Marvin is a top-ranked, nationally recognized financial advisor with a focus on helping people invest & save more wisely for their golden years. As the founder of Compass Retirement Solutions, his team leverages MyOutDesk virtual assistants for both administrative & inside sales roles, and on average, they’re making him over a 20x ROI – and sometimes even more.
“My virtual assistant made me $43,000 in commissions less than half an hour ago, so if you’re still on the fence about hiring one, my advice is: just do it. The ROI on our virtual assistants is amazing – it’s definitely going to finish the year over 20x…”
Marvin isn’t just leveraging his ISAs for prospecting: he’s also using them to prequalify prospects, which saves his team of advisors countless hours – and lets them focus on advising only qualified prospects who are ready to take advantage of his expertise. This is only one of the many strategies Marvin has used to grow his business into the #3 financial advising firm in the United States. Take Marvin’s advice: just do it! Schedule your Double My Business Strategy Session now!
Marvin grew up in a working-class family in St. Louis, with little money. The first in his family to earn a college degree, Marvin put his law school education on hold to help care for his grandmother after she was diagnosed with Stage IV cancer. Marvin soon discovered that, although his grandmother had worked her whole life, she was still susceptible to financial turmoil as a result of poor financial advice and a stock market crash. Inspired to help other, hardworking retirees, Marvin became a broker for a large financial institution in 2005 before founding Compass Retirement Solutions.
“Once we get that lead, that’s where my MyOutDesk virtual assistants come in – they’re following up on those leads, getting them on our calendar and making our time more efficient. It saves us literally hundreds hours of time because we don’t have to skim through all of those individuals to find the most qualified people – and it’s changed our average case size from $325,000 to over $850,000!”
In 2016, he received the Salute to Business Excellence Award as voted by the St. Louis American Newspaper, and also that year, he was an honored recipient of the St. Louis County NAACP Distinguished Legacy Award. Schedule your Double My Business Strategy Session now, and drill down on doing your one thing to the absolute best of your abilities.
https://www.myoutdesk.com/wp-content/uploads/2020/02/marvin-972x456-1.jpg455972Jeremyhttps://www.myoutdesk.com/wp-content/uploads/2020/09/myoutdesk-logo-400w.pngJeremy2020-12-23 14:32:272021-01-05 14:09:10Marvin Mitchell: Making a 20x ROI with Virtual Assistants!
Tune in as we discuss leadership strategies for – crisis management, executing flexibility, accessing pivots & improving your cash position. Schedule a free Thrive Strategy Call today.
This special webinar includes 𝗙𝗥𝗘𝗘 limited-time access to:
1) Famous book “Scaling Up” + tools & worksheets
2) #1 bestselling business book “Scaling Your Business”
3) Business strategy consultants + thrive guides
Free Thrive Guide + Strategy Consultation
We’re joined by Bill Gallagher, CEO of Scaling Coach. Bill Gallagher is a business coach and master facilitator with over 30 years of entrepreneurial and executive experience. Bill has spent the last 15 years coaching and training others in leadership and performance and previously led 4 companies of his own and been a partner or executive in 2 others. Bill discovered the Rockefeller Habits and Scaling Up 20 years ago, has used them in his own companies.
Today, Bill coaches leaders and teams across more than 25 cities in 11 countries and the host of the Scaling Up Business Podcast. He is a passionate and playful presenter, and his clients, at all stages, share a hunger to grow successfully with an openness to new approaches and thinking.
It costs tens of thousands of dollars to attend one of Bill’s Scaling Up Institutes, and today you can access his timely knowledge here for free! If you need help or want to explore some ideas, book aSchedule a free Thrive Strategy Call today.
Free Thrive Guide + Strategy Consultation
Bill shares his strategies to lead in today’s uncertain times.
Lead Without a Plan — Although this sounds like terrible leadership, IF you relay that you’re FIGHTING through any crisis and problem, and when you work collectively with your team, you can figure out and make astounding pivots with your leadership.
Continue to hold the vision and communicate
Fight like hell
Ask your people for help
Radical Requests — Get access to improving the situation. Instead of feeling confined, ask what you really need! Don’t wipe yourself out, BUT work with a solution — For example, with clients & prospects, you can ask, “What do you need? What can I do for you instead?” It can help you turn situations around and come out with success and growth!
Name That Feeling — it takes courage to show emotions, and courage needs strength, to be a whole human! Nobody’s great—there are moments that you are, and moments that you’re not. Emotions make you human. There is power and courage in being a leader. Being human as a leader gives your people a truth, that you’re not faking it to make it. Self-awareness & mindfulness. Calling it out as a practice of acceptance—it becomes a powerful thing. Call it out and go with it!
Execute Flexibly — Working remotely to keep the business going. Technology can help you manage virtually. At the same time, don’t change or abandon your long-term vision and goals. Shift priorities, or even strategies! Metrics and dashboards? It might be missing since you moved virtually. Some tools and apps can help you out and keep it up. This helps people know if we’re collectively hitting metrics and KPIs. Keep the progress visibility out there!
Let People Get Off the Bus — People who continually resist might not be a good fit in your environment. There might be a better place for them to win. How do you get people in this space and get the right request out there? By leading up in the front and leading by example. Work with your team, and ask them what they can do. Keep nudging them up. Make a list of radical requests and have them do one while you are encouraging and helping. Fully appreciate and acknowledge the radical request from both perspectives.
Be a Trend-Spotter — Acknowledge the weaknesses and strengths in the world and yourself right now. What do they need? What can you do better? Pivot your business around what people need, and you might see opportunities. This might be the same business to different people, or a different business for the same people. Look for trends far outside the norm, and look broadly across the world. Bill shares his SWT tool—strengths, weaknesses, and trends. Start using this tool for in your industry, then for your region, and afterward go even broader!
Free Thrive Guide + Strategy Consultation
https://www.myoutdesk.com/wp-content/uploads/2020/05/Bill-Gallagher-BLOG_NL_BANNER.jpg456972Jeremyhttps://www.myoutdesk.com/wp-content/uploads/2020/09/myoutdesk-logo-400w.pngJeremy2020-12-22 15:45:082020-12-23 15:35:45Leadership Strategies for Crisis Management with Scaling Coach Bill Gallagher
In this special webinar we share an effective & proven recruitment model that is entirely process-driven, where you can find predictable results in bringing high-caliber talent into your team.
What you’ll learn in this webinar:
The biggest mistakes that businesses make with talent acquisition
Bulletproof Process on Ad Placements
How to take advantage of short term opportunities in our labor market
MyOutDesk can save you up to 70% on employment cost
Claim a free business strategy consultation & ‘Grow Virtual’ Guide
In today’s unprecedented time, there is a real opportunity to grow your business.
BIG NUMBERS: 50k people per day are applying for unemployment. This is a time to take advantage of the short-term trend. Talent has never been more available and affordable.
Normally, there is a huge gap between the number available workers and the number of available jobs. Usually, there are more available jobs than qualified, quality workers.
When COVID-19 hit, this caused lots of layoffs
Today during the pandemic, the trend has changed, and there are more quality workers who are ready for hire. This massive shift in the market will eventually go back to normal.
If you have the foresight, start talking to candidates now and have the opportunity to get better people who were laid off by older, destabilized companies.
The labor opportunity window is open right now.
TALENTED LABOR WITHOUT DISTANCE LIMITATIONS
For almost any function that can be done remotely and doesn’t require physical space, virtual assistants for recruitment, marketing, & administrative jobs are cost-effective and allow us the adequate focus & time for our functions.
MyOutDesk Virtual assistants are known to exceed expectations in providing excellent customer service and seamless administrative operations.
We will save you up to 70% on employment costs with experienced virtual assistants, precisely matched for your strategic needs. To book an interview with those in our talent pool,click here.
MyOutDesk can save you up to 70% on employment cost
Claim a free business strategy consultation & ‘Grow Virtual’ Guide
Patrick Johnson, CEO of Talentuition (a MyOutDesk client) provides Recruitment Process Outsourcing (RPO) services to Professional Employer Organizations (PEOs). They focus on “process outsourcing” more so than traditional headhunting or recruiting.
Recruitment Fundamentals
The mistake in prioritizing skills & experience over culture fit & talent.
Recruitment should follow this order: Culture fit, talent, skills and experience
There are two things you can’t teach people: culture fit & talent. So skills and experience can follow.
What is culture fit when hiring?
The right candidate who matches your culture is the one you’ve considered once before, (think this mentality) : “We’re not ready to hire yet, but as soon as we do we want you.”
When hiring, culture fit usually gets bumped down when skill sets & experience get prioritized over. Again, remember to prioritize in this order: culture fit, talent, skills, experience. This webinar goes into detail on the technicalities of posting your jobs while attracting the right culture fit.
How to know if it’s talent or not
In basketball drafts, Player A has played ball 10 years and they know how to do everything (he has the skills & experience). Player B is someone who can do the shots, the dunks and the plays — he has the talent! With the both of them together, the culture is the team.
Tip: People apply to several companies at the same time — so the response you make puts you out there in front of other companies for the candidate. Never be that employer who doesn’t reply to any questions.
2 Reasons to Recruit Now
#1 Lots of people got laid off with the pandemic, even those who had 10+ years & are highly sought after — you can get them now!
#2 Now is also the perfect time to make time investments to your business, use thedowntime so you can push your curve steep when you bounce back.
You can connect with Daniel & MyOutDesk to leverage virtual assistants. We have a vested interest in your success! Every MyOutDesk client wants to maximize the ROI on their investment in virtual assistants. Our CEO Daniel Ramsey hosts a live mastermind discussion with MyOutDesk clients and discusses tactical, practical & utterly invaluable strategies to best utilize a virtual assistant while you scale your business!
It’s time to gain market share new by leveraging virtual assistants!
‘Grow Virtual’ with MyOutDesk Today
Access more business guides & Schedule a free consultation today!
https://www.myoutdesk.com/wp-content/uploads/2020/07/Patrick-Johnson-BLOG_NL_BANNER.jpg456972Jeremyhttps://www.myoutdesk.com/wp-content/uploads/2020/09/myoutdesk-logo-400w.pngJeremy2020-12-22 08:42:032020-12-23 15:35:25Quality Talent Acquisition: The Process & Systems for Predictable Results!
Marketing agencies need bandwidth in order to create impactful reach for their clients and to continue to scale their business.
To scale an integrated enterprise of marketing professionals, it can get very expensive, and without strong capacity meets less marginal profits. (FYI: You can save over $90k per year.)
With any growing marketing agency, more clients means balancing more nuanced tasks and roles. When marketers take on too many assignments, their creativity can take a dip. Often, marketing agencies opt to use freelancers to complete minuscule tasks on the agency’s behalf on an ad-hoc basis.
Matt Buchanan is the founder of Pioneers of Marketing. His marketing agency helps well-known clients each earn over 1.5M on social media through direct messaging — and that’s only one revenue stream!
Matt has 4 MyOutDesk Virtual Assistants working for his marketing agency! “They are very professional & very timely. I’m grateful for them and for all the wisdom shared by MyOutDesk. The people you bring to us are top notch people. In all seriousness, I have to say that!”
Monetizing Social Media: Direct Messaging to Drive Revenue
In this interview, we’re truly diving deep on tried & true methods to scale through direct messaging marketing. Social media is all about principles, guaranteed 100% to work every single time.
Matt shares the idea of having the right mentality about the marketing principles:
Be open minded
Be patient
Execute what you set
If you follow these proven principles of social media, they’ll 100% drive results.
The video elaborates on the 2-step process for social media success:
BRANDING
ADVERTISING
Don’t do this alone, but with the MOD Family.
Free Grow Virtual Guide + Strategy Consultation
THREE PILLARS OF CREDIBILITY and BRANDING for FB, IG and LI
(The main social media networks you focus on)
1 – Audience
You need an audience and followers, having the audience gives you the altitude and credibility — we live in a world of perception, remember that!
How to build an audience: Go to an online event or an in-person event. Make it your intention to connect on socials. Have the goal to make viewers follow you on socials, like “follow me on XX, YY, ZZ for more updates, for a replay, for a special offer, to connect, etc.”
Your goal is to take offline relationships online and vice-versa. You may also collaborate with people who already have an audience or have a good reach.
2 – Content Through Facebook and Instagram Stories
Post IG stories, at least 6x a day from your personal account
What should you be posting? Cycle between these 3 types: personal, professional and lifestyle
Professional — brings value for your audience
Personal — connect as a person instead of just a logo—remember people want to do business with a person, not a logo
Lifestyle — documenting the life you live (your “human interest aspect”)
3 – Content Through Wall Posts
Stories vs. Wall Posts: Wall posts are highlight reels. they stay forever unless you delete it! Stories drive traffic and are more intimate since it’s available for just 24 hours. Stories shouldn’t be edited too much or not edited at all!
All the while, wall posts are permanent — it’s the face of your brand and company. They will never go away. So, only post what you want to last, but use the three content types mentioned. Throw in a lot of content, especially when you’re starting out. But, keep it to 3-4x a week if you’ve built an audience already. All of your promotions and posts should also go to your personal account.
Are you afraid of DMs? What do you say when you start a convo?
Understanding it in simple basic form — all social media is just a networking event
When you meet somebody in person — think about how you do it in real life: Introduce yourself!
“Hey how’s it going, saw your page/profile here, and want to get connected”
“Nice connecting with you, I have a great idea. I’d love to share it with you, what’s your cell? Can we chat about it?”
If they reply, send a text from your phone.
Ask: “When’s the best time to talk with you”
Depending on how credible you are, that’s how many people will reply to you. A response rate of 5-6 people out of 25 is a good start.
The higher your credibility, the more responses and messages you’ll get.
If they don’t respond, move on to the next.
Get used to rejection, don’t take NO personally—it’s going to happen.
Focus on the few that respond.
Don’t do this alone, but with the MOD Family.
Free Grow Virtual Guide + Strategy Consultation
https://www.myoutdesk.com/wp-content/uploads/2020/06/Matt-Buchanan-BLOG_NL_BANNER.jpg456972Jeremyhttps://www.myoutdesk.com/wp-content/uploads/2020/09/myoutdesk-logo-400w.pngJeremy2020-12-22 01:19:292020-12-28 10:20:04Growing Your Digital Marketing Agency & Drive Revenue | With Matt Buchanan
A franchise is a term of art in business. It refers to the most common legal form of doing business, a “business format” or operating system. In particular, it means that one company sells its products under another company’s name and trademark (usually) but independently from that other company.
This format is particularly effective and useful in the several industries & markets, where a franchise name may have great brand recognition while still being able to sell at an affordable price. A single company can open multiple locations and gain market share rapidly, without having to invest heavily in each location.
Covid-Proofing Franchises in 2021
Franchising is a more advanced business model than small, independent stores or the sole proprietorship. A franchisee does not have to invest heavily in equipment and can borrow money to open a store without being creditworthy on their own.
Franchising is also an effective way to gain a market share without having to invest as heavily in the initial store. Franchises can be opened more quickly and cheaply than independent stores, allowing for faster expansion.
What franchisees already know:
Even when buying into the brand, the marketing done by the franchisor alone may not drive traffic into your business.
Franchisees don’t typically market directly or call their customers to generate new business. They usually purchase a territory and expect the franchisor to do the marketing with some semblance of demand.
Brian Beers, owner of 12 Midas businesses, took matters into his own hands to covid-proof his business and keep the customers coming in. Here’s how…
Ramping up operations to drive in more traffic
Brian Beers instituted a virtual assistant into his operation of 12 franchises so that the assistant can take over some of the business process, leaving more space for managers to focus on the sales process.
Putting local marketing, prospecting and outreach into his operations made Brian remain as the top-producing business in his state. His virtual assistant help with:
effective marketing, prospecting, business administration
coordinating and organizing workflow for boots-on-the-ground employees
sending customers emails, cold calling, and shooting them text messages.
Most franchise owners aren’t used to marketing for themselves. The marketing franchise fees is all they see. The secret is to handle your own effective marketing to keep your business revenues up.
To grow a business, brain power is key. New software and tools are never the only answer. In today’s market, it takes a combination of both.
How? Hire educated professionals for your sales development + prospecting —
— with proven track records in virtual operations — at up to 70% lessthan the cost of a traditional employee!
Spend time closing more deals while your full-time sales development and prospecting virtual assistant handles the lead flow & nurturing process.Your local team can focus on the dollar-productive activitiesfor your business to outperform the competition!
The formula: ↑ Digital tools + ↑ Brain power = ↑ Scaled business operations & GROWTH
Our client Marvin’s virtual assistant (Sales Development/Prospecting Rep) helped him earn $43,000 in one transaction. He shares, “If you’re still on the fence about hiring one, my advice is: just do it. The ROI on our virtual assistant is amazing – I’m going to finish the year with over 20x ROI.
Simply put, MyOutDesk equips entrepreneurs & business owners with tools, strategies, and virtual employees – and when combined, businesses have a competitive edge and find growth while efficient systems and processes are put in place.
MyOutDesk proudly provides additional free business growth guides, books, and strategy calls.
See what we are about, and schedule a free consultation with us. We’ll take the time to learn more about your business and offer solutions to foster top talent and lower operational costs for your company.
Experience The Difference
MyOutDesk can save you up to 70% on employment cost
Claim a free business strategy consultation & ‘Grow Virtual’ Guide
Did You Know? MyOutDesk’s origin story is set during the last global financial crisis of 2008. Yes, that’s right — our business started by scaling businesses with virtual assistants during a recession! Pioneers of virtual assistant services, our first client in 2008 went from five to seventeen VAs with a completely revamped organizational model in short order, and he told MyOutDesk, “Our virtual professionals have shaved $250,000 off our monthly overhead.”
Cannabis Business (or Canna-Bus, get it?). If you’re in the cannabis industry, or interested, the stats are in your favor. Inspired by new research that marijuana was used in a temple dating back to 2,700 years … Today, virtual assistants help lead cannabusiness to success and outperform competitors.
Since the shelter-in-place orders, cannabis & CBD products sales have only INCREASED. If you need help, or want to explore some ideas, schedule a free Business Strategy Call today.
Worshippers at a Jewish temple dating back more than 2,700 years got high on cannabis, according to new research. The researchers wrote, “It seems feasible to suggest that the use of cannabis on the Arad altar had a deliberate psychoactive role.”
2,737 BCE First recorded use of cannabis as medicine by Emperor Shen Neng of China.
23-79 AD Pliny the Elder’s The Natural History mentions hemp rope and marijuana’s analgesic effects.
HOW VIRTUAL ASSISTANTS ARE HELPING CANNABIS BUSINESSES GAIN MARKET SHARE
Virtual Assistants offer INDISPENSABLE help that allows your business to make quicker + more informed decisions.
Your Cannabis Business Virtual Assistant can take on:
As the go-to administrative support assistant
As the default note-taker for all business meetings
Compiling all reports (KPIs, sales, customer demographics, employee performance)
Helping + organizing all managers
All digital marketing, flyers, templates, website maintenance, blogs, & ads
8 MARIJUANA VIRTUAL ASSISTANT CANDIDATES, NO SWEAT
“We went through at least 8 candidates & interviews”
Tony Trinh’s delivery & consulting business SAVED valuable time by allowing MyOutDesk to help recruit and organize 20-30 minute interviews, recruitment ads, phone screening, interviews, background checks, personality profile, and final interviews.
Here are the trends: The legal cannabis industry is reported at 78% growth, year-by-year.
Marijuana retail is an “essential service” in many states (great for prolonged shelter-in-place orders)
Medical & recreational marijuana has inelastic demand (the business is recession-proof)
Weed delivery & CBD retail are in high demand, seeing a 65% percent spike in March 2020 alone.
NOT ONLY CAN A VIRTUAL ASSISTANT CAN HELP YOU, BUT THE ENTIRE CANNABIS BUSINESS TEAM.
“Why didn’t we do this two years earlier?” shares Tony when asked about how much he’s appreciated his MyOutDesk Virtual Assistant. “If you’re thinking about it, just go for it. We paid off in a month.” If you need help, or want to explore some ideas, book a Schedule a free Business Strategy Call today.
Focus on your growth & scale your operations
ENVISIONING OF A NEW REALITY FOR YOUR Legal Marijuana / CBD / Cannabis BUSINESS
Simply put, MyOutDesk equips entrepreneurs & business owners with tools, strategies, and virtual employees – and when combined, businesses have a competitive edge and find growth while efficient systems and processes are put in place.
MyOutDesk proudly provides additional free business growth guides, books, and strategy calls.
See what we are about, and schedule a free consultation with us. We’ll take the time to learn more about your legal marijuana, CBD, or cannabis business and offer solutions to foster top talent and lower operational costs for your company.
Experience The Difference
MyOutDesk can save you up to 70% on employment cost
Claim a free business strategy consultation & ‘Grow Virtual’ Guide
https://www.myoutdesk.com/wp-content/uploads/2020/07/Cannabis-Been-doing-it-for-2700-years.jpg456972Jeremyhttps://www.myoutdesk.com/wp-content/uploads/2020/09/myoutdesk-logo-400w.pngJeremy2020-12-08 07:35:522020-12-09 10:05:24Cannabis Business: How long has marijuana been used by humans?
A friend of mine was recently on a call with Mark Cuban. Who else can say they’ve been taught by a billionaire?
Entrepreneurs, it is certain that the businesses who act diligently and stay informed will rise to the top. We are tired of hearing about today’s uncertainty. Instead of pausing with the rest of the world, the proactive business is reinventing itself.
Here are billionaire Mark Cuban’s advice and lessons on how to handle today’s market downturn. He is VERY bullish on the US and on American ingenuity. Once we are out of this recession, he thinks the country’s economy will bounce back and be so much stronger as a result.
Of all of the “models” that the experts share as “data,” this is not actual data but rather an opinion or projection. Today, the data that we are looking at now is skewed by a huge outside factor that is making it more difficult to trust and analyze.
Look at it but take it with a grain of salt. Most of our best analysis and learning will be reflective.
Pay attention to the said data, but remember that the data presented AFTER this situation will be considered the “real” data.
It’s always the time to sell
It’s never the time to be selling and pitching items and services of value even in this current environment.
Authenticity is critical more than ever when selling. If you are calling on a prospect, empathy is key. Mark said that it’s ok to tell prospects that you are scared too (if that’s true). A great way to sell to continue rapport building, at a time that people are seeking to connect. Your authenticity will make you more relatable.
Understand EFFECTIVE inside sales operations — by boosting your prospecting engine starting with a free business STRATEGY call with MyOutDesk!
Make it a point to learn something new daily. Even if you don’t think you need to know it. Mark mentioned he is going deep into learning about the future of A.I.
This is a common lesson of many billionaires, including Jeff Hoffman (founder of Priceline). Bill Gates reads at least 50 books a year. If you hear it more than once coming from a billionaire, then it must be a valid point, right? Mark pointed out to the group to take notes in the book margins and reflect chapter by chapter on what you’ve learned.
Learn how billionaires and millionaires are leveraging the remote workplace with a free MyOutDesk Business strategy call. Be proactive in today’s downturn!
You won’t get it unless you ask for it
You will never get anything without first asking. In the call, the moderator tested Mark’s advice and promptly asked him for an introduction to another influential person that the group could learn from. After laughing, Mark offered to connect the group with Barbara Corcharon. Point taken.
Stay proactive
When you look in a decade from now, there will be around three to five huge companies that were formed during this time. Why not grow your business during these times? Mark said that all the improvements that you have been thinking about HAVE TO BE implemented now both personally and professionally. Get your unfair share and it starts by making those changes now.
If you wanted to implement that new system or software, do it now. Make that huge shift in your offering or streamline processes. Make it happen now.
Scale your business operations by leveraging experienced virtual assistants in your industry.
The CEO Mindset. Lead by example, double down, and gain market share.
Refreshed value. Understand what people want and need now, and how your business can respond to these demands.
Becoming an Exceptional Force – all while reducing operational costs. Reduce operational costs with virtual assistants, a forgivable expense through the SBA. Restructure to a remote workspace and create new plans with a CEO’s mindset.
MyOutDesk brings you 13 years of recession-tackling knowledge. We are committed to supporting your continued drive to champion a thriving business and support your local community during the COVID-19 health crisis.
Simply put, MyOutDesk equips entrepreneurs & business owners with tools, strategies, and virtual employees – and when combined, businesses have a competitive edge and find growth while efficient systems and processes are put in place.
MyOutDesk proudly provides additional free business growth guides, books, and strategy calls.
See what we are about, and schedule a free consultation with us. We’ll take the time to learn more about your business and offer solutions to foster top talent and lower operational costs for your company.
Experience The Difference
MyOutDesk can save you up to 70% on employment cost
Claim a free business strategy consultation & ‘Grow Virtual’ Guide
Did You Know? MyOutDesk’s origin story is set during the last global financial crisis of 2008. Yes, that’s right — our business started by scaling businesses with virtual assistants during a recession! Pioneers of virtual assistant services, our first client in 2008 went from five to seventeen VAs with a completely revamped organizational model in short order, and he told MyOutDesk, “Our virtual professionals have shaved $250,000 off our monthly overhead.”
https://www.myoutdesk.com/wp-content/uploads/2020/05/What-We-Can-Learn-from-Billionaire.jpg456972Daniel Ramseyhttps://www.myoutdesk.com/wp-content/uploads/2020/09/myoutdesk-logo-400w.pngDaniel Ramsey2020-11-14 15:32:542020-11-18 16:11:12What We Can Learn from a Billionaire About Today's Market
This special program focuses is on all of the things that are happening post-election that are happening post-election: Our president-elect Joe Biden’s tax plan, what’s going on with our economy and inflation, and how these will impact businesses. Also, we discuss the ballot measures that have been passed across different states in the nation that will affect small and medium-sized businesses.
Tim Mahoney is a principal with Clifton Larson Allen and is going to dive deep into tax implications for the new election.
Taxes = An increase is coming
President Elect Joe Biden tax platform is squarely aimed at income earners above $400,000 viewing to raise the tax rates for higher earners & nearly doubling it for those that make over a million dollars a year.
The minimum wage laws your business must follow depend on the state (and sometimes city) where you are located.
The minimum wage is the lowest allowed employee pay rate. It differs by state and sometimes city.
Federal minimum wage laws determine acceptable wages, overtime pay and exemptions to both.
Minimum wage jobs generally require employees to serve or constantly interact with customers.
This article is for small business owners and human resources professionals who have or will have employees and are looking to learn the minimum wage laws they must obey.
Looking at the election results, more challenges are ahead of us as business owners. Florida is joining 7 other states — and 33 cities/counties in the US — on raising their minimum wage floor to $15 an hour.
If you want to hold costs down, MyOutDesk is with you 100%. Let’s talk about it.
At MyOutDesk, we’re beating minimum wage. Output is FAR significant, and your dollar goes a long way with experienced virtual assistant professionals!
Wage Floor at $15 per Hour:
Your dollar can go farther with the experienced talent that we help you find, which is under the $15/hour wage floor. You can pay $15/hour for entry-level & zero-experience talent — or pay even less for proven & educated professionals.
In trusting in virtual assistance, businesses can do more while local employees and talent can be less distracted on grunt work— so that your money can be better spent on what’s most important for you and your community.
Get more for your money — with college-educated, career-oriented, and experienced VIRTUAL ASSISTANTS for much less than a minimum wage worker!
Experience The Difference
MyOutDesk can save you up to 70% on employment cost
Claim a free business strategy consultation & ‘Grow Virtual’ Guide
Did You Know? MyOutDesk’s origin story is set during the last global financial crisis of 2008. Yes, that’s right — our business started by scaling businesses with virtual assistants during a recession! Pioneers of virtual assistant services, our first client in 2008 went from five to seventeen VAs with a completely revamped organizational model in short order, and he told MyOutDesk, “Our virtual professionals have shaved $250,000 off our monthly overhead.”
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Transcription
Hey everyone, Daniel Ramsey here with Scale The Show. I’m really excited. Normally we interview CEOs, entrepreneurs, and to get actionable strategies to grow and scale businesses.
But today, our focus is on all of the things that are happening post-election that are happening post-election: Our president-elect Joe Biden’s tax plan, what’s going on with our economy, and inflation, and how that will be impacted. Also, propositions and measures that have been passed across different states in the nation that will affect small and medium-sized businesses.
I am your host and founder of MyOutDesk, and today’s episode is going to be good. Before we jump in, I just want to note that we at MyOutDesk are not providing tax, legal, or financial advice. We strive to support the success of all small and medium-sized businesses and want to pass along this useful information that is practical and can help your business drive out effective solutions.
Please consult a qualified tax advisor, attorney, or investment professional for guidance. We need to make that disclaimer because today a lot of what we’re going to be talking about is, you know, tax strategy for small and medium-sized businesses…
Saving expenses, looking at what’s going to happen nationally for your own personal pocket book, and what’s going on now.
The Wall Street Journal put out a really interesting article: “the bid to undo trump policy faces hurdles” and here’s the thing… tax policy is something that affects every small business owner.
There are only so many expenses that we can put into our PL and the operating expense section, and because of the tax policy is affecting how much money we have leftover to reinvest in our employees and reinvest into our businesses, I think it’s a very important topic.
One of the biggest challenges is just simply the fact that under a Democratic president we will see an increase in not only social security taxes, but workers comp insurance will go up as well as payroll tax and associated employee taxes.
Here’s what really struck me. This one is interesting. Mr. Biden would raise the corporate tax rate to 28% and impose a minimum tax on US corporations, foreign income, and many other US-based multinational companies.
What that means is we’re going to see if you’re in a high tax state like California, New York, parts of the Sunbelt. You’re going to see the total number of tax from where we are today in the 40s percentile to possibly all the way up to 60 percent.
Our first guest today is a principal with Clifton Larson Allen and, if you don’t know them, they’re an international CPA firm with more than 6,200 folks in that company.
Tim Mahoney is a principal and is going to dive deep into tax implications for the new election. How is it that we’ve put the fate of the Georgians and, if you’re in Georgia right now, I love you. I really appreciate you, but oh my goodness this our entire future tax situation for the next possibly eight years rests in a senate race for two seats.
Tim what are your thoughts about what’s happening right now in Georgia?
You know I think it’s interesting that it came down with it. They have a rule that you have to win at least 50 percent of the votes and so as of like Wednesday I think we were pretty certain the democrats weren’t going to have control of the senate. It was going to be split between the house and the senate,and the presidency wasn’t really going to be able to dictate what was going to happen when it came to the tax law. Everything was going to stay status quo and then as they finished counting all votes the incumbent republican dropped below 50 percent and so now we have two special elections that don’t take place until after the end of the year. So we can’t even plan accordingly for what may end up happening.
Consensus is it probably will split one and one but there’s a lot of money and a lot of effort that’s going to be poured into those two seats and it’s a really contentious time right now and depending on how how things pull together.
I mean it’s really hard to get a crystal ball out and say with any certainty that it’ll end up being the way we want it to but it does look like it’ll probably end up splitting at least one and one and then the republicans would still have 51 senate seats. As long as there’s a split, there’s probably not going to be a lot of changes.
For sure, we want to talk about changes because President-elect Joe Biden has squarely aimed his tax plan at individuals making more than four hundred thousand dollars. What are your thoughts around, you know,
if the Senate doesn’t go the way we hope it would go? How is that going to impact small and medium-sized businesses here in the US?
It’s really going to cause costs to go up because a lot of it is on the payroll tax side and lifting the caps on what people pay in a social security payroll tax. Now, you’re seeing probably a change with capital gains rates getting eliminated at higher income thresholds. I think overall what he’s talking about is a slight increase in overall rate structure but that’s just a small piece of it.
Out in California and New York and some of the other high state tax, we might get our local tax deduction back through all this and so it won’t impact everyone quite so badly, but they’re predicting in a lot of states a marginal tax rate if you’re someone that makes more than 400 thousand
dollars in excess of 60 percent.
That’s all in that’s your payroll taxes that’s your income taxes and a lot of that comes down to right now the, you know,you get to about 130,000 and you’re capped out.
Now when you get up to that 400,000 mark, you’re adding another six percent on top of what you’re ordinarily paying. That’s not something that’s easy to get around because a lot of small business owners, you know an LLC for example, that gets capped on your self-employment tax but under this new tax plan it wouldn’t. You continue to pay payroll taxes up to a much higher threshold.
Okay so what you’re saying and what’s interesting about this is Biden’s plan and maybe democrats as a whole is to raise taxes specifically on the wealthy and business owners, and go from where we’re in a mid-40s kind of range for the highest possible tax number to above 50. Is that kind of the bottom line?
Yeah, the bottom line it depends a little bit on what it is you do for your business but right now, and we’ll just use California since that’s where you and I are sitting out here right now, between you make $400,000 now. Anything above that, you’re getting taxed roughly 48% between the state and the and the IRS.
Now they’re talking about what other changes they’re moving towards that it would be 61/62 so it’s a big increase for the incomes above 400,000.
So as a CPA and and a principal for CLA, what is your advice to the small and medium-sized businesses in the US that would be impacted uh by this shift in the tax rate?
Well you need to you need to plan ahead. You have to look at what is going to be potentially coming because it’s not just income taxes. There might not be a lot you can do about it given the law that it’s set up. So what ends up happening is things cost more because you’re going to still push to get to the same net income amount that you were making, net of your taxes previously. But labor costs are going to go up because it’s going to all your employees are going to be wanting to be in the same boat there.
It may not increase the tax on the middle class so you might be able to control some of your labor costs there but I think entity structure is going to have a big play in what’s going on.
How you’re getting the money that passes through entities may not be as advantageous as they were previously so you know each person’s situation is going to be different but there’s strategies that can be still be put in place to help you know how to move income to a better tax advantage position but you need to do it in advance.
You can’t wait till after the fact so that’s the problem with the January election versus the December elections. It’s hard to figure out exactly when this might be, you know, it’s other factors. It’s the gift tax rates changing, it’s the exemption on your estate planning that could be changing, it’s the changing capital gains to ordinary income that’s potentially changing. So it’s hard to say exactly if they’d be able to do everything all at once but we know that nothing will be able to be done if it’s split.
So if this is a big concern for you, you should figure out kind of what’s going on with some of Georgia’s politics and maybe make a donation or two to the sides you should prefer.
Tim thanks for joining us today and giving us your feedback on what’s going on with the tax bill.
Absolutely thank you for having me.
Here’s what’s interesting, and if you’re an investor, a small business owner, or anyone in the world, considering tax as part of your cash flow, because as a small business owner we take our profits and our income and we use those to pay our portion of our share of taxes and in many states that already is in the 40 to 50 range.
What’s interesting though is according the taxfoundation.org, if Joe Biden’s tax initiatives do pass, we will see an 1.62 reduction in total US GDP. Gross Domestic Product. That’s the total amount of goods and services sold by everyone in the US, and basically what you’re seeing is this concern or this that the dollar is going to be worth less and because you’re going to see inflation.
What that means is what you have your purchasing power as an entrepreneur as a business owner reduces and, to break all of that down, I’ll give you an example.
According to a CNN another article, the median house price of all types of houses across the US was $311,800 in September of 2020. Basically it’s up 15% from a year ago. That’s up 15% in one year which is a massive increase.
Michael Krein, the founder of the NRBA (National Real Estate Brokers Association), focuses basically on following national trends for foreclosures, and real estate data.
He just sent a text over and he says depending on the new house seat and how strong the republicans are, control of the senate remains so all of this tax stuff is really boiling down to what is going happen in Georgia and whether or not President-Elect Joe Biden and the democrats in the congress will be able to actually make any headway or change to our tax code.
You’re also seeing gold, which is a harbor of value, is where investors go when they’re nervous about inflation. Gold is where the smart investor puts a portion of their total income and total savings because as inflation goes up, so does gold.
If you look at spot prices over the last two years, there hasn’t been a massive change, but if you change the window down to one year you’ll see that gold prices over the last year have increased. Spot prices for gold have increased by 60 percent and so all of this conversation and everything that we’re talking about is about controlling the things that you can control in your expenses as an owner….
Controlling your employee and controlling really the one thing that you can control, which is what you’re spending every month for your business expenses.
I want to introduce a clip of a customer at MyOutDesk, Brian Woods. He’s a business person in Florida and he is an international speaker and trainer.
It’s interesting because he equated hiring a virtual assistant is better than hiring a standard employee at Mcdonald’s.
And that sounds strange, but here’s what’s happened. On a national basis, there are more than 20 states that have passed legislation raising the minimum well above the federal minimum wage, right now at $7.25 and there are only a handful of states, really three, that have no minimums of their own.
Yet what’s happening across the country is this drive and this interest in really making an impact for the low income earners. Our country has decided to pass legislation increasing the minimum wage Florida.
As you heard there, Brian was considering hiring a virtual assistant and because the minimum wage is going up in Florida. He has moved forward with that action and I think it’s not a bad thing for you if you’re considering growing and scaling a company because MyOutDesk is up to 70% off the cost of traditional employment options.
If you’re at all feel yourself needing talent or wanting to scale your business, I want to offer MyOutDesk as an opportunity.
At MyOutDesk, the focus has always been on talent and driving revenue to scale through finding great talent.
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MyOutDesk proudly provides additional free business growth guides, books, and strategy calls.
See what we are about, and schedule a free consultation with us. We’ll take the time to learn more about your business and offer solutions to foster top talent and lower operational costs for your company.
Experience The Difference
MyOutDesk can save you up to 70% on employment cost
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Did You Know? MyOutDesk’s origin story is set during the last global financial crisis of 2008. Yes, that’s right — our business started by scaling businesses with virtual assistants during a recession! Pioneers of virtual assistant services, our first client in 2008 went from five to seventeen VAs with a completely revamped organizational model in short order, and he told MyOutDesk, “Our virtual professionals have shaved $250,000 off our monthly overhead.”
*Disclaimer: We at MyOutDesk are not providing tax, legal, or financial advice. We strive to support the success of all SMBs and want to pass along useful and practical information that can help your business draw out effective solutions. Please consult a qualified tax advisor, attorney, and investment professional for guidance.
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MyOutDesk proudly provides additional free business growth guides, books, and strategy calls.
See what we are about, and schedule a free consultation with us. We’ll take the time to learn more about your business and offer solutions to foster top talent and lower operational costs for your company.
Experience The Difference
MyOutDesk can save you up to 70% on employment cost
Claim a free business strategy consultation & ‘Grow Virtual’ Guide
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