My Small Business Health Quiz - Part 2

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"The question isn't who is going to let me, it's who is going to stop me.” - Ayn Rand

Even if "business is good" right now, part of our role is to help point out potential potholes along the future path for business-owner's.

Which is why I'm here to raise some questions for you.

It's a bit of a different approach than I normally take in my Strategy Note, but if you take it seriously ... it can be a transformative process.

Take a look at each of these questions, even if you are troubled by any of your answers--

Behm's Small Business Health Quiz

From part one...

#1: Is the value of your business firmly established?
[Buy/Sell Agreements]

#2: Is there an emergency plan?
[Will & Asset Protection Strategy]

#3: What happens next?
[Business Succession Plan, and more]

Now to the next questions...

#4: What are your retirement plans?

Questions to consider:

  • Do I know how much income I will actually need at retirement?
  • How much control in the business must I maintain to secure my retirement income?
  • Have I looked into financing options for key employees to buy me out?
  • Do I want to be running my business, full-time, five years from now?
  • Do I have contribution protection for my retirement if I were to become disabled?

Too many business owners view their business as their "retirement cash cow" ... but have not made serious plans for how it can BE that cash cow. Read More...





My Small Business Health Quiz - Part 1

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"You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose." - Dr. Seuss

These are questions that might raise a few concerns, and that's fine -- it's what we're here for. Alongside establishing clear measurables for success (Key Performance Indicators, KPI's), these are the sort of things that effectively-growing  small businesses really need to get a handle on, regardless of their tax situation.

I like to share these questions every so often with my people, simply because it's good practice to continuously revisit these things and ensure we're headed in the right direction.

And further, as a business owner, it's important that you take a REGULAR, clear-eyed look at the underlying legal and financial foundations for your business.

As you pull our tax documentation together, this is the perfect time.

Which is why I'm about to raise some issues to you, and ask you some questions. It's a bit of a different approach than I normally take in my Strategy Note, but if you take it seriously ... it can be a transformative process. Read More...


Five Tips To Build A Healthy Company Culture

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"Great things in business are never done by one person. They're done by a team of people." - Steve Jobs

There are business people with whom I correspond, specifically solo entrepreneurs and sole proprietors, who aren't sure whether they really need to lead a team. But even solo business owners need to rally a team -- whether they are IC's (Independent Contractors) , vendors, or even clients.

You see, I've come to realize over the years that WE are our own worst enemy, when it comes to running our businesses ... not external factors, not market forces, not even good or bad staff members. It comes down to looking in the mirror, and taking responsibility for the results we're currently experiencing.

So ... if your team is not meeting its goals, don't blame anyone but yourself. This doesn't mean self-flagellation. Instead, know that seeing things in this light really is the first step to getting OUT of it -- because you finally begin to focus on things WITHIN your control, instead of outside of it. And it's really quite liberating.

Conversely, if things are GOOD: don't abandon what got you there in the first place and coast, as if just by showing up, the magic happens. That isn't the case, and you know it. Read More...


Janet Behm's 2019 Personal Income Tax Documents List

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"Don't wait. The time will never be just right." - Napoleon Hill

Filing your taxes on your own is not for the faint of heart. That's even with nice-looking software on the market which purport to make it easy for you.

But that's what we're here for. Let *us* make it easy for you.

Below is a list of what you will need during the tax preparation process. Not all of them will apply to you -- probably MOST will not. Nonetheless, it's a useful checklist.

Before you get overwhelmed: yes, this is a long list -- but it's the unfortunate reality of our tax code that it's not even comprehensive! But these items will cover 95% of taxpayers. Really, this is for ensuring that we're able to help you keep every dollar you can keep under our tax code. Read More...


The Best Kind of Leaders Do This

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"Being honest may not get you a lot of friends but it'll always get you the right ones." - John Lennon

Perhaps it's not at all surprising that today's manager is pulled in many directions -- and often does such a poor job.

It's the irony of the digital age -- we have so many tools at our disposal to "virtually" connect with one another, that the real work of connecting in person is becoming a lost art. Posting status updates, sending emails, texting -- we've forgotten how to work without the digital assistance.

And, ultimately, being a business manager is about actual interpersonal influence and leadership. When you're used to leading virtually, it's harder to lead in person.

Even worse, perhaps because of all of these distractions (or, perhaps because of a modern, misplaced desire to be liked) managers learn to ignore the "small things", because there are just so many to keep track of that it seems "uptight" to track them. But when you start relaxing standards in the small tasks of your business, your bottom line will eventually be the real victim. Read More...


The Three Kinds of Customers

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"Keep in mind that the true measure of an individual is how he treats a person who can do him absolutely no good." - Ann Landers

There are really only three kinds of customers (or clients, depending on what you do).

And when you think of things in this way, it can be a clarifying exercise, especially when you consider marketing budgets moving into 2020. I suggest you allocate budget towards EACH of these groups...

1) Existing Customers/Clients

This seems obvious, but frankly it can be one of the most under-utilized -- and yet most profitable -- groups of customers or clients to pursue.

2) "Lost" Customers/Clients

More about these in a minute.

3) Targeted Prospects (i.e. New Customers/Clients)

This is the "sexy" segment ... but in my opinion, established business owners spend far too much energy and resources going after this group. Read More...


Meet Utah REIA's Emerald Sponsor: Rize Property Management

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Residential property management is much different than it used to be.  It’s not simply about collecting rent and keeping tenants quiet.  21st century property management is about performance and focus.  That’s where Rize comes in.  We focus in single and small multifamily property management and our job is to maximize net income while creating a passive investment so our clients can rest assured their asset is performing at the highest potential.  Our fee structure incentivizes us to do just that.  We don’t get paid unless you do.

In fact, our goal is to make our fee irrelevant.  Time after time clients who self-manage bring us their properties and even with our fee, they make more money without doing any of the work.  We understand that rental property is a small ball game and every bit counts towards the end goal.  Don’t let anyone tell that $10 per month doesn’t matter! 

Perhaps you are a new investor or you have been in the game, but either way, we are here to help.  We would be honored to sit down and discuss any challenges you have to overcome or goals to achieve.  Give us a call to learn more about how we can help make your buy and hold dreams come true.

Jon Neviaser
Rize Property Management
jon@rizepm.com 
(801) 210-7002
https://rizepropertymanagement.com/


Protecting Your Focus At All Costs by Janet Behm

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 "The best way to predict the future is to invent it." -Alan Kay

I do taxes and help with business finances for a living. I'm not (necessarily) an expert in matters of mental optimization.

However, I do see what happens to my clients who get wrapped up in the media cycle of fear and negativity, and ... well, what often happens to their businesses as a result.

Frankly, I'm tired of seeing clients and friends who are beaten down by all the fear and stress.

Because there is one major source of it -- which is entirely optional.

I believe that the preeminent danger for ALL of us moving into 2020 is allowing today's world to starve your brain with junk food and deaden your spirit with the overwhelming feeling that you are small, insignificant ... that you have no control over outside events.

I've learned to avoid the 24-7 news channels, mindless scrolling of certain social media feeds, and the sites online that traffic in fear. I figure that I'll see what I need to when seeking out resources for our clients about current events. Read More...


WORD By Dave Olsen

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"Most people give up just when they're about to achieve success." - Ross Perot

Ah, those lofty goals of New Year’s Resolutions. Did you make yours? By now, 29 percent of those who did will have already stopped. By June, only 46 percent will still be struggling to maintain their goals and by year-end, a paltry 8 percent will make it.

Not very encouraging, is it?

So many self-proclaimed experts will advise you to try harder, write more lists, and use more notebooks, bullet journals, and other (My opinion) time-wasters; they are fancy, costly products for you to record your efforts and goals. One YouTuber showed off her 18-inch tall stack of such products that she felt were essential. It sounds like a whole lot of busywork to avoid accomplishing one’s goals.

Instead of buying a mountain of paper, choose a word. Short, simple, free, and works everywhere you go. You can’t leave home without it, and no chance of losing it somewhere. If you are conscious, it is with you. Read More...


Janet Behm's Annual Holiday Prayer

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"People travel to wonder at the height of the mountains, at the huge waves of the seas, at the long course of the rivers, at the vast compass of the ocean, at the circular motion of the stars, and yet they pass by themselves without wondering." -St. Augustine

"God, help us remember that the jerk who cut us off in traffic last night is a single mother who worked nine hours that day and is rushing home to cook dinner, help with homework, do the laundry and spend a few precious moments with her children.

"Help us to remember that the pierced, tattooed, disinterested young man who can't make change correctly is a worried 19-year-old college student, balancing his apprehension over final exams with his fear of not getting his student loans for next semester.

"Remind us, Lord, that the scary-looking bum, begging for money in the same spot every day (who really ought to get a job!) is a slave to addictions that we can only imagine in our worst nightmares...

"Help us to remember that the old couple walking annoyingly slowly through the store aisles and blocking our shopping progress are savoring this moment, knowing that, based on the biopsy report she got back last week, this will be the last year that they go shopping together. Read More...