Capture That Thought
What is your capture tool? Is it your PDA, your notebook, your laptop or maybe a little of each? The purpose of a capture tool is to catch and retain all that comes in each day. This takes those thoughts out of your mind and puts them all in the same place to retrieve later. This capture tool should be designed to help you be more productive by staying with the "do-nows" and not being dragged into the "not-doing-now" or "never-doing-now" world of work.
Step 1 - Capture: Deciding on how you want to capture information may require redesigning some of the things you are doing. Oh, yes, what works for me may not work for you. The key to a good capture tool according the Brian Stuhlmuller from "Mission Control" is having it with you at all times. So unless you sit in an office all day, the three most popular for those that roam around are a PDA, a microcassette recorder or a 3 "X 5" spiral notebook.
Step 2 - Save for retrieval: Now, when you return to your office, you need to decide what will you do with this information. A PDA should nicely sync with your personal information manager system (like Outlook). If it doesn't, find out how to make it. This is important if anyone other than you needs to see your calendar. With any handwritten notes you will either file them or scan and digitally file. Think of the final resting place for information as a process that you always will follow.
If all this sounds like too much work, think about the last time you lost that piece of paper . . . how much time did you spend tearing your office apart trying to find it?? A capture tool and process will mean Ben Franklin was right when he said "A place for everything, everything in its place". He was Lean before it was cool!
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Business Plans Make Profit!
Investments and Taxes
If you buy mutual funds in your taxable portfolio (meaning outside your IRAs or retirement plan), here's a timely warning for avoiding an ugly year-end tax trap.
Mutual funds -- especially stock funds -- generally pay two types of dividends at the end of the year:
• "Income" dividends consist of income earned by the fund's portfolio - bond interest, stock dividends, etc. These are generally taxed as ordinary income whether you take them in cash or reinvest them in new shares. (However, income from "qualified corporate dividends" is taxed at special lower rates and capped at 15%; Treasury income is free from state income tax; and municipal bond income is free from federal and most state tax.)
• "Capital gain" dividends are profits from sales of fund assets. These are generally taxed as long-term capital gains, regardless of how long you own the shares. They're taxed when distributed whether you take them in cash or reinvest them.
Paying tax on income you earn is bad enough. But paying tax on income you don't really get is worse!
How can that happen?
In today's market, you may be thinking of taking cash off the sideline and putting it back in the market. If you do that before the fund you buy pays its dividends, you'll get stuck paying the tax on that dividend -- even though you haven't really "earned" the income or capital gain that you're paying tax on!
If you're looking to invest now, find out whether the fund you like is anticipating substantial dividends. A little homework here can save a lot of tax down the road.
You might also consider index funds or exchange-traded funds, which passively track indices like the S&P 500. These funds avoid the frequent sales that rack up taxable gains. That's because they generally sell only when they need to redeem shares, or when the underlying index itself changes.
What's the bottom line? If you're looking to shuffle your portfolio, pay attention to taxes. You don't control whether markets go up or down. But you do enjoy a surprising amount of control over the taxes you pay. Take advantage of that control whenever you can to turbocharge your investment performance.
Remember, it's what you keep that counts!
Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
419-882-9255 or 734-847-0400
http://www.accounting-centers.com/
Monday, October 04, 2010
Monday, September 27, 2010
Acknowledge Distractions
Drive Your Goals
Get in the driver's seat with your goals and pick what you will achieve by year end. Usually distraction is not one of the "must do" goals listed, but it certainly appears like the new fangled digital billboards where brightness and movement distract our eyes from the road.
Acknowledging distractions sometimes leads to better plans and more powerful commitments to achieve them.
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
What are you doing right now to reach your goals?
Call Linda for getting your plan aligned with your dreams. 419-897-0528
linda@changinglanes.biz
Focus Creates Consciousness in Business
Pay attention! How many times did you hear that when you were growing up? As adults, we still hear it as we are bombarded throughout our day with many messages, projects, people and frankly, our own mind and emotions that are vying for our attention. Instead of being overwhelmed by these distractions, we can use them to help develop and focus our power of attention.
3.When eating, focus your mind on your food, savor it, chew it slowly and enjoy the experience.
http://www.outsmartweight.com/
http://www.momsoutsmartingobesity.com/
http://www.choosesuccessbook.com/
419-344-6613
Get in the driver's seat with your goals and pick what you will achieve by year end. Usually distraction is not one of the "must do" goals listed, but it certainly appears like the new fangled digital billboards where brightness and movement distract our eyes from the road.
The distraction of a new task surfacing during the day just needs to be "checked-in" with these questions:
- Does it help you achieved your goals?
- Will it keep you aligned with your vision and mission?
- Does it represent a survival, safety or health issue?
If you answer "yes" to all of the above - get busy, make a plan, or maybe delegate the plan, then target to celebrate when it is completed.
If you only said "yes" to the survival, safety or health issue, this is critical and needs immediate attention. Remember, the vast majority of disasters are controllable and preventable. Think of this plan as purchasing "insurance".
Acknowledging distractions sometimes leads to better plans and more powerful commitments to achieve them.
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
What are you doing right now to reach your goals?
Call Linda for getting your plan aligned with your dreams. 419-897-0528
linda@changinglanes.biz
Focus Creates Consciousness in Business
Pay attention! How many times did you hear that when you were growing up? As adults, we still hear it as we are bombarded throughout our day with many messages, projects, people and frankly, our own mind and emotions that are vying for our attention. Instead of being overwhelmed by these distractions, we can use them to help develop and focus our power of attention.
To be successful in our lives and businesses, we need to become conscious in order to embrace our unconscious and focus our mind. That means we choose to be mindful of what we are doing and consciously notice when our mind is drifting off from the present moment. When we do this, everything will be done better, more efficiently and even faster. As our power of focus gets stronger, thoughts begin to lose their ability to distract and we find that we can experience more joy in the moment.
Here are some things we can do daily to develop our skills:
1.While working, focus your mind on what you are doing and if something else enters your mind, just acknowledge it and then bring yourself immediately back to the task.
2.If you notice that you are having a difficult time focusing, just spend a few moments doing deep breathing.3.When eating, focus your mind on your food, savor it, chew it slowly and enjoy the experience.
Enjoy practicing, even a few minutes throughout the day, will do wonders for your power of attention.
Pat Altvater
Transforming Bodies and Mindshttp://www.outsmartweight.com/
http://www.momsoutsmartingobesity.com/
http://www.choosesuccessbook.com/
419-344-6613
Monday, September 20, 2010
Price Check
Price Check
Before you cut your price or offer a substantial coupon, take some time to do a little research. You might want to start with some history -- of the airlines. SouthWest built their business model on being the lowest priced airline and actually changed air travel. Most people now shop airline tickets on price. When your customer shops price, your business becomes a commodity - just like a bushel of corn.
Prior to a implementing a strategic pricing decision, make sure you can answer these questions:
1. Do you know how much money you make on each sale? If you sale a widget for $100 and it costs $50 to make it, you will have $50 left to cover other expenses and profit.
2. Do you have other costs that are always there? These fixed costs are the rent, people, advertising and day to day operating expenses. You will want to know this "contribution margin" or percentage (on average) of overhead needed to support each sale. If your contribution margin is 34%, then in the above example $34 will be your additional cost. Potential profit is now $16 (on average).
3. Do you need to pay to get business in the door? If you are a convenience store, you usually don't have to pay someone to bring you business, but many businesses both offline and online pay commissions and referral fees for leads and referrals that produce sales. So, if a 8% commission or finder's fee is paid in our example that would reduce potential profit to $8.
Let's say your business wants to cut prices or offer a coupon for 10%!
Your price would become $90;
Cost would remain $50;
Overhead would remain $34; and the
Commission would become $6.30.
Your potential profit is now $90 - $50 - $34 - $6.30 = ($.30). Just like that we went from a profit to a loss of $.30 on each sale.
Cutting prices and offering coupons needs to be carefully studied to make sure it fits your business's long term health.
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
What are you doing right now to reach your goals?
Call Linda for getting your plan aligned with your dreams. 419-897-0528
linda@changinglanes.biz
One Page Business Planning Classes are forming - available from your desk! Check out the coupon below. Oh, yes - coaching is included!
Great Referrals are NO Accident - Part 3
Network With a Net
Referral networking is a lot like catching fish by casting a net. Each fish comes to the net by a different path--each has a unique "story" that is not repeated. You don't focus on a particular fish and then try to get it to come to the net--in fact, you probably don't even see the fish until you pull in the net. Instead, you focus on the action of setting the net. You know that if you set your net correctly and consistently, fish will eventually come, no matter what path they take to get there.
The same is true for getting referrals. You don't have to worry about how a specific referral got to you because you understand the process of setting your net.
And the best part is your net can be working for you all the time. You don't have to be there whenever someone you know runs into someone else who could use your services--this means you can be "fishing" in many different ponds simultaneously and reaping tons of new business. This is especially true when you've become a referral gatekeeper and begin to get referrals not only from your own network of contacts but from the networks of others as well.
When it comes to networking, there is no coincidence about referrals. They are the inevitable cumulative result of the day-to-day activities of relationship-building. And even though those efforts can't be measured as easily as cold calls, the results are far more powerful.
Paula Frazier
Referral Marketing Expert & Master Trainer
Referral Institute
540-793-0622
http://referralinstitute-va.com/
"Helping people create Referrals For Life®"
Before you cut your price or offer a substantial coupon, take some time to do a little research. You might want to start with some history -- of the airlines. SouthWest built their business model on being the lowest priced airline and actually changed air travel. Most people now shop airline tickets on price. When your customer shops price, your business becomes a commodity - just like a bushel of corn.
Prior to a implementing a strategic pricing decision, make sure you can answer these questions:
1. Do you know how much money you make on each sale? If you sale a widget for $100 and it costs $50 to make it, you will have $50 left to cover other expenses and profit.
2. Do you have other costs that are always there? These fixed costs are the rent, people, advertising and day to day operating expenses. You will want to know this "contribution margin" or percentage (on average) of overhead needed to support each sale. If your contribution margin is 34%, then in the above example $34 will be your additional cost. Potential profit is now $16 (on average).
3. Do you need to pay to get business in the door? If you are a convenience store, you usually don't have to pay someone to bring you business, but many businesses both offline and online pay commissions and referral fees for leads and referrals that produce sales. So, if a 8% commission or finder's fee is paid in our example that would reduce potential profit to $8.
Let's say your business wants to cut prices or offer a coupon for 10%!
Your price would become $90;
Cost would remain $50;
Overhead would remain $34; and the
Commission would become $6.30.
Your potential profit is now $90 - $50 - $34 - $6.30 = ($.30). Just like that we went from a profit to a loss of $.30 on each sale.
Cutting prices and offering coupons needs to be carefully studied to make sure it fits your business's long term health.
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
What are you doing right now to reach your goals?
Call Linda for getting your plan aligned with your dreams. 419-897-0528
linda@changinglanes.biz
One Page Business Planning Classes are forming - available from your desk! Check out the coupon below. Oh, yes - coaching is included!
Great Referrals are NO Accident - Part 3
Network With a Net
Referral networking is a lot like catching fish by casting a net. Each fish comes to the net by a different path--each has a unique "story" that is not repeated. You don't focus on a particular fish and then try to get it to come to the net--in fact, you probably don't even see the fish until you pull in the net. Instead, you focus on the action of setting the net. You know that if you set your net correctly and consistently, fish will eventually come, no matter what path they take to get there.
The same is true for getting referrals. You don't have to worry about how a specific referral got to you because you understand the process of setting your net.
And the best part is your net can be working for you all the time. You don't have to be there whenever someone you know runs into someone else who could use your services--this means you can be "fishing" in many different ponds simultaneously and reaping tons of new business. This is especially true when you've become a referral gatekeeper and begin to get referrals not only from your own network of contacts but from the networks of others as well.
When it comes to networking, there is no coincidence about referrals. They are the inevitable cumulative result of the day-to-day activities of relationship-building. And even though those efforts can't be measured as easily as cold calls, the results are far more powerful.
Paula Frazier
Referral Marketing Expert & Master Trainer
Referral Institute
540-793-0622
http://referralinstitute-va.com/
"Helping people create Referrals For Life®"
Monday, August 30, 2010
It is YOUR Business
It IS Your Business "My business is my business" and there are many levels to think about your business - personal business, others' business and of course what I want to talk about is your business or your career because it is yours.
One of the beauties of owning a business is it is a reflection of your personality and what you value. If it isn't feeding your soul, then a makeover may be needed. Now, don't confuse a makeover with just changing your marketing materials - that is like "putting lipstick on a pig" as Charles Lummis said in 1926 - "it is still a pig!" A makeover is stripping your business down to its bare-bones, identifying your key markets, setting timely, results oriented goals and then making it happen.
Actually, this really sounds like a PLAN - Vision---Mission---Core Values---Goals---Projects - Your dream for Your business.
Many small businesses stay in the reactive world and end up living the life identified in the E-Myth as "they've created a job for themselves, not a business". You will hear them ask for help and follow it up with "I've tried that", "That will never work with my employees", "I can't do that", "I can't afford that", "That won't work." Well, guess what - they are right.
At any moment in time you can change the plot line of your business. Yes, it does take some work, maybe even some hard work, but you will be rewarded with the business of your dreams. Start with a plan and hold yourself accountable to meet those goals. If accountability is an issue, hire a coach or consultant - remember, even the best sports stars rely on coaches - it is a sign of growth!
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
What are you doing right now to reach your goals?
Call Linda for getting your plan aligned with your dreams. 419-897-0528
linda@changinglanes.biz
One Page Business Planning Classes are forming - available from your desk! Oh, yes - coaching is included!
Want Stratospheric Succes? Learn the Five Laws.
Reading "The Go-Giver" over the weekend has solidified my belief that business as we’ve known it for the last two decades (or more, your mileage may vary) is so antiquated that to continue “as it’s always been” is maybe the most deadly thing you can do to your business. If your business has stagnated, if it’s slowed down to “just getting by”, or if you have serious concerns if you’ll be in business a year from now you can cheer up! Follow these “Five Laws of Stratospheric Success”.
The first Law, The Law of Value states; “Your true worth is determined by how much more you give in value that you take in payment”.
You may have heard the phrase giving value misused by the Internet Marketing Gurus telling you to give away your secrets to entice your prospects. This misses the mark in two ways. 1) As used here, giving does not mean giving away - as in free. It simply means to present something, in this case value. 2) value in this context means the relative worth or desirability of a thing to the end user. More to the point it's about asking yourself the question; “What can I offer that will set me apart – and I mean WAAAAY apart – from my competition and will allow people to want me as the person they choose to do business with?
Near and dear to my heart is appreciation. This is one of the things that cost little or nothing and leaves a lasting impression. Say please and thank you (and mean it). Send Nice to meet you notes - not emails - in a greeting card in your own handwriting. Remember birthdays and, you guessed, it send a card that says Happy Birthday! (If you don’t have a system for sending notes and greeting cards head over to my site and discover a great way to do it right from your computer)
Here’s a good place to mention one of the most important keys to making this law work, and it may be a deal breaker if you can’t commit to it, it’s that you have to give without any emotional attachment to the outcome. Now I know that’s going to sound really wacky to you but that’s how it works… because there is an outcome every time.
Visit Amazon.com and get the book. Take this journey with me and let me know how you give value to your product or service.
Copyright 2010 Todd Pillars helps business owners and sales professionals generate endless referrals easier and faster than they ever thought possible. Please contact him today at 419-855-2273 or email him at todd@toddpillars.com . You can also find out more information about his Endless Referrals workshops at http://www.burgintl.com/toddpillars .
One of the beauties of owning a business is it is a reflection of your personality and what you value. If it isn't feeding your soul, then a makeover may be needed. Now, don't confuse a makeover with just changing your marketing materials - that is like "putting lipstick on a pig" as Charles Lummis said in 1926 - "it is still a pig!" A makeover is stripping your business down to its bare-bones, identifying your key markets, setting timely, results oriented goals and then making it happen.
Actually, this really sounds like a PLAN - Vision---Mission---Core Values---Goals---Projects - Your dream for Your business.
Many small businesses stay in the reactive world and end up living the life identified in the E-Myth as "they've created a job for themselves, not a business". You will hear them ask for help and follow it up with "I've tried that", "That will never work with my employees", "I can't do that", "I can't afford that", "That won't work." Well, guess what - they are right.
At any moment in time you can change the plot line of your business. Yes, it does take some work, maybe even some hard work, but you will be rewarded with the business of your dreams. Start with a plan and hold yourself accountable to meet those goals. If accountability is an issue, hire a coach or consultant - remember, even the best sports stars rely on coaches - it is a sign of growth!
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
What are you doing right now to reach your goals?
Call Linda for getting your plan aligned with your dreams. 419-897-0528
linda@changinglanes.biz
One Page Business Planning Classes are forming - available from your desk! Oh, yes - coaching is included!
Want Stratospheric Succes? Learn the Five Laws.
Reading "The Go-Giver" over the weekend has solidified my belief that business as we’ve known it for the last two decades (or more, your mileage may vary) is so antiquated that to continue “as it’s always been” is maybe the most deadly thing you can do to your business. If your business has stagnated, if it’s slowed down to “just getting by”, or if you have serious concerns if you’ll be in business a year from now you can cheer up! Follow these “Five Laws of Stratospheric Success”.
The first Law, The Law of Value states; “Your true worth is determined by how much more you give in value that you take in payment”.
You may have heard the phrase giving value misused by the Internet Marketing Gurus telling you to give away your secrets to entice your prospects. This misses the mark in two ways. 1) As used here, giving does not mean giving away - as in free. It simply means to present something, in this case value. 2) value in this context means the relative worth or desirability of a thing to the end user. More to the point it's about asking yourself the question; “What can I offer that will set me apart – and I mean WAAAAY apart – from my competition and will allow people to want me as the person they choose to do business with?
Near and dear to my heart is appreciation. This is one of the things that cost little or nothing and leaves a lasting impression. Say please and thank you (and mean it). Send Nice to meet you notes - not emails - in a greeting card in your own handwriting. Remember birthdays and, you guessed, it send a card that says Happy Birthday! (If you don’t have a system for sending notes and greeting cards head over to my site and discover a great way to do it right from your computer)
Here’s a good place to mention one of the most important keys to making this law work, and it may be a deal breaker if you can’t commit to it, it’s that you have to give without any emotional attachment to the outcome. Now I know that’s going to sound really wacky to you but that’s how it works… because there is an outcome every time.
Visit Amazon.com and get the book. Take this journey with me and let me know how you give value to your product or service.
Copyright 2010 Todd Pillars helps business owners and sales professionals generate endless referrals easier and faster than they ever thought possible. Please contact him today at 419-855-2273 or email him at todd@toddpillars.com . You can also find out more information about his Endless Referrals workshops at http://www.burgintl.com/toddpillars .
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