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Small Biz Life

YOU STARTED A BUSINESS! YOU ARE AMAZING AT WHAT YOU DO. But there is a lot more to running a successful business: accounting, marketing, IT, sales, management. You wear so many hats. Add family, friends, health, home…no wonder you are tired! WE GET IT! We have been small business owners for the past seven years and have worked with small business owners for the last fourteen years. We know the challenges of finding the right solutions and juggling all the responsibilities. We know how hard it is to put YOURSELF on the to-do-list. YOU ARE NOT ALONE. COME JOIN THE COMMUNITY. TOGETHER WE CAN GROW AND THRIVE.
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Now displaying: September, 2017
Sep 24, 2017

Stop floundering creating task

Have you ever been told that if you work hard you will succeed? I was. I believed it. For years whenever I had an issue I just started to work more. Work more hours! Push! Push! 
I kept moving.

I would do great for a while and then I would burn out. Sometimes I would kill it and prosper, but to be honest most of the time I seemed to go nowhere.

It was frustrating. However, I just kept doing it. I would also get very focused on the work. I was told if I just work smarter. all my problems would go away. I just needed to focus on the type of work I was doing. However, that failed to make my life better, or my business larger.

I also went through a period, where I cut out all the work that I didn't like, that was the worse mistake. I lost touch with so much that was important to my business because I did not want to do work I did not like. I would store up all that crappy work until I was forced to do it. I managed to 10x the work I hated. This is a 10x you never want, please trust me.

How to fix it?

It all started with a great piece of advice from Brendon Burchard. I figured out what I needed to look like to live the life I love.

It freed me from a trap I was in. I was trapped spending so much time, trying to find new hacks, apps, and techniques to improve my time management. I missed the root problem. I needed to get over myself.

The first part of troubleshooting is finding the problem. If you get stuck in a GTD hell. You need to identify, what you are screwing up.  From my work with clients and myself, it appears most people's task management issues is because of one of these mistakes:

  1. You Focus on the work
  2. You focus on our immediate feelings
  3. How hard we are working

What we should focus on for better task management

  1. We should focus on the result the output of task
  2. How the task moves us forward in our life our goals
  3. Think about your next task before you start

This Week in the Small Biz Life Podcast

Kristin and I look at these mistakes and go into much more detail about how we should look at our task management. If you have not, I would also check out episode 104 – How to get it all done. Also read "Getting Things Done: The Art of Stress-Free Productivity" by David Allen. 

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https://www.smallbizlife.com/blog/episode-106-the-3-major-mistakes-we-make-with-task-how-you-can-start-fixing-it-now

 

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episode 104 – How to get it all done https://www.smallbizlife.com/blog/episode-104-how-to-get-it-all-done

 

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Getting Things Done: The Art of Stress-Free Productivity by David Allen http://amzn.to/2wNmfTi

 

Sep 17, 2017

Before you panic

Yes, it is best to be concerned about your data. Between all of our smart devices and services that connect our data over the web. It seems like it is only a matter of time before we have our identity stolen.

However, panic is never a plan. We need to understand how the latest breach effects us and what we need to do to protect ourselves better.

My biggest concern with the Equifax Breach 

Equifax is one of the three credit reporting agencies in the United States. This breach exposes the name, address, birthday, and Social Security number of 143 million people. 209 thousand people had their credit card information lost. And 182 thousand lost documents by Equifax according to www.equifaxsecurity2017.com. The first thing you need to do is go to www.equifaxsecurity2017.com and see if you or your children have been affected.

What to do now?

Chances are you or someone in your family have been exposed.  Here are the quick steps you need to do if you are part of the 143 million.

Ways to protect yourself

  1. Check your credit reports for free on www.annualcreditreport.com
  2. Place a Fraud Alert or credit freeze on EquifaxExperian, and TransUnion
  3. File your tax return ASAP
  4. Signup for a service like Credit Karma
    1. The market leader is LifeLock
    2. Or what we use ID Shield which is like LifeLock with extra SSN protection
  5. Or better yet higher a service that will help resolve problems if you are compromised
  6. Protect your passwords and track all the sites you have bad or duplicate passwords with LastPass.
  7. Always use VPNs when you are not in a secured network. Try NordVPN

24 other reasons to protect yourself

Since 2016 there have been 25 major data breaches with at least 900 Million records lost. And out of those numbers, there have been many companies who do not know or did not state how many records have been lost. There could have also been other breaches that have not been publicly released.
In these days of an interconnected world, you should consider the best ways to protect yourself and assume that at some point you or a family member will have their identity stolen. Please consider a service like Identity Shield as a way to protect yourself.

  1. Equifax  2017
  2. Taringa 2017
  3. Grozio Chirurgija 2017
  4. Erie County Medical Center 2017
  5. Friend Finder Networks 2016
  6. Commission on Elections 2016
  7. Weebly 2016
  8. Taobao 2016
  9. 21st Century Oncology 2016
  10. KM.RU 2016
  11. Nival Networks 2016
  12. Verizon Communications 2016
  13. Apple Health Medicaid 2016
  14. University of California, Berkeley 2016
  15. University of Central Florida 2016
  16. Central Coast Credit Union 2016
  17. Cox Communications 2016
  18. Department of Homeland Security 2016
  19. Democratic National Committee 2016
  20. Inuvik hospital 2016
  21. EyeWire 2016
  22. Gyft 2016
  23. Ofcom 2016
  24. Rosen Hotels 2016
  25. TaxSlayer.com 2016

Other Sources

Get An Identity Protection PIN (IP PIN)

https://www.irs.gov/individuals/understanding-your-cp01a-notice

The Equifax Data Breach: What to Do

When Information Is Lost or Exposed

Best Identity-Theft Protection 2017

NOTE: This post contains affiliate links

Links

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https://www.smallbizlife.com/blog/episode-105-dealing-with-the-equifax-breach

 

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https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin

https://www.irs.gov/individuals/understanding-your-cp01a-notice

https://www.consumer.ftc.gov/blog/2017/09/equifax-data-breach-what-do

https://www.identitytheft.gov/Info-Lost-or-Stolen

https://www.tomsguide.com/us/best-identity-theft-protection,review-2083.html

https://nordvpn.com/free-trial/

https://en.wikipedia.org/wiki/List_of_data_breaches

https://www.equifax.com/personal/?/              

http://www.experian.com/

https://www.transunion.com/

https://www.creditkarma.com/auth/logon/

https://www.lifelock.com/

https://www.idshield.com/       

 

 

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Sep 10, 2017

We all have so much to get done. Our small businesses can turn us into workaholics. Our family and friends are always trying to distract us. And all those hobbies take time. So can we really get it all done?

Human nature says no

Think of how much life has changed for humans since the dawn of recorded history. We have created air conditioning, air planes, escalators, teddy bears, the Theory of Relativity and all those major changes happened in the first 5 years of the 20th century.

As a species, we are driven to make our life, and the life of our family members better.  It has taken humans from small tribes of hunter gatherers to data scientist in ~5,500 years. So stop worrying about getting it all done, until we reach a utopian state we will always come up with new tasks to do next.

So stop trying to get it all done

Your time is better spent trying to learn how to figure out what to do and how to do what you are doing better to get to your next goals. And understanding our nature will force us to pick new goals and create new tasks along the way.

So join Kristin and Jeff in this episode as we look how we work to get the most done every day so we can maintain our momentum allowing us to focus on what is important to us and enjoy our this crazy thing that we call life.

Links

((((((((((((((((((((((((((( Visit Show notes )))))))))))))))))))))))))

https://www.smallbizlife.com/blog/episode-104-how-to-get-it-all-done

 

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https://www.smallbizlife.com/Focus Free for a limited time

https://www.smallbizlife.com/HQ Small Biz HE

https://www.smallbizlife.com/blog/episode-62-improving-your-focus Episode 62 - Improving your focus

https://www.smallbizlife.com/blog/episode-16-the-why-and-how-of-goal-setting Episode 16 - The why and how of goal setting

 

 

 

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Sep 3, 2017

As a CPA, Kristin is asked many questions about how small business owners should deal with money and tax issues for small businesses.  There is one question that she is asked to most.

How should I form my company?

Well, as with most questions involving the government and taxes it is never quite that simple.

The common options:

  • S Corporation (S Corp)
  • Limited Liability Company (LLC)
  • Sole proprietorship
  • Partnership

There are many reasons to pick any of these selections. However, the first thing you need to understand is an LLC is considered a disregarded entity for tax purposes. That means that if you have one owner, your business will be treated as a sole proprietorship by default. Have two or more owners? Your LLC will be a partnership by default. You can elect that your LLC be treated as an S Corp as well.  If you ever decide to move your sole proprietorship or partnership to an S Corp you will save yourself paperwork if you become an LLC.

THE MOST IMPORTANT RULE TO REMEMBER

The time you should really consider paying a bit more to set up your S Corp is when your compensation equals the reasonable salary to replace you in the business, including an additional amount for your management function. The best place to learn your reasonable salary is Salary.com.

There will be some additional cost as an S Corp

You will need a payroll service like Gusto, plus pay for unemployment taxes and additional tax filings. Email Kristin@SmallBizLife.com to get set up in Gusto today.

There are more considerations in the process. Check out the episode to get all the financial impacts for free. It is also a good idea to discuss the legal implications with an attorney. We are not lawyers and do not offer legal advice in this episode. 

If you would like to set up a call or a video call to get Kristin's help with your situation create an appointment with Kristin today.

 

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Small Biz HQ https://www.smallbizlife.com/HQ

Salary.com http://salary.com/

Appointment with our CPA https://app.acuityscheduling.com/schedule.php?owner=11594269&appointmentType=4076834

 

 

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