It’s About Time for You to Grow Your Business

Lisa Peck is back today with another guest post

How to Grow Your Business Even When You Are Busy

By Lisa J. Peck

One of the biggest challenges for entrepreneurs is that they have too much to do and not enough time to do it all.  So how do you grow your business and find the time to do the things that are most important to get to the next level, especially when there are constant fires to put out?

It seems like there is always something going wrong that takes your time and attention away from doing the things you know will take your company where it needs to go.

Do issues like computer problems, clients needing assistance, website development, production glitches, and employee dramas, etc, etc, etc., get in your way?  One of the reasons entrepreneurs have a hard time getting the right things done, is that they don’t know what the right things are.

You are guilty of not knowing what the right thing is for you to do in your business if you have become an information junkie, or in other words, you are gathering too much information and not implementing what you’ve found.

Continually gathering information without implementation is a big, time wasting mistake.  This bad habit alone can be costing you a ton of money.  In order to grow your business, you need to apply focus.  Focus means not chasing after every idea or voice you hear.

Chances are you think you need to have:

  • a blog
  • newsletter list
  • Facebook friends
  • Linked-In
  • Twitter
  • a perfected marketing strategy
  • a sales strategy
  • articles (website content)
  • constant updating of your websites, etc.

What typically happens is that the entrepreneur hears one thing and starts trying to figure it out, then discovers another and goes to that, then another and on and on.  No wonder this businessperson is running from place-to-place never really mastering anything and becoming more stressed while not getting any of the desired results.

Want to know signs you are doing this?

  • Lots of “to do’s” in many different areas of your business that seem to keep growing.
  • A deeper sign? … you’re working harder and not getting the business results you want, money or…
  • the increased money you’re making is not equal to the amount of additional time you are putting in.

The problem is, when you make decisions based on what you “should” do or think you should do—you’re not pulling inside and tapping into your natural wisdom that would shine the light of your own brilliance on your unique challenge.

When you look outside for all your answers and don’t check to make sure the wisdom matches your values, goals and personality, you are literally working against yourself.

How do you stop chasing after information and start growing your business?

Step #1: Have a solid strategic plan on your sales process and marketing.

If you don’t know where you want to go, and the benchmarks that you want to hit, it is impossible for you to make your business vision a reality.  One of the best ways to stop gathering information that you don’t need yet, is to know exactly what your next step is in the sales process.  Also to have the long-term vision of your marketing and sales strategy that outlines where you want to be in your company.

Often times business owners say they know where they want to go and they do, sort of. But once they really look at what it looks like it becomes clear they aren’t as clear as they thought.

Without clarity of where you want to head, you can fall prey to being sucked into the “information gathering void”.  The problem with this is that the more you gather the less likely you are spending your time actually implementing the action steps that you need to take to put money into your bank account.

Step #2: Be Crystal Clear on what actions you need to take to put money in the bank. Spending time on  anything other than what actions to take that will put money in the bank is prolonging the time between now and your success.  If you don’t know what activity you do that will put the most money in your bank account, it is time for you to track your actions and figure it out.

Step #3— Stop gathering information. Go on an information fast.  This is where you focus only on learning the one or two things you most need to know to go to the next level in your business. No buts… no … “this is a real good deal” … none of that.  Implement only one or two things that you most need to accomplish in order to move to your next step.

When you have a solid plan, you are clear what to do to put money in the bank, and you stop getting distracted. You will then be well on your way to business success.

Lisa J. Peck has been helping entrepreneurs and business owners grow their business and balance the needs of home for over 18 years. Being a mother of 8, author of 20 books, former radio show host, and an award winning speaker, I can show you that balance and success is not only possible but vital to make more money, have more free time to be there for your family.

Step It Up or Get Out of the Way, Lisa’s new cutting Edge book, is the missing piece you have been waiting for to reach and impact more people with your message, product or service.  To fulfill your life’s purpose and step into your vision, NOW!  Through this engaging and interactive book, you will learn the tools and systems you need to make it easier than ever before to grow your business, while being in alignment with who you truly are.

Lisa is offering us a special bonus!

If you go to her website www.stepituporgetoutoftheway.com you can get your copy of Lisa’s new book Step It Up or Get Out of the Way, AND you can also get 4 High-Impact Training Videos that reveal 22  Biggest Mistakes, Detours, and Unexpected Surprises that over 50 Entrepreneurs Made in Growing Their Business. Plus a bonus videos The 7 Core Fundamentals Every Business Expert Wishes They Knew from the Start! You will get all that for the price of the book just for reading this post!

You must understand the “tax gap” because…

As a small business owner, it’s absolutely critical that you understand what’s meant by the “tax gap,” so today I’ll do my best to explain what it means and why it’s important.

What’s the tax gap?

The tax gap is the difference between what the IRS thinks taxpayers should be paying in Federal income taxes and the amount which taxpayers actually report as their tax liability.

What causes the tax gap?

Taxpayers don’t report all the income they receive
Taxpayers take deductions they aren’t entitles to or can’t prove
Some taxpayers don’t even file a return

Why should business owners care?

The IRS recently estimated that $148 billion of the tax gap is due to unreported income earned by unincorporated businesses and the resulting unpaid self-employment tax.

What’s the IRS doing about it?

In 2010 the IRS examined over 270,000 returns which included Schedule C and recovered an average of $9000 in additional taxes per audit.

How does the IRS choose which returns to audit?

There are many different ways your return could be selected for audit. One that gets used a lot is the 1099 matching process. You know, those pesky slips of paper called 1099-MISC you get from clients in January every year. You don’t have to send them in with your tax return, so maybe you don’t pay much attention to them.

But the IRS does!

The folks who send them to you are required to send copies to the IRS. And the IRS simply loves 1099s. Why? Because they show how much you’ve been paid which usually results in income you should be reporting.

What exactly is the 1099 matching process?

It’s the best way the IRS has to identify under reporting of income. If they get copies of 1099s from your customers that total MORE than the amount of gross income you’ve reported on your Schedule C, you’re likely to get a letter questioning the accuracy of your return.

What if you think your 1099 is wrong and the amount reported on it is too high?

Your natural inclination is probably to report the correct (lower) amount, but that’s not a good idea because it will result in a mismatch.

You must understand the “tax gap” because…

You don’t want to be a part of it.

For more information, click here .