Wanting - Partying - Santa

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What You Want Part 2
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Last week we did a quick exercise to get to the root of what we really want, this week, take a short period of time to think about your business quagmires - those sticky, icky places where things went wrong. Who was always around? What brought out the best whine? Who approached it as a challenge with solutions? Make a list and burn it.

Now, make a plan for what you want to do, focus on the positive behaviors and activities that are producing results, people that do well and the successes they bring, and which customers do you really, really want to hug when you hear their voice. When animal trainers want to produce a new behavior, they focus on WHAT they want, not what they DON'T want. Learning from your business quagmires for the solutions may be the perfect start to the New Year in a new way.

Copyright 2009 Linda Fayerweather
What's working in your Business?
Changing Lanes LLC
http://www.changinglanes.biz/

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Party Plans
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The holiday party is a great time to meet people but . . . you should have a plan!

Everybody goes to parties, and the holiday season is full of them. It’s also a business slowdown season for many of us who are not in retail. The holiday parties are NOT just a place for free food and drinks.

Holiday parties and other social mixers bring new opportunities to network, even more than the rest of the year. The holidays are times when we are more likely to see people in a social setting, and this setting definitely lends itself to building relationships.

Most people think of networking only in traditional networking venues, such as the chamber, strong-contact referral groups like BNI, and other business-oriented gatherings. But that’s not using the power of networking to its fullest.

It can be the best time to introduce yourself or have a friendly conversation with one of your superiors. Making an impact on someone important can be a real career booster; it could open the door for new job opportunities, promotions and/or new business.

In order to make the most of “holiday party networking,” here are a few things to keep in mind:

• Be prepared! If you’re going to hobnob, try to know whom you are talking to, what their job and role in the company are and what they’ve done this year for the organization. Use this info as a way to start a conversation. If you know some of the people who will be in attendance, do a Google search on them. Do some homework.

• Ask questions. Some suggestions: How did you start the business? How did you take the business international? How did you start franchising? What were some of the challenges with . . . ? Have you read any good books lately? (My favorite is: How can I help you?)

• Have a “teaser” topic ready. Approaching the end of the year, every business wants to increase profits and performance in the New Year. Have an idea ready that describes how you can improve your sector in the coming year. (Word to the wise: Don’t give away the goose; set up a meeting to discuss the details.)

• Use this introduction as a segue for a future meeting. As mentioned above, you don’t want to “end” the conversation at the party. The end game here is to open the door for follow-up. You want to be able to connect with the person after the party, one-to-one.

• Don’t have more than a couple drinks. It’s a party, but it’s not YOUR party. You don’t want to be stinking of liquor when you approach the people you want to connect with. Impressions count. Make the right one.

• Be confident of your value. Introducing yourself to an executive can be an intimidating experience, so give yourself an informed pep talk. Before the event, make a list of the things you’ve done over the past year and understand how what you do may integrate into discussions. Once you’ve got this down, there’s no reason you shouldn’t feel good about yourself. Consider how what you’ve done can integrate with the executive’s interests.

• Honor the event. Make sure when networking at a holiday party–or any non-traditional networking event–that networking is supplementary to the reason people are there, so don’t treat it like a chamber mixer. Be sincere.

Don’t act as if you’re in the boardroom giving a presentation; keep it natural and leave them intrigued. The real emphasis must be on “finesse” at a company holiday party. Yes, it is a great networking opportunity–but if you overtly “sell,” you may turn people off! After all, it is a holiday.

You can network anywhere, including events where it might not at first occur to you to try it–and, paradoxically, it’s at these non-traditional networking settings where you’ll often get the most bang for your buck.

Copyright 2009 Ivan Misner, PhD, Founder BNI International
Paula Frazier
Referral Marketing Expert & Master Trainer
Referral Institute
540-793-0622
http://referralinstitute-va.com/
"Helping people create Referrals For Life®"

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Santa Came to Town
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When you think of Santa, you probably focus on what he gave. But have you ever thought about what he pays? You can be sure the IRS does!

Santa is most famous for his holiday gift-giving. His North Pole organization is set up as a not-for-profit corporation under Internal Revenue Code Section 501(c)(3). But Santa also operates a second, highly profitable business focused on licensing and endorsements. So how can Santa shelter some of those presents? Fortunately, Santa can take advantage of many of the same deductions as any other business owner. Those include:

• Mileage. Santa can choose to deduct "actual expenses" (maintenance, upkeep and depreciation on the sleigh, reindeer chow, etc.) or the standard allowance (currently 55 cents per mile). In Santa's case, his trip around the globe to deliver toys to all the good little girls and boys makes the allowance his best bet. (His sleigh also qualifies as "energy efficient" - it's 100% "green," running entirely on reindeer power, and even Rudolph's nose is low-wattage.)

• Uniforms and work clothes Santa provides for himself and his elves are deductible so long as they're not "suitable for ordinary street wear." This time of year it seems like everyone enjoys a red coat and hat. Still, we feel confident Santa's classic look is distinctive enough to pass the test.

• Home office. Home offices are deductible so long as they're used "regularly and exclusively" for work and constitute the "principal place of business." Santa's North Pole workshop certainly qualifies, which means he can write off depreciation, utilities, cleaning and maintenance, and holiday decorations. Code Section 132(j)(4) even lets him write off "on-premises employee athletic facilities" for holding reindeer games.

• Retirement. Santa seems to love his job now. But how will he feel about his long night's work as he ages? He'll probably want to stuff some cheer in his own stocking. The problem is those naughty nondiscrimination rules that force him to contribute on behalf of his elves. We recommend a "safe harbor" 401(k) to maximize his own contributions without worrying that the plan may become "top-heavy."

• Family employment. It's not clear if Mrs. Claus holds a formal position in Santa's organization. However, putting her "on the books" would let Santa boost the couple's qualified plan contributions and perhaps establish a Section 105 medical expense reimbursement plan to write off his medical bills as a business expense.

And remember - if you have any last-minute holiday finance questions, don't hesitate to call us!

Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
419-882-9255 or 734-847-0400
http://www.accounting-centers.com/