Last week we discussed the importance of performing an autopsy on a dead business. No, I haven't been watching too many of those wonderfully graphic, TV forensic investigation shows. The reason I recommend you do a business autopsy is to uncover the exact reasons why the business died. This is valuable information that can not only heal feelings of personal failure, but also better prepare you for the pitfalls of business should you ever take the...more
Have you ever focused on something so intensely that your senses seem to shut off? Imagine being a jockey at the helm of a Belmont Stakes contender. Your horse is breathing hard, but you barely notice it. Your body is rocking in tune with the flow of the horse's gait, but you hardly feel it. The resounding cheers of 120,000 screaming spectators are muffled at best, if not completely blotted out altogether. Your focus is on the white finish line,...more
Flexible-benefits Plan (FBP) is an employee benefits plan which helps the employees' to save considerable amount of taxes by paying certain expenses from their pre-tax income. Some of the eligible expenses from pre-tax income are medical, vision, dental, elder care, and dependent care. All state employees who get a regular paycheck are entitled to participate in the flexible-benefits plan. Flexible-benefits Plan mainly boasts three components:- Health Flexible Spending Account (HFSA) - Dependent Care Reimbursement Account (DCRA) - Health insurance premium deduction Flexible-benefits Plan's reimbursements are made occasionally, mostly once in a week. You will receive statements which helps you to keep updated on your account. Quick information about your account can be accessed with the help of customer service line or email. Due to the program's tax exempt features, the federal government strictly regulates the Flexible-benefits Plan. FBPs are regulated by sections 125 and 129 of the Internal Revenue Code (IRS). Hence it is advisable to review the IRS rules before you enroll. If you wish to enroll in the FBP, then it is better from your part to discuss how the program may benefit...more
I was asked the other day what personality traits I thought were important to entrepreneurial success. I immediately gave my preprogrammed reply about passion and dedication and hard work. After taking some time later to ponder the question a little deeper (I normally operate in shallow waters), I came up with a more detailed checklist for...more
A poor credit business loan is designed for a business person or persons with a poor credit history.In the life of a business, virtually all come across a time where extra money is needed for business growth, expansion, a new venture, or paying outstanding bills. Businesses owned and operated by an individual or individuals with a poor credit...more
Much of business involves inducing people to do what we want them to do. Whether it is to sign a proposal, return a call, set up an appointment, provide information or pay a bill, we are constantly nudging.In business, to exist you must persist. But what happens if your nudgee is flat-out unresponsive? Can you still advance your agenda?In many cases you can. Execute a classical Poingo inversion, top it off with a half-gainer and a solid plant at the end, and you've got your deal.In English that means to look for opportunities to invert the situation wherein the inaction, rather than the action of your nugdee prompts the furtherance of your cause.Your answer may be a self-serving letter or email. Example:Your customer ordered a load of snipe bracelets, but now that you have them and are ready to deliver, you can't get a returned phone call. After a few attempts, move into self-serving mode.Leave a phone message, followed by a letter and an email which essentially says this:Self Serving Message (paraphrased)"Hello my esteemed customer, bringer of light and feeder of my children. I have spent a few seconds of my unworthy life calling to bring you excellent news about the arrival of...more
IntroductionSupervisors must make sure that they shift their focus from the work itself to the people who do the work - supporting their needs, developing their abilities, removing obstacles and making resources available. They need to make the...more
HOT STOCK PICK FOR THE WEEK:InnerWorkings (INWK) is setting up in a cup and handle chart formation and looking to move higher. InnerWorkings provides print procurement services to corporate clients in the United States, and boasts earnings and...more
What do the major generals who are leading the war efforts in Iraq have in common with executives and entrepreneurs who are conducting business back home? When it comes to leadership, the answer is probably a lot more than you think.In a recent study...more
In 2005, Berkshire Hathaway bought about a million shares of Lexmark. I haven't followed this story closely, but I assume the stock was purchased by Lou Simpson rather than Warren Buffett. I have only two reasons for believing this: the total...more
Q: I started my business about a year ago and everything is going fine. We're growing and making a profit, but the stress of running the business is really starting to get to me. I spend more time worrying than working. Sometimes the pressure is...more
Business owners with poor credit ratings may find it difficult to obtain a loan for business purposes, such as expansion or to invest in a new product. Because lenders focus primarily on personal credit scores for business loans, you need to focus...more