Half Way to New Years!
Goals, goals, goals. I do talk about other things . . . occasionally. Realistically, we all make goals and many of us even write them down. Too many people ignore goals even written ones, and then declare, "well, they just don't work." Goals create the stairway to the life you want. And they do work. It doesn't matter either if you call them goals, objectives, targets, or desired outcomes. If they have a deadline and are measurable, they are goals.
Now, the secret to strong goals is really not that difficult.
1. The goal should stretch your ability (BHAG=Big Hairy Audacious Goals). If you set the goal at 82 and last year you did 70 and you achieve 79, you will be happy. If you had set your goal at 75, would you have reached it? Probably. Would you have reached 79? Maybe/maybe not. Many humans have a natural tendency to coast after the goal is achieved.
2. Break it down. A workable goal is able to be broken into projects and projects can be broken into tasks. And if you are really clever while doing these break-downs, you can assign some to other people in your business. Be clear - a project will, like a goal have a deadline, but it will also be assigned to someone, even if it is just you. Tasks are then broken down to strategic next actions.
Here is an example:
Goal = $1.2 million in sales by year end;
Project = increase sales by 5% to past customers by end of third quarter;
Task = Design and implement a marketing program for customer retention;
Strategic Next Action (SNA) = Assign Marketing design to Sam.
Notice how from the bottom up, these are all aligned to each other. The Goal may have a multitude of projects to achieve the end, but for this particular SNA, if it is not done, then none of the above will likely happen.
3. Measure. Since goals must be measurable, then we need to measure them. Projects are judged my the completion percent to the goal. The tasks are usually a sequential process to complete a project and the SNA is either done or not.
4. Small Steps. If you find yourself stuck with goals not being met, start with a strong SNA. Remember, when you notice a person has lost weight they likely did it one mile and one calorie at a time.
Happy New Year!
Copyright 2010 Linda Fayerweather
Changing Lanes LLC
419-897-0528
http://www.changinglanes.biz/
What is the Implication of Disaster Assistance?
President Obama has declared the BP oil spill, still spewing millions of gallons of oil into formerly pristine waters, to be the worst natural disaster in American history. The spill has already cost BP over $2 billion, and experts assume this to be a small down payment on the final cost. BP will end up spending billions more to reimburse Gulf residents for lost wages and other income, physical injuries, and lost property.
With dozens of federal, state and local agencies giving funds, advice and cautions, it should come as no surprise that our beloved Internal Revenue Service has also weighed in with a special discussion clarifying tax rules for oil spill claims.
Generally speaking, payments for lost wages and other income are taxable. That's because the wages and income they replace would have been taxable. Replacing wages is relatively straightforward. When hotel staff, cooks, and servers at beachside resorts are laid off, it's not hard to calculate the wages (and thus the tax) that they would have made had they been working. However, those payments generally aren't subject to Social Security and Medicare tax (because they aren't actual "payment for employment" under the law) and aren't subject to withholding.
Replacing lost business income can be harder.
First, businesses have to substantiate their losses. Tax returns may be the best vehicle for proving lost income. However, it seems that some businesses affected by the spill haven't reported their full income in the past. (I know, hard to believe.) And some businesses may have a hard time claiming reimbursements in the first place. For example, should BP pay to replace tips lost by exotic dancers playing their trade in affected areas?
Second, payments for property damage aren't taxable so long as the payment doesn't exceed the property's "basis," which is the measure of its value after any depreciation. The same is true for payments on account of personal physical injuries or physical illness. Payments for emotional distress (like insomnia, headaches, or stomach disorders) not attributable to personal physical injuries or physical symptoms are taxable; however, you can exclude your medical expenses attributable to that emotional distress.
Typically this column focuses on how long-term planning can save tax. In the case of payments to Gulf coast residents, there's not much long-term planning to do, at least for the tax consequences. But the IRS guidance is a useful reminder that taxes factor into nearly every financial choice you make. And we're here to help you make those choices as tax-efficient as possible. Don't hesitate to call!
Copyright 2010 Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
419-882-9255 or 734-847-0400
www.accounting-centers.com
Monday, July 12, 2010
Monday, July 05, 2010
80/20 & Top 5 ways on Chamber Membership
Business tips for July 5, 2010
80/20 = Pareto's Principle
Most of us have heard of the "80:20 Rule and it is evident in quality management and customer service. Like me, you've probably heard "80% of sales come from 20% of customers" or 20% of employees produce 80% of all absences." and the list goes on and on (see list below). How did this philosophy come to be?
Vilfredo Pareto observed in 1906 that 80% of the land in Italy was owned by 20% of the population and went on to develop a principle that even explained that 20% of his pea pods held 80% of the peas. Joseph Juran is noted for applying this to the business world. To understand the math behind Pareto's Principle, check out wikipedia Pareto Principle
To get a general understanding of how it may apply to your own business and life think about it this way:
As a manager or owner, identifying and focusing on the vital 20 percent that matters in terms of cost or occurrences will lead to better time management, delegation and results. With 2010's second half upon us, take a look at your unfinished goals for this year and analyze which are doable with the current resources and for those that are not, what resources will be needed? Sometimes you can achieve the same result with a different plan.
Copyright 2010 Linda Fayerweather
Changing Lanes LLC
419-897-0528
http://www.changinglanes.biz/
Top 5 Ways to Maximize Your Chamber Membership
REFERRAL MARKETING STRATEGY #1: Set networking goals so you can attend chamber functions with purpose. Start by determining how many qualified referrals you need on a weekly basis to generate the revenue you expect. Then decide how many events you'd like to attend and how many people you should meet (as potential prospects and referral sources) to make it happen!
REFERRAL MARKETING STRATEGY #2: Block out time to network. How much time? If sales are only part of your role, about 8 hours each week should do the trick. If sales is your full time responsibility you should invest at least half of your work week (20 hours) into getting out and about to meet new people. Visit the chamber website, mark your calendar and make it happen!
REFERRAL MARKETING STRATEGY #3: Profile your preferred client. Who are your ideal clients? You know, the ones you love to work with? When you begin working with the people that you are most qualified to serve based on your experience, skills and abilities you will position yourself to become a specialist in your industry! These are the people you want to be introduced to at chamber events.
REFERRAL MARKETING STRATEGY #4: Recruit your word of mouth team. I agree with Jack Canfield. You are the average of the 5 people you spend the most of your time with. Make a list of the 5 people you should be spending your "golden" time with (Mon-Fri 8 to 5). Your net worth is directly related to the strength of your network when you're building your business by referral. Invite your colleagues to attend chamber events with you to make priceless strategic introductions.
REFERRAL MARKETING STRATEGY #5: Get involved. The chamber offers an incredible service to the business community and creates networking opportunities by bringing us together in professional venues. Remember to give back. Demonstrate your leadership and the strength of your network by participating as an Ambassador, chairing a committee or sponsoring a chamber event.
Copyright 2010 Paula Frazier is a referral marketing expert for BNI & Referral Institute and has helped thousands of business people create millions of dollars in qualified referrals for nearly 10 years! She is part of an exclusive team of international Master Trainers and collaborates with the leaders in her industry to continually develop cutting edge referral marketing concepts for the organization. As a published author she's also acknowledged in the New York Times best seller, Truth or Delusion - Busting Networking's Biggest Myths. Check out #33, Delusion with a twist! Paula can be contacted at paula@referralinstitute-va.com .
More 80/20
-- 80 percent of results come from 20 percent of efforts
-- 80 percent of activity will require 20 percent of resources
-- 80 percent of usage is by 20 percent of users
-- 80 percent of the difficulty in achieving something lies in 20 percent of the challenge
-- 80 percent of revenue comes from 20 percent of customers
-- 80 percent of problems come from 20 percent of causes
-- 80 percent of profit comes from 20 percent of the product range
-- 80 percent of complaints come from 20 percent of customers
-- 80 percent of sales will come from 20 percent of sales people
-- 80 percent of corporate pollution comes from 20 percent of corporations
-- 80 percent of work absence is due to 20 percent of staff
-- 80 percent of road traffic accidents are cause by 20 percent of drivers
-- 80 percent of a restaurant's turnover comes from 20 percent of its menu
-- 80 percent of your time spent on this website will be spent on 20 percent of this website
80/20 = Pareto's Principle
Most of us have heard of the "80:20 Rule and it is evident in quality management and customer service. Like me, you've probably heard "80% of sales come from 20% of customers" or 20% of employees produce 80% of all absences." and the list goes on and on (see list below). How did this philosophy come to be?
Vilfredo Pareto observed in 1906 that 80% of the land in Italy was owned by 20% of the population and went on to develop a principle that even explained that 20% of his pea pods held 80% of the peas. Joseph Juran is noted for applying this to the business world. To understand the math behind Pareto's Principle, check out wikipedia Pareto Principle
To get a general understanding of how it may apply to your own business and life think about it this way:
80% of the objectives are achieved with 20% of the means.
In layman's language this means that to achieve 80% of your business goals will require 20% of your resources (time, staff, money). Furthermore, this means that perfection (more than 80%) is very expensive. As a manager or owner, identifying and focusing on the vital 20 percent that matters in terms of cost or occurrences will lead to better time management, delegation and results. With 2010's second half upon us, take a look at your unfinished goals for this year and analyze which are doable with the current resources and for those that are not, what resources will be needed? Sometimes you can achieve the same result with a different plan.
Copyright 2010 Linda Fayerweather
Changing Lanes LLC
419-897-0528
http://www.changinglanes.biz/
Top 5 Ways to Maximize Your Chamber Membership
REFERRAL MARKETING STRATEGY #1: Set networking goals so you can attend chamber functions with purpose. Start by determining how many qualified referrals you need on a weekly basis to generate the revenue you expect. Then decide how many events you'd like to attend and how many people you should meet (as potential prospects and referral sources) to make it happen!
REFERRAL MARKETING STRATEGY #2: Block out time to network. How much time? If sales are only part of your role, about 8 hours each week should do the trick. If sales is your full time responsibility you should invest at least half of your work week (20 hours) into getting out and about to meet new people. Visit the chamber website, mark your calendar and make it happen!
REFERRAL MARKETING STRATEGY #3: Profile your preferred client. Who are your ideal clients? You know, the ones you love to work with? When you begin working with the people that you are most qualified to serve based on your experience, skills and abilities you will position yourself to become a specialist in your industry! These are the people you want to be introduced to at chamber events.
REFERRAL MARKETING STRATEGY #4: Recruit your word of mouth team. I agree with Jack Canfield. You are the average of the 5 people you spend the most of your time with. Make a list of the 5 people you should be spending your "golden" time with (Mon-Fri 8 to 5). Your net worth is directly related to the strength of your network when you're building your business by referral. Invite your colleagues to attend chamber events with you to make priceless strategic introductions.
REFERRAL MARKETING STRATEGY #5: Get involved. The chamber offers an incredible service to the business community and creates networking opportunities by bringing us together in professional venues. Remember to give back. Demonstrate your leadership and the strength of your network by participating as an Ambassador, chairing a committee or sponsoring a chamber event.
Copyright 2010 Paula Frazier is a referral marketing expert for BNI & Referral Institute and has helped thousands of business people create millions of dollars in qualified referrals for nearly 10 years! She is part of an exclusive team of international Master Trainers and collaborates with the leaders in her industry to continually develop cutting edge referral marketing concepts for the organization. As a published author she's also acknowledged in the New York Times best seller, Truth or Delusion - Busting Networking's Biggest Myths. Check out #33, Delusion with a twist! Paula can be contacted at paula@referralinstitute-va.com .
More 80/20
-- 80 percent of results come from 20 percent of efforts
-- 80 percent of activity will require 20 percent of resources
-- 80 percent of usage is by 20 percent of users
-- 80 percent of the difficulty in achieving something lies in 20 percent of the challenge
-- 80 percent of revenue comes from 20 percent of customers
-- 80 percent of problems come from 20 percent of causes
-- 80 percent of profit comes from 20 percent of the product range
-- 80 percent of complaints come from 20 percent of customers
-- 80 percent of sales will come from 20 percent of sales people
-- 80 percent of corporate pollution comes from 20 percent of corporations
-- 80 percent of work absence is due to 20 percent of staff
-- 80 percent of road traffic accidents are cause by 20 percent of drivers
-- 80 percent of a restaurant's turnover comes from 20 percent of its menu
-- 80 percent of your time spent on this website will be spent on 20 percent of this website
Monday, June 28, 2010
Social Media and Recurring Patterns
We are what we repeatedly do. Excellence, therefore, is not an act but a habit. -- Aristotle
Second Six Months of 2010
Yes, the year is marching on and the economy appears to be improving. As with the last two recessions, the old way to do things did change. Right now, the whole "social media" thing is growing and many of us are scratching our heads saying "Is this for me?" and "Will it waste my time?"
I'm one of the first to admit that I'm not an expert, but I do know that I've met new people and actually have closed some business because I had a presence on Linkedin. How did that happen? Just by being social. You know how to do it at a meeting - you make small talk, you ask about what others are interested in and you research people you'd like to meet. A good social person will remember and look for ways to help others - all that simple stuff we have been doing for years. Now it is just digital.
What I've learned so far:
1. Linkedin is very professional: this gives others a strong view of your talents AND you can GIVE and GET recommendations.
2. Facebook is informal and more personal: connecting with friends and family is a great way to start.
3. Twitter is something I'm still trying to figure out - just seems so ephemeral. Although tweets about tornado warnings are important in Northwest Ohio.
So, if you are going to venture in to social media:
1. Take a class and learn what parts will work for you and your business;
2. Plan how much time you will spend per week/day and stick to it.
3. Remember to treat your social media interactions like a live networking meeting - You wouldn't walk up to someone and say "Hi, my name is Linda and would you like to buy a washer machine today?" It doesn't work in person and it doesn't work online!
Copyright 2010 Linda Fayerweather
Changing Lanes LLC
419-897-0528
http://www.changinglanes.biz/
http://www.facebook.com/home.php?ref=home#!/pages/Changing-Lanes-LLC/134429606419?ref=sgm
http://www.linkedin.com/in/changinglanes
How do you respond to recurring patterns?
Awakened entrepreneurs notice their reaction to the recurring patterns in their life and business. Is there something going on in your business and you think, “Why does that keep happening to me?” It could be product returns or clients that don’t take the next step with you. The conscious entrepreneur notices the pattern, seeks to understand it and then takes responsibility for making changes to correct the issue.
In contrast, the unaware entrepreneur makes excuses – they suffer from what Dr. David Schwartz calls “excusitis.” They blame things outside of themselves for the results they are getting. Their subconscious mental process may go something like this:
“I’m not doing as well as I think I could. What can I use as an excuse so I am not humiliated? Let’s see: the economy, my location, the irrationality of my customers, my age, bad luck.”
Each time the victim makes the excuse to someone, it becomes more and more embedded in their subconscious until they actually believe it. Don’t let that happen to you. Notice when you are making excuses and take any actions you can to change your situation.
Sustainable success comes to those who take responsibility for the detrimental recurring patterns in their business and take actions to positively affect their results.
Copyright 2010 Pat Altvater
Transforming Bodies and Minds
http://www.outsmartweight.com/
http://www.momsoutsmartingobesity.com/
http://www.choosesuccessbook.com/
419-344-6613
Second Six Months of 2010
Yes, the year is marching on and the economy appears to be improving. As with the last two recessions, the old way to do things did change. Right now, the whole "social media" thing is growing and many of us are scratching our heads saying "Is this for me?" and "Will it waste my time?"
I'm one of the first to admit that I'm not an expert, but I do know that I've met new people and actually have closed some business because I had a presence on Linkedin. How did that happen? Just by being social. You know how to do it at a meeting - you make small talk, you ask about what others are interested in and you research people you'd like to meet. A good social person will remember and look for ways to help others - all that simple stuff we have been doing for years. Now it is just digital.
What I've learned so far:
1. Linkedin is very professional: this gives others a strong view of your talents AND you can GIVE and GET recommendations.
2. Facebook is informal and more personal: connecting with friends and family is a great way to start.
3. Twitter is something I'm still trying to figure out - just seems so ephemeral. Although tweets about tornado warnings are important in Northwest Ohio.
So, if you are going to venture in to social media:
1. Take a class and learn what parts will work for you and your business;
2. Plan how much time you will spend per week/day and stick to it.
3. Remember to treat your social media interactions like a live networking meeting - You wouldn't walk up to someone and say "Hi, my name is Linda and would you like to buy a washer machine today?" It doesn't work in person and it doesn't work online!
Copyright 2010 Linda Fayerweather
Changing Lanes LLC
419-897-0528
http://www.changinglanes.biz/
http://www.facebook.com/home.php?ref=home#!/pages/Changing-Lanes-LLC/134429606419?ref=sgm
http://www.linkedin.com/in/changinglanes
How do you respond to recurring patterns?
Awakened entrepreneurs notice their reaction to the recurring patterns in their life and business. Is there something going on in your business and you think, “Why does that keep happening to me?” It could be product returns or clients that don’t take the next step with you. The conscious entrepreneur notices the pattern, seeks to understand it and then takes responsibility for making changes to correct the issue.
In contrast, the unaware entrepreneur makes excuses – they suffer from what Dr. David Schwartz calls “excusitis.” They blame things outside of themselves for the results they are getting. Their subconscious mental process may go something like this:
“I’m not doing as well as I think I could. What can I use as an excuse so I am not humiliated? Let’s see: the economy, my location, the irrationality of my customers, my age, bad luck.”
Each time the victim makes the excuse to someone, it becomes more and more embedded in their subconscious until they actually believe it. Don’t let that happen to you. Notice when you are making excuses and take any actions you can to change your situation.
Sustainable success comes to those who take responsibility for the detrimental recurring patterns in their business and take actions to positively affect their results.
Copyright 2010 Pat Altvater
Transforming Bodies and Minds
http://www.outsmartweight.com/
http://www.momsoutsmartingobesity.com/
http://www.choosesuccessbook.com/
419-344-6613
Monday, June 21, 2010
Motivating and Baseball
Staying Motivated as a Fearless Success Seeker
The last few weeks we have been talking about finding opportunities for business growth and success. This week, let's examine how to stay motivated to reach success.
I could tell you about Thomas Edison, Henry Ford or Colonel Sanders who all had great successes preceded by lots and lots of trials and failures. Instead, let's jump in and get motivated.
How do you stay motivated? Napoleon Hill in his book Think and Grow Rich says you have to have a "burning desire" for riches be they wealth, health, fame or time AND that demands you have a vision.
Often, when working with business owners the day-to-day far outweighs the future. This lack of vision is worse than being blind, it is demotivating. If your vision of your business is to pay the bills, so be it - that is what it will be. If your vision of your business is to retire wealthy, then just paying the bills will not do.
Staying motivated means you will need to have a vision that is supported by objectives--actions--projects--tasks all aligned with your vision.
Taking the time this week to create a vision AND the supporting work will give you a motivating path.
Real tasks that are tied to a
Future vision that support your
Burning desire
Posted where you will see it at least
Two times each day, will be motivating - even if it is to change your vision!
Here is a worksheet to get you started: One Page Plan
Copyright 2010 Linda Fayerweather
Changing Lanes LLC
419-897-0528
http://www.changinglanes.biz/
Avoiding taxes is as American as baseball
But you might be surprised just how hard it can be to strike out the IRS!
Later this month, the Philadelphia Phillies were scheduled to play three games against the Toronto Blue Jays. The games were originally scheduled to be played in Toronto, but authorities there will be hosting a G-20 Summit meeting. Someone apparently suckered baseball Commissioner Bud Selig into thinking a meeting of the world's 20 largest economies was more important than an international sporting rivalry! So he moved the series to Philadelphia. But that created tax problems for at least one player . . . .
Pitcher Roy "Doc" Halladay played for Toronto from 1998-2009. As an American playing in Canada, he owed federal and provincial taxes of about 40%, plus U.S. taxes of 35%. The IRS let him take a credit for the taxes he paid in Canada. But, because the Canadian tax is higher than ours, he built up a boatload of "excess foreign tax credits" that he can't use except to offset U.S. tax on foreign income. (With me so far?)
In 2009, Toronto traded Halladay to Philadelphia. It was a pretty good trade for Philly, as Halladay pitched a perfect game against the Florida Marlins less than two weeks ago! It was also a pretty good trade for Halladay. Now he doesn't have to pay the higher Canadian tax - except when he plays in Canada. But, when he does play there, he can use those excess foreign tax credits to cut his U.S. tax. Still with me?
Here's where it gets complicated. Halladay's 2010 salary is $15.75 million. That means his pay for the three Toronto games is about $215,000. If the games were played in Toronto, that $215,000 would have been classified as "foreign source income," and he could have used the excess foreign tax credit against his U.S. income to save about $75,000 in U.S. tax. But, since the games will be here in the U.S., he'll wind up paying the full U.S. tax on that income. Sounds like Halladay just walked in a run - for the IRS!
We've said before that planning is the key to minimizing tax. There's not much that "Doc" Halladay could do to plan for those games being moved. But fortunately, most of us don't have to worry about "excess foreign tax credits" to minimize our tax, and there is something we can do in advance. So don't wait until the bases are loaded to call for your plan!
Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
419-882-9255 or 734-847-0400
http://www.accounting-centers.com/
The last few weeks we have been talking about finding opportunities for business growth and success. This week, let's examine how to stay motivated to reach success.
I could tell you about Thomas Edison, Henry Ford or Colonel Sanders who all had great successes preceded by lots and lots of trials and failures. Instead, let's jump in and get motivated.
How do you stay motivated? Napoleon Hill in his book Think and Grow Rich says you have to have a "burning desire" for riches be they wealth, health, fame or time AND that demands you have a vision.
Often, when working with business owners the day-to-day far outweighs the future. This lack of vision is worse than being blind, it is demotivating. If your vision of your business is to pay the bills, so be it - that is what it will be. If your vision of your business is to retire wealthy, then just paying the bills will not do.
Staying motivated means you will need to have a vision that is supported by objectives--actions--projects--tasks all aligned with your vision.
Taking the time this week to create a vision AND the supporting work will give you a motivating path.
Real tasks that are tied to a
Future vision that support your
Burning desire
Posted where you will see it at least
Two times each day, will be motivating - even if it is to change your vision!
Here is a worksheet to get you started: One Page Plan
Copyright 2010 Linda Fayerweather
Changing Lanes LLC
419-897-0528
http://www.changinglanes.biz/
Avoiding taxes is as American as baseball
But you might be surprised just how hard it can be to strike out the IRS!
Later this month, the Philadelphia Phillies were scheduled to play three games against the Toronto Blue Jays. The games were originally scheduled to be played in Toronto, but authorities there will be hosting a G-20 Summit meeting. Someone apparently suckered baseball Commissioner Bud Selig into thinking a meeting of the world's 20 largest economies was more important than an international sporting rivalry! So he moved the series to Philadelphia. But that created tax problems for at least one player . . . .
Pitcher Roy "Doc" Halladay played for Toronto from 1998-2009. As an American playing in Canada, he owed federal and provincial taxes of about 40%, plus U.S. taxes of 35%. The IRS let him take a credit for the taxes he paid in Canada. But, because the Canadian tax is higher than ours, he built up a boatload of "excess foreign tax credits" that he can't use except to offset U.S. tax on foreign income. (With me so far?)
In 2009, Toronto traded Halladay to Philadelphia. It was a pretty good trade for Philly, as Halladay pitched a perfect game against the Florida Marlins less than two weeks ago! It was also a pretty good trade for Halladay. Now he doesn't have to pay the higher Canadian tax - except when he plays in Canada. But, when he does play there, he can use those excess foreign tax credits to cut his U.S. tax. Still with me?
Here's where it gets complicated. Halladay's 2010 salary is $15.75 million. That means his pay for the three Toronto games is about $215,000. If the games were played in Toronto, that $215,000 would have been classified as "foreign source income," and he could have used the excess foreign tax credit against his U.S. income to save about $75,000 in U.S. tax. But, since the games will be here in the U.S., he'll wind up paying the full U.S. tax on that income. Sounds like Halladay just walked in a run - for the IRS!
We've said before that planning is the key to minimizing tax. There's not much that "Doc" Halladay could do to plan for those games being moved. But fortunately, most of us don't have to worry about "excess foreign tax credits" to minimize our tax, and there is something we can do in advance. So don't wait until the bases are loaded to call for your plan!
Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
419-882-9255 or 734-847-0400
http://www.accounting-centers.com/
Subscribe to:
Posts (Atom)