The Chronicle’s Business blog

In our Master Mind group, we teach that every challenge has at least one opportunity in it. Lazy people complain. Smart ones find and exploit the opportunity.

The recent Supreme Court sales tax ruling is an excellent example. On a challenge by small internet retailers, the court ruled states have a right to charge sales taxes on anything sold online to their residents.

Local governments are losing millions in sales tax revenue they would have normally received if the purchase had been made in a store in their state or community.

Charging internet retailers a sales tax, government agencies argued, leveled the playing field for their local businesses and helped pay for government services such as law enforcement, fire protection, etc.

Small retailers argued they cannot keep up with differing tax laws in so many states. It would put them out of business.

Big retailers such as Amazon have already figured out how to do it and are paying taxes on purchases from all 50 states.

There is the opportunity.

Amazon is undoubtedly working on a sales tax service it can offer small retailers at an affordable price and for a profit.

What challenges are you and your industry facing? How can you turn them into opportunities – at a profit?

For a complimentary digital copy of “Mastering the Master Mind” email

JerryBellune@yahoo.com

Copyright 2018, The Bellune Co., Inc.