Is your business struggling? Looking to make a comeback?
Is your business in trouble? Want a second shot at growing your business?
“It’s not what you achieve in life; it is what you overcome.”
Famous words from Tiger Woods press conference last week.
It is so sad this revelation was reached by Tiger only after embarrassing himself and his family. Tiger had to hit rock bottom and go to rehab .The world will be watching to see what he is made of, not on the golf course, but in his personal and professional life.
In the beginning of his career Tiger invested time in being the best golfer he could be; now it is time to invest in his character.
To quote President Abraham Lincoln, “honor is better than honors”.
At ActionCOACH we have seen hundreds of business owners make a comeback.
These are the people who had a vision when they first started their business but somehow like Tiger lost their way.
They had a five year business plan, did a SWOT analysis, set up a mission statement and created spreadsheets with projections for growth.
They were hard workers and high achievers, and yet their business failed. Operating a small business successful is not easy.
80% of businesses fail within five years.
The business owner who recognizes that he his business is in trouble, and takes action before he goes to rehab, who like Tiger Woods, asks for help, will overcome. Most great athletes have had a coach who mentored them to their level of success. A successful entrepreneur must have advisors who can do same.
Business today is a race for growth and efficiency. It’s a race with few rules.
Why try to forge your own path to the fairway?
Invest in yourself and hire a business coach who has played the course before you. At ActionCOACH Business Coaching we see honor in mulligan’s.
If you would like a second shot at growing your business, call our office at 203 210 7003 and ask for Jim Malski. He is a man of honor and has a 10 handicap.
Business & Personal Documents – Records Retention
How long should you retain your business and personal documents?
~ Simplify Your Life
1. Tax Returns. Keep them for 7 years. The IRS has 3 years from your filing date to audit your return if it suspects good faith errors. Six years to challenge it if it thinks you under-reported your gross income by 25 % or more.
2. IRA Contributions. Keep them permanently.
3. Retirement/Saving Plan Statements. Keep the quarterly statements from 401(K) and other plans until you receive the annual. If it all adds up, shred the quarterly and keep the annual until you retire or close the account.
4. Bank Records. Go through them and only keep those checks related to taxes, business expenses, home improvements or mortgage payments. Shred the rest.
5. Brokerage statements. Keep them until you sell the securities.
6. Bills. Go through your bills once a year. Only keep those for big purchases i.e. jewelry, cars, appliances, furniture and computers etc. for proof in case of loss or damage.
7. Credit card receipts and statements. Keep your original receipts until you get your monthly statement – shred the former if both add up. Keep the statements for seven years only if tax related expenses are documented.
8. Paycheck Stubs. Keep them for one year once you’ve verified all the info on your W-2 form is accurate
9. House/Condo records. Keep from six years to permanently. Keep all records documenting purchase price, permanent improvements and expenses incurred during buying and selling. Holding on to evidence of improvements is important as it adds to your original house cost and can mean a greater profit (capital gains) if/when you sell the house.
10. Buy a good cross cut shredder and use it once a week
This information has been provided by contributing editor Judith Heft of Judith Heft & Associates located at 34 Fifth Street in Stamford, CT. Judy Heft is a financial organizer, bookkeeper, and much more. For more information head to her website and Simplify Your Life.
Are you ready to make a change?
To make a difference in your business you have to change the way you do things. It begins by attending one of our profit building seminars.
To get started today click the link above. We look forward to helping you grow your business and making the kind of money you always thought possible.
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