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Showing posts from July, 2015

Use Business Metrics and Analytics To Reach Higher Levels of Success In Your Business

Metrics and Analytics
Do you like the insight that statistics provide for investments,  the economy, or sports?  Yes, likely you use and may even be excited about many statistics, or the new buzz words metrics and analytics, and what you learn from them.  They also empower you to evaluate investments, sports teams or players as well as your business and understand why you have certain results. You should also be excited to use metrics and analytics in your business to help you evaluate, analyse and develop strategy for your business to reach higher levels of success.

Business metrics and analytics empower you to understand, to compare, and to analyse your business and it's parts and communicate this intelligence with your key personnel.  Much the same way investors have learned to use metrics and analytics to analyse businesses and other investments to identify opportunities and undervalued assets or sports general managers use them to evaluate players, their team, other teams an…

Guard Against Employee Theft: The Fake Employee Trick

The Fake Employee Trick
Watch out for the fake employee trick.  Business owners know that embezzlement and theft are growing problems in the business world.  Here is an example of a method used to steal from you. A manager hires someone they know and puts them on the payroll but the person does not actually do any work for you.  This could be a friend or family member and it could easily be costing you money over a period of years.

How to catch the fake employee trick
So how can you catch this trick and more importantly how can you create an environment that discourages this and other deceptive practices.  To catch this trick and others make sure you as the owner check all the bank and credit card statements personally.  Check for unauthorized payments and make sure you are familiar with all the vendors and employees that are getting paid.

Second, talk to hiring managers about the employees they hire.  Do a regular review with them asking who their employees are and what they do.  …

How To Schedule Success?

You have heard you need to plan to succeed or you are planning to fail.  You also know that "someday" is code for never.  Like when someone says "hey, let's do lunch someday" it is really code for "it will never happen".  To make it happen you have to schedule it.  It is the same with success, since someday is just code for never, you have to actually schedule it.  How do you schedule success?

The world is setup and programmed for people to be too busy.  People actually like to say "I'm too busy" whether they are or not and some actually like to be too busy.  Are you too busy to succeed?  Take a look at what is really important and make sure you are not "too busy" for those things. The first step is free yourself of the limiting thinking that I am too busy.  Just stop that noise from going through your thought process.  Stop saying it and stop scheduling it or planning to be "too busy".  You can create a life where y…

Hiring Your Kids: Income Tax Benefits

If you are a business owner you may be able to both lower your taxable income and your taxes by hiring your children to work for your business.  For 2015 you may be able to pay each of your children up to $6,300 as employees, W-2 income, without them paying any income tax on that income assuming that is the total of their income for the year.  There would be no income tax for them because $6,300 is the standard deduction for a single person in 2015.  In addition, if your business is setup as a sole proprietor you may not be subject to employment taxes on their income. 
Here is a link to an IRS article on the employment taxes for employing family members.
If your business is structured as an corporation or partnership with someone other than your spouse you will still have to pay these employment taxes if you pay them through one of these entity types.  Keep in mind with a little strategic planning you may be…

What To Do When You're Self-Employed and Out of Money

Self-Employed and Out of MoneyIt is great being your own boss but... what happens when you have a cash flow other words...when you are out of money?  The problem is you don't always know when money is coming in while you have bills due every month both for your business and personal life.  So you plan and you save but that only takes you so far.  It happens, and what do you do when you're out of money?

OptionsAs a self-employed person you have options.  You could borrow money which is why it is good to have a business line of credit if you can get one.  You can also borrow money from relatives, friends, or business contacts that trust you.  If you have regular credit card receipts you may be able to borrow against those.  Another option might be borrowing against your accounts receivable.

How else can you generate cash?  You can work your accounts receivable and collect what you can. You can negotiate with customers/clients to pay you in advance perhaps in return fo…