Nina Braun: Navigating the Financial Uncertainty of 2020
Date Of Show: September 18, 2020
It’s challenging for businesses to figure out what to do next in 2020, especially when laws are constantly changing. Approaching the ever-changing laws strategically, so you focus on making changes around the uncertainty, is a wise move… but where do we start?
● What should I be thinking about what it comes to PPP loans in 2020?
● What business metrics should I know and pay attention to?
● What can I expect regarding future tax relief and stimulus funds in 2020 and changes for 2021 tax law?
● Should I start outsourcing to cut down on costs?
Karen Morales welcomes Nina Braun, a CPA and Partner at Ketel Thorstenson, LLP in South Dakota. Nina has 20 years of experience in the commercial audit arena and has worked with all different types of businesses, from retail to construction. Your accountant is part of your team and Nina is here to talk to us about why it’s important to stay in contact with your accountant and stay on top of your finances.
Nina is all about being proactive and making sure all your bases are covered when it comes to practicing business and being financially responsible. Industries that are currently the most impacted from coronavirus include hospitality and travel, but there’s always room to pivot and adapt, which is why we see so many people taking road trips instead of flying. Business tax law and implications in 2020 have been challenging for everybody, but you have the ability to navigate them effectively, especially if you have a great accountant. In this episode, Nina guides us through these topics and much more to provide us with stress relief and confidence to finish off the year strong.
3 MAJOR POINTS DISCUSSED
People avoid responsibility with their finances and it’s a huge problem. Many people start businesses because they’re passionate about the industry or practice, not because they’re great at accounting and finances. Sometimes their passion overrides their desire to make sure the business is staying profitable, administratively organized, and financially responsible. Tony Robbins says if you’re a business owner, you are either an artisan, a manager, or an entrepreneur. It’s not likely that we’re naturally all three. We often stay in our zone of genius, without working to strengthen the other areas of knowledge or augment our team with people who can fill those gaps. It’s important to fill those gaps to ensure your business will stay afloat.
Nina’s best business advice is to be the best that you can be at what you do and have control of your back office and billing. If you need help with it, hire help. Female business owners and artisans often don’t charge enough for their craft and there’s a lot of hesitation around invoicing and standing for your value. It’s essential that you know your value and are able to back it up. If you feel great about your service and you bill your client right away, they feel good about paying your bill. Breaking up with bad clients offers great relief, while freeing up resources so that you can go after bigger and better opportunities. Work with people that value you and your services!
When you’re looking to hire an accountant, look at their credentials. Note whether the firm’s size is a similar size to your business. Interview them to see if they’re a good fit and get a referral if possible. Look for someone with a 24 hour call policy, because communication is the key to building a trusted relationship with your accountant. And if you’re not currently in contact with your accountant, you should give them a call.
● Connect with Nina on LinkedIn
● Ketel Thorstenson, LLP
Karen Morales is founder and brand champion at Marketing Magnet.
Marketing Magnet was founded by Karen and her lean team of Fortune 500 marketing and advertising talent. We’re a world-class marketing department that has decided to take our big brand experience and direct it at the clients we want to serve: purpose-driven enterprises. Our secret sauce is our ability to focus companies on three marketing pillars to create great impact.
If you are looking for a solution to a marketing challenge, a specific project to be completed or a team to drive marketing on your behalf, we can help.
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