PLANNING FOR AN ECONOMIC DOWNTURN

We can’t always control or accurately predict what happens in the overall economy, but we all can take practical steps to survive and even thrive during the financial headwinds.

Keep your skills up to date: It is important to keep your skills current in order to remain marketable to employers. This could include taking classes or certifications, volunteering, or participating in professional development.

Be prepared for a pay cut: Many companies may be forced to cut costs by reducing employee salaries or benefits. Be prepared for this possibility and have a plan for how to adjust your budget accordingly.

Reduce expenses: Look for ways to cut costs, such as negotiating with service providers for lower rates, cutting back on non-essential expenses and finding ways to save on everyday items.

Create additional income stream: Consider taking on a part-time job or starting a side hustle to boost your income. Look for ways to monetize a hobby or talent.

Network: Connect with other professionals in your industry or field to stay informed about job opportunities and also to bolster your support system during difficult times.

Build an emergency fund: Having a savings cushion can help you weather an economic downturn and avoid going into debt.

Be proactive: Don’t wait for a layoff or job loss to start looking at other job prospects and/or to make sure your resume is polished and up-to-date.

Consider starting your own business: A recession can be a good time to start a business, as there are often fewer competitors and more opportunities to stand out.

Be cautious with debt: Avoid taking on new debt or consolidating existing loans if you are in financial difficulty. This could lead to further financial strain.

Consider a car, but hold off on homes: Inventories are growing again at dealerships and some manufacturers are offering 0% financing on vehicles. As for homes, unless necessary, I would hold off at least another six months. It is expected that by summer we are likely to see interest rates slowly going back down.

Seek help if needed: Don’t hesitate to seek help if you are struggling financially. There are many resources available to help you get back on track, such as financial counseling and government assistance programs.

It’s important to remember that a recession is a cyclical phenomenon and economies tend to recover. While it can be difficult during a recession, it can also be an opportunity to reassess your career goals, develop new skills and explore new opportunities. If a recession does hit close to home, remember that there is always a light at the end of the tunnel, and this might even be an opportunity to take a different tunnel.

WRITTEN BY DIEGO DE JESUS DESIGNED BY BRIANA CHENOT

THEY LOOK AT PRIOR TAX HISTORY, TO HELP YOU PLAN FOR A BETTER FINANCIAL FUTURE

tax season, and everyone is scrounging up their receipts and payment records, calculating digits that’ll sum up to their tax return for the year. Every year it seems like it’s becoming more and more complicated for the average American to compile an accurate tax return. This isn’t a coincidence. Due to its sheer length and complexity, the tax code has become arduous for everyday people to digest. For these reasons, here are five pointers on why you should consider hiring a tax professional or a Certified Public Accountant to navigate your taxes with some wisdom from Josue Mendoza from Jason Wiley Simpson, PA and Lance Schmidt from CliftonLarsonAllen.

THEY ARE TRAINED TO KNOW WHAT YOU DON’T

According to Marketplace.org, 90% of Americans hire a personal CPA or use other filing services to file their tax return. Anyone can do their own tax return, but there’s a lot of room for error which could cost you more money. The tax code is tens of thousands of pages long, too much information for the average person to process on their own time. Every year this code is altered, making it more complex. For this reason, it’s essential to acknowledge the certifications that CPAs have and consider how their services could help you. A level of trust needs to be established between you and the CPA to assess your situation adequately. It’s good to research beforehand, but trust the experts and know they want the best for you.

Planning out tax strategies varies with each client, and the strategies professionals compile rely on what you tell them. If you’re a person that’s visiting a CPA for the first time, you need to be prepared to provide records of your financial history. The more information you provide, the clearer the picture a CPA will have to work with. A survey from the National Society of Accounting found that the average cost for a CPA to file a 1040 tax return was on average $323 in 2020. They’ll be able to analyze what actions you took in previous years, so they can improve your current tax return so mistakes won’t be repeated. There are many different scenarios with even more hypotheticals that come into play that are impossible to ignore when your CPA assesses your tax situation.

You Have An Audience To Tell The Story Behind The Numbers

Many people think that handling taxes is just a matter of paperwork and punching numbers, but everything presented to your CPA is part of your story. Your CPA is a human being who actually has their own taxes to figure out, and you can talk to them about the circumstances behind your numbers. It’s an opportunity for you to have helpful conversations with an expert rather than trudging through your stress and crunching numbers. This ties back to that level of trust you can establish with your CPA to get the possible outcome. You can talk with your CPA about situations you may be going through—such as a divorce that requires you to pay child support—to help them better understand your entire tax situation.

Big Things Ahead Require Professional Planning

Planning ahead is always best, but even more so for your finances. We all want to expand and grow in various ways but that requires preparation. In most cases, what we want doesn’t come overnight. Think of everything you want financially as an individual or business when your CPA compiles a strategy for you. You have a specific goal in mind, so you need to plan ahead and look at everything before making the first move. You want to make sure everything is in good financial standing with absolute certainty before taking action. Talking with your CPA will create multiple contingency plans in case something goes wrong, including necessary steps to avoid any more losses.

THEY HELP YOU SET SHORT AND LONG-TERM GOALS

What are your goals? This is a question asked by CPAs and one that most clients, especially business owners, need time to think about. In Schmidt’s words, “What’s your secret sauce?” What makes your business tick and gain revenue? Business owner’s minds start racing with realizations they didn’t think about before, and from there, the CPA fosters those ideas into beneficial strategies. If you open a business you’ll have your CPA asking you a slew of questions like, “Do you know what licenses and registrations are needed?” Mendoza remarks that many new business owners walk into the firm without filing the proper paperwork to begin consulting— resulting in CPAs doing the paperwork and charging their clients for the service. CPAs know the terminology, so they can talk about everything you want to do one-on-one while helping you process their advice in a way you’ll understand. That being said, these strategies are only suggestions. It’s up to the client to institute them to hopefully achieve optimal results.

Hurlburt Financial 5125 S Lakeland Dr Suite 3, Lakeland, FL 33803 (863) 701-9717

CPS Investment Advisors 205 E Orange St #310, Lakeland, FL 33801 (863) 688-1725

Allen & Company 1401 Florida Ave S, Lakeland, FL 33803 (863) 688-9000

CliftonLarsonAllen 402 South Kentucky Avenue Suite 600 Lakeland, FL 33801-5354 863-680-5600

Jason Wiley Simpson, PA 902 Florida Ave S STE 105 Lakeland, FL 33803 (863) 937-9024

1957, Publix Employees Federal Credit Union (PEFCU) was founded to meet the financial needs of Publix associates and their families, as part of a vision Publix founder George Jenkins, John Turner and other leaders had of giving employees access to better loans and savings options.

Headquartered in Lakeland, Fla., the memberowned co-op has more than $1.4 billion in assets, is ranked in the top 5% of credit unions nationwide and boasts an A+ rating in financial health.

In March 2022, Jeremiah Kossen came on board as the credit union’s new CEO. He took some time recently to reflect on his journey and share what’s coming next for PEFCU.

TELL US ABOUT YOUR JOURNEY.

I have served in multiple executive roles in the credit union industry after getting started as a problem case officer at NCUA. Most recently, I served as CEO of Town and Country Credit Union in Minot, ND. But before that, I spent 10 years as Chief Operating Officer at Lake Michigan Credit Union in Grand Rapids, Mich.

There are a lot of excellent credit unions out there, but the opportunity to be a part of one sponsored by a company as prestigious as Publix felt very special. My family and I are excited to join the PEFCU family. I am really thankful for such a talented, supportive and engaged Board of Directors governed by Publix Super Markets leaders with much experience.

WHY ARE YOU SO PASSIONATE ABOUT THE CREDIT UNION INDUSTRY?

Improving lives through credit unions isn’t just a career; it’s a way of life. The credit union philosophy of “people helping people” inspires me to serve others. The credit union industry is passionate about its members and exists to better their lives and support the local community. Credit unions would not exist without a persistent push to help the underserved. We put members first, and we all do our part in making each other successful.

PUBLIX IS A VERY SERVICE-ORIENTED COMPANY. DOES THAT SAME THREAD RUN THROUGH THE CREDIT UNION JOURNEY?

Having spent the entirety of my 20-plus years of service in the credit union industry, I know the importance of servant leadership. Being part of a credit union sponsored by a company as prestigious as Publix is an honor. Publix sets the standard for delivering world-class service, and that was undoubtedly one thing that attracted me to this role. I look forward to ensuring that PEFCU’s level of service exceeds what Publix associates deserve.

NOW THAT YOU’VE BEEN ON THE JOB FOR NINE MONTHS, WHAT ARE SOME UPCOMING PROJECTS MEMBERS CAN GET EXCITED ABOUT?

My first six months began as the pandemic subsided and anxiety about inflation and recession increased. Yet, we were able to roll out projects allowing members to prosper despite the current economic climate. So far, we’ve rolled out our FirstTime Home Buyer program, First-Time Car Buyer program, and Publix Relocation Loans, each uniquely designed to help make major financial moves.

Now, members can look forward to more products and services that help them gain financial success despite financial obstacles. Plus, they’ll find that our banking platforms, such as mobile and online banking, will be much more cutting-edge. They’ll also see us more in the community as we partner with charities and do more philanthropic work.

BESIDES BUSINESS AND OPERATIONS, WHAT DOES AN ASSOCIATE GET OUT OF WORKING WITH PEFCU?

PEFCU is going through many positive changes. PEFCU associates set our credit union apart from others. We not only have seasoned staff who remain loyal to the PEFCU brand, but we also have plenty of new talent coming in, and their unique experience makes us better.

As a credit union, our associates get a sense of empowerment in that we can improve the lives of our members and community. What makes PEFCU unique are our values, which are to be caring, inclusive, accountable, innovative and transparent. We foster an environment where everyone is valued and respected. Our relationships with our associates are trustworthy, and we take responsibility for meeting our standard of excellence as their employer. We encourage our associates to challenge the status quo in a way that will lead to a stellar experience for them and our members.

HOW ARE YOU ENJOYING BEING A LAKELAND RESIDENT?

We have always loved Florida and have frequently vacationed with my in-laws, who are snowbirds. We like the Lakeland community because it has a lot to offer our family. We’ve gone to the Farmer’s Market, seen a show at the Lakeland Community Theatre, played lots of tennis at the Beerman Family Tennis Complex at Publix Charities Park and found a church we enjoy.

TELL US SOMETHING ABOUT YOURSELF THAT PEOPLE WOULD BE SURPRISED TO KNOW.

I am an only child. Also, I really like Halloween! One of my favorite costumes was one that our employees chose for me—Joe Exotic! It was fun!

Lakeland-Winter Haven area is the second fastest-growing metropolitan area in the country, according to the U.S. Census Bureau. There are more than 232,000 households that account for almost $20 billion in annual economic activity.

More than ever, people—specifically entrepreneurs and corporations—want a piece of that pie.

Large global entities continue to build profitable franchises, warehouses and extensions in Lakeland, but it’s the ambitious, passionate small business owners who put distinctive handprints on how our city looks, feels and tastes.

The exciting part of living in Florida is that in 2021 there were 632,105 applications for new businesses submitted. The tough reality though, not just in Florida but nationally, is that 1 in 5 businesses do not survive a year and almost 50% of businesses close within five years.

One priceless asset that Lakeland has is a large number of successful businessmen and women who are willing to share their wisdom and point other entrepreneurs to resources and development opportunities that can help them beat the odds.

The Lakelander sat down recently with four savvy local business minds with a wealth of knowledge and experience to unpack some of their best advice for hopeful and existing small business owners.

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So You Want To Start A Business Or Further Grow Your Business In Lakeland. Now What/Where Do You Start?

Dixon, Chamber of Commerce:

“When [a business owner] comes in, I ask them, ‘How can I be a resource to you? What resources do you need?’ And they are very excited about being informed about what they may not know just yet and also just being updated on the new trends. I see enthusiasm and hunger for wanting to be more informed so that they can advance their business.”

Abbott, Catapult:

“[In] 2022, we really found our purpose, our mission, and our momentum in our offerings. We have shifted away from a cohort-based education program, getting people together to go through a class; now it's really focused on one-on-one attention.

‘What do you need to learn? What does your business need? How can Catapult create that connection for you or create that educational opportunity for you?’”

Catapult now offers many one-onone mentoring opportunities, connecting entrepreneurs with field and industry experts who are willing to provide their time to answer questions and confer wisdom.

Long, BRIDGE Local:

“I don't think that there's a one-size-fitsall entrepreneur or small business idea or venture. So realizing that those (people) that feel like Catapult is the solution for them, those that go to the Chamber and say,’This is for me,’ those that are Hispanic and can find the resources they need (at the Puerto Rican Hispanic Chamber)— there are still gaps, right? And so where social media can fill those gaps, BRIDGE Local seems to have an opportunity to do that.”

BRIDGE Local moderates a community Facebook group of nearly 12,000 members, and is constantly working to connect people with local businesses and train local businesses in lead generation and online marketing.

Takiyah Dixon Director of Business Resources at Lakeland Chamber of Commerce

Takiyah spent 18 years in education, working with every age group from VPK students to college students, and her primary focus the past decade has been on teaching life skills and workforce development. She is also the founder and owner of D&G Mixed Media Art and Design.

In her role at the Chamber she is especially excited to help address skills gaps for traditionally underserved populations and connect entrepreneurs with potentially life-changing resources.

“When the opportunity arose at the Lakeland Chamber of Commerce, it was a perfect opportunity for me to be able to come and make a great impact on not just youth, but also business owners,” she said.

How Would You Describe The Local Business Climate In Lakeland?

Long, BRIDGE Local:

”We're the rockets, you know, the practice rockets that go up and down and up and down, and then now we're actually gonna launch. Like, this is a legitimate launch that we're getting ready to take off. I think the world's just gonna start to take notice of the entrepreneurial community of Lakeland because of all of the people who started to step in and become leaders in our city.”

Abbott, Catapult:

“I think that the national headlines that Lakeland has received for its growth, for its proximity to resources and the port and logistics and operations…is such a huge benefit to so many entrepreneurs or to outside businesses looking for another headquarters or another base of operation. I think we are positioned in an amazing time and an amazing geolocation.”

"...I SEE ENTHUSIASM AND HUNGER FOR WANTING TO BE MORE INFORMED SO THAT THEY CAN ADVANCE THEIR BUSINESS.”

Christiaan Abbott

Workspace Director at Catapult Lakeland, Inc.

Christiaan has traveled the world as a professional dancer and theatrical professional, and also pitched billion dollar ideas to the CEO of Disney as part of a 20-year run with Disney Cruise Line.

He has lived in Lakeland for 12 years, but admits that it wasn’t until the pandemic forced him to work from home that he developed a genuine appreciation for the city.

When he learned about the Workspace Director position at Catapult he was intrigued by the opportunity to be intimately involved with the development and growth of the city by sharing his expertise and network of connections with entrepreneurs.

“These are the people who are gonna give my sons awesome jobs when their dreams come true,” he said. “And as well, just being a footnote in somebody else's story, helping somebody else's dream come true, that is such a worthwhile cause that just pulls on my heartstrings.”

What Characteristics About An Individual Do You Believe Are The Most Telling Of Whether Or Not They Will Be Successful As An Entrepreneur?

Rivera, Puerto Rican Hispanic Chamber: “Do not be afraid to take criticism. And I have a lot of members that [say], ‘I used to do this before and this is what I wanna open my business as.’ And I say, ‘OK, this is what you did before, but did you do it for yourself? Did you do it for someone else? And if you did it for someone else, did you learn something from that [person]?”

Abbott, Catapult: “Successful entrepreneurs embody a level of credibility. They know their business or they've spent time in their business and maybe their boss didn't let 'em do it, so they went off and did it themselves. But they've had time in that industry and can go off and execute it their way or survive somehow. And then I think the credibility also comes with a bit of persuasiveness as well, because you have to be able to articulate your vision and persuade employees to go along for this startup ride or persuade an investor that they're gonna get their money back or that it's worth the risk.”

Long, BRIDGE Local:

“I'm gonna quote a Ted lasso quote: ‘Be a goldfish.’ You have to remember the mistakes you've made and not forget that you have to learn from the things that you've done. But when it comes to relationships and someone hurting you, don't carry that hurt. Don't become embittered. Don't become cynical. Because things are gonna go wrong, people are gonna screw you or use you or take advantage of a situation or steal an idea. And at the same time that sucks, that's a part of the marketplace. So get ready and embrace the competitiveness of it, but don’t lose the reason why you started in the first place.”

Dixon, Chamber of Commerce:

“Successful entrepreneurs take risks, and you have to not be afraid to fail over and over again because it may happen. Also, just being consistent and being around a supportive group.”

Ana Rivera

Ana says she is semi-retired, but her schedule is still filled with meetings and lunches centered around helping bring sustainable businesses to Lakeland. She knows what it’s like to be a corporate leader, working for years with the likes of Marshall’s and JC Penney, and she has operated successful businesses related to fashion design and product development.

When you fuse that together with the fact that the Puerto Rican native is a bold and seasoned advocate for helping guide Hispanic entrepreneurs, it’s no surprise that in 2007 she founded the

Puerto Rican Hispanic Chamber of Commerce of Polk County.

“[The Chamber has] been able to help at least 70% of our members to start, continue and maintain their businesses here,” she said.”If you take a drive around, you know, not only Lakeland, but throughout all of Polk County, you will see on every corner, either a Spanish church or a Spanish restaurant, a Spanish barbershop, a mechanic, a dentist, etc.”

Chrissanne Long CEO of Maximize Digital Media / Founder of BRIDGE Local

Chrissanne comes from a family of teachers—and she was a Polk County Schools teacher for nearly a decade—but eventually she found her own unique path. She is the CEO of a digital marketing agency, the founder of several business networking organizations, and she loves to help people build successful businesses.

“I feel like my existence started when I became an entrepreneur,” she said. “When I became an entrepreneur I started to realize that I had a God-given purpose and I just stepped into it, and that’s what I’m doing.”

What Industries Are Ripe For Growth In Lakeland?

Abbott, Catapult: "I think the number one business started in Florida is a landscaping business because that business is always going to be needed. You find a business that can serve people who are retiring in this area and the ones coming out of college because those kids wanna live in a cool hip place that is affordable. So the restaurants, the bars, the experiences…I think if you can start a business that services one of those two demographics in a wonderful way, it will be gold.”

Long, BRIDGE Local: “I'm not going to speak on specific industries, but on finding a business that's systematized or that can be repeated that you can create something that can scale. A lot of times people get into business with a service business for example, and it's like they're gonna do the service and then they get busy and then they know that they need to hire somebody, but they don't have a system to bring somebody on. If you begin with the end in mind, the systems are gonna be what can take you to a successful business.”

Dixon, Chamber of Commerce:

“I think there's a kind of a teeter totter back and forth. If you look at what education is doing right now, they're preparing students for trades. I think also the medical industry is booming as well…so I think those are some main areas in which if you’re looking to start a business, you would be successful.”