Employees

Increase & Conserve Your Mental Energy in 5 Ways

What exactly is mental energy? A good definition can be found at PubMed.gov and can be described as “ . . . the ability or willingness to engage in cognitive work.” Why is this important what can you do to manage your mental energy?

Importance of Mental Energy

Using your mental energy wisely can help you to make better decisions, both at work and at home. From a technical perspective, especially for someone who is considered a “knowledge worker,” the quality and quantity or your work will increase. Better decisions equate to more success.

5 Ways to Increase & Conserve Your Mental Energy

  1. Get enough sleep, especially good quality sleep.
  2. Exercise consistently. It does not have to be an hour each day, but get your body moving. And of course eat healthier.
  3. Focus on one thing at a time. Better yet, minimize the number of tasks that you handle each day to focus on what’s most important.
  4. Minimize tasks that drain your energy levels, both physically and mentally. Delegate these items and on the personal side, get someone else to do them.
  5. Take a deep breath and say a prayer when dealing with difficult people. You can try to avoid them, but more will eventually show up.

It looks like my mental health clients are rubbing off on me, and please feel free to offer additional suggestions.

If you like what you just read, then don’t hesitate to forward/share with your friends, comment below, and/or click like on LinkedIn!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!

PPP2 Overview

Questions about PPP2? Here is an overview:

How much is the loan amount?

The amount is 2.5 times your average monthly payroll during 2019 or trailing 12 months. For hotels and restaurants the amount is 3.5 times average monthly payroll.

How to qualify?

  1. You must have 300 or fewer employees
  2. Have already used or plan to use your original PPP funds
  3. Can demonstrate at least a 25% reduction in revenue during a least one quarter of 2020 when compared to 2019.

When can you start applying?

You can start applying for a second draw PPP now, however, the SBA will initially only accept loan applications from participating community financial institutions.

What is the deadline?

The deadline is March 31, 2021

What can the proceeds be used for?

The loan proceeds can be used for payroll costs, benefits, mortgage interest, rent, utilities, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. The bottom line is that it can be used for many business expenses.

How can it be forgiven?

You must use the entire loan proceeds on covered expenses, stated above, and at least 60% on covered payroll.

If you like what you just read, then don’t hesitate to forward/share with your friends, comment below, and/or click like on LinkedIn!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!

Run Your Business Smoothly During the Holidays

Is that a contradiction, especially if you are a retailer? Aside from retailers and the hecticness from all the holiday shopping, the holidays can go somewhat smoothly for your business. Here are a few ideas for non-retailers and those businesses that are not absolutely crazy during the Holidays:

Schedule time off: Some businesses close during the week between Christmas and New Year’s. Others take that time off and encourage employees to do the same. It is usually quiet during those times anyway. It can be a good way to recharge and connect with family.

Out of office messages/holiday hours: Make sure you have automated messages on your voicemail or email to let customers and vendors know that you are not in the office and/or if you will be checking messages periodically. If there is someone else that can return calls and/or emails, then include that person in your out of office message. Lastly, don’t forget to update your hours on Google and on your website.

Use the time to catch-up: If your business is a little slower, then take this as an opportunity to catch-up on some important, non-urgent items.

Schedule days and times to do your shopping: Schedule your shopping times so you do not feel as though you are constantly in shopping mode. This will help you to be more planned with the time you spend away from your business.

If you like what you just read, then don’t hesitate to forward/share with your friends, comment below, and/or click like on LinkedIn!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!

Are You Ready to Complete Your PPP Loan Forgiveness Application?

Did 24 weeks pass after you received your PPP funds? If so, then now is the time to complete your PPP loan forgiveness application. Here are a few tips from the SBA:

  1. There are several different forms to use, including SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a lender equivalent. To quickly determine which form you should use, take a look if you meet the main criteria for each.
    1. SBA Form 3508EZ is generally for sole proprietors without any employees
    2. SBA Form 3508S is generally used if your loan was $50,000 or less
    3. SBA Form 3508 is used if you do not meet the criteria to use the other forms
  2. Information you may/will need:
    1. Bank statements
    2. Payroll service provider reports
    3. Payroll tax filings filed during the covered period
    4. Payment receipts or cancelled checks to document health insurance, retirement plan expenses, mortgage payments, rent payments, and utility payments
    5. Copies of lender account statements, lease agreements, and invoices
  3. Submit the forgiveness application, along with supporting documentation
  4. Follow-up with your lender. I’m not really sure how long it will take, but I assume that it depends upon your lender, application volume, form used, how you prepared the application, and the amount of the loan.

If you need help completing your application, then let me know.

If you like what you just read, then don’t hesitate to forward/share with your friends and/or click like!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!

Hate Your Job, Make Less Money and Be Unhappy?

There is a recurring theme that I keep on hearing about love/hate relationships with jobs. It’s only anecdotal, but are job haters unhappy and make less money than  those with high job satisfaction? What are the possible reasons and what can you do about it?

Difference between a difficult job and hating your job

There are some jobs that are difficult, due to a lot pressure, working for management with poor people skills, and harsh working conditions. I’m not talking about a difficult job, but one that you hate so much that you dread waking up, driving to work, and virtually every second you are working.

Your drive may be less if you dread your job

When the drive to perform your job is diminished, most likely you will not push yourself to do a great job or go above and beyond. Ironically, if you put more effort into a job, even one that you hate, you may increase your satisfaction, while at a minimum bettering your job performance. Your bosses and management will eventually notice.

Dissatisfaction = lower income

When your drive is lower because you hate your job, it’s like a self-fulfilling prophecy, whereas your performance suffers and so does your pay. If you don’t give just a little bit extra of yourself, then others will notice. You may end up being a self-centered taker vs. a generous giver, which does not feel good.

Control your reactions and responses

The ultimate solution is to respond to your job situation versus being reactive to every negative whim you experience. Maybe it is not the job that is the issue, but your reactions to your job situation. Start responding in a healthy way and you will start to see how your work relationships change for the better. Better relationships = greater satisfaction.

If you like what you just read, then don’t hesitate to forward/share with your friends and/or click like!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!

3 Things MBA’s Don’t Learn in School

Obtaining an MBA is quite an accomplishment and is something to be proud of. However, there are 3 eye-opening things they don’t teach MBA’s in school, especially when running a small business.

You’re probably so smart that you’re not

Intelligence and knowledge are extremely useful in life, but it can also be a liability. What I am referring to is that not everyone around you will have an MBA and you must be able to relate to your employees, vendors, and customers. Don’t be so proud that you look for perfection or have expectations that are not practical. If you do, then you will end up constantly firing employees and vendors instead of trying to seek the best from them. Worse yet, you may end up viewing everyone as numbers.

The cash in your business greatly depends upon your personal spending needs

When you work for a large, multi-national company, you can’t just decide to withdraw huge sums of money at will, and even if you did, it may not hurt the cash flow of the business. However, when you run a small business and take too much cash for your personal expenses, then you can easily choke the business, even a very profitable one.

Fancy projections and metric may not matter all that much

MBA’s like to crunch numbers, create graphs, and make presentations. Although financial ratios and projections matter greatly, the truth is that they can change in the blink of an eye in a small business and change drastically. If you can’t run the business properly to support your projections, then the projections are useless.

If you like what you just read, then don’t hesitate to forward/share with your friends and/or click like!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!

Before You Open Up A New Location

It’s not a crazy idea, but now may be the time to open another location. Before you do, here are a few things you should consider:

Do you still have capacity at your existing location?

It’s much, much easier and less expensive to utilize your existing location to increase your sales and profits then to look for a new location. If you still have plenty of capacity in your current location then the time is not right. If you the opposite is true or you are trending to be at full capacity soon, then the time may be right to look for a new location

Relocate or additional location?

A relocation is essentially just a move, however, if you are keeping your existing location then the task becomes more complex. An additional location is almost like running two separate businesses at the same time.

If an additional location then consider management and staffing

Who will manage your new location? If you answered that you will, then expect to burn yourself out in a short period of time. Strongly consider either hiring a manager for the new location or for your existing location, while you manage the new location.

What is your cash flow like?

If your cash flow is already tight, then figure out what the reason is before you magnify the problem. A larger location or additional location will only add to cash flow problems if you haven’t addressed this issue already.

 

If you like what you just read, then don’t hesitate to forward/share with your friends and/or click like!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!

What Changes Will You Make?

Hopefully we don’t see a pandemic like COVID-19 in a long time or never see one again. Aside from practicing safety, there are many business changes that you are probably thinking of making and here are a few examples:

Work from Home More, but not too Much

Now that many of us have been forced to work from home more, you may want to continue the trend. Although, working at the office does have benefits, including less distractions from family members, a better work set-up than working in your bedroom, kitchen, or basement, being around co-workers, and the sense that you are now in work mode.

Work Better Hours

Maybe you were used to putting in 12 hour days and realize that there is more to life then working. After taking a breather, now may be the time to cut back those hours, but be careful that the hours do not creep back up over time.

Expand Your Business

There may be opportunities to expand your business in a low-risk way if your business is currently in a strong position. It can be possible to find a good location with reasonable rents, good employees to fill positions, and marketing may be more effective if your competition decides to sit tight.

Evaluate Your Current Business Model

Instead of bricks and mortar, you can transform your business to be either virtual, online, or delivery based. Many industries have changed and I believe that some of the virtual trends, including telemedicine, will continue to increase.

 

If you like what you just read, then don’t hesitate to forward/share with your friends and/or click like!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!

More PPP Updates!

More PPP Updates:

New Forgiveness Application:

A new application to apply for loan forgiveness became available on June 16th. There is also an EZ Loan Forgiveness Application.

Payroll Costs % Decrease

Only 60% of loan proceeds must be used for payroll costs versus 75% with previously issued rules.

Maturity Date

Loans issues prior to June 5th have a maturity of 2 years, and loans issued after June 5th have a maturity of 5 years. I guess it doesn’t pay to be early sometimes!

Payroll Period

For loans received before June 5th, you can calculate eligible payroll costs using a 24 week period or elect an 8 week period. If you received loan proceeds after June 5th then use the 24 week period.

 

If you like what you just read, then don’t hesitate to forward/share with your friends and/or click like!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!

A Few PPP Loan Forgiveness Tactics

You want to make sure that as much of your PPP loan is forgiven as possible. Here are a few ways you may not have thought of:

Non-Payroll Costs:

You can include interest payments on loans, the cost of telephone services, including your cell phone, faxes, VOIP services, and Internet services, fuel for your vehicles, and lease payments for any personal property, such as for vehicles and equipment as long as they were in force before 2/15/2020.

Payroll Costs

Payroll costs include wages, but also include group health care benefits, retirement plan contributions, and state and local payroll taxes.

Deadline

The application expires on October 31, 2020. Once the 8 week period is over do not hesitate to work on the application.

If you like what you just read, then don’t hesitate to forward/share with your friends and/or click like!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!