Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.
Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.
Below is our interview with Harvey Bezozi, Founder at Your Financial Wizard:
What does your company do?
Our company provides four types of services to clients. We (1) help negotiate tax-debt settlements for individuals, businesses and business owners that owe between $50,000 and into the millions of dollars to the IRS; (2) provide outside CFO services to companies and wealthy individuals, managing all of their tax, accounting and finance functions; (3) serve as business managers and royalty auditors for creative artists, handling everything to do with money and numbers for a wide variety of very famous Hollywood celebrities; and (4) replace the current CPA firm when a client is looking for a "fresh set of eyes." Our mission is to provide concierge-level work product and service, along with seamless communication, high energy and a super-positive attitude. We are located in Boca Raton, Florida, and have been in business since 1994. We serve clients in all 50 states and internationally.
What is your role? What do you enjoy most about your role?
I am the president of Harvey I. Bezozi, CPA, P.A., and the owner of Your Financial Wizard. My professional career started back in 1982 when I accepted a job with one of the Big Eight accounting firms in Washington, DC. At that firm, I had the opportunity to work on financial reporting and tax filing for international public and private companies. Shortly thereafter, I became very interested in tax consulting, the role of the CFO in corporate finance and the inner workings of the entertainment industry. After partnering with a retired IRS agent who taught me how to help clients with serious IRS problems, I started my own company in this field. I am passionate about helping my clients and working closely with them. I enjoy providing brilliant, level-headed advice -- in a no-nonsense, drama-free and extremely results-oriented fashion.
What are the biggest challenges in your business right now?
It has always been a challenge to persuade my clients to follow an expense budget in their personal lives. They typically adhere to the business budgets we prepare together. When it comes to personal budgets, however, they tend to overspend and "live above their means" -- no matter how much they earn from their businesses or investments.
Another challenge I face is the proper management of information, technology and devices. Our society has become addicted to emails and texting, so I encourage my staff and our clients to manage communications properly and set a specific time to appropriately "unplug and recharge." Clients always come first, and I will quickly "plug back in" when a client needs me. Impeccable client service rules!
If you could go back in time, what business advice would you give to a younger version of yourself?
I would advise myself to find intelligent and successful mentors. Research consistently shows that the most successful business owners surround themselves with brilliance of all kinds. Success is contagious -- so surround yourself with it.
Next, become a diligent goal setter. It is best to base your goals on what you value in life. So do your homework, engage in some soul searching and reflection, determine what really matters to you in life, and set your goals accordingly.
And, most importantly, be of service to others. If you provide others with something that makes their lives easier and helps them, then you are guaranteed success!