It pays to be a maverick these days because nothing seems to work like it used to. Sure, a lot of people are doing their best ostrich act, sticking their heads in the sand and hoping that when the alarm beeps in the morning the world will have returned to its normal order.
Not gonna happen, folks. “Business as usual” isn’t going to cut the mustard in this new economy, this time of prolonged uncertainty. By the way, did you know that prolonged uncertainty is one of the greatest causes of stress a human being can suffer? They’ve done studies that prove it. So here we are, in a time of prolonged uncertainty, and we are, well, uncertain.
With the economic uncertainty swirling around us all the time, many people are turning to home-based businesses as a way to create an alternate stream of income in their lives, even if they are currently employed.
If you are a new home-based business owner, then you are probably up to your eyeballs in getting your new business off the ground. In the midst of all of this activity, though, one important step that will really help your business grow is to define some initial goals for your new business.
Time is one of the most precious commodities for a small business owner. Between business development, client work, employee or contract worker management, marketing, and fire-fighting, there’s hardly enough time for coffee and bathroom breaks.
In fact, recent studies show that time management issues are among the main obstacles to small business owners being successful and keeping the doors to their businesses open. So what’s a small business owner to do? Here are some time management tips I recently gathered from a workshop sponsored by my local chamber of commerce.
Doing a dreaded task once a week is a big time key to success in business and in life. Now don’t get me wrong … most of the time I’m a huge believer in positive thinking and an enthusiastic outlook on life. But, like most people, there are certain tasks associated with my business that I dread. I’d rather muck horse manure for 8 hours straight than do some of these tasks. I’d rather join Mike Rowe for a stint on “Dirty Jobs” than tackle these dreaded tasks. And that’s silly, considering that most of these tasks take an hour or two to complete. Can you say procrastination?
The Charles Emerson Winchester III character on the sitcom M*A*S*H used to say, “I do one thing at a time, I do it very well, and I move on.” Now Charles was a total pompous ass on the show, but his approach is very applicable in this day and age of business.
In modern times, when people can’t even have a normal face-to-face conversation without being interrupted by phone calls, text messages, pagers, and other such nonsense, the principle of doing one things at a time is a very useful maxim when it comes to work productivity, especially for small business owners.
19 minutes is all it takes me per week to have a worry-free tax season for my small businesses. I timed it, literally. You see, I’ve been studying up on how to maximize my small business tax deductions, and I’ve discovered what it takes to keep the IRS happy:
1. Know the rules as they apply to your business and follow them
2. Keep orderly small business tax documents
3. Have a great accountant
Now that might sound like a lot of work, especially the part about knowing the rules and documenting everything, but it doesn’t take long, really.
Discovering Small Business Tax Deduction Rules
So everyone knows that the IRS has rules, lots of them, and that if you don’t follow them you will get in dutch. What most people don’t know, though, is how to interpret those rules so they apply to you and your small business. And being that the tax code is some 18,000 pages long, it’s going to be pretty hard to figure out which small business tax deductions apply to your organization, and how, just by reading the tax code.