Client Focus: Bill Davis,
Jr.
The New Year is a symbolic time for a clean slate, creating resolutions and planning for the year to
come. At the beginning of 2006, Bill Davis, Jr. had a conversation with a loan officer at the Bank of Kentucky. It was time for a change
in the way finances were being handled at Ranger Concrete Construction. It was then that the loan officer suggested implementing the services
of The Advisory Team, LLC.
Bill Davis, Jr. met with The Advisory Team about eleven months ago and decided that Shared
Controller™ services were exactly what he needed to better manage the family business. “I am more aware of what is happening on
the financial end of my business. The up-to-date financial snapshot that I now have allows me to track our business, from funding projects to
funding equipment. The best part about it is that I can stay ahead of the game.”
Staying ahead of the curve is certainly important to a business owner, especially in the contracting
world. Bill appreciates his new awareness of cash-flow and budgeting which keep him from simply “flying by the seat of his
pants.” He says he is learning a lot too. “By having my financials done in-house with Karen from The Advisory Team, I have
the ability to control, manage and learn my own accounting software. This is the kind of personal approach that I enjoy and strive to maintain
in my own business.”
Bill and his family have worked hard to create a business of integrity, built on a solid concrete
foundation of quality. As Ranger Concrete Construction heads toward their 10th anniversary, Bill is confident that he is going in the right
direction. “I’m working with a capable team that helps clients be aware of how to best manage their money, both personally and
professionally. They offer a more complete list of services than any other firm I know. I’m even beginning to work with The Wealth
Advisory Team so I can plan for college-funding and my own retirement. I’m taken care of from all sides!”
To learn more about the many ways that Ranger Concrete Construction is continuing to grow and expand,
visit www.RangerConstruction.net. Bill can be reached via e-mail at bdavis@rangerconstruction.net or by phone at (513)724-5000.
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Realm of Practicality
What you need to do now before year end
Reducing income taxes is a goal upon which everyone agrees. To effectively make a difference in
the amount of money you pay each year to the various taxing authorities – and there are an increasing number with their hands out! –
requires planning.
Tax planning is a very different process than tax return preparation. When you have your tax
return prepared, someone takes your past data and helps you determine the correct reporting method. Tax planning looks forward, anticipating
what your year may look like. The planning process takes an inventory of tax strategies to see if you are taking full advantage of all the
opportunities offered to reduce your taxes. Lastly, planning helps you avoid unpleasant surprises. If you have had an exceptional year,
you may have a substantial payment due. Better to plan for a large April 15th payment in December than in early April! Save yourself
frustration, headaches and money by taking advantage of year end planning.
Making effective (as in lasting) resolutions
The coming of winter offers us a natural time for introspection. With the days shorter and the
nights longer, the natural cycle of the earth calls you to go within. As the sun does its death and rebirth cycle, you too have the opportunity
to take inventory of what you want to die and to what you desire to be reborn.
All too often your resolutions spring from shame. You move against what you see is not
working. You can be for or against anything. If you really want to make progress in your life, the only energy that moves you forward is
“for” energy. Progress and “against” energy are obviously incompatible. Before setting any resolutions make
sure you are voting “for” something you really want in your life.
Here is a quick example. You look at your finances and declare, “No more credit card
debt!” You are moving "against" credit card debt. You look your finances and declare, “I love myself so much and I am
committing to free myself from worry by eliminating my credit card debt by x date and cutting my existing card into pieces.” Both of
these declarations will bring change. Only the latter produces lasting change. You choose - temporary alterations of behavior leading to
failure or real results!
How AND why to check your credit report and score
Every time you apply for a loan or other type of credit, the lender checks your credit report
score. This information influences whether the lender approves your application and the interest rate you are offered.
Credit reports may contain errors. It is important to check your information and to make sure
mistakes are corrected.
Checking your credit score is simple and easy. Just log onto www.annualcreditreport.com and
follow the straightforward instructions. You may access your report once every twelve months at no charge.
If you find an error, follow the instructions on the web site and
report it immediately.
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