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Small Biz Co-opA Reservoir of Ideas For Small Business Owners August 26 Recovering From (and Avoiding) BurnoutAccording to today's featured article from BusinessWeek Small Business, "Burnout" is defined as, "a reaction to constant, relentless, day-in, day-out stress, the kind that starts as soon you get up in the morning and doesn't stop until you put your head on the pillow—and probably not even then. "It's a psychological syndrome that occurs in response to chronic stress in the work environment..." So, how can you diagnose whether or not you are suffering from burnout? Per the featured piece, some of the symptoms include: (i) exhaustion—a fatigue you just can't kick (much more to it than being tired); (ii) loss of enthusiasm for your work; (iii) a loss of faith in your abilities; (iv) short-temperedness and overreaction; and (v) you may start making more mistakes than usual or allow things to fall through the cracks. Any of these sound familiar? My answer: a resounding "YES!!"
According to the BusinessWeek piece, if your level of burnout is high, there is a strong likelihood that you may become physically sick or worse, become clinical depressed ("characterized by a general feeling of hopelessness, trouble sleeping, and eating too much or too little.") So, how can you combat the burnout blues? Work even harder in the 1980s mode of "no pain no gain"? Answer: NO. What you need to do is work less; and, if you can, take time off on a regular basis to recharge. Let's not forget that stress results in the damaging "fight or flight" andrenaline rush in your body. Exercise uses up this extra adrenaline. So, try to get in some exercise daily. Next, take some time to find out your passion and work toward pursuing it. Finally, to ensure that the burnout does not recur, find out the cause of the stress in your life and eliminate it. Yes, this might be extremely difficult but it is necessary.
For me, trying to counteract burnout is a daily exercise in self-disciple but I've actually put together a list of non-pharmaceutical ways to beat the stress. I would say it works 90% of the time. So,why am I still suffering from burnout? Well, that's because I do not yet have the courage to eliminate the stress causing factors in my life. But I'll do what I need to do soon.
And so should you. First step? Read the featured article and start making your own burnout busting plan of action.
BWSmallBiz -- Managing August 7, 2009
Beat BurnoutRecognizing the signs and taking action can save your sanity and your businessBy Ann Field A little bit of stress can be a productivity booster, an extra push to help rev up your performance. Then there's the acute short-term strain that can be caused by anything from a family emergency to unexpectedly having to make a major presentation. Burnout is different. It's a reaction to constant, relentless, day-in, day-out stress, the kind that starts as soon you get up in the morning and doesn't stop until you put your head on the pillow—and probably not even then. "It's a psychological syndrome that occurs in response to chronic stress in the work environment," says Christina Maslach, a pioneering researcher in burnout and a professor of psychology at the University of California at Berkeley. Business owners, who typically work nonstop, juggling many balls at once, may be more susceptible than many others, says Michael Leiter, a professor of psychology at Acadia University in Nova Scotia and an expert on burnout. "Most entrepreneurs experience a bout of burnout at some point in their careers," says Leiter. And a bad economy can make the day-in, day-out pressures of running a business even worse. That's why it's imperative for small business owners to understand what burnout is and how to deal with it. The signs are not that hard to recognize, but it's important not to confuse them with symptoms of other conditions, such as depression. If you're burned out, you first need to find a way to reenergize yourself. It can be a bit trickier to diagnose the underlying cause of your burnout and devise an effective response. Here's how to get started. August 17 A Standard $1,500 Deduction For Home Offices?Yeah, I know, these days there doesn't seem to be much to give small business owners hope. News reports say there are signs of recovery but we have yet to see any confirmation of this on our bottom line.
There are, however, some signs that this bad economy might lead to even more positive changes in the tax code. According to today's featured article from CNN Small Business, there is a bill circulating in Congress that would allow the owners of home businesses ("nearly half of America's firms") to opt for a standard $1,500 deduction for their expenses. Anyone who has calculated this deductions based on "measuring the office as a percentage of home size and multiplying relevant expenses by that fraction" will understand why most business owners find it easier to bypass this process and forego any associated tax benefits.
Well, according to the featured article this new standard $1,500 deduction for home offices is gaining support in Congress. So, full steam ahead people - it's time to contact your representatives!
A bill circulating through Congress aims to ease the process of writing off expenses for a home office.
By Ian Mount
August 14, 2009: 1:32 PM ET
The deduction process -- which involves measuring the office as a percentage of home size and multiplying relevant expenses by that fraction -- is just too complicated, the survey found.
To ease the process, Reps. John McHug, R-N.Y., and Kurt Schrader, D-Ore., introduced the Home Office Deduction Simplification Act last spring. The bill would create a standard $1,500 deduction, which owners could opt for over the messier version. It would translate into a tax savings of about $500 for those who aren't currently taking the deduction, says Keith Hall, tax adviser for the National Association for the Self-Employed. August 11 Obama's Small Biz Report CardI'm BACK!! What a month it has been! Let's hope I don't find myself in a similar position anytime soon...
Today's featured article comes from CNN SmallBusiness and it focuses on the steps the President Obama has undertaken to assist the small business community. Though the author does not provide letter grades (A, B, C, etc.), she does a pretty good job of comparing and contrasting the steps the President has taken versus the promises he made. In so doing, the author focuses on the issues that are of deepest concern to small business owners. These include: (i) the credit crunch; (ii) health care; (iii) taxes; and (iv) job loss.
It is clear that this economy is still in a deep recession. However, the President did campaign on "Change" and since inauguration, he has taken some steps to alleviate some of the problems small businesses are facing. Now that we are six months into his presidency, we can now judge the effectiveness of the President's policies.
Credit Crunch: the President promised a bailout of "Main Street" and though the stimulus bill provided incentives for banks to issue loans to small businesses (See February 18th post), banks are still wary of participating in these government programs because, despite the government guarantee, they "still see small business loans as a huge risk."
Health Care: The President promised to diminish health care costs by providing a 50% tax credit on health care premiums paid by small businesses. However, healthcare is still being hotly debated in Congress with multiple bills in the house and the senate. As such we cannot make a determination as to whether or not the President is following through on his promise until we have a clearer picture of the final health care bill.
Taxes: the President promised not to raise taxes on small businesses that make under $250,000 per year. So far, it seems that he is following through on his promise. The stimulus bill provided tax breaks (by allowing businesses to carryback losses for five years). The President also froze the 2009 estate tax at 45%. However, unless Congress intervenes, the Bush estate tax will expire in 2010 and will revert to 55% in 2011.
Job Losses: The President planned to extend credit and reduce taxes to small businesses in an attempt to encourage job creation. However, given the banks' reticence to extend loans, small businesses do not have the access to credit they need for growth. As such, there is very little job creation going on at the present time. On the brighter side, reports do show a slow down in the rate of job loss - partially due to companies that benefitted from government contracts issued under the stimulus plan.
So yes, the economic outlook is still very grim. And, many days it seems as if things are not changing - but they are. These first steps are miniscule but at least they show that we are finally moving in the right direction.
Small biz promises: Where Obama standsPresident Obama has pledged to help Main Street where it is hurting the most. Here's a look at where he's followed through -- and where he hasn't.Aug 07 2009 By Emily Maltby July 10 Overview of the Kennedy-Dodd Public Healthcare PlanYes, I am still EXTREMELY busy. However, after I discovered today's featured article from BusinessWeek, I knew I had to take the time to write this post.
As I stated in my April 14th post, I am passionate about healthcare reform. I think it's safe to say that most Americans agree that we need to find a way to reign in the prohibitively high cost of premiums individuals and businesses face. Despite the national consensus regarding the need for reform, there is a big divide over whether or not it should include a government-controlled health insurance agency a.k.a. the "public option". The detractors of the "public option" fear that the private insurance companies would not be able to successfully compete with the government (because of the government's access to unlimited funds). Further, there are additional concerns regarding goverment in the role of government in the doctor-patient relationship, reduction in the quality of health care that provided, the increase in deficit spending if the "public option" was enacted and fear that most employers would use the public option (insead of using private heath insurance) to provide heathcare for workers.
Though there a few proposals floating around, the featured article focuses on the healthcare plan co-sponsored by Senators Kennedy and Dodd. Though this plan includes a "public option" it will cost less than $600 billion and would cover 97% of Americans. ("By contrast, an earlier, incomplete proposal carried a price tag of roughly $1 trillion and would have left millions uninsured..."). The author of the featured article also offered insight into how this plan would work via comparison with the government mandated health insurance plan currently in place in the Commonwealth of Massachusets. (See April 14th post an overview of the Massacushtts plan).
I know that closely monitoring health reform is not at the top of your agenda at the moment. But, we should not be short-sighted about this. You and I both know that the annual double-digit percentage increase in healthcare premium is unsustainble. How can business people turn a profit when this expense is so incredibly high? So please, take a stand. Now is the time to make your voices heard. I know that I will do everything in my power to see change in this area. I am encoraging you to join me in this effort.
New Dem health plan has public option, lower costBy DAVID ESPO, The Associated Press July 2, 2009, 12:29AM ET The plan carries a 10-year price tag of slightly over $600 billion, and would lead toward an estimated 97 percent of all Americans having coverage, according to the Congressional Budget Office, Sens. Edward M. Kennedy and Chris Dodd said in a letter to other members of the Senate Health, Education, Labor and Pensions Committee. The AP obtained a copy. By contrast, an earlier, incomplete proposal carried a price tag of roughly $1 trillion and would have left millions uninsured, CBO analysts said in mid-June. July 07 Simple Steps To Ensure That Your LLC's Creditors Do Not Get Access To Your Personal AssetsYeah - Still Busy With The "Day Job". Actually, I will be making minimal posts for the rest of July. Hopefully, August will be a little slower.
Today's post features an article from BusinessWeek that show you the many ways in which your LLC's creditors may get access to your personal assets despite limited liability protection. Under a regular "C" corp this would be called "piercing the corporate veil". I first learned of this concept when I was working as a summer associate at a national law firm as a law student. Our client was in the process of changing its legal structure and wanted to be aware of the steps it needs to take to ensure that creditors could never get access to the owners' personal assets. So, it was my job to research the reasons why courts sometime smash through the corporate veil of limited liabiity.
A review of the featured BusinessWeek articles show that the rules pertaining to LLCs are almost carbon copy of those for "C" corps. Courts may allow creditors access to your personal assets if you do not treat the "LLC as a separate entity" - i.e. you have been "treating [it] as an extension of [your] personal affairs." To avoid this, do not undertake the following:
Yes, this information is common knowledge, but it cannot hurt to take a moment for a quick refresher. Remember, as my June 16th post shows, creditors are extremely desperate and are now willing to use whatever leverage they have to get paid. Now that we know they are willing to put business loans on our personal credit report, we cannot give them any other reason to go after our other personal assets. As such, I'm advising you to take the time to read today's featured article - given everything that is at stake, I would say it's well worth your while.
Who Pays a Failed LLC's Debts?In theory, if a limited-liability company cannot pay up, then landlords and other creditors cannot come after the owners' personal assetsSmart Answers June 30, 2009, 9:39AM EST By Karen E. Klein Entirely Separate"The most important factor in ensuring liability protection is to treat the LLC as a separate entity. If a court feels that the owners have been treating the LLC as an extension of their personal affairs, then the court will often find that the LLC never really existed and that the owners were doing business as individuals. In that case, the court may find that, despite the fact that an LLC was in place, the individual owners are personally liable for the LLC's debts," Rahlfs says. |
As one of the goals of this site is to foster dialogue, it is important for you to provide feedback by leaving comments to the blogs that are posted. If you are interested in meeting virtually with the other owners, leave your email address in the guestbook and I will send you a link to the group site. There, you can have discussions and brainstorm on any topic you choose. The group site also allows you to add your business events to the Small Biz Co-op Calendar. Want Your Business Added To This Roll? Send me an email at smallbizco-op@live.com with your company name, link to your site (or email / phone number) and the description you want posted.
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