Welcome to the Social Capital Podcast, where we dive into social relationships and how the investment you put into them establishes trust, reciprocity, and value within your network and community. Our host, Lori Highby, will connect with top professionals and dive into their best networking stories and techniques to share with you!
051: Getting the 'Me Me Me' out of Networking with Craig Cody
Craig drives home to the idea of adding value and removing the ‘ME ME ME’ mentality from your networking game.
Craig S. Cody is a Certified Public Accountant, Certified Tax Coach, Business Owner and Former New York City Police Officer with 17 years’ experience on the Force. In addition to being a Certified Public
Accountant for the past 17 years, he is also a Certified Tax Coach. As a Certified Tax Coach, Craig belongs to a select group of tax practitioners throughout the country who undergo extensive training and continued education on various tax planning techniques and strategies to become, as well as remain, certified. With this organization, Craig has co-authored an Amazon best seller book, Secrets of a Tax-Free Life and recently authored 10 Biggest Tax Mistakes That Cost Business Owners Thousands.
What is proactive tax planning and how can it minimalize your taxes?
“Proactive tax planning is looking forward. Whereas most accountants are good at putting the right numbers in the right boxes. So being proactive is looking forward to seeing what your client is doing, to minimize loss. Essentially keeping more of what you make.”
What are the biggest mistake you see small business owners make when doing their taxes?
“The biggest is failing to plan. People spend time, they are going out to buy a car, they are researching it. What are they doing, how are they communicating to their CPA or Accountant about what they are doing? We spend all this money going out there trying to get more clients, why not just reduce the tax liability?”
How often should a business owner communicate with their CPA or accountant?
“On a regular basis. Depending on the size of your business, once you get in a groove with your CPA or Accountant, maybe monthly but once quarterly. You have to see what is going on, you need to communicate.”
How can business owner use a CPA to their advantage?
“If you’re communicating and they know what is going on – this person should have a whole lot of information they can share with you.”
How does one know they have the right CPA?
“One way is to ask yourself, when is the last time my CPA came to me with an idea to save taxes? This will break the proactive ones and non-proactive ones. There’s got to be some real value there.”
Can you share your most successful or favorite networking story?
“Years ago, I was in Manhattan, I was building my business, working part-time, I use to try to meet people for lunch. They were people I knew, even, and everyone knows a lot of people. Eventually, they brought up the idea of meeting another CPA and this person turned out to be a great referral service.”
What do you do to stay in front of or best nurture your network?
“I think you need to be approachable and reachable. You just must be able to provide value. You don’t have to spend time researching things but just being able to answer questions for people.”
What advice would you offer to the business professional who is looking to grow their network?
“Get out from behind your desk. Meet people. Provide some value to those people whether you’re being a connector, you’re creating that “indebtedness.” People want to give that back. Just get out there and meet people and you stay top of mind.”
Digital Networking or Traditional Networking?
“I haven’t really got digital networking down, so traditional networking. Talking people face to face, getting out there and meeting people. You can definitely replicate digital networking, I just haven’t been able to do it with confidence.”
What would you tell your 20-year-old self to do more of, less of, or differently regarding your professional career?
“This is my second career, so let’s say I started this when I was 20. I would say, get out behind the desk sooner. Those of us who are at the top of the game are good tacticians, but you need to be comfortable with getting out there and networking.”
Who would be the one person you’d love to connect with and do you think if you could do it in the 6-degree?
“Not so obviously, Arnold Schwarzenegger. Here’s a guy who came here with nothing, built a pretty good business for himself, and went on to be a governor of a state. I think we could all find those connections (in the 6-degree) if we spent time doing it… Maybe I need to put that on my list.”
What book are you reading right now?
“I just opened up Traction this weekend. It’s a business book. I think as a business owner we must constantly read because there’s so much to learn. You just pick up a little nugget here and there, and it all adds up.”
What advice or final words do you have to provide our listeners?
“You need to be out there and see who you can provide value to, and help them. It shouldn’t be about me, me, me, but providing value to them will come back in spades.”
You can get in contact with Craig at:
www.craigcodyandcompany.com – Get a free copy of their book at craigcodyandcompany.com/socialcapital
Call the office 516 869 4051
Email him at firstname.lastname@example.org