My Ingredients – Tax Advisory

February 17, 2014 by Raul Colon

For a long 10 months I worked at a local CPA Firm doing one of the most challenging yet boring jobs that anyone can imagine, Taxes! I did Corporate tax returns, Individual tax returns ( for some celebrities and MLB players), and other types of Tax returns.

It’s one of my Ingredients

Every year I question myself why I enjoy helping others with their taxes. This year after reading Pamela Slim’s new book, Body of Work
, I understand that it is one of my ingredients.

The knowledge I acquired working as a below average tax accountant for one of the best tax consulting practices on the island has brought me a lot more than the income I seeked; it has helped me create more solid relationships.

Why I left the Accounting Field

One of the reasons I left the accounting field was because I just could not be passionate with sitting at a computer punching numbers and trying to calculate tax rates, penalties, and the other elements that Tax Accounting brings to the table.

At that moment in my life, I thought it was the best approach to follow because my only goal in life was making more money.

Little did I know that these skills I would learn over a period of 10 months with solid Big 4 Alumni tax accountants, would help me throughout the next 10 years.

Being Fired Was a Blessing

After I was fired from that Accounting Firm because I was a below average Tax Accountant, I had to drop everything and move to live with my parents at the age of 24.

Thanks to that event, I met my business and life partner and later ended up working at KPMG, which to this day has brought around a community of friends and ex-colleagues that support many of my efforts.

Getting back to the taxes experience

Every year I get contacted by friends who trust me to help them with taxes by either making a draft for them or reviewing what they have on hand.

Most of these friends could afford even the most expensive tax accountant but the trust they place in me is one that I truly appreciate. On occasions I review taxes created by CPA’s just to make sure the return has a fresh set of eyes and nothing obvious was missed.

Why do I volunteer for this?

First I have the opportunity to refer complicated tax issues to my friend Hector Santini who is one of the sharpest Tax Attorneys I know. I don’t consider myself a tax expert but I can identify discrepancies and refer them to someone that will help them.

Second, I have seen many of these companies who fill out taxes in mass production make some pretty big mistakes which cost the taxpayer large amounts of cash and headaches dealing with the IRS.

Third, I have family members and extended family that paid more on their taxes than they should have. After reviewing taxes and helping them create an amended return they were able to recover significant amounts of money they paid to the IRS. There is no better satisfaction than helping out someone who worked hard for their money to keep their money.

Fourth, it keeps me updated and helps me make better decisions. I run Limonade and I usually serve as a Business Advisor and Coach to other businesses. Understanding tax law and structure does help with making better business recommendations.

Fifth, it keeps me in touch with friends who I have had over many years. Sometimes we are so busy that the only time we spend during the year is when I am helping them with their taxes.

Which of your ingredients do you use once a year?

For what reason and why?

PS: If you want to understand a bit better the Ingredients analogy you can comment below or even better buy Pamela Slim’s new book.

Video: Solving Puerto Rico

January 9, 2014 by Raul Colon

For the past few weeks I have been creating videos in spanish with Gil Schmidt for small business owners which I have been publishing on our new company website.

We have covered subjects that might be useful for entrepreneurs as improving email communications, Prioritize your Strategy over Executing Tasks, and Why and When to Fire Clients.

Solving Puerto Rico Episode 4

The Limonade Stand video series was an idea born and created by Gil after the Solving Puerto Rico interview.

It is a follow up on some of the opportunities him and I could collaborate with and maybe help entrepreneurs and/or those that want to become entrepreneurs.

Video Interview

Can’t see the video click here.

As we try to tailor our video creation efforts it would be great to get your feedback on the video.

Also take the time to watch the rest of the series of videos and reach out to Gil.

What are you creating that we have not seen and we need to put the focus on? Let’s chat in the comments or contact me directly.

Sumo Challenges, Sushi Bite Solutions

August 18, 2013 by Raul Colon

As I work on establishing priorities that are fluid and moving one foot in front of the other when working on critical projects I felt the need to go into detail on how I engage large projects by dividing them into reachable goals.

Dana Montenegro calls it taking a sumo size challenge and dividing it into sushi bite solutions.

As Limonade Inc. works on the make over of Uncle Gussy’s Online Presence (focusing mainly on their website), I have divided a medium size project into multiple phases.

I won’t discuss specific details but I will give you some insight into how we worked on this project in order to help those who are working on projects (especially those related to online efforts).

1st Phase

In the first phase we worked on understanding the online and offline structures Uncle Gussy’s had in place. Once we were clear in what Nicko’s plans where to grow his business and enhance the customer experience, we immediately started working on some key elements that would provide positive business results while staying lean.

The first critical task was redesigning the menu. Some food vendors might overlook the menu but when you have a food truck with a line of customers as long as Uncle Gussy’s every second counts. Making the menu easier to read definitely helps with improving the customer experience and moving the line. Our previous experience working in the hospitality industry and on a previous food truck project, helped us tackle that task in an effective and efficient way.

We researched on-line conversations around Midtown New York which allowed us to be helpful to potential customers. By monitoring keywords, we are able to engage in conversations with others who are interested in Greek Food and in close proximity to the food truck.

By identifying key influencers and customers who are always sharing kind words about the Uncle Gussy’s experience, we are also creating deeper relationships with the existing clientele.

2nd Phase

We created a landing page where customers can order online, sign up to a newsletter, and connect on platforms like Facebook, Twitter, and Google Plus.

This makes the temporary landing page useful while we are building the new Uncle Gussy’s website.

3rd Phase

The next phase we are working on is giving Uncle Gussy’s an online image to match how awesome their food is. Our main focus in the re-design is to make it easier for customers to order online, hire the truck for catering services or special events, and keep those who are interested updated on events and specials.

Results in Only 6 Weeks

In less than 6 weeks we gained some traction and are seeing positive results. By working with Nicko, we helped him organize a few of the administrative tasks because he needs to focus on the business’ critical tasks. It helps Nick work on building his business and do what he does best, take care of his customers while the Limonade Inc. team supports his efforts.

Increase in Business

The first phase also gave Uncle Gussy’s an increase in business. I will use an acronym I learned from my peer and published author Olivier Blanchard, FRY (Frequency, Reach, and Yield).

1. Improving Frequency

Regular customers make more frequent visits. By being present in their minds during lunch time, while we monitor multiple channels, they pick Uncle Gussy’s as their first option.

2. Increasing Reach

Many new customers who visited the food truck where tied to the online efforts Nick’s team and the Limonade team had with those near the food truck and interested in trying Greek Food or seeking an option for midtown lunch.

3. Yield

Customers are buying more per transaction. For example, a few decided to try out one of Aunt Nitza’s (Nicko’s Aunt) Portokalopita or the other Uncle Gussy’s authentic greek desserts which was part of their meal purchase.

Moving Forward

As we continue to work with Uncle Gussy’s we realize how important it is to create reachable milestones and goals that motivate everyone to continue giving their best.

My New Business Venture

I will be writing more about how my new business venture Limonade Inc. might help someone like you who wants to run projects in a hassle-free and successful way. Our newest venture is for those who want to have successful, lean, online projects while surpassing your goals.

If you want to talk a bit more about an idea or project feel free to contact me directly and we can work together on attacking large goals.

Working During the Holidays

December 25, 2012 by Raul Colon

This time of the year is when usually everything for me turns upside down. I am not saying I don’t enjoy Christmas. Since graduating from college, I worked for a Big 4 CPA firm and other large consulting companies p through today that I work on my own, November, December, and January are months that take me for a ride.

While working in the Public Accounting Industry this time of the year meant audits and lots of work. It is what they called, “the busy season”, which anyone who has worked at a Big 4 can confirm it lasts 11 ½ months. This time of the year meant it was time to beg for vacation and try to get it approved. It meant I had to work longer hours than I already did to make sure I would have a job the next day.

Then I finally decided to go on my own which has been a journey that I really would have not imagined. From starting our first project of trying to help people find a job, while still working in the IT Security field as a consultant, I have steered away from climbing up the corporate ladder and pretty much creating my own path.

I have had experiences in the military, sales, restaurant industry, accounting field, IT Governance, IT Security, Project Management, and Web Development. I have been able to create a series of products and services that can be customized to everyone’s needs.

My experiences mixed with experiments make me feel that I can get into people’s heads and make them take other paths.

The Ex-Employee

As a one-time employee, I wished during the holiday season that I would be able to control when I could take vacation. Years later, I am able to take any project and enjoy myself no matter what time of the year it is.

In 2012 I tried to follow my three words as much as I could. I truly took one of them to heart as every effort I tried to get involved with has been organic and most of them reaped some great results.

Getting Ready for 2013

As we all get ready for 2013, I am creating a series of services to coach and assist small business owners in helping them kick off a business, a project, or maybe a new product line.

In the meantime I would like to know if there are opportunities where I can spend 10 minutes with you and I can at least go over an idea or two in order to reach your goals in 2013.

Feel free to drop me a line if you think I might be of help in getting you started with your next projects.

Make Everyday a Holiday

Enjoy the holiday season and if you feel like I use to feel during the holidays, with no control of when you could take a day off, let’s see where you can control your time and when to take vacation like I do.

As I publish this post and organize the rest of my week I wish you all an awesome day and in the words of my good friend Robbie Vorhaus, ” If you are a Non-Christian Happy Tuesday.”

Are You a Fan of Unsolicited Advice?

December 6, 2012 by Raul Colon

I am a big fan of giving unsolicited advice. The problem I have is that on many occasions those receiving it might not be as excited or interested in what I have to say.

I make a living advising and helping companies and individuals create healthier online communications. Since I started in the role of a consultant fresh out of college people and companies have paid me for unsolicited advice.

Since I usually get paid for my advice I think I am doing someone a favor by sharing my advice (at no $ cost to people.) Over time I have come to realize that many people don’t like to hear what others have to say especially when they did not request your opinion.

Fan of all types of Advice

Being a fan of advice from people who wish me well and want me to succeed, I have learned how to accept and embrace what others say. I don’t follow all the advice, but I will analyze every opinion and see how it impacts my environment.

Occasionally, I have received advice from people who I admire greatly and this advice has come at the right time. Their words have helped me cross over big hurdles. In other situations I have received advice that has saved me from making a big mistake or getting myself into a toxic environment.

Do I still offer unsolicited advice?

These days I offer less unsolicited advice. I only do this with those I feel will appreciate it and are close to me. If I see a possible threat, I look for the most polite way to share my thoughts. I make sure that the advice I am giving can be tailored to fit the person’s needs.

There are times when I see people ready to crash and burn and I have no choice but to look away. I feel that sharing what I think might create friction and create an unhealthy environment for our relationship.

If you are a fan of receiving advice, let me know. If I can be helpful in offering free business advice, contact me directly; the first 15 minutes are on the house.

Two Way

I am very privileged that you are visiting this blog, if it is the first time or you have been here before and there is any advice you have for me I want you to share it.

All Feedback is Welcomed

If you see there is anything I can improve, any topics I should write about, advice on how to improve the structure of my blog posts, or any other advice you want to share please do so in the comments below.