Sergey Brin, the richest immigrant in America — worth over $45 billion — and Google co-founder was once quoted saying, “Solving big problems is easier than solving little problems.” He said it when asked what drives Google X (think Google Glass and other semi-secret research-and-development projects founded by Google).
As business owners, we’re faced with a number of challenges — money management, growing revenues, hiring new employees, staying energized, and the list goes on. What if, instead of focusing on micro-solutions for every problem with which we’re faced, we focus on the larger solution that addresses the various problems?
Brin’s statement is more or less the killing two birds with one stone concept with the added challenge of addressing problems.
I write about tax credits, so the first thing that jumps into my mind–a solution that would address many problems small and medium business owners face–is securing tax credits and government incentives. State and local business tax credits and government incentives are an essential source of funding that offer significant savings.
Securing them reduces your tax burden, manages costs more effectively, buys time until purchase orders materialize, and improves earnings. Cash is king and the lack of it can be the Achilles heel of any business.
Jurisdictions across the country offer several business tax credits and government incentives — often underrated and not the main three dozen credits coded by the IRS — to companies in an effort to promote their economic development strategy. I recommend leaving no rock unturned. Do your research on the tax credits and business incentives state and local economic development agencies offer. There is also the option to hire a consultant that specializes in tax credits and incentives.
In 2006 after a scan of his genome, Brin found out he was prone to developing Parkinson’s. The discovery launched a wave of funding for research and development of one of the world’s most stubborn diseases, in addition to cancer, diabetes and heart disease. In other words, addressing a big problem solves little problems at the same time. Not only is Parkinson now being tackled, but also the other little problems. Brin has made it a personal mission to solving big problems.
Perhaps securing tax credits and incentives will not address your problems, but looking at your challenges in a way Brin suggests could help solve the problem faster.
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