How to Operate Your Small Business for Maximum Efficiency and Profitability

As far as I am concerned, one of the primary reasons the washout rate for small business owners is so high is because too many investors fail to place enough emphasis on getting the maximum return on every dollar and hour that they put into their small business. Instead, they seem to be more concerned about frivolous stuff like the color of their business cards. In any small business endeavor, a lack of focus, coupled with the inability to prioritize tasks, is a recipe for failure. So, too, is the type of complacency that breeds an “if it ain’t broke, don’t fix it” mentality, which usually results in a stagnant business that’s barely able to keep its head above water. That’s why to my way of thinking, the catch-phrase “easier, faster, and cheaper” should be the mantra of every real estate investor in America. I say this because I’ve learned the hard way that for me to consistently achieve the highest possible rate of return on the money and time that I invest in my business, I must continually analyze, refine, and tweak every aspect of my operation, to make it easier, faster, and cheaper to run. Nowadays, I think of my business as a high performance automobile engine, which must be finely turned and calibrated to run at its optimum speed and maximum efficiency. I can tell you from experience that in order to operate a small business at maximum efficiency and profitability, it takes:1. Personal and financial discipline.2. Organizational skills.3. Management know-how.4. Meticulous planning and attention to detail.5. Prioritization of tasks according to their profit potential.6. Maximum use of available technology.7. Accurate record keeping.8. Maximum use of all the tax benefits that are available to small business owners.It Takes Discipline to Operate a Business at Maximum Efficiency and ProfitabilityIt takes a combination of personal and financial discipline to operate a small business at maximum efficiency and profitability. First, you need to have the initiative and self-discipline that’s required to be successfully self-employed. You must work smart, so you don’t waste your valuable time doing grunt-type tasks that can be hired out. In other words, don’t spend your time cleaning up trash around your office when you should be out searching for customers. Second, you need to possess the financial discipline that’s necessary to operate your small business at maximum profitability. The only way that you’re ever going to be able to keep your spending under control is by:1. Adopting a bottom-line mentality that’s totally focused on maximizing the profitability of your business.2. Operating your business on a bare-bones budget by buying all equipment, supplies, and services at the lowest available prices in your area.3. Keeping close track of operating expenses by carefully reviewing all invoices for errors, overcharges, and bogus charges.Prioritize Tasks according to Their Profit PotentialThe number one question that you must continually ask yourself when you’re working in your small business is: Is what I am doing right this minute the most profitable use of my time? A lot of people fail as small business owners simply because they’re never able to prioritize tasks according to their profit potential. They end up never making a profit because they couldn’t distinguish between what’s important and what’s trivial. As a general rule of thumb, I consider any business function that doesn’t contribute directly to my bottom line to be low priority and best left for after business hours. In other words, if the task at hand isn’t part of the process of completing a real estate transaction that will eventually end with me going to the bank; I put it off until later in the day.Avoid Reinventing the Wheel Every Time You Need to Complete a routine TaskWhatever you do, don’t fall into the trap of reinventing the wheel every time you need to complete a routine task. The term, reinventing the wheel, refers to re-creating something from scratch. An example of reinventing the wheel would be retyping standard documents, such as purchase agreements, over and over again, instead of storing them in a Microsoft Word document file where they can be printed out as needed. The point here is to work smart by making your operating as streamlined as humanly possible.Operate Your Small Business on a Bare-Bones BudgetOne surefire way to fail as a small business owner is to run your operation in a slipshod manner with no financial controls in place to keep your operating costs from going through the roof.Do a Cost-Benefit Analysis before You Make a PurchaseI suggest that you do what I always do, before I ever part with any of my hard-earned money, and ask yourself this very poignant question: How exactly is this-(fill-in-the-blank)–going to have a direct impact on the profitability of my business? Unless you can justify to yourself why the purchase under consideration will immediately contribute to your bottom line, you should hold onto your money. This type of decision-making process is referred to in business schools as “cost-benefit analysis,” which means that if the cost outweighs the benefit that’ll be gained from purchasing an item, it shouldn’t be bought. Keep this in mind the next time that you get the urge to splurge.What You Should Have When You Set Up Shop as a Small Business OwnerI am willing to concede that an owner could possibly run their small business without any of the basic amenities of a modern high-tech office at their disposal. However, it would be a very inefficient operation, and I am willing to bet that most small business owners, in this type of work environment, would end up spending much of their time performing tedious tasks such as retyping the same documents over and over again. I don’t know about you, but I’ve never met anyone who has typed their way to a fortune as a small business owner. As far as I am concerned, every neophyte small business owner, who’s really serious about consistently making money in their small business, should have the following six items when they set up shop:1. Telephone service and a prepaid telephone calling card to make calls on the road from pay phones.2. Personal computer with Microsoft Windows operating system.3. Microsoft Word software.4. Internet connection.5. Black-and-while laser or inkjet printer.6. Financial calculator.It’s Hard to Succeed in a Digital World Using Horse-and-Buggy TechnologyComputer technology is here to stay, and, if you want to make it as a successful small business owner in today’s digital world, you had better embrace the latest technology and learn how to use it to your advantage. So if you happen to be computer illiterate, the very best advice that I can give you is to buy an inexpensive personal computer (PC) and then jump in with both feet and learn how to use it. If someone with a nontechnical background like me can use a computer, anyone can.What It Takes to Run a Small Business at Maximum EfficiencyAccording to the Small Business Administration (SBA), 80 percent of all new small businesses fail within five years of opening their doors. More often than not, the cause of failure can be directly attributed to an appalling lack of organization and planning on the part of business owners. I hate to come across as some sort of killjoy, but you just can’t throw a business together without any organization and planning and expect it to be an efficient operation. It takes meticulous planning and attention to detail to set up a small business so that it operates at maximum efficiency. The only way that you’re ever going to have a smooth running business is by doing the little things right, such as:1. Maintaining a master to-do checklist to run your business.2. Computerizing all business documents and records.3. Setting up your business so you avoid re-creating anything from scratch.4. Organizing your office so that everything you need is available at your fingertips.Use a Master To-Do Checklist to Run Your BusinessTo keep your business operating at maximum efficiency, I recommend that you do what I’ve done for the past 20 plus years, and maintain a master to-do checklist. I keep my checklist on my computer in a Microsoft Word file. It serves as a combination checklist and appointment calendar. For example, each entry that I make on my checklist, lists the task or appointment along with the completion or meeting date. This way, nothing slips through the crack and tasks are completed on time and appointments are kept.Deduct Your Home Office as a Business ExpenseIn order for a home office to qualify as a business deduction for federal tax purposes, it must be used regularly and exclusively for business purposes. For example, if you’re a part-time real estate investor and a full-time school teacher, who has a home office that you claim as a real estate investment business expense, but you use your office for both your real estate investment business and for grading student papers, your home office deduction would be disallowed if you were ever audited by the Internal Revenue Service (IRS). The IRS would do this because your home office isn’t being used exclusively for business purposes. The best way to make certain that your home office will pass muster with the IRS is to regularly use the space you’re claiming as your home office exclusively as your principal place of business. I comply with the IRS home office use rules by having a home office that’s located in a separate building behind my home-approximately 40 steps one way-and used exclusively for business purposes. My compact home office measures a measly 10 feet long by 10 feet wide and is a scant 100 square feet in size, but it serves its purpose quite well. I like this arrangement, as it allows me to separate my business from my personal life. For more information on how to deduct your home office as a business expense, read IRS Publication 587, Business Use of Your Home, which is available online at the IRS Publications and Forms Web site.Accurate Record Keeping Is an Integral Part of Running an Efficient BusinessMaintaining accurate records is an integral part of running any type of successful business. Yet, it’s probably the most overlooked aspect of the real estate investment business. For many small business owners record keeping is last minute ritual that’s performed annually around 8 P.M. on the fourteenth of April, and forgotten about the other 364 days of the year. Needless to say, this is definitely not the smart way to run a business. Here’s a listing of the five types of records that real estate investors must maintain in order to have a smooth and efficiently running business:1. Income records: Income records include monthly income and expense statements, bank statements, and accounting records documenting all of the income generated by your real estate investment business.2. Expense records: Expense records include paid invoices, bank statements, cancelled checks, and accounting records documenting all of the expenses associated with operating your business.3. Property records: Property records include mortgages, deeds of trust, promissory notes, grant and warranty deeds, surveys, purchase agreements, property appraisal reports, closing documents, easements, blueprints, certificates of occupancy, construction warranties, building material warranties, equipment warranties, building inspection reports, termite and pest inspection reports, and utility services account information.4. Insurance records: Insurance records include property and casualty insurance policies, title insurance policies, workers’ compensation insurance policies, flood insurance policies, liability insurance policies, umbrella insurance policies, automobile and truck insurance policies, pest control insurance policies, and equipment insurance policies.5. Tax records: Tax records consist of property tax assessment notices, property tax payments, federal tax returns, federal withholding-tax payments, state tax payments, and county and city occupational license fee payments.Store Original Copies of Records and Documents in a Safe Deposit BoxI recommend that you photocopy or scan all of your important property related records and documents onto a CD-ROM and store all of the original copies in a safe deposit box. This way, you’ll have all of your original records and documents in a safe, secure, off-site location where they can be easily located in case of an emergency.Use Generally Accepted Accounting Practices to Maintain Financial RecordsOver the past couple of years, there have been a slew of court cases involving fraudulent accounting practices in which CEOs and other corporate higher-ups “cooked the books” to prop up the value of their company’s stock. Unless a stay at a “Club Fed” facility appeals to you, it’s best that you stick with generally accepted accounting practices instead of using creative accounting methods, which are based on fuzzy mathematics. In basic accounting jargon, the term generally accepted accounting practices (GAAP) refers to accounting principles and practices that are standard in a certain industry. The best way that I know to keep bookkeeping straight is to use an off-the-shelf computer software accounting program such as QuickBooks financial software. This way, all you have to do is enter your financial data and the software does the accounting functions and balances the books and makes it easy for you to:1. Identify the source of receipts.2. Keep track of tax-deductible expenses.3. Document expenses claimed on tax returns.4. Prepare tax returns.Deduct All Business-Related Travel ExpensesMake certain that you deduct the cost of all travel expenses related to running your real estate investment business. The Internal Revenue Service requires that taxpayers maintain automobile mileage logs to document business-related mileage that’s claimed on federal tax returns as a business expense. The standard mileage rate that can be deducted from federal taxes for the cost of operating a vehicle on business-related travel changes each tax year.Depreciate All of the Equipment Used in Your Small BusinessIn order for your small business to earn a maximum profit, you must take full advantage of all of the depreciation allowed under the Internal Revenue Code. To do this, make certain that you claim the maximum depreciation allowed on all of the equipment used in your business to include:1. Office furniture and equipment such as computers, printers, and facsimile machines.2. Software programs for accounting and word processing.3. Cellular telephones, telephones, and telephone answering machines.How to Prepare Your Tax ReturnsFor years, I’ve advised small business owners to hire a tax professional, such as a certified public accountant, board-certified tax attorney, or an enrolled agent, who is licensed to represent taxpayers before all administrative levels of the Internal Revenue Service to prepare their tax returns. I made this recommendation because of the very real possibility that an unreported glitch in an off-the-shelf tax preparation software program could cause an investor’s tax return to be audited. And then the investor would be on their own, as no one from the tax preparation software company is going to represent them in front of the Internal Revenue Service during an audit. However, I’ve had a change of heart after using the Turbo Tax Business tax preparation software program, which is made by Intuit, Inc., to prepare my federal tax returns. I’ve found Turbo Tax Business to be relatively easy to use and a fast, safe, and economical way for me to prepare my tax returns in the privacy and comfort of my home office. And it’s the same tax preparation program that the enrolled agent, who previously prepared my tax returns, uses. I very seriously doubt that the chance of my taxes being audited has been significantly increased by preparing my own returns. But if you’re not comfortable preparing your own tax returns, I recommend that you hire a licensed tax professional to do it for you. For more information of the Turbo Tax Business tax preparation software program, log onto the Turbo Tax Web site.Use the U.S. Master Tax Guide as a GuideI highly recommend that you use the U.S. Master Tax Guide as your tax reference guide. It’s published annually by CCH Tax and Accounting and is available for purchase online at the CCH Tax and Accounting Web site.

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Computer Education

Computer literacy in this modern world has become a necessity rather than a prestigious course. Be it that you are in any industry apart from the computer studies it is of high importance to learn how to use the computer in everyday life.I studied computers in school and advanced in college to do a computer course and have realized how much a lot of the professionals in the other areas have missed by not being computer literate.I will mention four good reasons one has to be computer literate in this day.1. Computers will keep you up to date even after leaving school one has to continue studying to keep up with the pace and trends of the different industries, be it an engineer, nurse, or a social worker.2. Research and reference is easier done using the internet and case studies will be readily available such that some are for free thus resources found on the internet, this breaks the barriers of advancement of studies in the modern world.3. Communication barrier is lifted in the computer world because once one has internet connection on the computer it will be come almost for free to communicate with the rest of the world on the internet. People use emails, voice transmission software such as GTalk, Skype to call other people on the internet for free that is breaking communication barriers in all aspects.4.Online publications such a newspapers keep you informed and mostly they are for free than the hard copy that is a paid for one, thus reducing cost of information and making it readily available to everyone who has access to the internet connected computer.It is a very important tool to be computer literate in this modern world and I propose computers should be made compulsory in the education system so that everyone should know their way around computers in the day to day world. It will increase productivity in the industries because imagine before you do what ever task one has to have a research of it to complete the task if we are using computers it will be a very a efficient means of information source and storage.Computers have become an essential source of information hence they are inevitable to the modern world. Computers store information for future reference and easy computations so if we are to learn long time ago we used libraries but now we can have the libraries in the computer. Let’s use the computers to keep up with the trend.Alois T Chanakira is the chairman of ATP technologies a web hosting company www.atptechnology.net. For any domains that you would like to purchase visit their web site.

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Numis Network Information Review

Numis Network opened its doors for business in August 2009 as the first Network Marketing company to offer as a product, a variety of Gold and Silver Numismatic Coins. There is a growing amount of Numis Network info and review pieces so this article will serve as concise review of the opportunity from a leader on the “inside” and I’ll spare you the hype and “fear tactics” that many amateurs use which insults your intelligence.The Numismatic Coin Industry: In the United States alone, the Numismatic Collector Coin Industry is already a $10 Billion Dollar market and is growing. Experts still consider it a “small cottage industry” undiscovered by the general population. However, globally it is a massive industry with over $100 Billion Dollars in sales yearly. So, in fact, even if you and many others have never heard of it, the Numismatic Coin industry and what Numis Network is tapping into is already a massive industry with a robust and growing market worldwide.The Network Marketing Industry: Around the world the industry that allows normal, every day families to start a real home based business from their kitchen table that they build by word of mouth and referral, networking based marketing is also, already a multi BILLION DOLLAR industry that has gone “mainstream” as claim several experts from inside and outside the industry. Globally this industry is massive and growing.Because of the staggering loss of trust and financial/economic crisis created by the government handling of the massive big corporate bailouts, corporate money schemes which fleeced the normal family for years and now the sky rocketing increase in taxes, governement debt and gloomy job market, people are flocking to the only industry where the average person has a shot at building a side income and growing a profitable, low cost business based from the home. Enrollments in home based business opportunities is growing exponentially as people worldwide recognize that there is more leverage in learning to network with others and use the internet, social media and direct response marketing strategies to build global businesses and multiple income streams away from the “corporate world.”Another interesting aspect of the exponential growth in the home business arena is the fact that more and more “white collar” professionals are recognizing the powerful leverage available and are leveraging their existing skill sets and networks to gain a financial advantage and cash flow generation model they could never have received inside of the corporate cubicle.So Why Numis Network? What was it about Numis Network’s product and opportunity that people resonated so deeply with compared to so many other competing concepts? Why are so many high quality people and industry leaders enrolling in Numis Network and building large organization so quickly?The Numis Network Product: Traditionally most network marketing companies have used the tried and true consumable product as its base. Usually in the form of a “wellness” juice, vitamin, diet pill, or other kind of lotion and potion. They have been used to build Mulit-Billion dollar global organizations for many decades. Numis Network, however, has a product that struck a nerve universally across an industry and it’s all based in fundamental market psychology inherent to the arena of home based business.It’s simple really. People, by and large, come to this industry “to make money from home.” They usually do not approach this industry in a search for “the perfect juice” or other consumable product. People are attracted about the opportunity to make money from home with leverage. Numis Network’s product just makes sense. If you’re looking to learn how to make money from home, it may as well be by promoting MONEY (gold and silver) to other people who are looking to also make money, right?Numis Network is still in its “infancy” stage but already many leaders of the industry have resonated with that line of thinking and have joined and enrolled over 5,500 people into the program already. So there is yet, another marketing psychology based “story line” here that explains the fast growing Numis Network phenomenon and why even industry leaders may be climbing on board fast and sharing the word.Assets versus “Doo-Dads?” – The other interesting aspect of the Numis Network product line is that the product itself has historically tended to appreciate with time. As an example, a 1997 MS70 American Silver Eagle Numismatic Coin is currently valued at roughly $500 versus the 2010 issue of the same coin which is found on other Numismatic Dealer shops and web sites for around $150. These coins, like the value of the base metal they are made from, tend to APPRECIATE in time. And they are also considered ASSETS on any balance sheet.You can not say the same about the usual consumable product that people spend their money on in the network marketing industry. So many people may be assuming that it is financially more intelligent to exchange their cash currency for a gold or silver coin product instead of a worthless juice product or other consumable because in time, their gold and silver will still have an intrinsic value while the juice will be wortheless.Numis Network Compensation – The founders of Numis Network have designed a leveraged compensation plan that pays up front commissions in the form of “coded bonuses” to unlimited depths and width, as well as binary based residual income with a unique twist. Traditionally binaries tend to only pay on the “weak” or pay leg which can cause several scenarios where the distributor loses significant income to the corporation even though they recruit power builders who grow massive businesses and product volume.Numis has created a unique hybrid binary structure that compensates on all sides and mitigates the weaknesses in other binary structured pay plans. It affords both the new member ways to make up front money as well as compensating leaders for building teams that grow wide and deep.Numis Network Marketing and Final ThoughtsNumis Network seems to have their hands on the pulse of today’s home based business market. There is no doubt that with SUPER salesman, Mike Mezak, a leading pioneer in the creation and growth of the Numismatic Coin industry, they also have their hands on the pulse of a $100 Billion Dollar global industry that is still growing fast.Time will tell how fast and how much this company will grow, but after performing a thorough analysis at core fundamentals and facts surrounding this company, the industries they market in and the results of their fast growing launch, it seems as if they have a good handle on scaling their growth.The independent marketer and home business owner will need to connect to solid leadership to leverage the existence of training, marketing systems and sales support so they don’t get stuck losing sales and time in an attempt to “go it alone” or reinvent the marketing system wheel all by themselves. It still takes a firm understanding of the niche, direct response marketing strategy and effective systems and training to build any home based network marketing business and the serious home based entrepreneur should invest time and energy on their own skill sets and also in finding proving mentors and teams with systems that can help them short cut the learning curve. Assuming they get that “handled,” Numis Network, like other intelligent programs, should prove to be a profitable venture for many smart entrepreneurs.

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A Guide to Help You Pick the Best Air Purifier for Your Loved Ones

Holidays are around the corner. This is the time of year when people start purchasing gifts for their loved ones. If you are going to purchase an air purifier for someone you love, we have some helpful tips for you. If you want to purchase the best unit, you may be able to use this guide to your advantage. Read on to find out more.

1: Set Your Budget

Just like anything you purchase, make sure you have set your budget first. The price of the unit will vary based on a lot of factors, such as the capacity, filter type, features, and brand of the unit. If you don’t have a flexible budget, we suggest that you go for a product that is available to purchase for less than $300.

2: Consider the Needs of the Recipient

Your next move is to consider the needs of your recipient. If you are going to purchase this unit for everyday use, we suggest that you go for a unit that comes with a HEPA filter. On the other hand, if your loved one has a specific need, we suggest that you consider a specialized unit.

For example, if they are more prone to respiratory issues, such as allergies and infections, we suggest that you get a UV purifier for them. The devices are designed to neutralize viruses and bacteria.

3: Think About the Available Space

Another primary factor is to consider the available space in the office or house of the recipient. For example, if they need a general-purpose unit for a small apartment, you may want to consider a filterless unit.

On the other hand, if they have plenty of free space, you may consider a bigger unit that features a higher airflow rating. These units are powerful enough to cover a large face.

4: Consider Extra Features

Lastly, we suggest that you consider additional features that they will just love. For example, some units come with an indicator that turns on when the filter needs to be replaced. This will allow the user to change the filter so that the device continues to work properly.

So, you may want to consider these features before you place your order. These features may not be important to you, but your friend may just be over the moon.

Long story short, we suggest that you consider these four tips if you are going to purchase a gift for your loved one on these holidays. Since the air is full of pollution during winter days, nothing can make a better gift than an air purifier. Therefore, you should consider these tips before looking for an online or physical store to make your purchase decision.

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The Significance of Pure Air Inside Your Home

Have you ever climbed up mountains? If so, what do you do when you reach the top? Most people open their arms, close their eyes, and take a deep breath. That is the special thing about clean and fresh air. You feel like taking a pause and inhaling fresh air. Over the past year, we have faced several waves of coronavirus. These days, we have been warned about another wave of this virus. Therefore, the importance of clean air has been increasing day by day. In this article, we are going to find out why air quality is important when it comes to our indoor environment.

The impact of pollution on your indoor air

No matter where you go, you will have to face the consequences of poor quality. Even if you are alone in your home, you will still be prone to polluted air. Every year, more than 1 million people lose their life because of air pollution.

According to some reports, India is among the top 10 countries in the world with the worst air quality. The effect of polluted air is more evident as people spend over 90% of their time inside their homes. Another research study found that residents are at a greater risk of covid-19.

As a matter of fact, indoor air pollution has become an international concern. We can say that pollution levels inside and in closed spaces are up to five times higher. Since most pollutants are not visible to the naked eye, you may not be able to aware of the dangers of dirty air.

Indoor air pollutants may be generated by common household items, such as cleaning agents, cooking fuel, furniture polish, pet dander, and paint. Apart from this, domestic appliances such as refrigerators and heaters may also be the common source.

Since homes are not airtight, air pollutants can easily get in. For example, smog, smoke, mold spores, and dust can get into your house through your windows or doors. Air conditioners can be used to cool down your rooms. But the downside is that they can also boost the movement of pollutants across your house.

What can you do to purify your indoor air?

Basically, air purifiers are simple devices that receive dirty air and put it out after passing it through powerful filters. Nowadays, you can choose from hundreds of air purification units available in the market. They are based on a wide range of technologies. They are available in different sizes to cover rooms of different sizes.

Nowadays, most types of air purifiers depend on HEPA technology. Initially, this technology was introduced in the 40s in order to capture pollutants from the air. Although these filters have been used for the filtration of particulate matter, they may not be that effective when it comes to eliminating volatile organic compounds.

Therefore, if you are worried about your health, we suggest that you invest in a type of device that comes with a HEPA filter. With these units, filtering your indoor air will be a piece of cake. Therefore, you can count on these devices to and ensure clean air inside your house.

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