Issue link: http://psai.uberflip.com/i/766233
Own the U.G.L.Y. – and Plan for Tax Issues – Before Year's End …continued By Karleen Kos, PSAI Executive Director U – What are we U nderestimating? Competitive pressures? New technology? The destruction that new team member is doing to our culture? The opportunity that we "don't have time for?" What actions do we need to take – now – to get a handle on these things? G – W hat's G otta Go? What are we doing now that doesn't make sense anymore? What processes are more habit than value? What meetings are wasting our time? What's gotta go for us to be remarkable? Let's make a plan to get rid of those things as soon as possible. L – Where are we L osing? Where are we still under - performing despite our best efforts? Why? Who's doing it better? How? With that list in hand, who do we need to consult and what decisions need to be made to turn it around? Y – Where are we missing the Y es ? What must we say "yes" to in 2017? What new opportunities are yearning for our attention? Where must we invest more deeply and what trade - offs need to be made for it to be possible? Teams admire leaders who "own the ugly" and implement changes to drive the company forward. Challenge yourself to have the confidence and humility to go there – to start the conversation. Then listen deeply to the solutions your team can offer. Don't be afraid to look for outside advice as well. The best and most successful companies seek out the wisdom and expertise they need wherever it may be found. Above all, don't take a "wait and see" approach without being aware of the consequences. Taking time may result in better or worse business conditions, and unless your crystal ball is in perfect working order, you can't be sure what will happen. Not deciding is also a decision. So take the time to assess when and how to act so that 2017 is the best you can make it. TAKE ACTION ON TAXES NOW Before the end of 2016, though, you m ay want to take a look at a few things to make sure your business is where you want it to be with respect to taxes. The PSAI is in no position to give tax advice, so the following information is based on an end - of - year publication from Accounting Today . B ased on current tax rules, the following tips can save your business tax dollars if you act before year - end. While not all actions will apply in every business situation, your company will likely benefit from many of them. Be sure to consult a tax professi onal to see how to make the most of them for your business. W EEKLY EDITION DEC 21, 2016 P AGE 2 CONTINUED ON PAGE 3