you tell me this before? And I think that kind of hit me really hard because he was right. He was right about that. And I think, you know, six months later, we started my profit gurus, where we now refer and outsource the bookkeeping, the payroll and the tax returns. Because I don't think that's where we felt we could add the most value. And instead, we focus, you know, on CFO advisory services to help our clients, you know, achieve at least a million dollars in revenue. We manage their cash flows and then help them save between 50 to 75% of their taxes. So I think that's kind of the shift that I've realized over all the time I've been in all these different roles is where do you add the most value? And thank goodness, you know, it's not surprising. I actually get invited to a lot more weddings and Thanksgiving dinners because our clients actually think more as family now. Right?
[00:10:41] Speaker A: Yeah.
Thank you for sharing that. You know, not everyone has the courage to, like, share those kind of those learning experiences. Right.
But I love how you. You were like, you're right. I did do that correctly. And then you took that as your next, like, what's next Moment. Right. You said, this isn't maybe where I need to. This isn't where I can help people. Where I can really help people is by having that, helping them to kind of see see all of the pieces and all of the kind of what ifs before they kind of go down that lane and maybe possibly end up bankrupt. And I like how you still support. It sounds like you supported this person in their next endeavor of like, okay, well, that was painful, but let's pick ourselves up and let's rebuild. I really like how you've kind of, you're like an inspiration for the people that you, you've taken your experiences and set and sharing your positivity and saying, okay, well, that was a learning experience.
[00:11:50] Speaker B: Well, Christine, you always have the best perspective, you know, because you actually work in the field, you know, dealing with people's emotions and dealing with their, you know, psychology. And I can't tell you how important that is in business. So what the skill set you bring is hugely valuable even in my space.
[00:12:05] Speaker A: Well, Harsh, this is such a powerful place to start because it reminds us that the next level often begins with the courage to look clearly at what we have been avoiding. When we get back, we will talk about cash flow, profitability, how business owners can use the numbers to move beyond survival mode and enter stronger decisions. We'll be right back with more inspiring stories and practical insights to help you discover what's next. Stay with us. And we're back. I'm Christine Conti and this is what's NEXT on NOW Media Television. Let's continue the conversation and welcome back to what's next. Stay connected to this show and every NOW Media tv. Favorite live or on demand, anytime you like. Download the free Now Media TV app on Roku and iOS. Unlock non stop bilingual programming in English and in Spanish on the move. Catch the podcast version on NOW Media tv. From business and news to lifestyle, culture and beyond, NOW Media TV is streaming around the clock. Ready whenever you are.
I'm back with Harsh Jadav, partner at my profit guru. In the first segment, we talked about breaking through financial avoidance.
Now we are moving into the next question. What happens after a business owner is ready to look honestly at the numbers?
For many entrepreneurs, the business looks busy from the outside, but inside, they feel they are constantly reacting. Revenue may be growing, but cash is still tight. Clients may be coming in, but profit doesn't feel stable.
This segment is about moving from survival mode to financial discipline.
Welcome back, Harsh.
So when did you realize that you were more than just the CPA for your clients?
You talked a little bit before about some of the experience you have which prompted you to start your company.
Well, I guess reinvent your company.
And where in your journey were you like, huh, I'm more than just the numbers guy.
[00:14:22] Speaker B: Well, you know, Christine, finally, funny enough, I am actually not much of a numbers guy. I hate to admit it, you know, when it comes to being a cpa, I found though that, you know, when it comes to my clients, they tend to, you know, like, actually want to know More about the strategic side of a business. You know, I'm. They pay me to do the numbers. You know, we got spreadsheets, we've got a AI now that actually helps us. But at the end of the day, you know, what it's all about is giving them that comfort that I can strategically actually move them in the right direction. And that's what actually moved me away from just being a CPA and doing tax returns and, you know, bookkeeping and that type of work. Because I really felt like, you know, the value proposition I was giving them was not very good. You know, I mentioned the, the story earlier about my salt, my friend Saul from the food truck.
Well, there was many other clients like that. You know, where I was doing the taxes. I would see them one time a year.
You know, I was not able to give them any type of value during the year. So we just flipped the model on its head and we said, let's not worry about just the tax return.
Let's do all that planning during the year. Let's help them build revenue, help them manage cash flow, you know, help them build profitability. And as a matter of fact, now we've actually built a, what we call the client acquisition system, which is sort of a complete end to end system that starts with lead generation conversion and it works them all the way through the life cycle of their business where we work on their taxes, we maximize profit, and then we look at exit planning, like what are you planning on doing after you leave the business? So it's a complete life cycle approach which we think really gets our clients excited because they can actually see the measures that their business is growing, all the KPIs, but they, at the same time they see that there is actually an end. There's actually a plan to get at the very end of it. So I think that that is what really drives us in terms of giving that type of value to our clients.
[00:16:29] Speaker A: Yes. You take them through each of the what's next steps. I love that. What was that program called again?
[00:16:37] Speaker B: So it's our client acquisition strategy is what it is, you know, so it's our strategy.
Yes. So that must be. So we actually have a system.
[00:16:46] Speaker A: Yeah. You know, is it difficult to get a business owner to kind of stop thinking about like the what's like their fear of taking that step to bring them to that next level? I imagine that it's great to have this strategy out there, but do you ever encounter that obstacle holding people back and how do you help people push through that?
[00:17:18] Speaker B: Wow. That's really pretty powerful. And to be honest with you, it doesn't even depend on the level of the entrepreneur. We see that often, you know, from people just starting to people who are like, you know, further into their life cycle of the business. Fear is real. It's real and I think, you know, when you talk about emotions in general, it sort of creates a different type of financial risk. I think, you know, fear can cause owners to stop investing at exactly the wrong time. They may cut, for example, marketing or daily hiring or avoid technology that can improve the business because they are afraid of spending money.
And urgency can then create the opposite problem. Because owner feels pressured to begin purchasing solutions too quickly. They hire the first consultant, launch an advertising campaign without a plan, or take on some expensive financing because they feel it's the right thing to do. Right? And then overconfidence can be just as dangerous. Right. An owner that has several strong months assumes that a trend will continue indefinitely. They increased fixed expenses, they lease a larger office, they hired too quickly and without really considering what's going to happen to revenue when it turns to normal. I even recall like a situation, we had an H Vac company and many years ago we were experiencing the heat wave and they had a sudden increase in sales. The owners assumed that the growth was going to be permanent, so they expanded their team immediately.
And then several months later, sales slowed down, but payroll remained and what looked like a growth opportunity became like a huge cash flow burden. So I think the goal is not to eliminate emotion, but business ownership is emotional and the goal is to prevent that emotion from being the only input into a major decision.
[00:19:08] Speaker A: That's really great. It shows how like, even though you have that revenue, you why some people get stuck, stuck in that survival mode.
What numbers? I know you're not a numbers guy, but what numbers should a business owner understand? Or you know, like the old make sure you have six months worth of revenue before you, you know, expand or something. What, what should a business owner really understand before they start that exciting leap into the next into growth in order to ensure success?
[00:19:48] Speaker B: Yeah, yeah, that's a great question again too. And I think the numbers I focus on really depends on the business.
But several usually reveal the truth very quickly. One of the things I look at is gross margin. I think that tells us whether the business is actually pricing and delivering its services effectively.
I think net profit tells us whether the overall operation is financially sustainable. And then you got cash flow. It tells us whether the business can actually meet its obligations.
Accounts receivable tells us Whether the customer is actually paying and customer acquisition cost tells us what it takes to generate new business.
Now, I like to look at profit by service, line by location, by customer type.
And I think it's funny when I hear owners say this is our most popular service. But popularity does not necessarily mean profitability.
I remember a situation where a company's highest revenue service also created the most customer complaints, more employee overtime and rework. And once those hidden costs were considered, the service was far less profitable than the owner actually believed. So I think numbers can challenge a story the owner has been telling themselves.
And it can be uncomfortable, but it's also freeing because once the truth is visible, the owner can do something about it.
[00:21:16] Speaker A: Do you find, like as you're talking about all these financial terms and whatever, do you find that sometimes a business owner who their expertise is in the medical field or legal or food, that sometimes you need to kind of, for lack of a better term, dumb it down a little bit so that they're not glassed over like they're in math class and they're truly understanding what you're saying so that they can make those right choices?
[00:21:51] Speaker B: I like it. I like what you're saying because you're basically saying is how do you simplify the process? How do you make it easier, easy to understand and digest some of that financial information?
So I think, you know, when it comes especially, we primarily work with service based businesses. So like you mentioned the medical professionals and folks like that, and I think what they should pay close attention to is the economics of each service that they provide. I think many professionals know their total revenue, but they don't know, for example, which procedures or engagements or service lines are actually creating the strongest profit.
I think like with a medical practice, they may have procedures that produce significant revenues, but also maybe requires expensive supplies or additional staffing or maybe more follow up or a longer collection period. Another service may be smaller but produces a much stronger margin.
I think they should also monitor provider productivity, right? Like scheduling capacity, maybe patient or client acquisition costs, cancellations, collection rates, and maybe the dependence on a limited number of referral sources. I think for service businesses, on the other hand, labor is often the highest cost.
Owners need to know whether employee time is being used effectively and whether pricing reflects the true cost of delivering the work.
I think another major issue is that owner dependence. And it's like if every decision, customer relationship and technical tasks depends on the owner, the business may generate income but has not yet become a scalable asset. And usually you're finding a high burnout rate with those type of owners.
[00:23:37] Speaker A: That's a really interesting point. So how do you, like, from your experience or personal or just working with others, that what's the obstacle? What's keeping that, that owner stuck in that control? And how do you help them relinquish that control so that they can thrive instead of surviving or failing?
[00:24:03] Speaker B: Yeah, and you'd be surprised. You know, that is probably the most important question that we ask our clients as we work with them because, you know, it's, it's different. Right. Many of them have started their business as a solopreneur. So there's a certain amount of scalability that you have as a solopreneur where, you know, you're wearing all the hats, you're doing all the business functions at the same time. You're selling, you're fulfilling, you're doing all that work, and then you start to grow a little bit, and then you grow a lot. And all of a sudden you can't do it all on your own anymore. You need help. And whether you need help internally, you're building your workforce or you're doing something else, you know, you do need that assistance. Right. And that's the only way you can grow.
[00:24:45] Speaker A: So what I appreciate about this part of the conversation is that numbers are not there to shame an owner. They're there to guide that next decision. And when a business owner understands what the numbers are saying, they can stop reacting from fear and start leading with strategy.
When we return, we will talk about tax strategy and how planning ahead can become a breakthrough, not a burden.
We'll be right back with more inspiring stories and practical insights to help you discover what's next. Stay with us. And we're back. I'm Christine Conti, and this is what's Next on NOW Media Television. Let's continue the conversation.
Welcome back to what's next. I'm continuing my conversation with Harsh Chahab, cpa, cgma, cisa, CFE partner at my profit guru.
Now we're talking about tax strategy, but through the lens of this show, what happens when a business owner breaks through the fear of procrastination that keeps them reactive? Tax planning is not just a technical issue. It's a mindset shift.
It requires looking ahead, asking better questions and making decisions before pressure forces the conversation.
Welcome back. Harsh, what do you think is the difference between being the tax preparation and a true tax strategy? You talked about your program that you had developed and how you help people with the exit, you know, going through all the stages that a Business owner should from the get go. But how do you each year help them prepare and develop a true tax strategy to help their business grow?
[00:26:29] Speaker B: Yeah, yeah, and that's a great question because I think a lot of folks, you know, they think about tax, they think about tax preparation in the same way they think about tax planning and tax preparation. You know, it's a one time a year event, usually around April 15. But tax planning is really strategic. I mean, that's when the. Scott, this conversation happens, you know, throughout the year. And it's usually before any decisions are even finalized. You know, like suppose an owner wants to purchase some equipment or they want to establish, let's say in a retirement plan or change their entity structure from an LLC to an S Corp. Each of these decisions may have tax consequences, but the strategy has to be considered before the transaction occurs. So by tax season, many of those opportunities are already gone because the year has already passed. I often explain, you know, that tax preparation is like watching a recording of a game that's already been played, like a sports game. And in tax planning, on the other hand, is actually being on the field when there's actually some time to actually change the play. I think the best strategy is not always the one that creates the largest deduction. It's a strategy that supports the owner broader goals, including cash flow, business growth and retirement. And more importantly, the wealth creation piece of it.
[00:27:49] Speaker A: I imagine from what you're saying, you know, for you, with, with what you do, it must be almost frustrating when you watch successful businesses overpay and miss opportunities.
How do you help a business owner that you can see going down that path? How do you help them to, to see the big picture and so that they can have maybe those funds at the end of the year to do whatever's next for their business growth?
[00:28:17] Speaker B: Yeah, that's, that's another good question. I think, you know, when it comes to the point you raised about, you know, waiting till, not waiting till the tax time to do your tax planning, that doesn't work. You've got to be able to do it during the year. As a matter of fact, I think it's one of the biggest mistakes, mistakes, you know, is that taxpayers and, you know, clients, as they wait, they just don't think it's important enough or they're really busy with their business and some really significant tax planning opportunities are missed.
We, you know, usually, typically, for example, if we are able to plan for our clients, you know, during the year, we can actually save them typically between 50 to 75% of the taxes that would be owed. But we can't do that on April 15. We have to be able to put those strategies in place during the year. So I think, you know, in terms like, you know, the, the decisions that are made, right, they need to be documented, they need to be funded and they mean they need to be implemented during the year. And I think that, you know, when you have an owner that has, you know, maybe missed their estimated payments or, you know, they didn't manage their compensation correctly, they didn't establish, you know, their benefit programs in time, whether it's for you health benefits or retirement benefits, or they actually spent money that they really didn't need to spend, I think those are some of the things that we talk to our clients about, tell them that these are opportunities to get better and let's make those changes during the year versus waiting till the end.
[00:29:46] Speaker A: So what do you think are like the limiting beliefs that an owner might have that prevent them from planning early?
Because it sounds like from what you're saying that sometimes people, you know, they, they maybe skip over their quarterly meetings with you.
What do you think is behind that? Is there like fear or limiting belief that keeps owners from prioritizing these meetings with you?
[00:30:12] Speaker B: You know, fortunately for us, that is a mandate. You know, within our contract with our clients, we don't like skip quarterly meetings and we actually have monthly meetings with most of our clients because like you said, you know, it's. There's never a good time, right? There's never a good time to talk about taxes because you're so busy running your business and there's a million other things in your mind that are important and needs to get done and you keep, you know, the old paradigm of being able to do taxes on April 15 keeps coming back to you. But I think for us and our clients, you know, they, that is one of the biggest piece of the strategy that we offer the. Because when we're able to show them the tax savings by being more proactive in the whole process and then those tax savings can now be put into retirement so they can actually retire earlier.
Maybe they want to go on a nice long term vacation that's been overdue, needs to, needs to happen soon. Now you've got money and you don't feel bad because that's money that would have been going to the irs. Why not use it for yourself?
And I think, you know, one of the things we talk about with our clients.
Thank you. Thank you. And I like, you know, one of the things we talk about with our clients is that, you know, you have a responsibility to be legally aggressive about your taxes. Right. We will never cross the line, but there's so many tax deduction opportunities and tax strategies that, you know, tax professionals who do things on April 15 just don't have the time to talk to you about it. So we make sure in our monthly meetings or quarterly meetings that we talk about these strategies and then we monitor it to make sure we're doing everything right.
[00:31:52] Speaker A: So it's interesting, you say, you know, they have a responsibility to, you know, take. Take advantage of whatever tax incentives that are there. Do you think that people are afraid to do that? Do you think that that's an obstacle for many people?
[00:32:11] Speaker B: Yeah. And I can tell you from my days as an IRS auditor, when I used to audit for the irs, that was legitimately a situation because it's. I don't think this is a well known fact, but when people go for audits, if the auditor is a good auditor, they're not only looking for, you know, opportunities where, you know, you probably missed the deduction or something like that and you owe additional tax, but they're also looking for refund opportunities. Right. So maybe you didn't claim a deduction you were entitled to, so they should also be looking at that, too. But I noticed when I was at the IRS that people are very, very conservative on their tax returns. You know, their CPAs just don't want to deal with the headache of an audit, so they end up like, you know, filing a very conservative tax return. And to, to us, and to me, that's an injustice to the taxpayer because, you know, you could, you could be saving them tens of thousands of dollars if you took a deduction that they're entitled to. Yeah, maybe it takes a little bit of explaining if you're in an audit, but nonetheless, you know, that taxpayer is entitled to that deduction. And if you have to fight for it, you need to fight for it. So that's really where I think, you know, our, our perspective might be different than maybe some other CPA firms.
[00:33:29] Speaker A: I like how you really are kind of protecting or looking out for your clients there.
And you had talked about earlier how you're helping them kind of keep that money and maybe putting it back into their retirement planning so they can retire earlier.
How do entity structures and compensations and deductions and retirement investments connect to that strategic decision making when you meet with them each quarter or each month?
[00:34:02] Speaker B: You said, yeah, for some we meet monthly, some are quarterly. But I think it's like one huge tax planning opportunity. I don't think, like, for us, you know, we look at everything very holistically. It's not like one deduction or one type of credit is going to really help the overall tax situation. It's the accumulation of all the different opportunities you have available.
And what we really start with is, believe it or not, it's not even the tax side of it. It's the business plan. We want to understand from the owner what are they actually trying to accomplish at the end? What do they want their business to produce? When are they planning on retirement? So these are all more personal questions versus tax questions. Then what we do is we design the tax strategy around that so we can make sure that, you know, we are taking advantage of all the different opportunities. I mean, all the time I hear about entity structuring, for example, something you mentioned, and you know, many clients are in a rush to create an LLC or an S Corp or a C corp, and they don't realize all the cost involved with starting an organization and all of the administration that's necessary to keep that entity, you know, in full compliance with the IRS and the state.
That can be an overwhelming, you know, situation for owners if they're not ready for it.
So sometimes, you know, what you hear out on the Internet and you know, through maybe uninformed professionals, you may hear probably the wrong advice. So you have to look at the big picture and see what the owner actually is trying to accomplish and, and then structured a tax plan around it.
[00:35:45] Speaker A: You know, it's funny that you say that. You know, it's like Dr. Google, right? People diagnosing themselves. Happens all the time. Never really considered that from a tax perspective. Do you have people come to you often like, oh my good. Like all either, you know, looking for something that they can't legally do and getting frustrated by it, or the opposite where they. They're like, no, no, we need to slow down. We can't do this because I chat GPT said this.
Has that been in the, you know, the most recent years, months been a bigger issue and concern for you?
[00:36:25] Speaker B: Yeah, it has, as a matter of fact. And you know, I actually misspeak from both sides of my mouth on this one here because I do think that AI is getting better. I mean, some of the AI tools, even when it comes to complex strategies and tax, they're actually pretty good. You know, they actually give you pretty good advice. But the problem is, is that it's not good on every piece of tax advice. Sometimes it's not looking at court rulings or how the, the tax settlement was done in one court versus another court. It's not maybe going to that level of detail which makes a difference for a taxpayer who's filing. So that's where, you know, the professional experience comes in handy. It gets, you know, that's where we're able to actually provide that. The other thing AI doesn't really do or Google, Dr. Google, as you mentioned, doesn't do it so well is they don't look at the big picture. They are actually focused on maybe one strategy. You're asking them one question, so it's answering one question. But is it really looking at the big picture, where the client is and what they're trying to accomplish? Probably not. So, you know, I think when you look at all of that together, that's really the holistic approach is what we find is the most beneficial way of, you know, working with our, with our clients and, you know, making sure they get the right result.
[00:37:43] Speaker A: Well, thanks for walking us through that. Tax planning is bigger than just that paperwork.
It sounds like it becomes a way to reduce fear, protect choices and help the business owner make clear decisions on what to do next.
When we get back, we'll have a closer look at resilience, long term growth and how a business owner can build a company that is ready for the future instead of constantly recovering from the past.
We'll be right back with more inspiring stories and practical insights to help you discover what's next. Stay with us. And we're back. I'm Christine Cotton. Hi, I'm Monty. And this is what's Next on NOW Media Television. Let's continue the conversation.
Hello. Welcome back to our last segment of what's next. Stay connected to this show and every NOW Media TV favorite live or on demand, anytime you like. Download free Now Media TV app on Roku and iOS and unlock non stop bilingual programming in English and Spanish on the move. Catch the podcast version at www.nowmediatv. from business and news to lifestyle, culture and beyond, Now Media TV is streaming around the clock. Ready whenever you are.
I'm here with Har Shah, partner at my profit guru and in this final part of the conversation, I want to bring everything back to the heart of the show and what comes next after that breakthrough. Once an owner stops avoiding the numbers, understands cash flow and begins to plan strategically, the next step is not just surviving, it is building a business that is stronger, smarter and more resilient.
So now we are asking what becomes possible when a financial clarity helps a leader Redefine their own potential.
Welcome back. Harsh.
[00:39:41] Speaker B: Thank you, Christine. Once again, glad to be here. And it's interesting. Before we launch this segment, one of the things I love about what you're doing is you really focus on systems. I know you offer solution focused therapy. You offer ifs focus on mindfulness, the sand tray therapy. This is what I love. When we are working with our business owners, our clients, we love when they've actually deployed some level of systems. And I was hoping maybe you can say a few words about what you do.
[00:40:14] Speaker A: Yeah. One of the things that I really like to focus on is awareness of why the system is broken in someone's life is the first step. It's step number one. After that, most people are like, well, what do I do?
What I love about the solution focused approach is it helps you create the goal where you want to go. And instead of, you know, we all know how to talk about the problems. And we all, you know, are great at complaining about, like, all the things going wrong. But oftentimes we fail to look at what's within our control and what we can do and to get to where we want to be. And so when I work with someone, I incorporate a lot of mindfulness, of realizing, okay, I'm hitting that wall again.
But you know what, let me focus on what's within my control or I'm too worried about the future. I need to focus on today because today will impact the future.
Ifs, we're all made up of parts. We're the partner, the child, the parent, the friend, the business executive, whatever part that exists. But we also have those parts that are born throughout our life that are there to protect us.
And sometimes they hold us back. They're not doing their job very well.
What I love to do, the piece about ifs, is it helps you become aware of those parts and helps you incorporate them into who you are today. So it no longer creates that obstacle that you're like, I don't know why I keep doing this over and over again. That self sabotage. And so incorporating all of that together helps people to really push through that fear and realize, okay, this is why I feel this way. But you know what I don't have? I can still perform the way I want to. I can still focus on what I can do to get to where I want to get to. And I was fortunate enough, sand tray is like an alternative to talk therapy where you can kind of unlock that block without having to talk about it. And it's basically playing in the sand with it. Looks, they're miniatures. Oftentimes people come into my office and they're like, you work with kids? I'm like, no, no, those are tools. They're called miniatures that we work out in the sand.
You know, another great approach that we do also offer is emdr, which is like the gold standard right now for dealing with that trauma response. But it's so much more than just trauma. It can help you in grief with, you know, various ocd, anxiety, whatever those things are that you keep.
It helps put the picture back together together and kind of Cliff Notes version of what it does.
So, yeah, my approach is very tools oriented, but not necessarily like homework. It's more like a way of setting it a very intentional life and learning tools. And it's not, you know, I always tell clients, if that tool didn't work, just come back and be like, yeah, I'm never going to do that again. Or it really doesn't meet my personality. And I got a lot of tools in my toolbox to give to people. So I really think that that's kind of one of the things that sets us apart.
What I do, I really love that people.
[00:43:49] Speaker B: Yeah, I, I love that because I know, like, you know, with my clients, you know, my business owners, one of the problems is, right, they. They're usually in the business on their own. Right? They're in business on their own. They don't have a lot of people to talk to. You know, they're challenged, you know, with different types of issues in their life and not having a professional to talk to who's got a very formal methodology to help them achieve their goals. You know, when they're struggling with maybe depression or struggling with, you know, loneliness, having, like, somebody like you that's available that actually understands that realm much better than somebody like me. I mean, that is a huge, huge benefit. And I could see a lot of, you know, many of my clients could, could definitely use your help in maybe what they're struggling with.
[00:44:38] Speaker A: Yeah. And sometimes it's not clinical depression or anxiety. Maybe it's just stress. I mean, you're executive entrepreneur, you got family, you got work, you got your people work for you. There's just all of this stress. And so just developing those tools and an approach. My approach is we can talk about the problems, but we can also, rather than ruminate on the problems, really focus on like, okay, well, that's. I always say I rudely interrupt people. I'm like, yeah, yeah, I get it. But where do you want to go and how do you get There. And so being able to ask those questions and having your team, right who you rely on and giving up that control to those trusted teams to help you with that financial clarity. To help a business owner think bigger about what is possible.
It sounds like from what you've done, you really are with those monthly meetings, you're helping those owners go from being stuck to evolving and thinking about that big picture, which is I think really beneficial and probably something that a lot of business owners maybe don't. You know, they maybe get too stuck in the weeds of the today and aren't planning for that future.
How do you help owners prepare for the growth without creating the chaos? You know, that, that program, that meeting monthly, it sounds like. But is there anything else that's like your.
Go to like tool?
[00:46:22] Speaker B: I like what you said about tools and I also like what you said about control. Right. Those are two aspects of a business owner where they can usually get stuck. Like you mentioned, you know, and I think for us, you know, for us it's more about like, you know, being able to, you know, walk through like, you know, help help our clients understand to think beyond the immediate demands of the business. You know, they, we want them to review their numbers regularly. They, they ask questions about problems before it becomes an emergency.
They invest in learning, they seek advice and then they measure these results on these decisions rather than relying on instinct. And I think they're also willing to change their minds. Right. An owner who says who stay stuck may continue offering an unprofitable service because they said that we've already done it this way. We've always done it this way. An evolving owner is willing to examine the data and make it a different decision.
And I think I've seen businesses make significant process simply by establishing monthly financial reviews.
[00:47:31] Speaker A: So tell me, how can our viewers learn more about my profit guru and follow your work, your books or any new books that are coming out and connect with you for that strategic financial guidance. Where should they go?
[00:47:47] Speaker B: Well, thank you for the question. And they can reach us at www.myprofitgurus.com. that's probably the best place to get a hold of us. You'll see a book, a meeting link, and I would encourage any of your listeners to actually take advantage of a free annual growth plan that we provide that actually will show them how to grow their business to a million dollars.
[00:48:11] Speaker A: I love that. I think anyone would want to do that. So harsh. Thank you for bringing so much clarity, strategy and practical wisdom to this conversation.
Today we talked about taxes, cash flow, profitability, financial avoidance, strategic planning. And what happens when a business owner breaks through the mindset barrier that keeps them reacting instead of leading.
What I am taking away is that the next level of business growth does not come from guessing. It comes from clarity and strategic planning and it comes from the courage to look at the numbers before pressure makes that decision for you. To every business owner, medical, professional or executive watching, ask yourself, what financial conversation have I been avoiding and what could open up if I finally had it? I'm Christine Conti and this is what's next.
