How to STOP Hurting Your Business!

Which is it, the economy or you that are hurting your business?

With the uncertainty about the economy, many are wondering what is wrong with their business. In many cases, the answer lies in your ability to come to terms with “how” you manage your business, not is “what” is happening to your business.

Typically, a business owner realizes that their business is in trouble. However, they fail to take corrective action. You should want more and care enough about your business that you will not allow, nor will you settle for mediocrity. I am going to reveal four common mindsets that will hurt your business if you fail to implement them properly.

Failure to build lasting relationships with your customers. Satisfied customers, people who have bought from you and who are happy with that experience, need to be cultivated. They need to know you appreciated their business, that you understand what is of interest to them, and that their powerful referrals are appreciated. People forget, don’t assume they don’t. Keep in touch. Make ‘special’ offers, and always ask for referrals.

Failure to prune your operation. Assuming everything is okay is a mistake! You will wake up some morning to huge problems. Take inventory, set standards, design standard operation procedures, and monitor performance. Don’t wait until it is too late. If something or someone isn’t meeting the standards and required performance levels, take action. By pruning, you get rid of the deadwood and help the good wood grow. It is a necessary action for developing a winning organization.

The dreaded “I-Do-It-All” Syndrome. Afraid to delegate? Scared stiff to give your employees responsibilities? Do you really think you’re the only one who can get it done correctly? It is time to check yourself in for a psyche test!

It’s not uncommon for business owners to ‘waste’ numerous hours doing the work that they hired employees to do for them. Ever wonder why? Usually it is because you failed because of the following:

·         Failed to have a workable system in place.

·         Failed to properly train the employee to the system.

·         Failed to properly communicate with the employee.

            You see. It is not always the employee. What you have is an organization problem of major proportions … YOU!

            You need to learn the art of “Leverage and Linkage,” that is the effective process of written systems, standard operating procedures, and employee training.

           

Failure to sharpen your own saw! Knowing you should be doing better, but failing to get the help and guidance to correct it, will never make it get better. You’ll still be dealing with all the stress, chaos, and frustrations of your business.

Improving yourself and your business is a constant and never-ending process. The sooner you come to terms with this fact of reality, the sooner you can start solving a lot of your major business headaches.

Perfection is something that is unattainable. It is the pursuit of perfection that produces winning advantages.

How to Avoid the I.R.S. Crippling Your Business

Business winds down, payments slow up and cash flow barely exists. To compensate, you delay paying Uncle Sam.

Before you know, the IRS is knocking on your door, assessing fines, fees and interest. You know you owe. You’ve checked that, but what do you do when you haven’t got the money?

Don’t panic! The IRS isn’t going to send a SWAT Team to kick down your door and drag you away. However, this also doesn’t mean you should ignore them. If you know what you will owe them before you file, go ahead and file your return as soon as possible. If you fail to file, it adds a 5% per month non-filing fee that increases by 5% up to 25% for each additional month you don’t file.

The IRS will accept a written request for extended payment time, up to 45 days, if you request it in writing. However, this is a temporary window, and you need to come up with a strategy, payment or something.

Let's talk about that. 

I am not a proponent of trying to deal with the IRS by yourself. I recommend having a CPA or tax attorney do it for you. The reason is simply. Go to a casino and the odds are always in the best interest of the house. The same applies here.

With that thought in mind, I suggest a CPA, Tax Attorney or a qualified tax resolution official. They have the expertise and knowledge to negotiate you a better deal than you can yourself, and possibly get a reduction in the amount you owe.

The important thing is to take action coupled with a strategy and professional help.

The Common Traits of Successful People

Have you ever wondered what it really takes to be successful?

Most people have a false belief of what success really is, and how you attain it.

Some think it is the price tag of the car you drive, the size of the house you live in, the family you were born into, the school you attended, or just the mere perception you may have more than them.

However, when you take a true look inside what success is, you see a different set of values.

Successful people see things differently for one thing. One may see a problem and develop a solution to fix the problem, where others are just fixated on the problem, or blame others.

Successful people may see a run-down part of town where hopelessness, poverty, crime and despair reign, and find a way to build it up so it can prosper. Others are content to wallow in their meager existence.

Successful people have their eyes constantly scanning for opportunities, while others are focusing only on mediocrity.

Successful people sharpen their skills with passion in order to do their best in their endeavors, while others passionately find excuses for doing nothing.

Successful people consistently view the future in the present tense, while others always look back in the past.

Successful people don’t wait for success to come to them, instead they relentlessly chase after it. Most people quit too early and never give success a chance to develop.

Another trait that is prevalent among successful people is courage. They nurture the courage to keep up the effort, the courage to be creative,  the courage to go against the group, the courage to get moving, and the courage to go it alone.

You see. The successful realize it isn’t all about the money, the cars, the homes, jewelry and other trappings. It’s about accomplishing something of value with their lives. It’s about achieving something that is worthy of their efforts. It’s about the courage, skills, self-reliance, personal responsibility, and self-worth to do it.

Successful people realize what the real value is of creating advantage and opportunity.

The Real Unemployment Rate

I’ve been watching the unemployment figures for quite some time now, and I can’t believe how the average American is being misled.

To be truthful, you have to be naive to believe the 7.7% rate. Yet, no one really challenges it. Allow me to take a shot at it.

According to the Bureau of Labor Statistics (BLS), the seasonally adjusted official unemployment rate for February fell to an alleged four-year national low. All America watched as the White House and drive-by media congratulated itself.

Meanwhile, the Republicans quickly pointed to the U6 rate that stood at 14.3%, as the real unemployment rate.

Unfortunately, I believe both are wrong. Allow me to explain.

The BLS looks at six categories, from U-1 to U-6. Typically, the government states the unemployment rate from U-3. This rate includes people who have been unemployed but have actively looked for work during the last month. Excluded from this rate, are people who work part-time (as defined by the government as someone who worked one hour or more).

The U-6 number contains data from the U-3 rate, including part-time workers and the unemployed who have unsuccessfully looked for work in the last month. Already, you can see a huge difference.

Unfortunately, Washington has found a way to skew the numbers by not counting a very important group of people in the calculation. The worker who is on disability. They have found a way to make them invisible, and the sad part is how the number in this category is increasing.

Why should they be counted? Because they are unemployed and unable to work. Simple. Yet, because they are part of the workforce, they are not counted. And, because they are getting disability insurance instead of unemployment insurance, they're not counted. Yet, they are still unable to work. By not counting them, they have become invisible, and thereby skewing the numbers in favor of the administration.

Under Bill Clinton, welfare changed as we know it. Its intent was to push people off the welfare rolls and into jobs. He also pushed individual states to assume a much larger share of the cost of welfare. However, like all big social programs, it worked against what it was suppose to do.

Let me explain.

Each person on welfare cost the individual state. This added burden to the state financially, while it removed it from the federal government.

The states found a way around this added burden. Each person on welfare cost the state, but if you moved the person to disability, the entire financial costs moved to the Federal government. Why? Because Social Security disability insurance is fully funded by the federal government.

That means neither the U-3 or U-6 number can be fully trusted.. They’re bogus numbers.

In February the number of Americans as ‘not in the workforce’ was 89,304,000, a record high. The economic trend monitoring site InvestmentWatch concluded that the actual American unemployment is around 30%!

I’ll be the first to say that it is not possible to be exact in calculating the number since the population is not a certainty at 310,000,000. It could be more or less. Not enough data is available. However, the 7.6% rate is as bogus as it can be, and the 14.3% is only halfway to being true. My 'gut' says around 25%.

It is possible to be informed enough to realize when something smells fishy. That we can do. Look around you, a 7.6% unemployment is unrealistic. If you don't think so, you must be blind. Too many are suffering, without work or unable to find work. The average income per family has dropped.  And, we’re not even taking into consideration the college graduates who are graduating. Add them to the mix. 

People, this not a recovery, at best, it is a reversion.

It’s time to cultivate a healthy skepticism of what our government is telling us. It’s time to stop listening to the rhetoric; it’s time to get informed. The federal government will be releasing its unemployment rate for the month of March. Unfortunately, stay tune, Washington has more BS to fling at you at that time..