Do you take notes?

Great questions can generate great ideas & insights, provide much needed clarity and help stay focused.

Here’s a quick summary of some questions that you could ask yourself:

What have I been putting off (procrastinating) recently that I could/should begin today?

>>  By asking yourself this, you’ll be taking a giant step towards something better.

What’s the BEST use of my time right now?

>>  Delegate those tasks that you can get someone else to do more cost effectively & focus on the important tasks that’ll propel your business forward.

What tasks or jobs could I eliminate or do much less of, so that I can achieve MORE in my week?

>>  Many business owners become obsessed with looking busy (I call this busyness).  But being busy can be akin to laziness – taking the easy route and not the hard one!

What MUST be done in my business?

>>  George Bernard Shaw wrote “Doing what needs to be done may not make you happy, but it will make you great”

What can I do right now to create more value in my business?

>>  Rather than complaining about falling income, demanding customers, etc, ask yourself this searching, but powerful, question to help you produce some great ideas.

I believe that the quality of the question generally dictates the quality of the answer & many great things are achieved by asking a question.  Ask any 4 year old with a thirst for knowledge!

You may have made resolutions or goals to do things differently for the next 12 months.  And for many of you, many of those resolutions will be broken by the end of January. 
 
Understanding that most people break their resolutions is not a good basis for not even trying, is it?
 
To help you prepare for the year ahead, I’ve compiled 4 tips for 2011 for you to think about:

Focus on adding value
The last couple of years have forced many small businesses to reduce debt, review costs, be more efficient, trim stock levels and much more.  Make 2011 a year about adding value to your customers, as well as adding value to you, your family and to anyone else connected to your business.  Ask yourself why you are in business and why your company is in business.  If you or your business is not adding value, you’re going to find 2011 a difficult year.

Take nothing for granted
I’m certain you already know but the world and the economy are constantly changing.  You must be ready to adapt.  Becoming complacent by assuming that your customers’ needs are the same as they were a few years ago will result in you being on the scrapheap sooner than you think.  You must innovate and be prepared to modify your product or services.

Learn, up-skill and utilise your strengths
Identify and enhance your top 3 strengths.  Competition is likely to become even fiercer, so you must find a way to stand out from the rest.  Your best option is to review what you already excel at and then build on those strengths

Take a calculated risk once in a while
Entrepreneurs have always taken risks.  They just don’t take silly risks or gamble with their livelihoods.  Think outside of the square as risk and innovation may mean the difference between success and failure.   

For me, resolutions symbolise optimism and goals.  I applaud anybody who makes them…and I challenge you to stick to yours! Transformation can occur and often does; it’s achievable for you to stick to your resolutions.

Whatever you choose to do in the next 12 months, I wish you and your families a healthy & prosperous year ahead.

*  Organise your books & record keeping.  Basically, if the information your accountant needs to prepare your tax return is clear and well-arranged they won’t need to spend additional time doing it for you.

*  Consult with your accountant and establish an appropriate system of book-keeping that suits your needs.  There’s no doubt that using spreadsheets or other book-keeping software should reduce your accountant’s bill.  But the extra time, effort and cost you’ve gone to will be wasted if your book-keeping is inconsistent or you input incorrect figures.  Remember the “garbage in – garbage out” adage. 

*  Identify and examine any obvious arithmetical errors & omissions in your records.  If you prepare your own cash book, reconcile it before handing it to your accountant.  Any time your accountant spends correcting your errors will result in higher professional fees.

*  Submit your records to your accountant earlier.  If you supply your records close to the filing deadline, your accountant may charge overtime or a premium to make sure your work is finished on time.  At busy times of the year, many accountants work on a “first come – first served basis” so discuss your needs well in advance.

*  Don’t forget that many accountants are also experienced business advisors.  Ask yours how you can improve or grow your business.

*  Be cautious.  Unfortunately in New Zealand anyone, even without professional qualifications, can be an accountant.  Many non-qualified accountants’ fees are “falsely” cheap.  There’s a good explanation for that.  Not only are these people un-regulated, but they are unlikely to hold professional indemnity insurance.  A fully qualified Chartered Certified Accountant or Chartered Accountant is trained to very high levels to help you reduce your tax liabilities but they can also help you manage and grow your business.  Likewise, qualified accountants are regulated by a professional body that sets very high professional and ethical standards.  You should also be assured that they hold adequate professional indemnity insurance.

At Business Advisory Accounting & Tax Services we’re very proud in our ability to offer top notch accounting and tax services under the watchful eye of our professional body.  We also hold professional indemnity insurance as you’d expect from a transparent firm of accountants.