Recognizing Four Different Thinking Styles Can Help You Be a Better Manager
The question is not what you think, but how you think it. In a recent BNET.com article, Kimberly Weisul, author of the column Leadership Lab, suggests that knowing the thinking styles used by yourself and those you work with can help you run a better business.
According to Thunderbird professor Denis Leclerc, the fact that individuals use different thinking styles can be problematic, especially when it results in poor communication and sometimes even hostility. Recognizing these thinking styles and being able to anticipate the questions from different thinkers can, according to Leclerc, save your sanity. So what are they?
Deductive Thinkers
Apparently Sherlock Holmes is classified as a deductive thinker, always questioning why before plowing forward. In fact, deductive thinkers are the least likely to follow a boss’ orders without question. They need to understand the logic underlying the tasks they’ve been asked to complete. Questions they are likely to ask: Why are we doing this? Why is this project more important than others? Why should I care?
Inductive Thinkers
These thinkers are most likely to ask “how” rather than “why.” They like to work with lots of specific information in order to create general knowledge. For example, Charles Darwin, a famous inductive thinker, gathered an incredible amount of information regarding the finches of Galapagos in order to create his more general theory of natural selection. Questions they are likely to ask: How did we make this decision? How will we change? How did we do this last time?
Linear Thinkers
While you may think your lectures about vision inspire everyone in the office, you’re missing the mark with these thinkers who simply want to know how they’re going to get from A to B to C which means they want detailed instructions on how to accomplish assigned tasks. Questions they are likely to ask: When is it due? What needs to happen first? Who does what?
Systemic Thinkers
These thinkers don’t ask many questions simply because they’ve got their eye on the prize with little concern on what it’s going to take to get there. Steve Jobs is a good example of a systemic thinker. Apparently when he instructed his team on creating the first iPod, his vision of the end product was all he provided. He told them he wanted something that 1) didn’t use any screws, 2) could be controlled with the thumb and 3) changed the way people listened to music forever.
Recognizing the thinking style used by colleagues, clients and employees can help you engage in more meaningful discussion about goals, tasks and even prospective problems. What kind of thinker are you?
Unassuming topics like this can help you better manage your business and advance your career. Consider how Universal can help you sift out what will and won’t help you become a better professional. Join our free accounting and tax forums, follow us on Twitter and like us on FaceBook. You’ll be surprised at how community encourages creativity and career enhancement.
We welcome your feedback in our comments!
Resource
Leclerc, Denis. “Embrace Four Thinking Styles to Save Your Sanity.” 25 July 2011 Thunderbird Knowledge Network
Weisul, Kimberly. “Four Styles of Thinking, and Why You Need to Know Them.” 11 August 2011 BNET.com
Whether you’re older or younger than prospective clients, you have a prospective problem, but it doesn’t have to stay that way. Recognizing the potential gap is half the battle; closing it is the other half.
In a recent Entrepreneur.com article entitled “How Young Entrepreneurs Can Bridge the Generation Gap,” author Matthew Toren suggests three remedies to this problem, especially for those who may appear young and inexperienced to a more ‘mature’ clientele:
1. Know what you’re talking about.
The truth is, if you’re a true industry professional, your knowledge about tax preparation is all you need to demonstrate your expertise. When you try to wing it, you’re perceived at a flippant upstart, and that won’t get you anywhere. If you need training, get it. If you lack knowledge, acquire it. Once you do, it becomes much easier to talk the talk and walk the walk.
2. Admit that you don’t know everything.
Only God is omniscient. No one else can be expected to know everything. Once you admit that to yourself, it becomes easier to admit it to your clients. Toren explains, “Most young entrepreneurs try to overcompensate for inexperience by talking as though they’ve got it all figured out. The only thing worse than not knowing all you should know is not knowing, and then acting like you do.” He suggests finding a mentor to help walk you through those trouble spots you encounter; that way, instead of telling clients you don’t know something, you can instead say, with confidence, “I can find the answer to that for you.”
3. Clean up.
Regardless of what you think is trendy, the truth is that current and prospective clients will judge you, and possibly your professionalism, by the way you present yourself. While this may not be fair, it’s expected. So if you want to be taken seriously, you’re going to have to dress the part.
You may think the age gap won’t impact your ability to perform well for clients, and you would be right. But their perception that it will is where your problem resides. Following these three simple tips will help you eliminate those concerns.
Universal Accounting Will Help You Walk the Talk
If you find your skills and knowledge lacking, Universal’s tax training will help you acquire the expertise you need. UA’s Professional Tax Preparer (PTP) program will also enable you to hone your skills and comply with the new IRS tax preparer regulations while establishing your home-based tax business. Not only could you earn a professional designation, but you could also learn everything you need to know to pass the IRS Competency Exam and receive up to 60 CPE credits, depending on the number of modules you complete. The four models include the following:
1. Establishing the Tax Foundation. Learn the entire process for determining income and adjustments to income, which will factor into the Adjusted Gross Income. In fact, you’ll cover all the information necessary to prepare Page One of Form 1040.
2. Becoming the 1040 Expert. This module deals with background information and forms that go into the 1040, Page 2. We also discuss all the adjustments that can be made to gross income, including credits that are allowed and different types of deductions and exemptions that can be taken against that adjust gross income number.
3. Profitable Business Returns. Here we introduce you to the world of business organizations and their tax concerns. This module is a practical companion to Module 2, as it give you experience in completing each of the schedules and forms common to business organizations.
4. Building Your Successful Tax Practice. Get a head start in creating and running your own tax preparation service. You will find yourself light years ahead of the competition as you put these strategies into play.
UAC’s income tax training will not only give you hands-on training in completing full individual (1040) and business returns (1065, 1120, 1120S), but it will also provide you with step-by-step instruction in becoming a sole practitioner, one year of follow-up support from expert tax preparers and our iron-clad, risk-free guarantee.
Hone your skills, earn a designation, and comply with IRS regulations. Three birds, one stone. Call Universal Accounting at 1-877-833-7909 to enroll today.
We want to know what you think! Please post feedback.
Resource
Toren, Matthew. “How Young Entrepreneurs Can Bridge the Generation Gap.” 5 August 2011 Entrepreneur.com
Global Warming
Over the last few years, it has become more and more popular to Go Green. There has been increased evidence of global warming and with it, increased awareness of how to help the problem. A lot of companies have focused their advertising on the environmental benefits their products offer, actors have endorsed products that save energy, such as low energy light bulbs and hybrid cars, and even the former Vice President of the United States, Al Gore, starred in the documentary film, An Inconvenient Truth, which addresses the harmful effects of global warming.
Paper Waste
Evidence suggests that CO2 emissions are the cause of global warming. The development and use of paper products is contributing to the CO2 emissions problem. According to MDF Systems, the average US office worker generates 2 lbs of paper waste per day. A midsized company with 1,000 employees produces 30 million pages of paper per year, which is equivalent to cutting down 1,369 trees–approximately 300,000 pounds of CO2 per year.
The needless use of paper in offices not only expends natural resources by way of cutting down trees (which includes the energy used for tree cutting tools and for manufacturing paper), but also wastes a large amount of energy with paper processing machines. A copier, two printers, and a fax machine consume 1400 kilowatt-hour (kWh) of energy each year. Offices are full of these machines. Captaris Corporation claims that an estimated 80 percent of the greenhouse gas emissions in New York City are generated by office buildings.
Paperless Solution
The obvious solution to reducing emissions produced by paper and paper processing machines is to reduce the use of paper in the office. Paperless office software allows offices to securely file and transfer documents without printing a thing. Documents can either be stored as PDF files or remain in their original format, such as Microsoft Word or Excel.
Paperless Benefits
The benefits of going paperless go beyond saving money on paper and energy. They can also save a lot of time, which equates to saving more money. A paperless filing system brings all documents in the system to your fingertips. If you need an invoice for a specific customer, even if it is from ten years ago, you can do a quick search and email the document in minutes or less. Paperless office software provides many other features that prove its superiority to a traditional filing system. For example, audit trail records who has viewed or moved documents. Security features keep documents from being seen by unauthorized eyes. A maturity date feature easily controls how long documents are retained. And much, much more.
The Best of Both Worlds
Every office can make a positive impact in the fight against the planet’s growing problem of global warming while saving time and money by using paperless office software.
To find help for getting organized visit online at http://www.arkworkspro.com.
Small Business Week may have ended on May 20th, but in celebration, the IRS gave a gift that keeps on giving: free resources and information. Faris Fink, IRS Commissioner for the Small Business and Self-Employed Division explained, “When you’re running a business, you don’t need to be a tax expert, too. But you do need some basics to stay tax compliant so your business can thrive. There are many tax credits and deductions currently available. So now is a good time to learn about the tools and services the IRS offers.”
The IRS reminded small business owners and their tax preparers of the Small Business Tax Center. The center provides links to useful IRS tools like their Video Portal which archives copies of all webinars intended for small business and tax professionals (the one that ran last week entitled “Small Business Advantage” will be posted two weeks after it originally aired). There you can also find a downloadable tax calendar, common forms, instructions on securing an Employer Identification Number (EIN), information on starting, operating, or closing a business, and more.
The IRS also used the opportunity to remind business owners about important tax credits they can claim, including the small business healthcare credit which encourages small businesses and tax-exempt organizations to offer their employees affordable health care. Tax relief can also be found in Depreciation and Amortization: Form 4562, through which small businesses can deduct most of their costly purchases in new property and equipment. Small business owners can take advantage of these benefits when filing their 2011 returns.
Universal Accounting is Also a Valuable Resource
Now that tax season has ended, you might have some extra time to invest in yourself and your tax practice. UA’s Professional Tax Preparer (PTP) program will enable you to hone your skills and comply with the new IRS tax preparer regulations. Not only could you earn a professional designation, but you could also learn everything you need to know to pass the IRS Competency Exam and receive up to 60 CPE credits, depending on the number of modules you complete. The four models include the following:
1. Establishing the Tax Foundation. Learn the entire process for determining income and adjustments to income, which will factor into the Adjusted Gross Income. In fact, you’ll cover all the information necessary to prepare Page One of Form 1040.
2. Becoming the 1040 Expert. This module deals with background information and forms that go into the 1040, Page 2. We also discuss all the adjustments that can be made to gross income, including credits that are allowed and different types of deductions and exemptions that can be taken against that adjust gross income number.
3. Profitable Business Returns. Here we introduce you to the world of business organizations and their tax concerns. This module is a practical companion to Module 2, as it give you experience in completing each of the schedules and forms common to business organizations.
4. Building Your Successful Tax Practice. Get a head start in creating and running your own tax preparation service. You will find yourself light years ahead of the competition as you put these strategies into play.
UAC’s PTP program will not only give you hands-on training in completing full individual (1040) and business returns (1065, 1120, 1120S), but it will also provide you with step-by-step instruction in becoming a sole practitioner,one year of follow-up support from expert tax preparers and our iron-clad, risk-free guarantee.
Hone your skills, earn a designation, and comply with IRS regulations. Three birds, one stone. Call Universal Accounting at 1-877-833-7909 begin_of_the_skype_highlighting 1-877-833-7909 end_of_the_skype_highlighting to enroll today.
We welcome your feedback and comments. Please post!
Resources
–. “IRS Marks Small Business Week by Showcasing Tools, Resources; Spotlights Tax Benefits Available in 2011.” IRS.gov
IRS Small Business Tax Center– http://www.irs.gov/businesses/small/index.html
IRS Video Portal—http://www.irsvideos.gov/SmallBusinessTaxpayer
Letters Notify Tax Preparers of Incorrect Returns
The IRS is sending out letters (approximately 10,000) to tax preparers as a reminder of the importance in submitting accurate returns for their clients. The letters are being sent to preparers who completed returns with common errors; also included is an enclosure reminding tax preparers of their responsibilities as well as the penalties for filling incorrect forms.
The IRS also plans on sending representatives to visit approximately 2,500 recipients of this letter to “further discuss their responsibilities as a return preparer and to verify their compliance with existing requirements.” These measures follow recommendations made by IRS Commissioner Doug Shulman in January after a comprehensive six-month study of the tax return preparer industry.
The IRS notes that while they recognize the majority of preparers are honest professionals, some make careless errors while others engage in illegal and fraudulent activities. This letter and the scheduled visits are intended to monitor such activity. This IRS and the Department of Justice continue to pursue civil or criminal action as appropriate.
Taxpayers should exercise discretion when choosing a preparer. Expect reputable preparers to request their receipts and ask numerous questions in order to determine which expenses qualify as deductions or warrant favorable tax treatment. Such preparers are helping their clients avoid penalties, interest or additional taxes that could result in further IRS scrutiny.
For more information, visit http://www.irs.gov/newsroom/article/0,,id=231944,00.html.
Interest Rates for 2011 First Quarter Decrease
On December 15th the IRS announced that interest rates for the calendar quarter beginning the first day of 2011 will decrease by one percentage point. According to a recent press release, the rates will be as follows:
- three (3) percent for overpayments [two (2) percent in the case of a corporation];
- three (3) percent for underpayments;
- five (5) percent for large corporate underpayments; and
- zero and one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.
For more information on the calculation of these rates, visit http://www.irs.gov/newsroom/article/0,,id=232163,00.html.
Reminder of New Registration Requirement for All Return Preparers
According to new IRS regulations, all paid tax preparers are required to obtain a Preparer Identification Number (PTIN) by the end of December, 2010. If you do not currently have a PTIN, or if you obtained one prior to September 28, 2010, you can use their new online application system to obtain one. All paid tax preparers who prepare all or substantially all of a tax return are required to use the new registration system. It costs $64.25 to secure or renew a PTIN which you can receive immediately after completing your online application. Or you can submit Form W-12 in order to mail the request, which will take 4 to 6 weeks.
For more information on the new requirements for paid tax preparers, visit Universal at http://www.hometaxbusiness.com/new-irs-tax-regulations.html.
Universal Accounting’s Tax Training
If you would like to become eligible to prepare taxes under the new regulations established by the IRS, consider training with Universal Accounting. Not only could you earn the Professional Tax Preparer Designation, but you could also learn everything you need to know to pass the IRS Competency Exam and receive up to 60 CPE credits, depending on the number of modules you complete.
Be prepared for the changes that will impact all future tax preparers. Enroll in the Professional Tax Preparer Program today, and improve your competitive advantage while securing your professional standing in the tax industry.
“The best effect of any book is that it excites the reader to self activity.” – Thomas Carlyle
“I often feel sorry for people who don’t read good books; they are missing a chance to lead an extra life.” – Scott Corbett
“There is more treasure in books than in all the pirate’s loot on Treasure Island.” – Walt Disney
Whether you have an established tax practice or you’ve been thinking about starting one, you can benefit from the advice of others who have gone before and, in one way or another, achieved success. Once again, we’re helping you find books that will enable you to achieve your business goals. This week we took a cue from Entrepreneur.com to supply you with 5 book recommendations that others have found helpful, in no particular order.
Bill & Dave: How Hewlett and Packard Built the World’s Greatest Company by Michael S. Malone (Portfolio, 2007)
This book follows the rise of corporate giants William Hewlett and David Packard, examining those characteristics that made them both successful. The San Francisco Chronicle calls it “a lesson plan for managers…” while Businessweek calls it “…a biography, management guidebook, and business history, all in one.” What sets this book apart from others is that Malone focuses on the honesty and integrity upon which Hewlett and Packard built their empire.
New Ideas from Dead CEOs: Lasting Lessons from the Corner Office by Todd G. Buchholz (Collins, 2007)
Author Todd Buchholz follows the lives of 10 successful CEOs, including Estee Lauder, Ray Kroc, Walt Disney and Mary Kay Ash. Buchholz himself describes the book’s purpose upfront: “I dare you. Search this book for the solitary secret that will guarantee riches while protecting you from being flung against the wall by competitors. You won’t find it. Not because I have failed to divulge the lives and lessons of great CEOs, but because I tried to reveal the simple truth about making it big: It does not take a village, a Harvard MBA, or even a rich uncle. It takes passion, and obsession with turning a great idea into a sweeping revolution.”
Your Management Sucks: Why You Have to Declare War on Yourself…and Your Business by Mark Stevens (Crown Business, 2006)
This book enables anyone in a management position to reevaluate his/her approach and identify weaknesses that must be overcome in order to run a successful business. In fact, this book presents a week-long “battle plan” that, in Stevens’ own words, “challenges assumptions about success and provides a road map for taking your business to the next level.”
Buddha: 9 to 5 – The Eightfold Path to Enlightening Your Workplace and Improving Your Bottom Line by Nancy Spears (Adams Media, 2007)
This book takes the Buddhist practice called the Eightfold Path and gives it a corporate spin, complete with practical exercises and case studies that enable readers to see the Eightfold Business Path in action. Focusing on the Buddhist concepts of intention, mindfulness, and right action, this book provides a very zen approach to better managing your business, your employees and your work environment.
Red to Black in 30 Days by Allen Bostrom (Universal Accounting Center, 2008)
Small businesses 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 tax preparer. 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.
Resources
Edelhauser, Kristin. “10 Biz Books to Read This Summer.” 31 May 2007 Entrepreneur.com
The Art of Asking for What You Need
Entrepreneurs are a unique breed. We are brave, bold, and optimistic. We have to be in order to start a business from nothing and see it through both the good times and the bad. And while we may be in a recession, as small business owners, we are the most flexible businesses, the most mobile and rebound-able entities you can imagine. So much so that our ability to thrive through these difficult economic times may help the nation as a whole rebound more quickly.
However, in order to see your way through the recession you must be willing, more than before, to speak up and ask for what you need. Here are four simple things you can ask for:
A deal. Whether you’re looking for a computer, office furniture, a year’s worth of supplies or a new cell phone carrier, you must be willing to pursue the best deal, and often that requires that you ask for it. Don’t be afraid to admit that you’re a small business owner looking for a discount. In fact, these days more retailers expect some good old fashioned bartering anyway. Either way, you’ll never get what you don’t ask for.
A sale. Wouldn’t it be nice if all prospective clients asked to retain your services without the least provocation? You’ll be lucky if that happens a handful of times in your career. Typically you must explain the advantages of retaining your services to a prospective client. That conversation should never end without you asking for a sale. It can be as simple as, “Would you be interested in having me prepare your tax return this year?” The thought may not occur to them until you ask. And the worst thing they could say is “no.”
A favor. When you are involved in a professional community you will often extend and ask for favors from colleagues and other professionals. The favor could come in the form of referrals, business advice, a mentorship, or a networking opportunity. You shouldn’t feel self-conscious to ask for favors; the business community is all about exchanging them. You just need to be ready to give as willingly as you receive.
An audience. Much of your business will be the result of you talking about what you do. This can occur in the line at the grocery store, at a local convention, or at a tax seminar you organize. Regardless of the forum, you will be required to request an audience, either by interacting with confidence or formally inviting attendants. Regardless of the method, you must take initiative and speak up!
Those are just four ways you can enhance your business by determining what you need and asking for it. You’ll be amazed at what that one simple principle can do to improve your business.
Now It’s Our Turn
Your business becomes more appealing when you offer complementary services. More than 80% of small business use QuickBooks software to manage their books. Mastering QuickBooks will make you a QuickBooks authority, enabling you to offer QuickBooks seminars and attract more potential clients by demonstrating how they can use this product effectively. The Professional Bookkeeper’s Guide (PBG) to QuickBooks is designed to help you accomplish that. And we wouldn’t be a good example of smart business tactics if we didn’t ask you to enroll, for the good of your own business!
The Professional Bookkeeper’s Guide (PBG) to QuickBooks is a self-paced program that enables you to complete the parts that interest you and skip over the parts that don’t. Even if you have used the program for years, the PBG teaches you shortcuts and methods you may not have known. You will be impressed by the simple flow and completeness of the PBG; it will teach you how to do the basic transactions, reconcile accounts, as well as a basic understanding of fundamental accounting principles. Use this product to enhance your service offerings and your bottom line. Purchase the Professional Bookkeeper’s Guide to QuickBooks today!
5 Tips in Boosting Your Practice during the Economic Slump
Has your business taken a turn for the worst? Or perhaps you’re just noticing a decrease in your practice’s profits. Regardless of the reason, the economic slump is causing many business owners to revisit their financial standing to see how they’re faring. The following five cautionary steps can make or break your business.
1. Write/Update your marketing and business plans
If you haven’t written one yet, shame on you. We’re just kidding. But it’s never too late to benefit from solid business and marketing plans. And if you have one, an annual revision is in order. Your business and marketing plans will assess your current standing and consider how to improve things this year. A clear vision and a plan to accompany it will enable you to keep on track.
2. Meet with employees
If you have employees, it’s good to present your business and marketing plans to them and ask for input. You may be surprised at the quality feedback you receive. Also, depending on your situation, you may need to reevaluate just how much each employee contributes to your business’s profitability. At some point you may need to let employees go in order to see your practice through a successful turnaround.
3. Meet with clients
Your clients may be privy to rumors that your business is failing. It does you no good to ignore the rumor mill. Meet with clients and be honest with them about your business and any steps you’re taking to rectify problems. In fact, this is a good time to ask clients for suggestions. Taking this one measure may prevent them from leaving your practice to look for a more stable accountant.
4. Streamline your expenses
When business gets bad it’s time to look at your spending. Can you cut back and leave more money in the business?
5. Invest in your business
This may be the best time for a change in course. And investing in your business may be just the answer. Consider earning adding complementary services and getting professional marketing help. Both will inject your business with a profitable infusion that’s sure to help you ride out the recession in comfort.
The Professional Bookkeeper Program
As a tax preparer, we already know that numbers come naturally to you. Now all you need to do is find your inner accountant. If your client roster currently contains small business owners, becoming an accountant would prove more lucrative than you can imagine. These individuals need help analyzing their financial data so they can make more profitable decisions and achieve true success. They’ve already trusted you with their financial information so it wouldn’t take much to convince them that you could also work as their accountant.The four modules in this training program will enable you to target your services for the very valuable small-business market. From creating books from scratch to growing your accounting practice, this program has it all. Not to mention, you’ll receive 6 months of free follow-up support and a customized website for your business. Upon completion you’ll also be able to test for certification as a Professional Bookkeeper (PB), a designation you can include in all your marketing materials as evidence of your expertise.
The Universal Practice Builder Program
Your business will never become profitable if you are unable to successfully market your services. For over 25 years Universal Accounting Center has trained financial professionals like you in small business accounting. In all our years working with accountants, bookkeepers and tax preparers we’ve come to understand that most don’t know how to promote their services to this niche market of small businesses. Fortunately, we do. Not only that, but we know which strategies and approaches will grow your business to the point where you will become so busy you may just have to start turning clients away.When you enroll in the Universal Practice Builder (UPB) Program, you’ll receive a guarantee of $30,000 in new annualized billings in only one year, 12 marketing strategies that you can implement immediately, and a process which can produce 15 to 25 qualified leads per month. And that’s just the beginning.If your business is failing, don’t despair. The best thing you can do to advance your practice is take action! Invest in yourself and your business to increase your profitability now. Enroll today!
Letting People Know You Really Are in Business
Some are under the misconception that because you work from home, your time is up for grabs. You may get calls from friends and family to babysit, run errands or just talk on the phone because they don’t yet value your time as a business owner.But as you already know, time is money, and you’re not home because you’re independently wealthy; you’re home because that is the most economical way to run your business. In order to communicate that with your family and friends, you need to establish firm boundaries that let them know you’re serious about your tax practice. Once you do, you’ll find that others are more respectful of your time.The following 5 tips will help:
1. Set regular business hours.
Whether you work from 9 to 5, from 6 to 2, or 7 to midnight, you need to establish regular business hours, and then communicate those business hours to friends, family and clients. Once you do, it’s important that you honor them, politely informing personal callers that you’re on the clock and would happy to return their calls later.
2. Use a business line.
Depending on your situation, it may be easier to avoid those personal calls altogether by using a separate business line. Do not answer your home phone during your regular business hours, and don’t distribute your business number to friends and family without telling them it is only to be used in times of emergency.
3. Be honest.
If someone places a personal call during business hours, remind them that you’re working. The only way you’ll get people to believe that your home business is a priority is if you remind them. When you deviate from the boundaries you set, by casually talking to friends when you should be working, you’re sending the wrong message and will continue to have people interrupt you when you could be making money.
4. Just say “no.”
If someone asked you to watch their kids while you were scheduled to work at a full-time job, you wouldn’t hesitate to say no. Just because you are your own boss now doesn’t mean you have to say “yes” every time someone calls asking for a favor. While there’s nothing wrong with helping a friend out now and then, if you get into the habit of agreeing to help everyone, you’ll have no time to invest in your business.
5. Ask for support.
Let your friends and family know that you want your business to succeed and will need their help to see it happen. Requesting their support may help them feel responsible, in part, for your success. You may find that your request will be honored simply because you asked for their help.
Your business can succeed as long as you make it a priority. Once you establish firm boundaries with family and friends, and ask for help when necessary, you’ll find that they will respect your intentions and perhaps become your greatest allies.For other resources in helping you establish a thriving tax practice, visit Universal Accounting Center.
5 Questions to Ask Yourself
Don’t tell people how to do things, tell them what to do and let them surprise you with their results. – George S. PattonThere’s nothing more demoralizing than a leader who can’t clearly articulate why we’re doing what we’re doing. – James Kouzes and Barry PosnerLeadership involves finding a parade and getting in front of it. – John Naisbitt
Small business owners are, by default, managers. And if they have employees, they better be good leaders as well. Leaders, by definition, are able to steer an organization and its resources to success. Are you a good leader? Ask yourself the following five questions to determine whether or not your business has a good leader at its helm:
1. Is your business headed in the right direction?
The best sign that you are a good leader is when your business is headed in the right direction, headed being the operative word. While your business may not have yet achieved perfection, it’s important that it be improving by the month. If not, you should reevaluate your current financial situation and see where you must shift your attention in order to see more profitability and growth.
2. Do you regularly research industry trends?
It’s important that you know what’s happening in your industry. If you become too busy to follow current tax trends and keep up with the every-changing tax law, you’ll not only be ill-informed, but you’re most likely to be out of work very soon. Small businesses that have a lead on the competition are generally run by individuals who know where their industry is headed and have incorporated those trends that will help them remain on top.
3. Are you enthusiastic, sharing your vision with clients and employees?
Employees are inspired by leaders with a clear vision. Do you have a vision? If not, you must create one, and soon. If so, you must practice sharing it with employees and clients. Your ability to transmit your enthusiasm to those with whom you associate will do wonders for your business. Enthusiasm is contagious, and the sooner it starts catching at you business, the better.
4. Do you communicate clearly and succinctly?
Your ability to communicate well will often evidence itself in your employees’ actions. If they are following your directions and fulfilling your requests without incident, chances are you’re communicating clearly, in a manner that is well understood by those who work for you. If not, chances are you’re not being as straightforward and clear and you might like. Good leaders are also good communicators who can articulate their messages without extreme effort.
5. Are your employees proactive and independent?
Good leaders hire and train employees that don’t require much oversight. Not only that, if you lead by example you’ll find that your staff desires to work independently, fulfilling their job requirements in such a way that your vision will be quickly realized. If you find yourself continually micromanaging your employees, you need to change your approach. Perhaps they need more training or encouragement to magnify their responsibilities.
Good Leaders Provide Employees with Valuable Training
If you would like to improve your leadership skills, consider offering group training to your employees. You can learn from UAC’s example while offering your employees something that will impact your business in a positive and profitable way. We offer valuable business management training, which helps your employees develop a strong company culture that’s committed to its own financial success. Or consider accounting, bookkeeping and tax staff training which enables each employee to become a Profit Expert within your organization. Either would jumpstart your business for the New Year. To learn more, visit Universal Accounting Center today!
