They say it’s lonely at the top. I’m not sure who THEY are but I do think they are correct! CEOs and business owners are alone at the top of their structure, with the weight of success sitting squarely on their own shoulders. According to study findings by Harvard Business Review,

 

“Half of CEOs report experiencing feelings of loneliness in their role, and of this group, 61 percent believe it hinders their performance. First-time CEOs are particularly susceptible to this isolation. Nearly 70 percent of first-time CEOs who experience loneliness report that the feelings negatively affect their performance.” 

 

Can you relate?

I hear this quite often from the CEOs and owners I talk with. The major decisions that determine your business’s success (or failure)… the people management challenges that sway team culture and morale… the customer service issues that brew day in and day out. These decisions take time and energy—and even solitude, which only magnifies the feelings of isolation.

What if you didn’t have to be so isolated? What if you had support for those weighty financial management decisions?

That’s something I am quite proud to offer Officeheads clients. Our full-service approach to financial management and strategy provides our clients the kind of support that eases the loneliness inherent to being at the top.

Take, for example, the burden of managing your corporate taxes. You don’t have time to think about taxes week after week, month after month. Until it’s tax time. Then you do the tax-time deep dive, losing yourself for days as you collect the needed information, organize your reports, and file your statement. That’s not only an isolating activity, but a draining one too.

Instead, our team of in-house tax experts focuses on your taxes to ensure everything is in order, every day. There’s no tax-time scramble, and you have team support helping you understand how to make sound financial decisions based on your tax situation.

Our approach is more comprehensive than your typical tax service. Most people hand off their documents to a tax service—but that’s just one conversation, once a year, to hand off the paperwork.

People who talk to their CPA once a year, only during tax season, are doing themselves a disservice.

Likewise, CPAs who speak with their clients once a year during tax season are doing their clients a disservice. 

At Officeheads, our team approach offers much more. For our full-service client experience, you can talk to your CPA every month! Full service clients meet monthly and talk about historic numbers (i.e., reviewing financial reports), future projections (reviewing comparison to forecast and budgets), and tax strategy. Jim Pepa explains, “With regular conversations and support, there should absolutely, positively be NO surprises about the tax implications of having a good (or bad) year in your business. Any issues are addressed proactively, not reactively.”  

Loneliness for CEOs and owners is often fueled by the unknown (and negative) surprises that could be lurking in the quarter ahead. But there’s strength in numbers—having a team to help you read and analyze your financial reports not only zaps isolation and loneliness, but it also eliminates some of that unknown. We train our clients to read their data using our proven methodology, which includes regular reviews of: 

  • P&Ls (monthly and quarterly to understand cash flow, profitability, and KPIs that make sense)
  • Balance Sheet (monthly to understand the current financial health of a business as it relates to assets, liabilities, and equity).
  • A/P and A/R Reports (several times per month to make decisions on which bills to pay and who to contact to collect overdue invoices)

How much different would your decision process be if you could read all these financial gauges AND you had an expert team to bounce ideas off of?!? It’s a gamechanger for every CEO / owner.

The best business decisions are made from a tax lens, and it’s an ongoing review of the gauges, not a once-a-year check-in. “Even if you are not a full-service client,” Jim explains, “we like to speak with you at least twice a year outside of tax season to keep ourselves informed as to how you are doing and to make recommendations (again proactively) to avoid unpleasant surprises at tax time.”

If you battle CEO / owner loneliness, take a look at your support system. It’s possible you are more isolated than you need to be. Finding a team of experts who provide expertise and moral support will make a difference. You will be more equipped to make sound financial decisions. And you will be less lonely at the top. If you’d like to have that kind of CEO experience, reach out to us today. Our team of in-house tax experts are ready to walk with you every step of the way.