Tag: Business Management (38 articles found) - Clear Search


Disaster Relief Business Loans - Get It Right

0
Comments

 

These days are moving VERY quickly, and we are working VERY hard to get communication out to our blog readers, clients, and friends. One huge break is the extension of filing and payment tax deadline to July 15, 2020.

You probably already heard that the CARES Act (the mammoth 880+ page disaster relief bill) was signed over the weekend, and help IS indeed on the way.

But there are so. many. rumors. flying around out there that I wanted to reach out to clear up some confusion. (I've even seen some accountants charge frightened business owners over $2K for filling out these 5-minute forms.)

First things first (and before I give you any more details):

The SBA EIDL online application is BACK up and running.

Go here >> https://covid19relief.sba.gov/ Read More...


How Do I Keep My Airbnb Occupied During COVID-19?

0
Comments

 

The name of the game is to pivot, the vacation rental industry is not what it was 10 days ago. If you are not sure you want to work crazy hard, staying in this industry may not be for you. In the last 10 days I think we have worked harder as a company than ever before, and probably made far less proportionally as well. I’m not sure the accuracy of the stats but 80% of existing reservations were cancelled, with an estimated greater amount where the reservation was kept because a refund could not be awarded. Airbnb’s cancellation policy override has crushed many hosts, but we are seeing now more than ever there are NEEDS for flexible housing options.

I love what we do as a property management company, especially now that we have the opportunity to provide housing for those that desperately need it. Lives depend on medical workers and necessary staff in many industries, we can house those staff and others. If you want to stay in the industry the time is now to pivot or take a break. 

Here are entirely too many ideas to keep your units occupied, you choose which ones work for your units, markets and situation.  Read More...


Let's Get Real for RIGHT NOW...

0
Comments

 

No, this is NOT just another "here's what we're doing about COVID-19" message.

The time for that was last week. Every brand and their brother sent out those messages, and they lost their usefulness -- right now, it's a marketplace expectation that we're all taking serious steps.

Regardless of what you feel about this situation, or the governmental response to it, it's time that we recognize that the ground has already shifted under our feet.

You can waste your (precious) breath to rail against that, or you can get productive.

But more about that in a moment.

For now, you don't need any medical advice from me, nor would it be beneficial for me to share with you my "work from home tips" (though those will be coming sometime soon).

Instead, I'm going to stay in my lane, and get real with you about your business right now. Read More...


Going Broke By Going It Alone

0
Comments

 

"Things are never quite as scary when you've got a best friend." -Bill Watterson

Perhaps the most epic image of American excellence is the picture of the "rugged individualist". You know, Teddy Roosevelt, pull yourself up by your own bootstraps, etc. In many ways, this image formed many characteristics of the fabric of our nation that have led to great prosperity.

But here's the problem: it is (and has always been) an illusion.

Or at least, our interpretation of it is. The rugged individualist who can solve his or her own problems (the opposite of an entitlement mentality) IS a great standard.

But in most parts of life, your business very much included, you simply can't do it all yourself.

Or, if you do, you're going to find that you sacrifice the things you're very good at for the things you either are barely competent at or, worse yet, fail miserably at. Read More...


My Small Business Health Quiz - Part 2

0
Comments

 

"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

0
Comments

 

"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

0
Comments

 

"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...


The Best Kind of Leaders Do This

0
Comments

 

"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...


Protecting Your Focus At All Costs by Janet Behm

0
Comments

 "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...


Giving Out Year-End Bonuses? My Tips to Keep in Mind

0
Comments

 

"New Year's Day is every man's birthday."  -Charles Lamb

Chances are, if you're just now thinking about bonuses, it might be too late. (But with Amazon, I guess there is still hope). Yet with 2020 on the horizon, you can begin with 2020's holiday gifts in mind. It really is important to factor year-end bonuses at the beginning of the year so that you can budget and plan accordingly. In addition, you'll want to consider questions such as:

  • Who on your team will receive bonuses?
  • Will the bonuses be the same across-the-board or differ based on merit?
  • How will you present the bonuses to your employees?

If you don't have a solid system for year-end bonuses, your budget might take a hit.

Budget Accordingly

When you think of budgeting the bonus, don't just think in terms of cash bonuses. Read More...