, we're all brave warriors who work long hours, fight the competition, and make any sacrifice to succeed. That is . . . until it comes to accounting. Then, most of us would rather have a tooth drilled without Novocain.
Unfortunately, it's about the biggest business mistake you can make. As Proverbs 27:23 (NKJV) says, “Be diligent to know the state of your flocks, and attend to your herds.”
Dave, too, dislikes accounting. But he loves the control and awareness it gives him. “I don't care how much you hate diving into the numbers, business owners who don't stay on top of their accounting fail and close up shop.”
Pay Your Taxes
If there is anyone, and we mean anyone, you do not want to mess with, it's the taxman. He will always get paid, even when you don't. You should have a monthly tax-savings account where you can set aside 25% of your profits to pay your quarterly IRS estimates. Treat the money in that account as untouchable. The same holds true for payroll/sales taxes. Don't borrow from them to operate, because you'll never catch up. Add severe penalties and interest, and you can count yourself gone.
Avoid the Toys
Once your company begins making a decent profit, it's easy to fall into the trap of needing the latest gadget or electronic gizmo—all in the name of increased productivity, profit or client approval.
The most successful businesses don't buy nicer things and toys without surplus funds. They never go into debt for them. “No deal was every made or lost based on the couch in the reception area,” Dave says. “That is ego.”
Make Cash King
Anyone who has listened to Dave for more than two seconds on the radio knows he is the number-one enemy of debt. But that's just for home, right? Actually, no. Dave believes that businesses can also operate successfully without borrowing. His company, plus many others both big and small, runs every day without borrowing. Debt magnifies your mistakes, kills your cash, and puts your business' very survival at risk. It should be avoided at all costs.
These steps are just a few of the many principles needed to successfully run a business. Make time to keep your financial house in order, and you will always reap the rewards.
Successful people don’t work harder; they work smarter. As your competitors encroach on your market share, it’s critical to approach your work in the most productive way possible.
Email, unexpected phone calls and impromptu meetings can quickly derail your day if you’re not mindful of time management. Use the tips below to improve your productivity and focus on what’s important.
If you apply these tactics, you’ll be more likely to accomplish the same amount of work in half the time.
Take advantage of early morning focus.
Everyone is tempted to roll over in bed, grab their phone from the nightstand and check their email. While it may feel productive, it’s the perfect example of putting the urgent ahead of the important.
You’re mind is most rested and refreshed in the morning. You’ll experience greater focus throughout the day if you tackle your toughest tasks first. If writing is a large part of your work, consider writing first thing in the morning. You’ll likely find your writing will improve and you’ll feel more focused throughout the day.
Make a plan.
At the beginning of each week, make a list of every task you need to accomplish. Break large projects into smaller parts and enumerate each step. Then look at your calendar and block out space in your schedule for each task. Give yourself enough time and don’t cram too much into one day.
Make appointments with yourself. Mark your designated time as “busy” to prevent colleagues from scheduling an unexpected meeting. If you don’t finish a task, shift your schedule to make it a priority for the next day.
Take breaks.
Quick breaks, taken frequently throughout the day, can improve your productivity. Limit each break to ten minutes. Walk to the other side of your office, stare out the window or go grab a cup of coffee. Even a quick stretch will get your blood flowing and give your mind a break. If you find yourself unable to regularly break away from your work, use a timer.
Make quick decisions.
Most of the decisions you make in the day-to-day operations of your business don’t require careful deliberation. Unless something is critical to the long-term strategy of your company, don’t linger. When faced with a choice, your gut reaction is usually correct. Be careful not to over think your options or second-guess yourself. Try to make those less important decisions in two minutes or less.
Pick up the phone.
Email is a convenient and useful tool for business correspondence. When used appropriately, it allows for more efficient communication. However, when an email chain exceeds two or three messages, it’s time for a phone call. A task as simple as setting up a meeting can take 20 minutes of your time as you read and respond to emails about both parties negotiating a time and place. Skip the back and forth game. Pick up the phone and get an answer in five minutes or less.
Delegate work to your team.
As the leader of your business, your time is more valuable than that of your employees. Talk to your managers and invest time to learn which of your team members are capable of taking on some of your duties. Don’t hand over everything at once. Instead, slowly delegate small projects. As your team expands their knowledge, they’ll be capable of greater responsibility within your business. Doing this will leave you time to focus on the future of your company
Adopt single-tasking.
You’ve probably heard your peers brag about how much they multitask. Unfortunately, they’re sabotaging their own productivity. When you focus on multiple tasks at a time, you do each task poorly. You may look busy, but your efficacy is sacrificed for appearance’s sake. Single-tasking allows you to complete every task better and in a fraction of the time