Getting Ready for 2011 & Lame Ducks

Getting Ready for 2011.
Let's make the assumption that your business plan is in place ready to go! Now what to do to make sure it happens?

With a business plan, especially a one page plan that all business owners really need to have, it should NEVER be put away in a drawer with your tax return.

A good plan, is one that is reviewed, edited, changed and celebrated.

Here is a monthly checklist I use for my businesses:

1. Sales Made $_____________ month_____________ (Gross revenue)

2. Money Spent $_____________ month_____________ (Costs and Expenses)

3. Compare to plan. Are we off track or on track and WHY?

4. Any new ideas this month? Get a strategy on paper to determine profitability.

5. New contacts made? Have they been added to my lists? Do I need to connect with them?

6. What are we celebrating at the end of this month?

7. What needs to Grow; End; Start; next month?

I use Outlook and have this set as a reoccurring appointment with myself on the last day of the each month. A reminder is triggered 2 days prior and the questions are in the body of the appointment. Pretty simple and hard to ignore.

If you would like to learn more about using Outlook to track your business tasks, join me on December 29 4PM for a 30 minute free webinar. Email for details: Monthly Check

Staying on task is challenging, and with a plan, sometimes, the results can be phenomenal.

Copyright 2010 Linda Fayerweather MBA EA

http://www.changinglanes.biz/

419-897-0528

linda@changinglanes.biz

Consider working with a coach or a MasterMind Team to make 2011 the year of your dreams!

Lame Duck Congress Results

The Tax Bill Act is now law and is surprisingly direct and straightforward, given its $850 billion cost. Most tax bills have so many pages they can be confused with the New York City Yellow pages, but this one is just 30 pages - in fact, the Congressional Joint Committee on Taxation's "Technical Explanation," is five times longer than the law itself. Let's take a quick look at some of the specific tax provisions:

• Extend Tax Cuts. The core of the bill, of course, extends the Bush tax cuts for two more years. This means the top rate stays at 35% (rather than 39.6%) and the rate on capital gains and qualified corporate dividends stays capped at 15% (rather than 20%). But the new law keeps taxes down for everyone, not just the highest earners. If those Bush cuts hadn't been extended, the 10% rate would have disappeared, and tax brackets would have increased faster for everyone.
• Payroll Tax Relief. The act reduces the employee portion of Social Security and self-employment taxes by 2% for 2011 only. This replaces the $400/person "Making Work Pay" credit in effect for 2010 - and ironically means higher taxes for individuals making under $20,000 and families making under $40,000.
• Estate Tax Relief. This is actually the most controversial part of the legislation. Under current law, the estate tax was scheduled to kick back in at 55%, on estates topping $1 million. Most observers expected Congress to restore the tax at the 2009 level, with a 45% tax applying on estates over $3.5 million. But the new law is even more generous, with a tax of just 35% on estates over $5.0 million. Again, this rule applies for 2 years.
• Other Provisions. Finally, the act extends a laundry list of popular tax breaks that otherwise would have expired:
• It "patches" the Alternative Minimum Tax system for two more years, thus protecting millions of Americans from the AMT,
• It extends the Child Tax Credit and American Opportunity Tax Credit for college tuition,
• It expands the Earned Income Tax credit for low-income working families,
• It extends bonus depreciation and first-year expensing deductions for businesses, and
• It extends miscellaneous tax deductions like educator expenses, state and local sales taxes, and tax-free IRA distributions given directly to charity.

--By Keith VandeStadt http://www.taxcoachsoftware.com/

Hopefully, this short explanation of the changes to the Tax law will help you get a handle on your 2010 taxes and planning for 2011. If you are still confused or have questions, give us a call, we can help.

Tim Pinkelman, CPA

Accounting Center & Tax Services, Inc.

"Our Value is Measured by Your Success"

419.882.9255

734.847.0400 Ext.201

http://www.accounting-centers.com/

Did You Back Up??

"I never met a hard drive that didn't want to crash."  --Linda Fayerweather  

Getting Ready for the Holidays

Sometimes, practical tips are just what is needed in this busy season. I talk about Lean Office, Lean Management and two big "take-aways" of lean are:
• The customer IS why you are in business
• Waste is the ultimate profit stealer


So, two of the biggest times wasters that don't add to the customer experience are Looking for Something and Fixing Something that should have been Done Correctly the First Time.


This leads to two tasks we really need do before the New Year if we are not already and making sure we have a system in place going forward.
1. Back up our computers.
2. Create an Internet Password Journal that doesn't rely on our memories.


These two jobs can save countless hours. I actually create a clone of my hard drive so that when a crash occurs, I will be able to plug in a drive that is ready to go with all my data and programs.


Although most of my passwords are stored in a database, I also keep an old fashioned written record. I use a simple spiral journal that was actually designed for this to make sure I capture everything. I can't tell you how many times I refer to it in a week. Here is a link to one: Internet Journal.


Create a schedule so you are backing up regularly and do try to restore a file occasionally to make sure the backups are working .


Happy Holidays and time spent now will save in the future as I've never met a hard drive that didn't want to crash. . .eventually.


Copyright 2010 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Consider working with a coach or a MasterMind Team to make 2011 the year of your dreams!




Put Your Plan in Action!
Who said, "If you want to eat an elephant, do it one bite at a time"? Whoever it was is a genius! I've recently discovered a piece of software that takes your marketing initiatives and delivers them into bite-sized chunks which you can do daily. The product is called Marketing Mentor ToolBox. Although it's designed for small marketing firms like mine, the product is so good that I'm recommending it to you. It works with your Calendar and keeps your marketing projects top-of-mind. What's better yet, the "to dos" should take you 5-15 minutes a day. Here is a smattering of the bite-sized pieces:


Daily:      Social Media Break
                 Prospecting - Research/Calling/Doing
Weekly:  Attend a Networking Event
                 Proposal Follow-Ups
Monthly: Monthly Recap


By actively working your calendar, you should be able to create a banner year for yourself. Let's toast to new year that's filled with unlimited possibilities! Enjoy!!


Copyright 2010 Rebecca Booth
Marketing Goddess
Imagine That!
419.855.3399
Celebrating 10 years of delivering results for our clients.
www.rebeccaboothmarketinggoddess.com
www.marketinginabox.biz

Getting Ready for 2011 -- Part 2
Last week we talked about SWOT analysis specifically related to your business (see webinar below) . This week, I want you to think about what you can do to make your personal life what you dream it should be.

Options:
1. Work really really hard and never make it.
2. Work really really hard and squeeze out a living.
3. Work really really hard and make lots of money but at the expense of not having a life.
4. Maximize your work so you have a life you can live.

Being an entrepreneur means many of us have or will live in all four options at some time. Being in and living number four means we need to KNOW and LIVE what our values are for ourselves and our business. Then make a vision and plan to get there . . . oh yes, then work the plan. Sometimes we only bang our head against the same wall over and over again when we could go around it OR make and implement a new plan.

Our own personal core values should be consistent with our business core values and will guide us in our business decisions. Defining our core values gives us purpose and will guide us to the correct decision. They just make life simpler.

This time of year on most any given night you can see some version of Charles Dickens A Christmas Carol on TV. As old as it is, it is a seasonal reminder that core values do percolate through our entire being and business.

What three core values will you live by in 2011 to magnify your business vision?

1.__________________________________________
2.__________________________________________
3.__________________________________________
Here are some sample business core values:
Zappos
Whole Foods Market
National Park Service

Copyright 2010 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Consider working with a coach or a MasterMind Team to make 2011 the year of your dreams!


New Year's Resolutions and Networking
By TR Garland

In less than 30 days, we're all going to be faced with the same thing we're faced with every single year.

No, I'm not talking about keeping a smile on your face while spending the Holidays with your in-laws (wink-wink). I'm talking about setting your New Year's Resolutions.

Every year, one of the top resolutions is to "get in shape". The truth of the matter is that most of us already know how to "get in shape".
1. Design a nutritional plan
2. Stick to that plan
3. Design a workout schedule
4. Stick to that schedule
5. Track your actions and results daily
6. Re-calibrate if needed

The problem is that a large percentage of people don't reach their goals because:
1. They don't write out a formal nutritional plan or workout schedule
2. They don't hold themselves accountable

In other words, life gets in their way. There's something about human psychology that pushes us to not let someone else down. So...people who have invested in a personal trainer to help keep them accountable find results much more consistently than they ever could achieve had they simply attempted to get in shape ON THEIR OWN.

Well, the same holds true for Business Networking and Referral Marketing.

Many people are spending a lot of time networking by just chatting away with others and maybe grabbing their business cards. And, they expect results from this! They expect people whom they've met and handed their card out to eventually pass a referral to them.

This mindset is called being REACTIVE...and hoping for the best.

Being REACTIVE is an employee mindset or mentality that, in my opinion, gets placed into the same category as punch cards, guaranteed smoke breaks, assembly lines, benefits entitlement, and cubicles. In other words, concepts that aren't really that viable anymore in today's economic environment.

What? Don't believe me. Please look around and see which businesses are hiring and thriving. Yep. You guessed it....entrepreneurial minded businesses.

An entrepreneurial mindset is one that takes ownership and focuses on being PROACTIVE versus REACTIVE.

Just like the "getting in shape" example above, being PROACTIVE in your Business Networking and Referral Marketing efforts is a sure fire way to get results - plain and simple.

So, when you are out attending Holiday Parties this holiday season with your spouse, significant other, and friends please keep in mind to be PROACTIVE with your networking efforts. Go to each event with a purpose (in addition to having fun).

Do you want to leave these events with everybody's business cards? No, that's not what I'm talking about. Set relevant and realistic "networking goals" and ask the person you went with to hold you accountable to them.

And, of course, there is a time and place for everything. If the environment doesn't warrant you achieving your "networking goals"...then grab a cup of eggnog, a handful of homemade cookies, and be prepared to laugh and smile with the rest of the party-goers. There's always next year!

Paula Frazier
Executive Director
BNI
(540) 793-0622
paula@bniswva.com
http://www.bniswva.com/

Get Ready for 2011

Let's go on a trip. . .a trip to 2011! As a business owner, think of this as taking a vacation WITH your business. If I am going on vacation, I would first look in my past and answer some specific questions about that vacation. What was fun? What didn't exceed my expectations? Was the airline great? Was the hotel chain one I'd use again? Getting ready for 2011 with your business means looking back at 2010 and asking some thoughtful questions.

1. What worked great in 2010? What did you learn new about your business? What big WOW did you have? What inspired you about your business? Was there a book or author that really made you think about the future of your business?

2. What didn't work well in 2010? Were you less profitable because expenses were up? Or sales were down? or a combination of both? What customers were NOT profitable?

3. What is changing in your industry? What are your colleagues doing or not doing differently? What is new in your industry or on the horizon? Jack Welch noted that at GE, 50% of all product and service sales come from business that did not exist five years before -- how current are your offerings?

4. What is changing in your business? Are there opportunities in your local market, in your business? Are you maximizing all your internal potential?

If this sounds a lot like SWOT analysis, it is and should be done at least once a year - Make 2011 awesome by planning to NOT repeat what didn't work in 2010.

"Getting ready" is something that athletes understand because if you are not ready, life just rushes past you. To help business owners "get ready" and stay on track, Changing Lanes LLC is starting TODAY and on the First Monday of each month a business Chat on Facebook for those that choose to "Like" Changing Lanes LLC.

Noon to 1PM EST - First Monday - Join me today! Just go to http://www.facebook.com/Changinglanesllc  and "Like"

Copyright 2010 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
Consider working with a coach or a MasterMind Team to make 2011 the year of your dreams!

Dream Big, Take Small Steps
December is the perfect time to consider your goals for the next year. In between servicing your clients/customers, closing your books, and enjoying the holiday, take some time to contemplate the upcoming year.
• What do you want to accomplish?
• What do you want your business to look like next December?
• What one thing that you have control over could change or shift and make a huge impact on your business?

Once you've spent some time with these questions, begin to formulate your goals and intentions for 2011. Dream big! That reminds me of Les Brown's quote: "Reach for the moon; even if you miss, you'll be among the stars."

Many of us are afraid to dream big. Here's why and what to do about it:
1. Those big dreams bring up our doubts and insecurities. Many of our limiting thoughts, such as, "who am I?", "why would I think that's going to happen to me?" show up. That's just fear talking! Big dreams always us the opportunity to push through our fears and expand what we believe is possible.
2. We wonder HOW we could pull it off! Don't worry about the how. Instead create a plan. Take Linda's One Page Plan for Success workshop and you'll learn how to create projects with small action steps. Those small steps are all you need to focus on. As you complete those small steps, with the big dream in mind, you might be inspired with new actions to take. Repeat! Before you know it, the path to the big dream will begin to take shape.
3. We aren't totally committed to our goals. Sure, we've all heard that the truly successful people write out their goals and review them throughout the year, but that's not how some of us operate. Instead, we write out our goals and never think about them again. Or worse yet, we keep changing what we are dreaming about, so nothing ever gets accomplished! Are you passionate about your big dream? Are you excited when you think about accomplishing that this year? If so, then find a way to hold yourself accountable, all throughout the year, to take the necessary action steps, so you don't fall into bad habits like procrastination, analysis/paralysis or distraction (chasing after another dream). Some ways to stay accountable are to find some accountability partners, perhaps join a mastermind group or hire a coach, or create a way of holding yourself accountable using a tracking system.

Enjoy dreaming!

Pat Altvater
Transforming Bodies and Minds
http://www.outsmartweight.com/
http://www.ignitethepowerwithinbook.com/
419-344-6613



Business Planning for the Growing Business
Business Planning is not Just for Startups. In fact, most major corporations have a plan and it is written! It has Goals that are used to keep shareholders informed.

Join, Linda Fayerweather on December 15, 4-5PM on a live webinar for tips and tricks to get a plan in place for 2011. You will Learn:
• How to use a SWOT analysis to build a plan;
• What a plan must have - any plan - personal, business, marketing, strategic;
• Keys to a successful goal.

If you are interested - Like http://www.facebook.com/Changinglanesllc and check out the events for details - This is a free event.