Whether you’ve just started your business or been in business for a while, “Smart Business Stupid Business” is a book you’ll want to have. This isn’t one of those books you read for entertainment – it’s a book you’ll want to have on your reference shelf because it answers many (if not all) the financial and administrative questions you might have around starting and running a smart business.
What’s the Difference Between a Smart Business and a Stupid Business?
According to authors Diane Kennedy and Megan Hughes, a smart business is one that can survive a downturn. That’s a rather simple answer, but it’s honest and a lot deeper than it looks. A growing economy might funnel a lot of money into your business, but it can also hide a lot of flaws. A smart business is one that is built on a solid foundation of being clear about the decisions that you make about the structure of your business, the purpose of your business and the systems in your business.
This book sounds like it’s written from a sort of pleading soapbox. Diane Kennedy is a CPA that has evolved into being “The Millionaire’s Mastermind.” She is the go-to person for tax strategies that can make and save money and take your business to the next level. Diane has a lot of experience with businesses gone good and gone bad and she openly shares her experiences so that you don’t have to make the same mistakes.
Megan Hughes is the owner and founder of Business First Formations, Inc. Her expertise and experience on business structures (like C-Corp, S-Corp, LLC). But this isn’t the exciting part – you can find that information anywhere. What Megan delivers is a clear and easy-to-understand explanation of which structure is good for what goals. Then Diane and Megan put their heads together to explain how to combine these various structures in a way that will make your business most profitable (and have you paying less taxes in the process.)
Are YOU the Ideal Audience For Smart Business Stupid Business?
The authors tell you that this book is written for those starting or re-starting a business. And I can see that this is true. I’d say that this book is also good for businesses that are on the cusp of growth. For example, if you’ve been a lone wolf and you’re thinking about bringing on a partner or an employee – you’ll want to have this book by your side.
If you’ve been working at systematizing your business and it’s positioned for growth or sale – you’ll want to read this book to help you identify the right resources that will help you on the way.
I heard recently that the biggest mistake small businesses make is “thinking too small” and that this leads to developing systems that don’t grow or expand well. If that sounds like you – pick up this book.
A Peek Inside Smart Business Stupid Business
There are 287 pages in this book and each one is filled with valuable content. I’m going to give you just some of the chapter names so that you can get a feel for what’s inside:
Chapter 1: Why Owning Your Own Business Is the Only Answer
Chapter 5: Cash Flow Needs Throughout Your Business Lifecycle
Chapter 14: Avoiding the Three Biggest Mistakes With Payroll
Chapter 18: Survive or Thrive: Your Early Year Checklist
Chapter 23: Multi-Layered Structure: New Millionaires Favorite Planning Tool
Chapter 31: Increasing Your Business Value
There are many more chapters – I’ve just picked out the ones that I thought you might be interested in.
It’s Not a “FUN” Read. It’s an ESSENTIAL Read.
Look. This book is not entertaining. It’s a serious, fervent communication of information that’s critical to the successful and profitable running of a business. The authors also include actions steps that you can take at each chapter in the process. But WAIT there’s MORE! Diane and Megan are so intent on every small business owner “Getting it” that they have created an online program for those readers who have purchased the book. They’ve literally taken the action steps in the book and created a program around it. So if this review resonates with you – pick up the book and register for their course – which is worth $997.
It all comes down to how serious you are about building a BUSINESS. You can be working for yourself and call it a business. But building a business with an infrastructure that functions on its own without YOU is a different story. If you are ready to build a business with asset value, systems and ultimately a life beyond just your working in it, don’t pass up this book.
One last lesson I learned from this book: before you make any big financial or structural decisions about your business-get help!
Don’t try to wing it. Find professionals who specialize in this type of work and get their input.