Accounting and Bookkeeping Articles

Generally an accounting practice begins with just the accountant who can do the majority of the work alone.  However, as the practice begins to grow you may consider hiring support staff that will enable you to complete more billable hours while the employees perform the more menial tasks.  Whether you choose to hire one additional employee or several, how do you know when your business is ready?  And then, how do you prepare to hire the right applicant?  Here’s a worksheet that might help:

Is Your Business Ready?

3 Questions to Ask

1. Can current cash flow sustain a new employee?

Are you making enough money to actually pay an additional employee?  Obviously you’re hoping that with some help you could earn even more money.  But if your current cash flow doesn’t provide the wiggle room necessary to add someone to your payroll, you may consider increasing your clientele before you increase your staff.

2. Does your current work load require additional help?

The last thing you want to do is hire someone when you don’t have enough work to keep them busy.  If you and/or your current staff is collectively managing a workload that could keep another person busy, then you should consider hiring additional help.  Also, if your personal life is suffering as a result of overtime, you should consider lightening your own load by hiring someone to share that burden.  Otherwise we suggest waiting until your workload justifies the additional help.

3. Is your current need for help long-term or temporary?

As you question your current need for help, you should remember that a full-time, long-term employee will still be on your payroll when your practice hits a yearly slump or encounters a lull in business.  Is a temporary employee more practical?  It’s easier to make a temporary employee permanent than it is to make a permanent employee temporary.

Preparing to Hire the Right Applicant

Once you determine the need to hire an employee, it’s important that you do some work upfront to ensure that you hire the right applicant.  Here are five important tips you should consider as you begin your search:

1. Write a job description

Before you start looking for applicants you need to know which skills you need.  Write down all the tasks this employee will perform.  Focus on the verbs.  Do these skills require experience?  If not, what characteristics would the employee need in order to acquire those skills?  Be specific.  The only way you can hire the right person is if you know exactly what your business requires (tune in next week when we’ll discuss what to look for in your applicants).

2. Get the word out

Inform professionals in your network about your opening; they may know of skilled individuals looking for a good position.  Also consider job placement services, especially if you’re looking for applicants with a specific skill set.  The want ads and job boards are also a good way to publicize your opening.

3. Develop informative interview questions

Good interview questions will enable you to find the right person to fill your position.  Consider questions that will help you learn of past performance while determining problem-solving ability, work preferences and future career goals.  All these things can inform your decision.  And in order to fairly weigh one candidate against the next, you must ask all applicants the same questions.

Note: Be careful!  It is illegal to ask candidates anything discriminatory.  Avoid all questions that address the following: race, color, gender, sexual preferences, religion, national origin, birthplace, age, disability, marital/family status.

4. Check references and perform background checks

Why ask for references if you don’t check them?  I’ve heard countless stories of references who shared crucial information about a candidate’s true nature in a job environment that either foiled his/her chances or sealed the deal.  Either way, references can provide you with more information on which to base your final decision.  And background checks can also be informative, telling you which candidates may threaten the livelihood of your business.

5. Listen to your gut

Often a gut instinct will tell you which applicants are a good match and which would be bad for business.  Don’t rule those feelings out, but consider them as you make your final decision, as well as the applicants’ skills and experience.

Return next week when we’ll share what you should look for in your applicants.

The Universal Practice Builder Program Can Help Your Business Sustain a Support Staff

Everyone wants their business to grow and make more money.  If you’re concerned that your business isn’t yet big enough to justify adding employees to your payroll, you should first attempt to increase both your clientele and your bottom line.  The Universal Practice Builder (UPB) Program is guaranteed to help:

Talk about a risk-free venture!

In addition to the above guarantee, here’s a sampling of what you will gain from enrolling in this phenomenal program:

• The skills to become a Profit Expert for each of your clients
• 12 marketing strategies that you can implement immediately
• A process which can produce 15 to 25 qualified leads per month
• 3 months of coaching via telephone and Internet
• Training on a computerized database tracking program
• A presentation DVD to show potential clients
• Training to use QuickBooks to attract more clients
• Access to a plan proven to help retain clients

If you’re looking to grow your practice so that it can sustain a support staff that will enable you to further increase your cash flow, enroll in the UPB today. It guarantees a bright and lucrative future for your business!

Reading is to the mind what exercise is to the body. – Joseph Addison

That is a good book which is opened with expectation and closed in profit. – Amos Bronson Alcott

A book is a garden, an orchard, a storehouse, a party, a company by the way, a counselor, a multitude of counselors. – Henry Ward Beecher

Reading books on small business trends can help you maintain that competitive advantage.  Often current publications can help you understand and apply solid business principles that can help you personally and professionally.  So it’s that time of year when we provide you with a list of recommended reading to round out your summer and, perhaps, help bolster your business.

The Small Business Start-Up Kit: A Step-by-Step Legal Guide by Peri Pakroo (Nolo, March 2010).  In its sixth printing, this book includes the latest legal information on small business management.  You can read about choosing the best business structure, writing an effective business plan, filing the right forms, pricing your services, managing your finances and more.

Duct Tape Marketing: The World’s Most Practical Small Business Marketing Guide by John Jantsch (Thomas Nelson, January 2007).  Most financial professionals are great with numbers and poor with public relations.  Duct Tape Marketing is intended to help small business owners build a solid clientele by using basic marketing techniques.  Jantsch provides readers with a step-by-step marketing system intended to demonstrate how the small business owner can market products and/or services in an economical and successful manner.

Conquer the Chaos: How to Grow a Successful Small Business without Going Crazy by Clate Mask, Scott Martineau, and Michael Gerber (Wiley, June 2010). You probably already know that running your own business can be chaotic.  As you try to manage all the necessary faucets of a successful practice, you’re probably finding yourself spread thin.  This book is designed to help you bring order to your business by applying six practical strategies.  As the inside flap explains, “A one-stop turnaround plan, Conquer the Chaos lays out a complete path to make your business run smoothly and provide you with the freedom you desire. This realistic, in-the-trenches guide offers six strategies that, when combined, give you a step-by-step approach for reaching entrepreneurial success.”

Crush It!: Why NOW is the Time to Cash in on Your Passion by Gary Vaynerchuk (HarperStudio, October 2009).  Vaynerchuk, an entrepreneur who took over his father’s business and substantially increased its profitability, explains how to use social media to build a business based on your passion.

Red to Black in 30 Days by Allen Bostrom (Universal Accounting Center, 2008)

The recession is hitting small businesses hard, and many are failing right and left; we hope yours is not one of them.  Red to Black in 30 Days enables readers to learn the Universal Project Management Model that will enable them to save failing businesses.   This book is a guideline for financial professionals who work with disheartened small business owners in need of a good turnaround plan.

Each chapter focuses on a crucial aspect of the turnaround process. Simple steps are outlined from initial contact through stabilization and profitable growth. This can be the guide through your first turnaround experience or it can enhance the management skills of even the seasoned contract accountant.  You may find that in offering turnaround services your business (and those of your clients) will be the few that thrive in these difficult financial times. For the cost of this one book you can enhance your value to current and prospective clients.  Order your copy now.

Peer pressure has gotten a bad rap.  It carries a negative connotation implying that people are swayed to do things contrary to their own well being.  However, there is such a thing as positive peer pressure which implies that people are swayed to do things beneficial to their own well being and, perhaps, the profitability of their businesses.  We’d like to consider how professional peer pressure can encourage you to reach greater heights while enjoying the camaraderie of your peers.  Here are four ways that peer pressure can be a positive force in your life:

1. A catalyst for change.

As you interact with your peers, you will discover that not everyone does things the same way you do.  This can introduce fresh and innovative ways to complete tasks, resolve problems, and encourage growth.

2. Motivation for improvement.

All businesses can benefit from a healthy dose of competition.  It encourages renewed focus, additional effort and creative thinking.  This can come from interacting with other professionals like yourself as you attempt to become the most prominent accountant in the field.

3. Networking opportunities.

You may live in Salt Lake City, Utah and meet an accountant from St. George.  That accountant may have friends and family in Salt Lake that he or she can’t serve due to distance.  However, if you develop a good relationship with that accountant, he or she may be able to refer prospective clients your way and visa versa.

4. Desire to help and be helped.

In addition to encouraging healthy competition, peer pressure can expose you to individuals with whom you can build synergistic relationships where you help others and are helped in return.   Often your peers can help you create the most favorable support group for you and your business.

Peer pressure doesn’t have to be negative.  We’re all grown-ups here, right?  We can recognize and appreciate the skill and expertise we see in others and use that as motivation to improve ourselves.  In addition, the interaction we experience with our peers can be both emotionally and monetarily rewarding.

Find Positive Peer Pressure at the Universal Accounting Conference

To experience positive peer pressure while learning business-building skills, attend the Universal Accounting Conference next month.  You could attend sessions on the following topics:

• Getting Started with Office Technology
• Networking and Relationship Strategies
• Planning Practice Growth
• The Power of Presence: Your Ultimate Marketing Channel
• Becoming a Profit Expert with Business Benchmarking Reports
• Technology Strategies for the Growing Office
• Working through Resistance
• Phenomenal Women in Business
• Smart Staffing Strategies to Work Less and Make More
• Personality Profiles and Profit
• How to Find and Create Expanded Service Opportunities
• Tax Practice Administration
• Introduction to Social Media
• How the Right Client Feedback will Perfect Your Practice
• Future of the Accounting/Financial Services Industry
• From Friend to Fortunate: Making Social Media Pay

Often the best way to improve your business is by attending a conference that covers powerful topics with practical information you can apply immediately.  Not to mention you will be given the priceless opportunity to interact and engage with your peers.  The Universal Accounting Conference will be held on September 20-21 in Salt Lake City, Utah.  Change the face of your business in two short days.  Register now before we reach enrollment capacity!

Stop Delaying Your Success with 5 Simple Tips

Nothing is so fatiguing as the eternal hanging on of an uncompleted task. – William James

Every duty which is bidden to wait returns with seven fresh duties at its back. – Charles Kingsley

There are a million ways to lose a work day, but not even a single way to get one back.  – Tom DeMarco and Timothy Lister

We’ve all procrastinated at one time or another.  And while for some, procrastination may represent a brief lapse in productivity, others are plagued with chronic procrastination that threatens their livelihood and business.  Wherever you may be on the spectrum, it’s important to recognize your tendency to procrastinate and respond promptly.  The following five steps will help anyone, regardless of the severity of their procrastination problem:

1. Determine the holdup.

Whether you’re addicted to the adrenaline that comes from waiting until the last minute or you believe you work better under pressure or you’re lacking the experience and expertise to complete a particular task, you’ll be unable to resolve your procrastination issues until you know what’s causing them.  And don’t fool yourself.  There may be one reason you’re procrastinating Task #1 and a completely different reason you’re procrastinating Task #2.  Take the time to determine exactly what’s holding your back.

2. Fake it ‘til you make it.

Sometimes there’s no way around a tiresome task than to get busy and do it, even when every part of you is resisting.  Often, the only way to gain the momentum necessary to tackle these unpleasant tasks is by putting one foot in front of the other until it’s completed.

3. Tackle the most formidable tasks first.

The tasks you procrastinate are generally the most unpleasant.  You’ll be doing yourself a huge favor if you tackle those tasks first.  You know what they say: swallow a toad in the morning and you will encounter nothing more disgusting the rest of the day.   When you complete these tasks first thing, you’ll find yourself recharged and ready to tackle the remainder of your day with ease.

4. Break bigger tasks into smaller, more manageable tasks.

Those overwhelming projects are best handled bit by bit.  Break those large projects into smaller tasks that can be handled on a daily basis.  Schedule these smaller tasks into your day so that you are able to better inch towards project completion.

5. When feasible, delegate or outsource.

You don’t have to do everything yourself, especially when it makes more sense to delegate the task to an employee or outsource it to someone who’s more qualified for the job.  Whether it be remodeling your office or doing payroll, it’s important that you evaluate how much it will cost you (in time) to complete yourself versus having someone else do it for you.

Luckily, procrastination is curable.  With a little self reflection and a few action steps you can move forward into greater productivity and profitability.  These 5 steps should get you started.

Universal Accounting Conference

Would your business benefit with more of these helpful tips?  Attend the annual Universal Accounting Conference.  In 48 hours you can learn many things that will help you start, build and improve your bookkeeping, accounting or tax practice.  Whether you call it Business Boot Camp or Profitability Training on Steroids, Universal Accounting’s two-day conference in Salt Lake City, Utah will help catapult your business to the next level.  Session topics include the following:

• Getting Started with Office Technology
• Networking and Relationship Strategies
• Planning Practice Growth
• The Power of Presence: Your Ultimate Marketing Channel
• Becoming a Profit Expert with Business Benchmarking Reports
• Technology Strategies for the Growing Office
• Working through Resistance
• Phenomenal Women in Business
• Smart Staffing Strategies to Work Less and Make More
• How to Find and Create Expanded Service Opportunities
• Tax Practice Administration
• Introduction to Social Media
• How the Right Client Feedback will Perfect Your Practice
• Future of the Accounting/Financial Services Industry
• From Friend to Fortunate: Making Social Media Pay

Whether you run your own business full-time, manage a small practice on the side, or dream of starting your own bookkeeping service in the near future, this conference will give you the know-how to secure clients, increase your bottom line, and become the premier financial provider in your area.

Conferences have always been a powerful tool in advancing one’s career.  Most professionals find it beneficial to attend at least one per year, if not more.  Industry-specific conferences enable you to stay current in your field and attain that competitive advantage. UA’s Accounting Conference is specific to your small-business accounting needs, and each breakout session is designed to provide practical information you can apply immediately.

Universal Accounting has been helping accountants and bookkeepers start, expand, and improve their accounting practices for three decades. With Universal’s help, thousands of individuals have found greater freedom and profitability by starting and bettering their own accounting businesses.  Don’t miss this opportunity to enhance your business in just 2-days’ time.  But hurry!  The conference takes place on September 20^th-21^st, less than two months away.  Embark on your professional journey to success and register for the conference now!

Family businesses: they seem to work really well or fail miserably.  That’s not to say that family-run businesses can’t be highly rewarding and lucrative.  However, if you’re participating in a family business, it’s important that you understand what you’re up against.  Working with relatives can be tricky unless you have a game plan—a series of rules to live by in order to achieve maximum success.  Here we provide you with six Dos and Don’ts in running an efficient family business:

1. DO create a hierarchy. In an Entrepreneur.com article entitled “Don’t Let Family Drama Derail Your Business,” author Karin Price Mueller gives this tip to ensure that family businesses have a clear chain of command and well-defined job descriptions for each employee.  She quotes David Levi, managing director of a professional services company, explaining the importance of this step: “It is critical for all parties, family and nonfamily, to know that Dad may be in charge of the family, but the sister is in charge of sales at the office.”

Without this clear hierarchy, family and nonfamily employees will not know who they report too, and productivity will be compromised considerably as a result.

2. DON’T create alliances among family members. This factor often contributes to the failure of family-run businesses.  When members of a family business begin keeping secrets from certain factions, creating alliances and excluding individuals from crucial business decisions, a division results that can destroy a company.

3. DO communicate. It’s no accident that this tip follows the one discouraging family alliances.  In order to avoid poor business etiquette that can seep into family-run organizations, it’s important to have open lines of communication.  As with any business, you should have regular managerial and staff meetings to ensure that everyone is on the same page.  Also, create email groups so that business correspondence is sure to travel to all vested parties.

4. DON’T hire unqualified relatives. Family-run businesses can become the island of misfit employees if you’re not careful.  They are often the go-to business when Cousin Joe is down on his luck again, and your relatives believe you certainly have something that can keep him busy and employed.  Don’t get caught in that trap!  Just like any other viable business, you must hire qualified and trustworthy employees.  Hard as it may be, you shouldn’t lower your expectations in order to hire relatives.

5. DO have a succession plan. You may think you or your father or your great uncle Richard will run the company indefinitely, but the truth is, situations and circumstances change, and a company will be more likely to survive those changes if a succession plan is firmly in place.  Mueller suggests hiring an estate planning attorney to create this plan and organize all necessary documents.

6. DON’T create arbitrary compensation plans. Employees should be paid according to their expertise and overall company contribution.  If Cousin Joe, the guy who’s down on his luck, begins making more than a long-term employee with considerable expertise and experience, one could argue that this relative is receiving preferential treatment.  Don’t put yourself in such a precarious legal and ethical position.  Create a compensation chart, with the help of a professional if  necessary, and follow it strictly.

Family businesses can be lucrative and fulfilling ventures, but only when handled properly.  Take the necessary precautions to ensure that your family business is in the best position to succeed, with all those involved.

Join the Discussion

When it comes to topics like this one, it can be difficult to find a group of small business owners with whom you can ask questions, share insights, and offer advice.  Luckily there are online discussions groups, listservs and forums to help you connect with these individuals.  Universal Accounting Center has developed a forum for financial professionals to provide just that community environment for which you may have been searching.  Please join us and make our community stronger, and to “talk” about issues that matter to you.  Members are free to ask questions, provide resources and take advantage of the resources others may offer.  Join us today!

Resources

David, John.  “Governing the Family-Run Business.” 4 September 2001  Harvard Business School: Working Knowledge Online

Mueller, Karin Price.  “Don’t Let Family Drama Derail Your Business: 5 Must-Dos for Minimizing Conflict in a Family-Run Business.” 20 May 2010  Entrepreneur.com

In this economic climate, it’s important to maintain you competitive advantage in order to enjoy job security or, if you’re in business for yourself, attract more clients.  One way to do that is to by enhancing your skill set and knowledge base with additional schooling and/or training.

Depending on your objectives, there are many benefits to continuing education.  And regardless of your plans, there’s really no down-side to learning more about financial management, the best way to market those skills, and the software that will help you accomplish your professional goals.  Here’s just a sampling of how continuing education could benefit you:

Better Trained Staff with Greater Employee Retention

If you’re running an accounting practice with a staff of employees, offering them complementary training will accomplish three things.  One, your clients will be working with better-trained staff.  This improves your business’s credibility and appeal.  Second, it demonstrates your dedication to the excellence of your accounting practice and the services your offer.  And third, when you provide employees with educational benefits, retention increases.

Promotional Opportunities

If you’re not self-employed, acquiring new skills will increase your value with a current employer while increasing your appeal to prospective employers.  Acquiring new skills is a personal investment that will produce big returns in your career.  It also displays a continual interest in self-improvement for yourself and your employer.  What boss wouldn’t be impressed by the proactive employee improving his/her skill set?

Industry Updates

This is one industry where being uninformed is detrimental to your career. For example, if you offer tax services, tax laws are continually changing.  Training enables you to stay abreast of these changes, safeguarding clients from potential audits while maintaining confidence in your own expertise.

CPE Credits

Depending on your occupation, you may be required to earn CPE credits in order to maintain your professional legitimacy.  In this case, continuing education becomes a necessity rather than a nicety.  Looking for programs that will help you develop the skills and expertise you’re seeking, in addition to earning the credits you need, is extremely important.

With an abundance of training programs available, it can be overwhelming to find the one that will help you accomplish your objectives.  You should look for a program with longevity that offers professional certification and has an abundance of satisfied graduates.  Then if the program specifications meet your needs, you’ve found the right one for you.

Look to UAC for All Your Training Needs

From accounting to tax to QuickBooks software, Universal Accounting offers training that’s guaranteed to help you improve your career.  Universal has been training professionals like you for 30 years, and we have hundreds of satisfied graduates who have used that training to catapult their careers.  Take a minute to peruse Universal Accounting Center’s catalogue to see which of our products can best benefit you.  From training materials to business books to manuals to informative DVDs, we have something that will satisfy your professional needs.  Visit Universal Accounting today!

Last week we began this two-part series by talking about self-sabotage and fear of success.  Now that you’ve addressed this fear and taken steps to overcome it, we’ll talk about happiness, success and business: how to have it all.

While not all business owners are happy, we’re guessing that many of the successful ones are.  But we don’t think they’re happy because they’re successful.  We believe the opposite is the case; they’re successful because they’re happy.  How does that work?

In an article published on WomenEntrepreneur.com entitled “The Happy Entrepreneur: You Might Be Surprised at What Really Makes You Happy,” author Kim Kiyosaki examines the nature of happiness, including what happiness is and is not.   Her article scrutinizes the relationship between happiness and business, encouraging entrepreneurs to discover their true source of happiness and how it impacts their professional lives.

Webster defines happiness as “a state of well-being and contentment.”  Kiyosaki examines what happiness is not when quoting Deepak Copra: “Most people are under the impression that happiness comes from being successful, accumulating wealth, being happy and having good relationships.”  However, the truth is that happiness comes from internal rather than external forces.  What exactly are those forces?

What Happiness is Not

Kiyosaki helps us understand what happiness is by demonstrating what it is not.  She points out three things that many assume will make them happy.  Surprisingly, they are not the root of happiness:

1. Relaxation.

While everyone needs a little R & R sometimes, a Lazyboy life probably wouldn’t bring you the contentment you might expect.  Too much relaxation can quickly turn to boredom, and boredom never was happiness.

2. Expecting happiness to be a destination.

We’ve all probably thought, at one time or another, that we could achieve greater happiness upon losing weight, getting a stellar job, moving somewhere else, and/or dating someone fabulous.  We look to some potential future event as the thing that will finally bring us true happiness.  But the truth is, happiness is a process—a journey—not a destination.

3. Less work.

If only I didn’t have so much to do.  If only I didn’t have to actually work to make money. Sound familiar?  While it may sound appealing to be independently wealthy without being required to work for it, the truth is that those without a purpose generally aren’t very happy.

What Happiness Is

So, what is happiness?  Having determined what happiness is not, the following quotes might help us understand what happiness is:

Happiness is the full use of your powers along lines of excellence. –John F. Kennedy

Success is not the key to happiness.  Happiness is the key to success.  If you love what you are doing, you will be successful.  – Albert Schweitzer

The grand essentials of happiness are: something to do, something to love, and something to hope for. – Allan K. Chalmers

Happiness comes when your work and words are of benefit to yourself and others.  –Buddha

Being actively engaged in a good cause that contributes to the well being of yourself and others just might be the key to success.  As you look to what makes you truly happy, we hope that you find it doing what you’re most passionate about.

Pursuing Your Passion Can Contribute to Your Happiness

Doing what you love and are passionate about will help you achieve greater happiness.  If you’ve subscribed to this newsletter, we’re guessing you’re passionate about accounting and finance. And over 85% of the opportunities in the accounting field are within small businesses.  Universities prepare their students for corporate accounting which doesn’t address small business needs.  More than 50% of small businesses fail, and much of that failure can be attributed to lack of accounting expertise.  That’s where you step in.  With expertise in small business accounting, you can help small businesses succeed.

Training

At Universal Accounting, we understand the needs of the small business like nobody else. We’ve helped people like you advance their careers in small business accounting for over 30 years. The Professional Bookkeeper Program is designed specifically to address the needs of small businesses, and Universal Accounting Center’s small business accounting course is the most complete of anything offered today.  And depending on your schedule and situation, it will only take you 60 hours to complete.  Imagine earning a professional designation in less than one month!

Marketing

One of the greatest challenges for many small business owners comes in the marketing.  You may love working with numbers but groan at the thought of promoting your services and expertise.  Universal Accounting Center understands this struggle and can help you eliminate it.

UAC has developed a turn-key marketing solution which will enable you to grow your business with our proven system.   You could work for years on a marketing plan, hitting and missing, only to find your business growing at a snail’s pace.  Imagine learning which marketing strategies work in a matter of hours!

The Universal Practice Builder Program is a training course designed to teach you how to market your unique and valuable services.  This program includes two instructional manuals, 8 engaging DVDs, and 4 CDs.  Top your Professional Bookkeeper Designation off with this guaranteed program where you’ll walk away with over 12 marketing strategies that you can implement immediately.

Don’t wait another day to achieve greater happiness.  If you’ve always wanted to run your own business, today’s the day to start.  But don’t go blind!  If you want to be fully prepared, then enroll in UAC’s Professional Bookkeeper and the Universal Practice Builder Programs!  There’s no better investment to make than in yourself!  Do it today!

Resource

Kiyosaki, Kim.  “The Happy Entrepreneur: You Might Be Surprised at What Makes You Happy.”  11 May 2010  WomanEntrepreneur.com

Take Our Quiz to See if You Might be Sabotaging Your Own Success

You’re thinking, Are you crazy?  Why would I be afraid of success? Silly as it may sound, some of us have difficulty realizing our goals simply because there’s some subconscious fear of what might happen once we become successful.  Maybe we’re afraid that success will change our lives more than we’d like, alter fulfilling relationships, or introduce new difficulties we’d rather avoid.  Could this fear be what’s preventing us from moving forward?

Take this short quiz to see if you might be sabotaging your own success.

Are you easily distracted from projects that would help you become more successful?

You have a handful of potential clients who would improve your roster and your bottom line.  But of course you need to take some kind of action first; potential clients don’t usually burst through your door, begging for your time and attention – typically they require some coaxing.  So what’s holding you back?

When you become easily distracted from tasks that could make you more successful, chances are you’re avoiding potential success or maybe even potential failure.  Regardless of the reason, the behavior is holding you back.  The best course of action would be to, cliché we know, feel the fear and do it anyway.

Do you feel you’ve lost somehow when someone you know achieves success?

Intellectually you know it’s not a contest; someone else’s success doesn’t lessen your potential to succeed.  But knowing that doesn’t eliminate those envious feelings you might have when you see someone else moving ahead, realizing their dreams.

If you have the tendency to feel threatened by someone else’s success, you should go out of your way to congratulate that person, even if you have to feign happiness for them.  Then take some action to move forward on your own dreams.  After some practice those congratulatory comments will become more genuine and you’ll find yourself celebrating the successes of others while taking action to advance your own success.

Do you feel uncomfortable when someone compliments you?

In Japan it’s customary to wave away compliments, saying things like “it’s not true,” or “I’m not really smart/pretty/talented…”  This is their way of showing humility.  And while we may not have that custom in the states, we do have a tendency to either verbally disregard complements (“…it was nothing” or “…it wasn’t that hard”) or to mentally disregard them (“…they didn’t mean that” or “…it wasn’t a big deal”).  But can you imagine Donald Trump or Oprah Winfrey responding that way?  No.

We do ourselves an incredible disservice when we don’t just smile and say “thank you” when complimented.  And if you catch yourself doing any negative self-talk, make a conscious effort to stop it.  Most successful people are comfortable with their achievements and can gracefully accept compliments.  Begin practicing today!

Do you procrastinate moving forward because you believe there’s more you can do to prepare?

I have a friend who won’t go to graduate school until she’s better “prepared.”  What that requires, I’m not sure.  Chances are she’s not even sure.  Unfortunately, she’ll probably never feel “ready” for graduate school and consequently will never realize that dream of earning her master’s degree.

There’s always more you can do to prepare for success, and that’s what makes this obstacle so sinister, because you can forever prepare and never more forward.  Make a deal with yourself and continue to prepare as you take the necessary action to accomplish your dreams.

Do you jump into projects without doing any research or preparation?

This is the opposite from the above, but equaling damaging.  Sometimes we sabotage our efforts by jumping into a project without doing any preparation, often dooming ourselves to failure.  Move forward with caution.  Do the necessary research and determine crucial tasks that must be completed in order to succeed.

Do you avoid opportunities to advance?

Sounds crazy but there are individuals who fear promotional opportunities and subconsciously avoid the chance to advance.  This can manifest itself in different ways.  Perhaps you haven’t gotten that certification you’ve considered.  Perhaps you’ve been missing key conferences and workshops that would give you more tools of the trade.  Or perhaps you’ve avoided enrolling in programs that will help you become even better at what you do.  These things can be just as damaging to your career as looking a boss in the eye and saying “No thanks” to a raise accompanied by an increase in responsibility.

Sit down and list those things you’ve considered doing to advance your career.  Then pick just one, resolve to start working on it this week, and get busy!

UAC’s Training Programs Can Help You Succeed

If you’ve been avoiding the opportunity to expand your business, here’s one simple thing you can do to stop sabotaging your success and move forward in your resolve to fulfill your dreams.  Universal Accounting Center’s Professional Bookkeeper Program can help you master small-business accounting.  Regardless of your current skill level, this course can help you learn everything you need to know to set-up, manage and analyze a small business’s accounting system.

Add to that the Universal Practice Builder Program and you’re on the fast track to success.  This program is a turn-key marketing solution which will enable you to grow your new business with our proven system.   You could work for years on a marketing plan, hitting and missing, only to find your business growing at a snail’s pace.  Imagine learning 12 plus marketing strategies proven to reach your niche market.  That includes helping you secure 15-25 qualified leads per month and earn $30,000 more in annualized billings in just one year!  The Universal Practice Builder Program is designed to teach you the art and science of getting clients.

Stop sabotaging your efforts to achieve success by enrolling in these two training programs today!

Join just next week when we discuss “Happiness, Success and Business: How to Have it All.”

Don’t be fooled by the calendar.  There are only as many days in the year as you make use of.  One man gets only a week’s value out of a year while another man gets a full year’s value out of a week. – Charles Richards

If time is money, it stands to reason that the more effectively you manage your time, the more money you’ll make.  And you can accomplish that by practicing time management.  Perhaps you currently apply your own brand of time management skills, and only you know whether or not they’re truly successful.  In this article, we’ll give you 7 more time management tips from which you can handpick those that you believe will work for you.

1. Prioritize

You should prioritize daily, evaluating which tasks are most important and timely.  That way you ensure that you’re not only productive but responsible, completing those jobs that need your attention first.

2. Recognize your shortcomings

What distracts you most?  Where are your skills lacking?  What tasks slow you down because you are unaware of more efficient ways to complete them?  Asking these types of questions can help you determine those weaknesses that are holding you back, and when you are able to determine your greatest weaknesses you can take the proper measures to turn them into strengths.

3. Avoid time traps

No profession is immune to time leaks—interruptions, distractions, tangents that lead you off-task and make it difficult to be productive.  And it is impossible to plug those time leaks unless you know what they are.  We suggest taking a week or so to log interruptions, noting all those things that distract you from your core work tasks, specifically billable hours.  Be sure to note the time, date, interrupter, and the subject of the interruption.  Once you have the information you can evaluate it.  Which interruptions could have been avoided?  Which were of no value?  Perhaps you have someone calling you for information that you could teach them to find themselves?  While the teaching moment may cost you an hour now, it may save you hours in the end.

4. Establish routines

When multi-tasking, you expend a lot of energy beginning and ending the different tasks you’re trying to juggle: taking files from drawers, looking up phone numbers, logging into your email.  You can save yourself time by performing similar tasks all at the same time: making phone calls, scheduling appointments, reviewing your clients’ status, and emailing.  In this, you don’t waste precious time building momentum only to shift gears to a different task.  And if you catch up on email in the morning and work on client accounts in the afternoon, the brain anticipates and prepares for those routine tasks.

5. Schedule down time

Regardless of your profession, if you work tirelessly without a break, you will quickly experience burnout.  You can avoid this by giving yourself regular stints of rest and relaxation.  All employees are allowed a 15-minute break for every four hours of work.  Do you allow yourself the same thing?  You’ll also find that taking regular vacations will help you rejuvenate your efforts, enabling you to better focus on your work when you’re open for business.  And while these vacations do not have to be long and expensive, they should give you sufficient time to recharge your professional battery.

6. Delegate and outsource when possible

Sometimes it just doesn’t make sense to do everything yourself.  It can be wise to delegate and outsource some those tasks that are too time-consuming for you, whether you partner with another professional to do them for you, or whether you assign the responsibility to someone within your organization.

7. Use time management tools

Whether you use a planner, a palm pilot or a software package that helps you schedule and manage time, it’s important that you take advantage of any technology that may help.

Being more aware of how you’re spending your time can be the first step in better managing it.  And as a business owner, you’ll find yourself sweetly surprised at all the time you save for yourself in the end once you start managing your time so that it no longer manages you.

Use Your Time to Create Greater Profitability

Designed specifically for the small business, In the Black contains 9 practical principles that will enable you to improve your business’s profitability.  And you don’t have to wait to complete the book before you can start applying these principles.  Working from personal experience and the experience of his father, President and CEO of Universal Accounting Center, Allen Bostrom, shares tips proven in countless businesses just like your own.  If you would like to run a more synchronized practice where all three business functions (accounting, marketing, and production) work together, this is the book for you.  See why In the Black has enabled countless small business owners to gain control of their businesses while helping their clients do the same.  Enjoy greater profitability and order your copy today!

Most agree that promoting good health in the workplace can ultimately benefit small business.  Not only can it save in insurance premiums and sick days, but it also contributes to a more effective work environment with more productive employees.  Unfortunately, that’s something that hasn’t yet been quantified enough to justify the cost for many businesses.  Not to mention, small businesses generally have a narrow budget that doesn’t often allow for the incentives necessary to make these wellness programs work.  But that will change with new health-care reform through which many small businesses qualify for grants intended to fund wellness programs for their employees.

The legislation provides for $200 million in grants for small businesses interested in starting wellness programs.  According to BLR (Business and Legal Resources), qualifying businesses can apply for these grants, beginning in 2011, that will fund programs that must include:

• Health awareness initiatives (including health education, preventative screenings, and health risk assessments)
• Efforts to maximize employee engagement (including mechanisms to encourage employee participation)
• Initiatives to change unhealthy behaviors and lifestyle choices (including counseling, seminars, online programs, and self-help materials)
• Supportive environment efforts (including workplace policies to encourage healthy lifestyles, healthy eating, increased physical activity, and improved mental health)

The importance of employer incentives cannot be underestimated.  In an article published on Fox Small Business Center entitled “$200M in Health Bill for Healthy Companies,” author Rob Reuteman claims that according to Employee Benefits Institute of America, wellness programs enjoy 70% more participation when employers offer incentives.

In the same article, Universal Accounting Center was used as an example of a small business offering incentives to 50 employees for participating in their wellness program.  Employees can claim points for practicing healthy behaviors like exercising, avoiding certain foods, or eating a specified number of fruits and vegetables every day.  The points can be used to redeem small monthly prizes or saved in order to redeem more valuable prizes later.  In attempts to encourage greater physical activity, Allen Bostrom, President and CEO of UA, created a map of Universal’s campus indicating distances between various locations.

Brad Rutledge, spokesman for Universal explains, “The existing program has been successful in terms of participation and in changing behavior.  But ultimately, the company wants healthier employees and lower insurance premiums.”

So if you’re interested in creating a wellness program for your employees, we encourage you to watch and prepare for 2011 when you can submit a grant application.  David Lewis, president of OperationsInc based in Connecticut, describes the appeal for small business owners when he says, “There’s a great altruistic twist for a small employer to come out in support of a healthy lifestyle that will result in more productive workers.  But the bottom line for these folks is what it will do to put more money in their pockets or at least offset expenses.”

To learn more about Healthcare Reform and how it impacts your business, visit HR.BLR.com today.  And to learn about what makes Universal Accounting so amazing, take a virtual tour now.

Resources

–.  “Healthcare Reform Update: Grants for Workplace Wellness Programs.” 12 April 2010  HR.BLR.com

Reuteman, Rob.  “$200M in Health Bill for Healthy Companies.” 22 April 2010  FoxSmallBusinessCenter.com