When you hear the word “budget,” what do you think about? Most people would say something similar to “Ugghh!” If you would rather do just about anything besides create a budget, you’re not alone. The word “budget” brings up connotations of endless numbers, constraints, the opposite of freedom and creativity, and hard work, none of which are very desirable. Yet, the benefits of a budget are huge. Budgets can help you with cash flow improvements, keep you on track for higher profits, and alert you to items that need further action. From “Budget” to “Profit Plan” To be successful with budgeting, we need to get rid of all of the connotations that go with the word. Perhaps it might work if we rename “budgeting” to “profit planning.” And then, rather than focus on how little we should spend, let’s start with how much revenue we’re going to make. Revenue Clarity It’s simple to create a revenue plan if you go backwards. What revenue goal would you like to hit this year? Just like we would never get in a car without a final destination, a revenue plan gives us a number to aim for in our businesses. Once you know [...]
Six Quick Productivity Tricks So You Can Go Home Early
If you have an endless to-do list, you’re not alone these days. Most of us are constantly looking for ways to work smarter and get more done. Here are six quick tips to help your productivity so you can go home early. 1. Group tasks If you have lots of errands to run during the week, why not set aside one day or part of a day to get them knocked out all at once? It saves start/stop time and may also save gas and time getting dressed up (if you work at home). You can also try grouping tasks such as personal care appointments, doctor’s appointments, sales calls, and client visits. Your schedule will be freed up in big blocks of time so you can focus on creative projects without having to constantly watch the clock. 2. Use checklists Checklists are best when you have a task you need to repeat. They’re great when you’re stressed and don’t want to forget a step (such as in packing your suitcase for a trip). They’re also great for tasks that repeat infrequently (Now how did I do that last time?) Stop and take a minute to create your checklist the next [...]
Compliance Checklist: Seven Items You May Have Forgotten
Running a business is filled with regulations everywhere you turn. These can drain precious time away from the core of your business, but if you ignore them, there could be huge financial consequences you may be risking without even realizing it. The best way to handle them is to understand your exposure, consult with any experts you need to bring in, create a checklist, and make sure you’re in compliance. Here’s a head start in creating that checklist. This is by no means a comprehensive list. These items apply to most businesses and are often overlooked. Go through the list to make sure there aren’t any surprises for your business. If there are, feel free to contact us, and we’ll help you find out where to get answers. 1. EIC notice to employees It’s now required annually to notify certain employees about the Earned Income Credit so that more people who need it can take advantage of it. If you have employees, the next deadline for this compliance item is the first week of February 2013 and can be met if you get the right W-2 forms. Details are in IRS Publication 15. 2. Corporate meeting minutes Just about the [...]