Business Growth

Facing the AI in Business Trend in Your San Francisco Bay Area Business

ranjan.254 / June 19, 2025

Since the release of ChatGPT in November of last year, headlines about AI in business have been incessant. One of the biggest controversies is whether or not AI is a threat to the job market. Lots of differing opinions on this one, and time will soon reveal its lasting effects. I’ve personally observed a whole gamut of responses from San Francisco Bay Area business owners: mild interest, full adoption, growing irritation, all-out worry, and absolute avoidance. And as a trusted advisor to your business, I’d like to posit that with technology, the inevitable is inevitable. Let’s give it some serious consideration today and weigh the pros and cons. Blockbuster showed us that business owners can’t ignore new technology and hope it will go away. ChatGPT is here to stay, even though its place and function are bound to evolve as we go. My question for you today: How should we as business owners who want to stay in business respond to this new technology? As a financial professional running an accounting and tax practice, I am constantly tasked with the evaluation of new softwares on the market that boast of new tech to make my job easier. ChatGPT has affected my industry massively, and my response, then and now, is that I must do what all business owners have had to do for centuries: I adapt. Here’s what I think that could look like for business owners responding to AI today… Facing the AI in Business Trend in Your San Francisco Bay Area Business“When you’re finished changing, you’re finished.” ― Benjamin Franklin If you’re feeling like ChatGPT hasn’t yet affected your San Mateo company, think again. Some, if not most, of your employees have been using it in their personal lives and possibly experimenting with it in their work. Many employees are admitting to using it to expedite their work, even at companies where it has been banned. Well-known names like Apple, Spotify, Verizon, and Wells Fargo (to name just a few) have already imposed restrictions on its use in the workplace, while others are specifically hiring people with experience in using it. The most impacted industries by ChatGPT so far are computer coding, software development, copywriting, advertising, legal, customer service, Wall Street, and graphic design. If you’re in any of these industries, this isn’t news to you. My intent today is to lay a framework for how to address the use of AI in your business. Because the businesses that embrace new technology tend to outlast those who ignore it altogether. So, let’s talk through some considerations that will help you evaluate the use of ChatGPT in your business with authority and understanding. Understand its capabilities and limitationsChatGPT is still in its infancy, and like any new development, it’s not flawless. The information it provides might be accurate, or it might not be. It’s crucial not to take the responses it generates at face value without human oversight and fine-tuning. Do your research. Consider legal and privacy issuesAs you use the tool, remember to protect customer privacy. Italy actually banned ChatGPT in March because of worries about data privacy. Make sure you don’t expose employee or customer data, and take steps to prevent data leaks. You can set up ChatGPT to stop gathering customer data or to stop collecting data after a certain point. Think about how to leverage it for your businessThis tool can be adapted for use in various arms of your company, not just the tech and marketing departments. Consider how AI in your business might increase efficiency in even the smallest tasks, from helping customers to generating new ideas. Define its role in your companyEstablish necessary boundaries. Define how AI should be utilized and remember that, as a relatively new technology, it’s wise to avoid overusing it across all aspects of your operations. Be clear with your employees about how it should be used, and empower your team to apply it where it fits best. Oversee its useIt’s essential to recognize that in human terms, the tool is still in its early stages and requires continuous monitoring and guidance. ChatGPT is like a toddler that is still learning to walk. Guidance and supervision are key. AI in business is not a distant concept anymore. But with careful consideration, it could become a useful tool that helps you grow and expand. You won’t know until you explore it for yourself. And this note should help you get started. Need help exploring new tech for your bookkeeping and accounting? That’s my area of expertise: (408) 775-7790 Looking out for you, Patti ONeill and Gale Bergado

Business Growth

Leadership and Empowerment for Business Owners: A Story

ranjan.254 / June 19, 2025

Let me begin by noting, if you were looking to file for the Employee Retention Credit this year, heads up that the IRS isn’t processing any new claims through the end of the year. This is an effort to keep you out of hot water if you shouldn’t be claiming the ERC and to crack down on any questionable claims resulting from aggressive marketing for it. Now, with the September 15 business tax deadline behind you, you can take a short breath before the next one (coming up on October 16 if you filed an extension). But of course, business owners don’t always have the luxury of taking a long breath. Particularly if you’re responsible for many aspects of daily operations. And that can lead to problems. Burnout is a common issue for business owners. If you’re feeling it creeping in, you’re not alone. Many San Francisco Bay Area owners and managers find themselves overwhelmed with daily tasks and, more problematic, losing sight of the bigger picture. The impact is both personal and corporate: exhaustion, decreased productivity, and even a decline in the business’s overall success. The goal of my note today is to give you ONE thing to change to help turn that ship around. Or if you’re not yet feeling the onset of burnout, let’s talk about one way to prevent it. So here it is: embrace staff empowerment in the leadership of your business. Leadership and empowerment go hand-in-hand, but to do that, you have to stay out of the weeds when it comes to daily business management. Here’s a little story to illustrate my point… Leadership and Empowerment for San Francisco Bay Area Business Owners: A Story“Don’t tell people how to do things, tell them what to do and let them surprise you with their results.” ― George S. Patton In the heart of a bustling city, there lived a renowned composer who conducted an orchestra known for its great potential. But this conductor began to grow dissatisfied with his orchestra’s performances, noting errors from his musicians that he himself would never make. So during the next concert, he left his post at the podium to hover behind the first violinist, pointing out the musical dynamics that were being missed as she played. The violinist’s notes faltered, and the whole strings section began struggling to stay on tempo. The maestro rushed back to the podium and snatched up his baton to try to restore rhythm. But then he noticed a trumpet player struggling to keep up. He hustled over to bombard the player with unsolicited advice on breath control. The once-confident brass section’s notes wavered. Running back up front, he waved his hands frantically to restore order. But the flute solo was approaching, so he tiptoed forward to whisper instructions. When she tripped up slightly on a particularly delicate trill, the conductor suddenly jerked the flute away and played the solo himself. With each meddling gesture, the music limped along as the orchestra struggled to find cohesion and cadence. At the end of the performance, the audience responded with uncomfortable shuffling and polite but hesitant applause. As this practice continued over time, musicians began to drop out, ticket sales declined, and once-loyal audience members lamented the day that the conductor stepped off the podium. The moral of the story here is obvious: Empowering others is empowering yourself. You need to lead from the front, with the full picture in view, which your team desperately needs to stay on mission. Good leadership is marked by the practice of empowerment. Instead of trying to lead each musician individually, the conductor could have empowered each section’s first chair musicians to coach the rest of their sections. Trust your team to handle their responsibilities and provide them with the guidance and resources they need to succeed. Steve Jobs, the co-founder of Apple, understood the connection between leadership and empowerment. He once said, “It doesn’t make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do.” Jobs recognized that by trusting and empowering his team, he could tap into their creativity, leading to the creation of countless groundbreaking products and a company leading the way in technology innovation. Leading this way is better for your business, and your sanity. Need a coach to help you identify areas where you can delegate your San Mateo business and financial management tasks? Let’s talk:(408) 775-7790 Helping you lead from the front, Patti ONeill and Gale Bergado

Business Growth

Steps For Prioritizing Profit In Your San Francisco Bay Area Small Business

ranjan.254 / June 19, 2025

Profit is the lifeblood of any organization. Show me a small business with PROFIT at its center, and I’ll show you something worth modeling yourself after. An organization NOT to model yourself after: the federal government. They prefer to operate in deficit mode, narrowly avoiding yet another shutdown this weekend with a temporary funding bill that expires around Thanksgiving. So stay tuned for more drama on that front. Meanwhile, I’d like to help you avoid drama on your turf, by creating a strategic plan for prioritizing profitability. You might have heard the term “profit first accounting” in various business-type conversations. It’s not a new philosophy. It was first made popular almost a decade ago by Mike Michalowicz and his book, Profit First. I think it’s worth remembering, so today, I thought I’d cover some of those core principles so that it might spark new accounting ideas as you prepare your San Francisco Bay Area business for the close of another year. For a deeper dive, obviously, read the book, and we can talk more about putting it into practice. But here’s a start. Steps For Prioritizing Profit In Your San Francisco Bay Area Small Business“Money is a terrible master but an excellent servant.” ― P.T. Barnum In the world of business, priorities are essential for long-term success. So, where does profit fall on your list of priorities for your small business? Traditionally, profit might come after handling expenses like COGS and payroll, but a profit-first approach flips that. You pay yourself first. Here are some shifts that would need to come first… 1. Structuring Your Accounts One of the first steps in embracing the profit-first mindset is organizing your bank accounts strategically. This simple adjustment, implemented with your accounting team’s help (ahem), will keep your small business profit goals on track. Here’s the setup: Profit: Savings AccountOwner’s Pay: Savings AccountTax: Savings AccountOperating: Transaction AccountRevenue: Transaction Account 2. The Weekly Instant Assessment Fill out the Instant Assessment Table (from the author’s website) on a weekly basis to maintain allocation and accuracy. You and your team will need to record and report all revenue appropriately. Be mindful that tax laws may impact the percentages year by year. This is a key area where I can help you walk out these principles. 3. Implementing Profit Transfers Every two weeks, the transfer of funds becomes your small business profit-first ritual. Accountability is paramount here. Consider partnering with a trusted team member to ensure precise fund allocation according to these objectives: Profit: Build Profit ReservesOwner’s Pay: Take Home Your CompensationTax: Fulfill All Tax ObligationsOperating: Cover Day-to-Day ExpensesRevenue: Exclusively for Income Deposits Making Profit Your Small Business Mantra The profit-first mentality is not a groundbreaking concept anymore, but it’s a pivotal step for small businesses seeking improved cash flow management. And if your current strategies aren’t giving you what you want, why not give it a try for a month or two? After all, adaptability is a hallmark of successful businesses, as I’ve said before. If you have any questions about these profit principles and how they can benefit your San Mateo small business, don’t hesitate to reach out:(408) 775-7790 Your profit is my priority, Patti ONeill and Gale Bergado

Facing the AI in Business Trend in Your San Francisco Bay Area Business

Leadership and Empowerment for Business Owners: A Story

Steps For Prioritizing Profit In Your San Francisco Bay Area Small Business

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