Tax Question:
What does “A-Access Advice” in the acronym ADAPT mean and what does it stand for?
Facts:
“No one is an island” – John Donne, or in the COVID-19 age, “Stronger Together” – various Canadian artists, or better yet, here at Gilmour Group CPA’s, “S=PK2” (see our Formula for Success FAQ #1). Combining knowledge and skill from yourself as the business owner and your team of advisors will result in a stronger solution.
Reach out and get help and advice.
Discussion:
A – Access advice. In a rapidly changing world, it is impossible to keep track of everything. You need advisors to:
1. Keep you informed of changes and their impact on you.
2. Help you evaluate those changes and make good choices.
3. Teach you the tools you need (see FAQ 6 in this series).
4. Be your coach when things are beyond your level at the time. I like the expression “experience is what you have immediately after you needed it”. A great advisor helps you avoid those moments of “oh *^%$” when you realize that the choice you made did not fit the problem or get you the right result. And when it is still not avoidable, the coach helps you pick up the pieces and adapt to try
again.
5. Keep things on budget. A great coach can and will save you money but not necessarily in the way a textbook would run a forecast for you and have you do a cost-benefit analysis. A great coach can steer you rapidly away from those tedious calculations of cost-benefit and towards the live or die questions and answers of what opportunity do you seize. And what mistakes do you avoid.
Remember “S=PK2” – Success equals Passion times Knowledge squared.
Grant Gilmour, B.Sc (Hons.), MBA, CPA, CA, CICA – ITC
Partner, Gilmour Group CPA’s
Email: faqs@gilmour.ca
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