After returning from my recent vacation, I decided that I didn’t want to spend the winter in Wyoming as I had originally plan. Because snow.
So I moseyed on out to the Puget Sound area.
I’m staying on Bainbridge Island for the week, and had a CPE webinar scheduled for this morning..
Unfortunately, the weather decided that tomorrow would be a better day for that webinar.
Overnight, a snowstorm moved in, and dropped a whopping quarter inch of snow on the ground. Back home, a quarter inch would simply be a big nothing burger. But here, the wet snow was heavy enough to snap power lines, close schools, and shut down roads.
I was able to get a couple notification emails out via cell phone (since many cell towers have backup generators), but even 4G LTE isn’t really adequate to run a webinar from.
For something as simple as a webinar, “postponement” is an acceptable backup plan.
But for bigger things in your business, you need a real plan.
A robust plan.
Really, a set of plans for weathering much more than a measly quarter inch of snow.
Have you given this much thought? Have you given thought to what you would do to survive if certain things happened that impact your business?
For example, what if Congress passed a law (and provided the funding) to mandate that the IRS do what a number of other countries already do, and pre-prepared most people’s tax returns? After all, the IRS already has the data on file to do this for the majority of taxpayers, and there is a small movement to make this happen.
How much of your tax prep business would disappear as a result?
For most preparers, at least 3/4 of their business would disappear overnight if this were to happen. One stroke of a pen (and a strangely coordinated Congress), and an entire industry vaporizes.
What would you do?
You may think this is a far-fetched example, but the exact same thing is already in progress, at a much slower pace, due to the rise of AI.
What about bookkeeping? How much of your revenue comes from recurring bookkeeping clients?
You know that AI is killing that, too, right?
I’ll even put my own field on the chopping block. What if the current administrative remedies for tax debt resolution were suddenly eliminated? What if Congress decided that all tax debt cases now had to go through Tax Court or the district courts?
Tax resolution as we know it would be dead, and all of us that are not lawyers or USTCP’s would be screwed. For those of us whose entire livelihood is derived from the tax debt resolution industry, what would we do? I highly doubt that this would ever happen, but it’s an exercise worth doing (and yes, I have, and yes, I have a backup plan).
What are the risks to your existing revenue sources? What do you need to consider in order to be able to quickly react to changing technologies, consumer preferences, and legislative changes?
In my “8 Big Ideas” book, I give you even more things to think about to help you protect your revenues. It’s less than $20, and you can snag your copy here: