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September 1, 2010

Tax Rules You Should Know About for 2011

Filed under: General — Tags: , , , — afp @ 1:43 pm

accountant-istock

I read an article recently regarding tax rules for 2011 and I wanted to share as I think they could affect all of us.  The full article can be found at http://bit.ly/d7vCIO.  There are also significant tax changes set to take place regarding leases and once those are detailed I will inform everyone of those changes. 

There is an enormous amount of uncertainty about federal taxes for 2010 and 2011. Will proposed tax cuts, such as 50 percent bonus depreciation on equipment purchases, an extension of the research credit, and an increase in the deduction for startup costs for small businesses be enacted this year? Will the Bush tax cuts expire at the end of 2010, pushing personal tax rates for ordinary income and capital gains considerably higher in 2011 and eliminating special treatment for dividends? Amid this uncertainty, there are some new rules that will take effect in 2011 and they may impact your actions for this year.

Changes in medical reimbursement plans

If your company maintains a flexible spending account (FSA), health reimbursement account (HRA), or health savings account (HSA), new rules take effect in 2011. Starting next year, these plans will no longer be able to reimburse over-the-counter medications on a tax-free basis. The only exception: doctor-prescribed over-the-counter medications, such as for Clariton and Prilosec, can continue to be reimbursed tax free.

What to do now: You’ll need to officially revise the terms of your plan and communicate the new terms to employees. Starting next year, the penalty on non-medical reimbursements from HSAs to those who are under age 65 doubles to 20 percent; currently it’s 10 percent.

Advise employees who have these accounts to maximize their withdrawals for over-the-counter medications this year and avoid penalties next year. Reimbursable items are listed in IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans.

Reporting of credit card transactions

For tax years beginning after 2010, payment processors and third-party settlement organizations, including PayPal, are required to report to the IRS all credit card and similar transactions of payments to merchants on the new Form 1099-K, Merchant Card and Third Party Payments. There is an exemption from reporting for merchants who have 200 or fewer transactions, or proceeds of $20,000 or less for the year (the “de minimis rule”).

What to do now: Review your record-keeping practices to make sure your information on income receipts will square with the information being reported about your credit card transactions to the IRS. Also be prepared to see an increase in banking fees, if you have not already received one, because it is likely that banks will increase their fees to cover this administrative chore.

Grants for wellness programs

The federal government will make tax-free grants to small businesses that set up Comprehensive Workplace Wellness Programs; $200 million of federal funds has been appropriated for this purpose. The wellness programs can focus on certain aims such as smoking cessation, physical fitness, nutrition, and stress management. The grants run for up to five years. Funds will be appropriated for five years beginning in the government’s fiscal year 2011, which starts October 1, 2010. The grants apply to companies that did not have a wellness program prior to March 23, 2010, and that have fewer than 100 employees who work 25 hours or more per week. The grants will be made by the Department of Health and Human Services.

What to do now: As yet, no application rules have been created for these wellness programs. If you do not yet have a wellness program but may set one up if you can receive financial assistance, then continue to check HealthCare.gov for details. (There’s nothing there yet, but hopefully there will be soon).

W-2 reporting

Employers are required to report on employee W-2 forms the value of health insurance, starting with W-2 forms for 2011. Reporting is required whether premiums are paid by the employer, employee, or a combination of both.

What to do now: Make sure that you track health care premiums for the year. If you use a payroll service, this likely will be done for you, but be sure to ask just in case.

Cafeteria plans

Cafeteria plans are employee benefit plans that let participants choose from a menu of benefits or cash. Plans cannot discriminate in favor of “highly compensated employees” (e.g., owners or management); complex testing rules are used to determine whether plans are discriminatory. Starting next year, small businesses (those with no more than 100 employees) can set up Simple Cafeteria Plans under which plans are automatically treated as nondiscriminatory (no testing is necessary).

To be a Simple Cafeteria Plan, an employer must make certain contributions:

  • A uniform percentage of compensation (but not less than 2 percent), or
  • The lesser of (a) at least 6 percent of compensation or (b) twice the contributions that employees make from their wages on a pre-tax basis.

Note: Despite the changes in the nondiscrimination rule, sole proprietors, members of limited liability companies and partners in a partnership, and more-than-2 percent S corporations shareholders are still barred from participating in a cafeteria plan.

What to do now: Watch for IRS guidance on these plans; as yet, no guidelines have been issued. Meet with a benefits expert to determine whether these plans make sense for your company. If you don’t yet have a plan you may want to set one up, and if you already have a cafeteria plan, you may want to adapt it to Simple Cafeteria Plan rules. If a company adopts a Simple Cafeteria Plan for 2011, be sure to factor into the company’s 2011 budget the cost of employer contributions.

View my Linkedin profile at:  www.linkedin.com/in/carrieradloff

August 18, 2010

Being a better listener

Filed under: General — Tags: , , , — afp @ 3:52 pm

active-listening

“Most of the successful people I’ve known are the ones who do more listening than talking.” –Bernard M. Baruch

Being a good listener is something I’ve tried to improve on for years.  If you’ve ever been interrupted by someone while your were talking, you understand the importance of not only being a good listener but talking to a good listener as well.  I’ve read countless tips on how to help myself be a better listener.  One of my favorites that I still use today is to put my phone on mute until the person is done talking.  If you work over the phone a lot like I do that one helps tremendously.  When I’m talking to someone in person or conducting an interview, I also like to put the tip of my finger on the tip of my pen and I can’t remove my finger until the other person has stopped talking.  I know I can not talk anytime my finger is on the tip of that pen. 

I’m a Dale Carnegie follower and enjoy reading the information he sends out.  He sent a tip last week about being a good listener and I wanted to share with everyone as this is an area that affects all of us in business and personal life.

Think of LADDER to be a good listener

  • Look at the other person.
  • Ask questions.
  • Don’t interrupt.
  • Don’t change the subject.
  • Express emotion with control.
  • Respond appropriately.

Here are a few other tips I’ve accumulated over the years that I also find helpful:

  • Active listening.  Without interrupting the speaker, show them you are listening to them by adopting a listener’s pose: eyes fixed on the speaker, occasional nodding or smiling in response, facing toward the person, arms relaxed, no fidgeting or looking at your watch, phone or the clock.  You can also say things like yes, true, that makes sense, etc.
  • If you are attending a speaker, turn off your cell phone!!  If you are required to have it on for business use, put it on vibrate and walk out of the room before answering.
  • Be patient.  Avoid the temptation to finish other people’s sentences for them.   Give them a chance to say what they mean, even if they stutter, pause, or  change verbal gears.

Please share your tips with us by sending them to carrie@financewithafp.com.   

“To listen well, is as powerful a means of influence as to talk well, and is as essential to all true conversation.” –Chinese Proverb

 

July 22, 2010

Persistence Separates Success From Failure

Filed under: General — Tags: , , , — afp @ 4:50 pm

Persistence-2

Persistence… most of the time it seems its easier said than done.  How do we embrace persistence in difficult times?  How do we still stay on the path when it all seems blurred or things don´t seem to be going as planned?

Its focusing on our desired dream or goal that helps us embrace persistence in difficult times.  It is reminding ourselves of the great reward that is to meet us at the end of the journey.  The more we can envision our desired dream or goal, the more challenges begin to appear small as opposed to being obstacles.  It is the challenges we face that make the journey of achieving a dream or goal worthwhile.  Its overcoming the challenges that strengthens us and gives us a strong sense of accomplishment.  True greatness comes from being able to stand up when we fall and continue walking.  Its usually when things get very difficult that we are actually close to achieving success .

As Calvin Coolidge said. “Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan ‘Press On’ has solved and always will solve the problems of the human race.”

Our business has recently shown a huge influx of activity which tells me the growing stages of our economy are ahead of us.  We should all pat ourselves on the back for making it through the worst recession we have ever seen.  But let’s not forget to keep that persistence and continue to look at our goals.   It is time to grow and rebuild and we all need to keep that same persistence that kept us going over the tough times. 

I’m going to end with a success distinction from one of my favorite books, “101 Distinctions between Success and Failure” by Keith Cameron Smith and Doug Hanson.

Success if persistence.

Failure is giving up.

Persistence is one of the keys to success and there is no substitute for it.  If you know where you want to go and you don’t give up, you will eventually get there.  Giving up is not an option if you are committed to fulfilling your dreams.  Those who give up, show that they weren’t really committed in the first place. 

Most people will persist until the going gets tough, then they give up.  A few people will keep on keeping on until they reach their goals and these are the people who become successful.  There is truth in the old saying “Tough times don’t last but tough people do.”  Being persistence is being tough.  It means you are committed to doing whatever it takes to be successful.  Don’t settle for less.  That’s called giving up, and you will feel like a failure when you do.  Become a “whatever it takes” person and you will succeed. 

Success is persistence.

July 13, 2010

The Fun of Creating Your Company Name

Filed under: General — Tags: , — afp @ 8:48 am

companynames

Creating a name for a company is one of the fundamental elements to starting a business.  You want to make sure people will remember the name of your company by either making it unique or making sure it explains what you do.  I read an article recently telling how some of the most widely known companies in the World created their names and the stories behind them.  I found it interesting and wanted to share.   The full article can be found at http://bit.ly/bLOPqd. 

1. Google

The name started as a joke about the amount of information the search engine could search, or a “Googol” of information. (A googol is the number 1 followed by 100 zeros.) When founders Larry Page and Sergey Brin gave a presentation to an angel investor, they received a check made out to “Google.”

2. Hotmail

Sabeer Bhatia and Jack Smith had the idea of checking their email via a web interface, and tried to find a name that ended in “mail.” They finally settled on hotmail because it had the letters “html,” referencing the HTML programming language used to help create the product.

3. Volkswagen

Volkswagen literally means “people’s car.” Adolf Hitler initially came up with the idea for “cars for the masses,” which would be a state-sponsored “Volkswagen” program. Hitler wanted to create a more affordable car that was able to transport two adults and three children at speeds of 62 mph. He choose the car manufacturer Porsche to carry out the project, and the rest, as they say, is history.

4. Yahoo

The word “yahoo” was coined by Jonathan Swift in the the book Gulliver’s Travels. The term represented a repulsive, filthy creatures that resembled humans (think: Neanderthal). Yahoo! founders Jerry Yang and David Filo considered themselves yahoos, and thought the term would be appropriate for their joint venture.

5. Asus

The consumer electronic company is named after Pegasus, the winged horse of Greek mythology. The founders dropped the first three letters for the high position in alphabetical listings. In 1998 Asus created a spinoff company named Pegatron, using the other unused letters of Pegasus.

6. Cisco

Contrary to popular belief and theories, Cisco is simply short for San Francisco. Their logo resembles the suspension cables found on the Golden Gate bridge.

7. Canon

When Canon was founded in 1933 under the name Precision Optical Instruments Laboratory. Two years later they adopted “Canon” after the company’s first camera, the Kwanon. Kwanon is the Japanese name of the Buddhist bodhisattva of mercy.

8. Coca-Cola

Coca-Cola’s name comes from the the coca leaves and kola nuts used as flavoring in the soft drink. Eventually Coca-Cola creator John S. Pemberton changed the ‘K’ of kola to ‘C’ to create a more fluid name.

9. FranklinCovey

The planning product line was named after Benjamin Franklin and Stephen Covey. The company was formed in 1997 from the combining of the two companies FranklinQuest and the Covey Leadership Center.

10. IKEA

IKEA is simply a random collection of letters, based from the first letters of founder Ingvar Kamprad’s name in addition to the first letters of the names of the Swedish property and the village in which he grew up: Ingvar Kamprad Elmtaryd Agunnaryd.

11. Lego

Lego is a combination of the Danish phrase “leg godt,” which translates to “play well.” Initially the company built wooden toys, and later switched to making plastic bricks. Lego also means “I put together” in Latin, but the Lego Group claims this merely coincidence and the origin of the word is strictly Danish.

12. Reebok

Reebok is simply an alternate spelling of “rhebok,” an African antelope. The company founders found the word in a South African edition of a dictionary won by the Joe Foster, son of the Reebok founder J.W. Foster.

13. Sharp

The Japanese consumer electronics company is named after its first product, an ever-sharp pencil that was created in 1915.

14. Six Apart

Six Apart’s name has one of the most interesting origins. The web company’s co-founders Ben and Mena Trott were born six days apart.

15. Skype

The original prototype of the company’s flagship product had the name “Sky-Peer-to-Peer,” which was shrunk down to Skyper, then finally Skype.

16. Verizon

Verizon is a combination of the words veritas, which is Latin for “truth,” and horizon.

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June 30, 2010

How Fit is your customer service department?

Filed under: General — Tags: , , — afp @ 8:16 am

three_fit_people

Have you ever considered the fitness level of your customer service department?  I’m not talking about how many push-ups or sit-ups they can do.  I’m asking if the customer service your team is providing is running at full speed.  If you haven’t given this much thought, you might not be seeing the big picture issues that could be hurting your business.  There are many components in developing a fitness program to help an individual hit their peak performance.  Your customer service department also has many components that need to be maintained to make sure you are giving the best customer service you can.  The skills your customer service department needs may vary a little from business to business but I’m going to bring out a couple of main skills that are necessary for your customer service team to reach an optimal level of customer service.  Here are some of the questions you can ask to see if you are succeeding or where improvements need to be made:

How Do They Sound?

This is actually far more important than what you may think. The voices of your customer service representatives are often the first impression that a customer receives from your company. Are they positive, professional, and upbeat, or do they sound bored and disinterested?  At one of the first companies I worked for, we had small mirrors on our desks that read, “Can Your Smile Be Heard?”  It was a great reminder that the sound of your voice makes a big impression on your customer. Make some calls and find out for yourself how your team rates. If you’re hearing less than ideal voices on the line, guess what? Your customers are, too!

What Do They Say?

Does your team have the necessary training, keywords, or call guide so that they’re prepared and know what to say? If not, you’re making it more difficult for your team and creating an environment where miscommunication is likely to occur. You don’t want your customer service team giving mixed messages to customers as it will lower your credibility and cause you to lose customers.  Take the time to provide them with the words to guide them through their phone calls. No, they don’t need to recite a script, but an outline or suggestions of what to say will go a long way to making your customer service consistent and clear.

What is Their Attitude?

Are your customer service reps happy with their job and with your company?  Do you offer incentives and recognition for jobs well done?  If not, I would recommend making some changes.  Employee dissatisfaction can dramatically affect a company’s customer service and ultimately its bottom line. If your team feels underappreciated or negative, your customers will know.  Whether they communicate this directly or indirectly, a negative attitude of an unhappy worker can not be masked. 

Is Their Workspace Pleasant?

Is your customer service team in a nice area?  Do they have comfortable desks, sunlight and good lighting?  Or do you have them shoved into a dark corner?  It always amazes me when companies choose the worst location for their customer service team.  These are the individuals who are on the front-line talking to customers on a daily basis.  It is important to make sure they are happy in their work environment!  If you need to make some changes, get your team involved and ask them for tips in enhancing their working environment. 

Are You Hiring the Right People for the Job?

Who you hire can make all of the difference. A good customer service rep should give each customer a warm greeting, not allow prejudices to influence their quality of service, be a good listener and always keep the conversation on a professional level.  You may have other important traits for your company but just make sure your reps mesh well with the company’s image and philosophy. 

Are You Keeping Them Fresh and Updated?

Training your customer service team and all employees in general should not be limited to when they are first hired.  Enhancing your employees skills throughout their career with your company is important and makes sure your team is knowledgeable and up to date on everything they need to know. 

Are They Cross-Selling and Up-Selling?

Your customer service department should be an extension of your sales team.  They may be the only people talking to your current customer base outside of the sales team.  Can you find ways for them to increase your ROI?  In one of my former companies, we would ask the customer if there was any financing or leasing we could help them with each time they called into customer service.  Even if the sales person had talked to them 3 weeks ago sometimes we would just catch that customer at the right time.  Give your customer service team the ability to cross-sell and up-sell and then give them incentives for making any additional sales.  You will see your sales and bottom line increase.

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June 14, 2010

Tips to Get Rid of the “Ums” When Presenting

Filed under: General — Tags: , , , , — afp @ 11:13 am

presentation

All of us have listened to a presentation before and have been distracted by the speaker constantly saying “um.”  Odds are that at one time or another you’ve been that presenter.  We use these fillers for a lot of reasons, for one we think that filling the dead spaces with “um” sounds smarter than saying nothing at all.  We’re wrong, of course.  Filling in silence with “um” does nothing more than annoy your audience and may reduce your credibility as a speaker.  It may leave people questioning your grasp of the subject or your credibility to be speaking on it.  This doesn’t come to play just in face-to-face presentations, but also online presentations. It can be even worse to use fillers online since the audience can not see your physical presence and relies solely on your vocal quality. 

Here are some tips to help you be aware of the fillers you use (doesn’t have to be “um”) and how to correct them. 

  • As my piano teacher used to say “practice makes perfect.”  Record yourself, notice how many times you use fillers and find a way to stop using them. 
  • Practice pausing or using silence instead of saying “um”.  The pause is never as long to the audience as it feels to you.  The fact is that time is relative (Einstein once said that a second with your hand on a hot stove feels like an hour, an hour with a pretty girl feels like a second- and he should know about relativity). It is okay to take a moment to stop and think.  You will be amazed at how little time it takes your brain to process all the information it needs and come back with an intelligent response.
  • Practice with a friend and find a creative way for them to communicate each time you use a filler.  Examples could include throwing a marble into a glass jar, ringing a bell, or yelling out the filler word each time you use it.  I’ve personally had someone throw marbles in a glass jar each time I said “um” and it is amazing how quickly you recognize it and correct it. 
  • Videotape yourself and write down how many times you use a filler word.  The first time I did this I was dumbfounded at how many times I used “um.”
  • If you don’t know the answer to a question, instead of using a filler, say, “I’m not sure; let me look that up for you.”  It is okay not to know all of the answers.
  • Always prepare for your speeches by writing them out first (when it is possible).  Do not attempt to deliver a public speech without writing it out and practicing it several times beforehand.  Many times fillers are used when you are not prepared, so be prepared and know what you want to say and when.
  • Break your notes into small sections.  Even good speakers can use fillers when they lose their place in their notes. 
  • If your speech is lengthy, try getting your audience to give feedback or get them involved.  After so long, your brain will demand a time out.  Make your presentation more conversational than presentational if possible.
  • If you are using any tools during your presentation, practice giving your speech with them.  Make sure you are comfortable with any tools you utilize and with the presentation platform so you can concentrate solely on your presentation.

You will be amazed at the increased impact you will have on your audience by simply removing the fillers.  Ummm.. good luck!

May 24, 2010

Have Fun and Watch Your Profits Increase!

Filed under: General — Tags: , , , — afp @ 8:18 am

increasing-profits

Success is having some fun every day.

Failure is being serious all the time.

Having fun every day is the best way to live life.  Fun is defined differently for each of us, so it’s important you know what would bring you happiness today- and then make it happen. 

We all need something to look forward to.  Remember when you were a kid and you were going to summer camp the next day?  You could hardly sleep the night before, in anticipation of the fun week ahead.  Even though you only got a few hours of sleep, when your parents woke you up, you sprang out of bed, eyes wide open, full of energy, and ready to seize the day!  Compare that to how you woke up for an ordinary day of school.  If you were like most kids, your parents had to drag you out of bed.

What is the main reason for the different energy levels?  It’s the fun you associated with the coming day.  We are no different as adults.  We need something to look forward to. 

I’ve found that most people don’t create fun in their day.  Instead, they are waiting for something or someone fun to appear.  How could you bring some fun into your life today?  Tomorrow?  This week?

If you’ve having trouble thinking of something, then you’ve probably been taking yourself a little too seriously.  Think about what fun means to you and make sure you build in some things to look forward to every day.

Success is having some fun everyday. 

(Above taken from 101 Distinctions between Success and Failure by Keith Cameron Smith and Doug Hanson)

Having fun in your business does not mean acting unprofessional and not servicing your customers.  Having fun in your business means challenging your employees to bring energy, passion and a positive attitude  with them each day.  It means having an environment where your employees are truly connected to their work, to their colleagues and to their customers.  This brings me back to the FiSH! Philosophy book I read years ago where their four steps include Play, Make Their Day, Be There and Choose Your Attitude.  Thousands of organizations worldwide have adopted the FiSH! Philosophy and learned how to incorporate the four FiSH! principles into their organization’s every day life.  Find ways to keep the passion in your organization and that will flow through to your customers and your bottom line.  Find ways to Have FUN every day.

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April 28, 2010

Presentation Tips

Filed under: General — Tags: , — afp @ 9:10 am

Presenter

As I’m currently preparing for a presentation I will be giving in a few days, I came across several tips to help me prepare for the big day.  I found these in various places and added my own thoughts to them as well.   I would like to share them with you today and hope they can help you prepare for your next presentation.  If you have any additional to share, please do!

  1. As you prepare for your presentation, think about the one main thing you want the audience to remember.  If you only had 20 seconds instead of 20 minutes to speak, what would you say?  Studies show that by the end of the day, your audience will have forgotten half of what you said.  And by the end of the week, 90% is forgotten.  To make sure that the 10% that sticks is the 10% that you really want them to remember, say it early and clearly.
  2. Make eye contact so people feel you are communicating with them.
  3. Think about how you deliver the information in terms of moods.  In delivering different parts of your presentation you should look and sound different.  Try videotaping yourself or practicing in front of the mirror to see the gestures and body movement you make.  Sound like you do in a conversation.
  4. Add variety to your speech through visuals or questions, keep your audience engaged.  If you are bored writing your speech, the audience is going to be bored listening to it.  If you ask questions, your voice, face, and body language must tell your participants that you want questions and responses. Avoid asking questions that offer a “yes/no” response, unless it is to take a quick survey of the group.
  5. You don’t always have to know the answer to a question that is asked.  Sometimes, it is appropriate to offer to find the answer and get back to them or turn the question back to the group for ideas.  Don’t grade questions by saying, “That’s a good question.”
  6. Remember that people will be monitoring your “communication” before and after the presentation.  Watch your actions backstage, before the show, even when you are talking to the receptionist checking into the hotel.  Don’t bad mouth or say negative things at any time, it will only discredit you.
  7. Ask a question and give people time to think. Don’t rush to fill the silence.  You want to thank those who respond to your questions by saying things like, “Thanks,” “That’s it,” or “Sure.”  If one person answers a question with an incorrect or inappropriate answer, help that person to save face. Take any part of the response that is correct and edit the rest to make it a correct statement.
  8. Be prepared to drop your agenda to focus on hot buttons for the group.

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April 22, 2010

Are you a good Negotiator?

Filed under: General — Tags: , , , , , , , — afp @ 2:06 pm

negotiation

Do you think you are a good negotiator?  If you do, I will let you negotiate a round with my 4 year old daughter.  You will find out very fast you have more to learn.

Negotiation is something we all deal with on a daily basis, whether it is in our business or at home trying to get our kids to bed.  Most people are not naturally gifted negotiators, it is a skill that must be learned and improved over time.  A negotiation should be a positive experience and a win/win for both parties, but many times it ends up being a painful event for at least one of the parties. 

Most negotiations are either soft (parties avoid conflict and make concessions readily to reach an agreement) or hard (one party gains at the expense of another causing harm to the relationship).  Both of these are considered a win/lose negotiation or a distributive negotiation.   Negotiations should be a win/win using a principled or integrative negotiation where the method of negotiating is hard on merits but soft on people.  In a principled negotiation, both parties look for multiple gains and use fair standards. 

The person with the most “power” typically controls the negotiation.  You want to do what you can to gain power.  The 3 elements of power are knowledge, timing and competition.

  • Knowledge is the most important.  Knowledge means analyzing the situation prior to the negotiation to gain knowledge.  Information converted into knowledge is power.  It is important to not give any information without getting as much or more information back.  You have to share to get information;  now is the time to stop talking and Listen, Listen, Listen.  Ask questions… you are not there to answer questions but to ask them.  Once you give up information you can never get it back and I always believe that it is better to play dumb than smart in this situation.  Don’t assume you know it all and don’t quit listening. 
  • Timing.  The party who sets the deadline controls the negotiation.  Never accept another party’s deadline.  That doesn’t mean you have to reject it, but challenge it.  Use timing to your benefit.  A great example is buying a car at the end of the month when reps are trying to make quota versus the beginning of the month.
  • Competition.  Mentioning competition can shift power onto your side, competition can be real or imaginary.  If someone brings up competition to you, ask questions to see if it is real.  Who is my competition?  What are they offering? 

Before any negotiation, you should develop your bottom line.  Your bottom line should be flexible and could change during the negotiation based on what the other party brings to the table.  Make sure you consider and think about the other side’s bottom line also.  This brings us back to knowledge is power. 

There are several tactics that can be used in a negotiation with silence and flinch being my favorite.  Silence is a powerful tool but not used enough.  Think about those staring competitions you had with friends when you were a kid and use what you learned there.  When you are using silence, don’t move a muscle, don’t clear your throat, don’t look around or at the ceiling.  Look directly at the other negotiator.  Silence puts pressure on the other side and usually the first person to speak during a silence gives something away.  The flinch also makes people feel uncomfortable (this is where you make a surprised face or make a small noise to show you are surprised by what they said or gave you).  Use silence as a response to your flinch or in response to the other side’s flinch.  They didn’t say anything, so there is no need to respond.

Always be willing to walk away from a negotiation, this shows power on your side.  It sends a clear sign that you have gone as far as you can go, even though the minimum or maximum may not have truly been reached. 

The best way to improve your negotiating skills is by practicing; in personal life, business life, any time you have a low risk situation.  You will find out that practically everything is negotiable.  Just ask my kids.

March 29, 2010

Highly Successful People Set Goals

Filed under: General — Tags: , , — afp @ 1:35 pm

success

We are still hearing a lot about the lagging economy as we try to dig ourselves out of the recession.  Some people are positive about the future and some are not.  There is one thing that remains the same, recession or not, and that is that highly successful people continue to be successful.  They continue this success because no matter what happens personally or in their business, they continue to push forward and set goals for themselves.  Successful people remain positive, confident and dedicated to achieving success despite the events that occur around them and despite the negative media communication.  They don’t allow outside forces to stop them.  If something doesn’t work for them, they don’t hang their head and give up, they look for a new or different way to do something in order to find success.  Successful people have a vision, they have a dream and they believe in themselves.

Highly successful people typically share one common characteristic at a minimum and that is they are obsessed with setting goals and staying on top of those goals.  Successful people have already thought about what goals they want to reach, where they want to go in life and how they are going to get there.  Not only have they thought and dreamed about this, but they have written these goals down and they monitor them on a regular basis. 

Goal setting has been around for a long time and it has proven to work for those who do it.  Only 3% of our population has a set of written goals and less than 1% review their goals on a regular basis.  If you are in the majority of the population who doesn’t write their goals or review them, it is never too late to start.  I recently read an article by Carol Giannantonio who is a life and executive coach.  She says in her article that before you start your goal setting process that you need to commit to the following things:

1. You have to be 100% committed to start and take actions.  If you have any excuses going through your mind take some time to commit mentally. 

2. You must be able to identify where you are now, where you want to be and clearly state the results you are looking for.

3. You must believe in the process and in your ability to achieve the end results you are looking for.

4. Your goals should be SMART Goals (specific, measurable, achievable, realistic, time based). 

5. Your Goals must have a set of clearly defined strategies and action steps to achieve your goals.

6. You must be willing to be accountable to yourself and/or a Coaching Professional to stay in constant action to achieve your goals.

If you still need more information to support the fact that written goals lead to success, consider the reasons below.   

1. Written goals increase your odds of success. Written goals serve as roadmaps, blueprints and plans for success.  You can continue to look back at them to help keep you on course for what you want your end result to be. 

2. Written goals increase your motivation to achieve them. By knowing the results you want to achieve and your specific outcome, you can measure your progress toward achieving your goals. As you notice your successful progress, you are inspired to continue the actions that brought you this success. In addition, by celebrating each success, you are highly motivated to to continue working at achieving another goal.  Celebration is key!  It acts as a driving force pushing you closer to achieving your goals. Celebration makes you feel good and when you feel good you want to achieve more. Celebration is uplifting and empowering. You deserve to be rewarded for your success and you deserve to reach your goals. It has a psychological impact on your progress.

3. Written goals build self-confidence. As you take action, move forward, experience success and celebrate, your self confidence increases tremendously! You start to believe in yourself and your ability to achieve your goals. Your confidence levels soar. Subsequently, your performance will improve, you will feel empowered, and you will become more secure in all you do. You will automatically continue to take action to reach your goals since you are forming new habits and new ways of thinking. These new habits are qualities of a “highly successful person”. Positive Transformation is taking place here. This moves them even faster to achieving their goals. Plus they are happy. Feeling unstoppable and on top of the world. You can’t beat that feeling! Self Confidence is a very powerful feeling and key to achieving your goals.

4. Written goals provide clarity of purpose. With written goals, strategies and an action plan to support your goals, you know exactly what you need to do to achieve the results you are looking for. It’s crystal clear. You have clarity and you become more focused and efficient. You avoid wasting time, money and effort.

5. Written goals move you steadily toward your goal. Creating written goals provides you with a magnetic effect. Like the magnet, your written plan pulls you toward achieving your goals. There is no stopping you now! Goal setting is a very powerful technique. It creates positive results in every area of your life. If you have written goals, review them today. Get started. Take action!

I challenge you to be one of the 3% of the population to have written goals and then to be part of that 1% of the population who reviews them regularly.  If you do not, your life will stay exactly as it is.  If it is success you are looking for, the secret is quite simple. 

“People with goals succeed because they know where they are going” They have clarity, vision and focus.” Earl Nightingale

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