Manage Your Business

I hear these words from my youngest daughter on a fairly regular basis.  Okay, everynight when it come to homework she utters these words.  All of us have something we would rather not have to do. Because we would rather not have to do something we put it off - yep, it’s also called procrastination.  My dauther asked last night why her mind wanders and she can’t concentrate on a specific subject.  That’s a great question and it got me thinking.  There are thousands of reasons “why.”  The real problem is how to keep it from happening.

 There is no “one size” fits all anwer to this problem.  What I found for my daughter is to watch her do her homework.  Supervision seems to work the best for her.  As a business owner, I don’t want my clients hanging over my shoulder making sure something gets done.  Not to mention that approach just makes me irritated.  I turned to my “to do” list for the answer.

 My “to do” list has traditionally bit long and scary.  Sometimes it even has fangs and hair.  I have tried using the list function in my PDA and in Outlook but nothing has ever really kept me on track until now.  I keep a master list in my PDA for routine deadlines such as filing 1099s and W2s as well as other tax deadlines.  To keep myself on track on a daily basis I ask one question - What absolutely has to be done today?  Those are the items that make my hand written list.  My list is on bright paper so it doesn’t get lost on my desk.  It is a reminder of what MUST get done today.  No slacking, no procrastinating.  If the tasks on the list don’t get done today someone will have a late fee, an employee will not get paid, a major business decision will fail or some other nasty consequence will follow.  If the non-completion of a “to do” task doesn’t cause a consequence it doesn’t make todays list.

Give it a try.  See if the Must Get It Done List works for you.

January not only brings the new year but taxes and tax forms as well.  Employees must have their W2s by January 31st.  Subcontractors must get their 1099MISC forms by that date as well. There are some rules about 1099MISC forms.  Only subcontractors that aren’t incorporated and that are paid more than $600 for the year need them.  If any subcontractor meets these requirements a 1099MISC must be sent.  The IRS is clear on this point and leaves no room for misinterpretation.

1099MISC forms can be hand written but it’s much easier to print them from QuickBooks.  The software also keeps track of who is at the limit and whether the subcontractor needs a 1099MISC or not.  Pre-printed 1099MISC forms (black and red) are needed and are easily fed into a variety of printers. Red 1099MISC and the accompanying red 1096 must be sent to the IRS by the end of February.

I have found that many people don’t pay their bills on time because they simply forget about them. They are placed in a file folder, drawer or other out of sight spot to be handled at a later time.

If you find this to be true, get out your calendar and place a notation on the day you need to send the bill or initiate the online payment. For example, if you need to pay your telephone bill by the 15th, put a note on the 10th with the name of the company, the amount and “pay now.” You may even want to use a different colored pen (or font if you use a PDA) to make it stand out. Or send yourself an email reminder if you don’t like calendars.

Then take action - Pay the bill when you are reminded. Don’t put it off until tomorrow you may forget it again.

Staying current with your bills will increase your profits by avoiding late fees and interest charges. We all like more money in our pockets.

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Suzette Flemming is the President of Flemming Business Services, Inc. She has been providing accounting, bookkeeping, payroll, tax and incorporation services to businesses since 1994. She specializes in providing answers to the most pressing issues facing small and home-based businesses.

Last time I talked about when it’s time to hire help whether it’s in-house (an employee) or outsourcing a project.  Now it’s time to take next step and find the right person or company to help you out.  You will be more productive, much happier and your business will thank you for it.  It takes time and energy to find the right person or company to help you.  There are a couple of steps to be completed before you can really start your search.

First you need to identify the tasks to be completed.  Be as specific as you can be.  Write down everything.  Take a look at the tasks and split them into items that have to be done in the office and items that can be done virtually (i.e. someone not in your office).

Take look at your two lists: in-house and virtual.  Can one person complete all your in-house projects or do you need more than one?  Likewise, can one person or company complete your virtual projects or do you need several?  You may find one person that can do it all.  It’s good to know what you really need so you can ask the right questions when talking to a potential employee or subcontractor.

There is one more step before beginning the search.  (Keep in mind that no one works like you do, has the same exact work ethic or knows your company like you do.)  What type of attributes must a person or company have to be able to work successfully with you to get the job done to your satisfaction?  This may be as simple as having the same attitude or as tough as same vision for your company.  Be as specific as possible.  This will help you “weed” out the people that will make your life tougher instead of easier.

Now that you know all of this, you can begin looking for someone to help you.  Where to begin?  The best place to starting looking is with the people you know.  Ask for referrals from clients, friends and family members.  You can expand your referral search by asking on forums and in chat rooms.  You will be amazed at who knows whom.  It may also find out who not to work with which can be just as valuable as who to hire. 

Professional organizations are also a good place to search for someone to help.   From Accountants to Virtual Assistants, you can find a world, national or local organization that can lead you to help.  The quickest way to find these organizations is to use a search engine.

If you have discovered that you need in-house help (i.e. an employee), I recommend going to a temporary agency.  They do all the legwork for you.  The employee is screened and, in some cases, tested.  I like this route because if the person isn’t a fit you can have the agency remove the person and get someone new.

As a last resort, I recommend placing a classified ad in a local paper.  The results will be drastically varied.  Depending upon how the ad is written you may get grossly under qualified or severely over qualified people.  After going through the responses, you will need to interview and/or test your applicants.  Of course, this all takes a great deal of time.

By now you have spent at least several hours deciding if you need help, figuring out what it is you need help with and then trying to find the perfect person or company to get the job done.  Are you asking yourself, is it really worth the time, effort and money?  My answer is yes.  When you find the right person your life will become much easier.  You will get more done in a shorter period of time with less effort.  So don’t be shy start asking for referrals.
 

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Suzette Flemming is the President of Flemming Business Services, Inc. She has been providing accounting, bookkeeping, tax and incorporation services to businesses since 1994. She specializes in providing answers to the most pressing issues facing small and home-based businesses.