I know it’s not even close to tax season, but hear me out. Strategic tax planning affects your bottom line by helping you maximize deductions and minimize your tax liability. So, thinking about these strategies now gives you plenty of time to take action rather than scrambling in December (or worse yet, next March) when it may be too late. Trust me. Your future self will thank you.

This is the first article of a 2-part series, so my apologies if you get so excited by the time you get to the end of this article that you’re bummed you have to wait another week to finish it (hey, it could happen). In that case, spend the time between now and next week exploring the suggestions I’ve outlined here. That should tide you over. Moreover, I wouldn’t be a lawyer if I didn’t give you a disclaimer (or use the word “moreover”): this article contains general information for small business owners and is not tax or legal advice. Always consult an expert who can determine which tax strategies are best for your business and ensure you implement them correctly. 

However, handling these reviews with grace and strategy - as well as the support of a trusted advisor - can actually strengthen your brand and demonstrate your commitment to excellent customer service. 

In this two-part series, I’ll walk you through 10 effective strategies to protect your business from the impact of public negative feedback.

This week we’ll look at the first 5 strategies.

Strategy 1: Stay Calm and Assess the Situation

Most likely, reading negative feedback on social media will rattle you and you’ll feel it in your body. But it’s important to stay calm. This is not to say that your emotional response isn’t valid; it certainly is. It’s easy to take negative reviews personally, especially when you’ve put your heart and soul into your business. So if you need time to process the emotions, take the time. 

While there are many qualities that great leaders possess, one that is often overlooked is self-awareness. Having an in-depth understanding of your own strengths, weaknesses, communication styles and natural tendencies can help you maximize your potential and unlock your ability to inspire and motivate others. 

Two tools that can provide you with invaluable self-knowledge are the DISC  assessment and the Kolbe assessment. In this article, we’ll break each one down so you’ll gain an understanding of how you can use these self-awareness tools to improve your leadership skills. Let’s start with the DISC assessment. 

The DISC Assessment: Understanding Your Communication Style

The DISC assessment helps you understand your behavioral styles and preferences. It is based on the work of psychologist William Marston, who categorized behavior into four main styles: Dominance, Influence, Steadiness, and Conscientiousness. The assessment is typically taken online and consists of a series of questions that ask you to choose statements that best describe your behaviors in various situations.

They started their business in 2016 in Audrey’s parents’ basement, and with long hours, trial and error, and strategic partnerships, the brand generated over $4.5 million in sales in 2023. And keeps growing.

How did they do it? Let’s pick apart their story and see what we can learn. I’ll also throw some questions at you, so you can reflect on how these lessons impact your own entrepreneurial journey. So grab a cup of coffee (cold brew, maybe?), put on your thinking cap, and be prepared to be wowed. 

Lesson 1: Be Tenacious 

First and foremost, tenacity wins the game. Audrey and Sam faced daunting hurdles at the beginning of their business, including financial strain and uncertainty about their venture's viability. In a recent article in Entrepreneur magazine, they revealed they spent an entire summer taking their coffee cart to any in-person affair that would have them, from farmers markets to sheep-shearing events (Yep. I had no idea such a thing existed, either). The summer yielded few results and Audrey and Sam almost threw in the towel. 

But fret not! It’s possible to turn that “no” into a "yes." In this blog article, we’ll go through 8 tips to make your pitch irresistible and increase your chances of success of obtaining outside funding. Let’s get started with Tip 1, choosing the right business entity.

Tip 1: Choose the Right Type of Entity

Make sure you choose the right type of business entity, which takes into account the needs of the investors from a tax reporting perspective, the types of investors who can provide capital for your business, whether more capital will be needed in the future, and what those investors will desire from an entity stand-point.

For instance, a C-corporation (C-corp) offers a structured and scalable framework that investors prefer. As a C-corp, you can issue multiple classes of stock, which gives you flexibility in creating equity incentives and accommodating different types of investors, such as venture capitalists and angel investors. Importantly, you may also want your business to be able to issue qualified small business stock (QSBS), which gives you a $10 million exemption from capital gains tax - a huge attraction for investors.