11 Jan Business Owners: The Right Goals 2019
Business owners know that resolutions at the beginning of a New Year seem to be made to be broken. So we are just going to set a few goals instead. By the way, we think these goals blend well with our Gavrilov & Co Business Plan.
However, business owners will see they include some personal as well as business benefits. We have scanned the Internet to find some of the best suggestions for doable goals in the New Year. These are some of the best, although we are unsure they would be best for everyone. They should, however, provoke some deep thought if you are goal setting or making serious tax-planning resolutions as you dive deeply into January.
1. Business Owners Changing to a Four Day Week
Some business owners we know are committing to taking off on Fridays. They will work extra time each day to pay for
this privilege. Work a four-day week. Could you make this happen if you work some extra hours each day to “pay” for removing Friday from your work calendar?
- If you cannot commit to this policy, perhaps you can try to simply resolve to remove half of Friday from your work week. We know several business owners who believe they could continue to exist if they only work until Noon on Fridays.
- An alternative resolution—or goal, we should say, would be to take every other Friday off.
- Yes, with tax season hitting us, the four day week is practically an impossible dream for most accounting firms. However, some seasonal business owners are adopting the four day week as a goal for their off-seasons.
Special Note: A Lesson from the Beauty Salon
The Beauty Industry is way ahead of us in some ways. Although beauty shops may work 5 or even 6 days, they often
choose Monday to close the beauty salon or barber shop. Granted that is not the 4 day week we are proposing, but it is less traditional than most business week-ends. Taking Mondays off from work instead of Saturday allows the industry to work on days that produce the most business dollars. And Saturday can be a big day in any neighborhood beauty salon or barber shop. Bravo!
In Case You Are Curious—
Here’s a little of the rationale behind the beauty industry tradition: “…the Sunday-Monday off days give them a true weekend, since closing Saturday would be a bad business move.” Plus, “some cities had a union for barbers that lasted through the mid-20th century. The union pushed employers to close on Sunday and Monday so that barbers could have a full 2-day weekend – which included being able to go to church – and no one would have a competitive advantage.”
2. Business Owners Rediscovering Time Management Rules
Now we are not going to get into all the details of managing time, but there are three little objectives for accomplishing
this goal. Edward Mendlowitz featured them in a recent article for Accounting Today. Each of them are sharp, to the point and they go back-to-basics for good business practices.
Below we recount his 3 simple ways to help business owners reclaim lost hours. Now, here’s the Gavrilov twist: Saving time is only part of the goal. The real goal is to step up your efficiency. You see, it’s not just about the time you save; it’s about efficient or valuable use of that time. For example, Ned previously spent 5 hours after closing on weekends for figuring out the payroll of his small Pizza Parlor restaurant business.
We showed Ned how to use software for his payroll. Now he spends an extra 20 minutes after work on Thursday, with his payroll. This frees up his schedule so he can watch his children play ball on Friday. We know this could help many small business owners, both Dads and Moms, have a better life. Sometimes we ache for the ones who don’t discover it.
And now, for those three Mendlowitz objectives we mentioned above:
1. D. I. N. stands for “Do it Now.” This is positive. Our tax squad likes it much better rather than the negative, which might be stated, “I resolve to stop procrastinating in 2019.”
2. T.I.O. Stands for “Touch It Once.” If you cannot “do it,” then schedule it, file it, delegate it, or trash it. A shining example of this would be editing your daily e-mail.
3. M.I.T. Stands for Most Important Thing. Business owners can calm down the apparently frenzied pace of a day by choosing the most important, number one “Most Important Thing” to accomplish in a workday. Prioritize that thing. As Mendlowitz warns us, “you are not allowed a dozen M.I.T.’s, only one.”
These three little objectives could help any business, large or small achieve the “right goals” for 2019.
The Real Estate Industry Sets 21st Century Goals for Business Owners
From the world of Real Estate, we see one of the biggest challenges as that of embracing change. It’s no longer the same type of business that Aunt Tildy could run with her phone and a notepad. This year we predict you will see many Real Estate business owners embracing media changes, and cloud-based solutions. You might even see some of them reject their brick-and-mortar buildings for online locations.
Real Estate Goals and Resolutions Float On the Cloud
Many of them will resolve to switch to the cloud and become more tech-savvy and efficient. At Gavrilov & Co we are seeing great benefits for the industry owners who learn to switch to the cloud, especially in real estate. “Failure to change with the times means you’ll fall behind your more tech-savvy and efficient competitors.”
So, from the realm of today’s real estate industry we can learn the “benefits of greater accessibility, scalability, cost efficiency and security.”
(And by the way, Gavrilov & Co can show you how cloud based technology will bring your real estate business into the 21st century.)
More Trending Goals or Resolutions for All Business Owners
Some new business owners have difficulty charging the proper fees to maintain increasing costs. If this is your situation, we suggest three special goals for 2019.
In the first place, in 2019, resolve to increase your fees until they are commensurate with your increased costs. We are not advising you to gouge your clients. A small incremental raise in prices can keep you and your clients happy.
- Secondly, many business owners are discovering the value of fully funding their retirement plans. What a great goal this is for 2018. However, you cannot accomplish it unless you charge fees that are worthy of your value.
- Thirdly, we know successful business owners who have officially discovered the value of a monthly meeting just for owners or partners. It’s a simple, one hour goal that could make 2019 a more profitable, happier year for you and your business, whatever business it is.
- Fourthly, the Warmest, Sweetest 2019 Goal or Resolution: Charity.
In the prestigious magazine, Accounting Today, Edward Mendlowitz, stated “You are not here alone. Give A Little More to Charity.”
Indeed, this is good advice for beginning a new year. And No industry teaches this lesson better than the Restaurant
Industry. “The charitable giving of America’s restaurants adds up to a staggering $3 billion a year.” Not only the big chains but also the little neighborhood cafes donate the dollars to create this amazing statistic. In 2018, even when times were tough, these were dollars on which communities could depend.
The National Restaurant Association reported that “Almost all restaurateurs, 94 percent, make charitable contributions, mostly to organizations and charities in their communities, and 70 percent make cash contributions.”
A Different Lesson: If You Can’t Give Dollars, Give Time or Talent
Restaurateurs have perfected a circle of charity. Restaurants can invest time and effort to mentor and help “people who are neighbors, guests and sometimes future employees.” Restaurants often involve employees in the restaurant’s volunteer activities. This goal, if accomplished with inspired and motivated employees, “improves their job performance and job satisfaction…”
Likewise, “it enhances the restaurant’s image and reputation.” So, there you are: Charity does begin at home, in our own communities. The beauty of it is that ultimately the right goal of giving more to charity helps the businesses which do it.
In fact many industries are making resolutions to give more to charity in 2019. As a matter of fact the new tax laws favor it if you study the details. And the Gavrilov & Co. Tax Squad is here to help you figure it out.
The Right Stuff: The Right Goals
In his 1979 book, The Right Stuff, Tom Wolfe wrote about the heroism, bravery
and generosity expected of our champions in the space program. We named this blog the Right Goals because we feel that you need not be an astronaut to have the “right stuff.”
At Gavrilov & Co, we see the right stuff every day in our clients. They are business owners from the restaurant industry, the beauty industry and the real estate industry and many other small businesses in the USA.
They have the “Right Goals” for 2019. We see it every day in the minds, hearts and books of the small and large business owners who visit with Gavrilov and Co.