August 2010
Link Newsletter
Our monthly newsletter, Link Newsletter, is full of tips, reminders, and timely advice to help you stay well informed when it comes to your business and personal finances. If you have questions about any of the articles, feel free to email Damon Yudichak at Damon@yudichakcpa.com.
August 2010
Focused Information for the Small Business Owner
Volume 2, Issue 7
Damon Yudichak
Portrait by Charles Gupton
Quote
I came to realize that life lived to help others is the only one that matters ant that it is my duty… This is my highest and best use as a human.
Ben Stein
Staunch Richard Nixon Supporter
(1944 – )
In This Issue
Don’t Worry About a Thing
I recently attended a tax seminar that detailed some of the latest tax changes for this year. What surprised me most about the seminar was Bob Marley singing his happy tune “Don’t worry about a thing, cause every little thing gonna be alright.
The presenter went on to say that as long as his employment is tied to the actions of Congress, he felt very secure in his job. The audience then roared with laughter.
For the rest of the week, the song would pop into my mind and a smile would come to my face. The next thing I knew I was signing the song and swaying my head from left to right.
Then one evening after dinner with my family, I started singing the songs and my two daughters just became elated with the song. They sang along with me. It was a lot of fun. Finally, I decided to let them hear the song from Bob Marley, who just happens to be a much better singer than me.
I pulled up the video from YouTube and we all sang along together. It was such a delightful experience as the three of us (four if you include Bob) sang in unison, “Don’t worry about a thing …”
The next day Claire, my youngest daughter, said to me, “Dad, I want to sing the Don’t worry song”. So I pulled up YouTube and we all sang together again. It was really quite amazing how such a simple song could spread happiness in my household.
Damon’s Big Lesson
I finally made the mental switch to become an employer. I really had no idea at the end of July how the month of August would unfold. I’m really happy and excited about the move to becoming an employer.
At the beginning of the month I thought that what I needed was an administrative/bookkeper type to help me. I started my employee search and worked with a number of very good staffing agencies.
One of the biggest issues I’ve heard business owners deal with is making payroll. This was definitely a concern for me. There is always a lag between when I pay employees and when I get paid for the work done for my clients.
I also worried that I wouldn’t get the right person in place. I had a couple of people work for me and I realized that they really didn’t have the qualifications that I needed. Then I got my big A-ha moment. I realized that I needed to be able to duplicate myself. I needed to find an someone that had the ability and intellect to handle the complexities of accounting and tax. I got one piece of advice that really made sense. Hire for attitude. You can train on everything else.
A new side of me is developing. I didn’t realize how excited I would be to have someone working for me. I now have a new role – mentor. It’s my job to make sure that my team develops the skills that will help them be successful CPAs. In one of the job interviews I told the candidate, “I belive that CPAs should be pillars in the community.” This is an exciting new propisition for me. It’s given me new energy for my business. last few months for me were ones where I faced a new challenge.
The Marketer’s Mind
Seth Godin, author of the Purple Cow, made the ultimate Purple Cow move this last week. Seth Godin is best known for the books he writes about marketing. He has written 12 bestselling books about marketing that have been translated into 33 different languages.
In Purple Cow, Godin tells the parable of seeing a black and white Holstein cow. That’s bland, that’s boring. Nobody talks about the black and white cow. But let’s say you were riding down the street and saw a Purple Cow. That would be remarkable and people would talk about it.
This last week he announced that he will no longer publish books in the traditional way. It was such big news (either that or it was a slow news day) that an article was written about it in the Wall Street Journal on August 24, 2010.
In my mind it was really quite an extraordinary move by Mr. Godin. Here is a person who is best known for the marketing philosophy of thePurple Cow. You have to be different Godin claims. If you are not different, then why should people buy from you? If nothing else Godin is drinking his own Purple Cow kool-aid.
Here is the Purple Cow move that Seth Godin makes. A bestselling author will no longer publish books through traditional publication methods. That is preposterous. Why would someone mess with what is working? Maybe because Seth realized that his Purple Cow had become bland and boring. Maybe now people are looking at his marketing message the way people look at the black and white cow.
Seth stated on his blog that for the last ten years his customer has been the publishers. While he is very grateful for the role his publishers have played in his career, he realizes that he has had to create his message based on what the publisher wanted. Seth is conscientiously choosing to market to a new customer. The customer he wants to market to is his actual readers.
For many years now Seth has been blogging. His blog is ranked as one of the most read marketing blogs. Over the past few years he has built a following, a community to which he is a leader. Now Seth believes that he has enough critical mass to convert that community to replace the livelihood provided by the traditional publishing world.
A number of people have tried to change what traditionally works. Stephen King, America’s most prolific author, decided to take a move from the playbook of Charles Dickens when he published The Green Mile. The Green Mile was not published as a single novel. Instead it was published as a series of small books that were sold initially over a time period.
Will Seth Godin win with this new move? Not sure. But if nothing else, he has created some buzz. He was featured this last week in the Wall Street Journal for an innovative move. Let’s face it for an author that writes business books, a good article in the Wall Street Journal is a positive move. are final.
I Will be Funny Again
Mark your calendars.
I’m at it again.
Tuesday evening on October 19, 2010 I will be performing my next standup comedy routing for the Accountant’s Once Search for the Triangle’s Funniest Accountant contest. The event will be held at Goodnight’s Comedy Club on October 19, 2010.
Last year I had the crowd in stitches when I told them about the amazing trick that my childhood German Shepherd performed.
If you haven’t had the chance to see my routine Click Here
This year I’m even more excited about the routine I will be performing. I’ve done a lot of research and work for my brand new routine and it should turn out to be even better than last year’s routine.
Buy your tickets by clicking Here:
Mark your calendars now.
Date: October 19, 2010
Time: 6 PM
Place:
Goodnight’s Comedy Club
861 West Morgan Street
Raleigh, NC 27603-1613
What’s With the Moon?
I’ve had a couple people ask, What’s with you and the moon? About two years ago, I became fascinated with the Apollo Program. I began to study the program and interview people who helped make the monumental task of landing on the moon a reality.
The moon is a symbol of possibility for me. It is a source of inspiration. I like to be inspired.
About Me
My name is Damon Yudichak and I am a Certified Public Accountant. My father was an Army officer and we moved around a lot. We finally ended up in Fayetteville, NC. I’ve been a resident of Raleigh since 1999 when I moved here to go to North Carolina State University. I am fascinated with the moon and am still amazed that man has walked on the moon. I also am a big standup comedy fan.
The Orange Star Newsletter is prepared by Damon Yudichak. The Orange Star Newsletter carries no official authority, and its contents should not be acted upon without professional advice.
In accordance with IRS Circular 230, this newsletter is not to be considered a “covered opinion” or other written tax advice and should not be relied upon for IRS audit, tax dispute, or any other purpose.
