The 3 D’s of Tax Planning

Tax planning can be confusing, crazy and complex!!

Mike Kostrich - an accountant in Ontario shares with us the 3Ds of tax planning.

Deduct - how to best utilize legitimate costs to reduce your taxable income

Defer - how to best use various structures & plans available to defer tax to future years

Divide - how to utilize opportunities to create income splitting with family members

If you want a referral to an amazing accountant who makes accounting look easy, like the link below and I will refer you 

Meetings are an effective tool

Jonathan Herps share some cool insights on how to build a collaborative culture by implementing a regular communication rhythm. Does information move through your organisation accurately and quickly?   If you ask team members in most organisations how they feel about meetings, you will likely receive a negative response— “They are a waste of time,”  “We spend so much time in meetings we don’t have enough time to do our jobs,”  “We see each other all the time all day anyway why do we need to meet?”  or some other similarly dismissive retort.  But meetings don’t have to be this way.  If you establish a set meeting rhythm where each meeting that is necessary to drive business performance is pre-scheduled with an established agenda you will actually save time and make them worthwhile. What You Risk with No Meeting Rhythm When a leader gets the team together, there are three powerful tools at their disposal: Peer pressure Collective intelligence Clear communication Casual encounters don’t offer the same environment and teamwork possibilities. In addition, when you hold regular meetings, everyone is hearing the same thing at the same time.  This is a much more efficient use of everyone’s time especially for the person who has the responsibility to communicate info to others.  There’s no idle chit-chat warming up to the topic for every person who needs to be updated.  Meetings allow the information to flow efficiently and for everyone to hear the exact same words and delivery as well as benefit from the same follow-up questions. Effective Meeting Rhythms While there will be other meetings necessary within an organisation (meetings with clients, investors and vendors are some that come to mind), the daily, weekly, monthly, quarterly and yearly rhythm of meetings recommended in Verne Harnish’s book  Scaling Up: Why a Few Companies Make it... and Why the Rest Don’t are all that you need to manage the business. Rather than be a time waster, if executed properly, these meetings will save time for your organisation.  Your rhythm of regular meetings shouldn’t require more than 10% of a standard 40-, 50- or 60-hour workweek for the senior leadership, 5-7% for middle managers and 3% for frontline staff.  Here are the key meetings that should be set into your schedule: Daily All employees are in a daily huddle that lasts less than 15 minutes. Weekly  All teams have a weekly meeting. Monthly  The executive and middle managers meet for a day of learning, resolving big issues, and DNA transfer each month. Quarterly  Quarterly and annually, the executive and middle managers meet offsite to work on the 4 Decisions - People, Strategy, Execution and Cash. Daily Huddle The Daily Huddle is a 5-to-15-minute meeting to discuss tactical issues, provide updates on daily metrics and to identify where people are stuck. It will help you avoid minor train wrecks and to take quick advantage of unforeseen opportunities. Normally, a Daily Huddle saves everyone an hour or so of needless email updates and ad hoc interruptions. Issues that emerge drive the main topics for the weekly meeting. Weekly  A 60-90 minute discussion to review progress on the quarterly priorities and address one or two main topics. Weekly Strategy Council The weekly council is focused on the following Provide council to the CEO Review progress on the quarterly priorities Tap the collective brainpower of a select team to address one or two main topics Discuss market intelligence This meeting will typically last 60 to 90 minutes. Monthly The monthly meetings should focus on one or two big issues that were identified in the daily huddle or weekly council and that require several hours of effort to tackle. This meeting also facilitates the transfer of DNA (knowledge, values, approach) from upper to middle management. This should not be a meeting of mind-numbing reports but rather one focused on learning, sharing and problem-solving. Quarterly and Annual Planning Sessions The main goal for these one- to three-day offsite planning sessions is to work through and update the Growth Tools. They provide the questions, focus and agenda for these quarterly and annual planning sessions. Keep in mind that the more frequent daily and weekly meetings draw context and continuity from the more strategic planning sessions.  Therefore, the annual meeting sets the strategic direction and priorities for the year and beyond. Then, the quarterly gatherings break down these longer-term priorities into bite-sized goals that the company can digest.  The monthly meetings address the bigger issues or opportunities that surface around the strategic direction; the weekly keeps the priorities top-of-mind and drives discussions around input from customers, employees, and competitors which feeds back into the quarterly and annual planning processes; and the daily huddle tracks progress and brings out sticking points that are blocking execution of the strategic direction. The No. 1 challenge people face when they work together is communication and the No. 1 roadblock to effective meetings is generalities.  Companies who follow a pre-set meeting rhythm with set agendas are the ones that go from good to great performance.

5 badass people to follow on LinkedIn

Thanks for the heads up of your top 5 influencers on linked in Jackie ....

I am looking forward to be being on a panel with Tima on 6 June! Will keep you posted 

Here are five badass people That Jackie is  paying attention to this year:

Brittany Hoffman

As you can tell, I’m very much a no-bullshit kind of person (understatement of the year). And there’s plenty of it on every social media platform… unfortunately, LinkedIn is no exception.

Enter Brittany. She has the experience to back up everything that she talks about and more importantly, she walks the walk more than she talks the talk. I love people that show their worth through their work. Brittany is a personal branding and growth expert that has worked with people like Gary Vaynerchuk, Marie Forleo and Tom Bilyeu.

Allen Gannett 

Allen is super authentic and incredibly knowledgeable. He is a master at cramming in a ton of value in a very short amount of time, which is perfect for entrepreneurs and business people alike that are trying to learn on LinkedIn. He founded TrackMaven, now serves as the Chief Strategy Officer of Skyword, is a bestselling author and has interviewed some of the most creative minds in the world. Be sure to follow Allen for creative inspiration.

Chantel Soumis

I like Chantel because there is absolutely no one else like her on LinkedIn. I follow her because she genuinely seems like a great human and she brings a lot of value to her followers. Chantel is an expert at bringing creativity to marketing, an advocate for the differently-abled community and the founder of a marketing agency based out of Madison, Wisconsin. I love seeing people like this making an impact right here in my home state!

Swish Goswami

Swish is in his early 20s and has accomplished more in his career than many will in their lifetime. He’s already a serial tech entrepreneur, speaker and venture capitalist (wow!). If all that wasn’t enough, he’s also been named one of Canada's 20 Under 20 and won Young Entrepreneur of the Year. Swish puts a unique spin on what it’s like being an entrepreneur, and his raw content makes him a must-follow.

Tima Elhajj

Tima often speaks about growth, mindset and overcoming limitations. Her mission is to help people around the world truly understand that their potential is limitless, and she is definitely accomplishing this goal. Tima inspires me and many others with her coaching, videos, articles and podcast.

Who are your 5?

Andy Fell shares with us 4 strategies to flood your subconscious mind with positivity

 Andy shares with us 4 strategies to flood  your subconscious mind with positivity

Have a system to flood  your subconscious mind with positivity of who you are,  your goals and who you going to  be 

The language 

• A smart goal - is a written down desire of where you want to be / that is specific, measurable, accountable, realistic with a set time frame 
• Belief is the gap of where you are to where you want to be 
• An Affirmation - is a present tense statements of who you are

You Write 150 words per minute - self talk 600 per minute - get your self talk talking about positive things 

Get rid of that negative self talk and mind chatter 

Here are the 4 strategies to flood  your subconscious mind with positivity

1. Read and write  your goals every day 
2. Affirmations - present tense statements of who you are - I am an amazing husband; i am a brilliant golfer with a. 18 handicap; I am consistent ; I can focus over the entire golf game ; I love my life; I am fit; I am healthy; I am a sex machine; I am an amazing father and granpy; I love going to work; I write daily blogs; I am on a downward trend with my weight; I am a multi millionaire - continue feeding into your subconscious 
3. Gratitude - every day when you wake up and go to sleep - thank the universe for all the things that you are grateful for - your health ; your family’s health; your ability to communicate; to add value to those around you; thank you for having the tools necessary to make a difference:@; for allowing me to live and interact in the best place on earth; having fantastic family, friends and colleagues ....
4. Have an accessible “Be amazing list”- when you have self doubt - go to it and read all the things that you are really good at and your achievements

6 strategies to get you more time!

Is time (or lack of it) a major factor in improving your productivity?

Don’t you want to just strangle people who say that you need to work on your business and not in your business?

Don’t they know that you are giving it all and just don’t have the time to do anything properly? 

What are some strategies you can implement to improve your productivity and time management? 

Your business has grown and there is so much you now have to do that is not I your comfort zone.... marketing, money, people, product, compliance..... you feel overwhelmed and at times ineffective. 

aaaaargh !!!!

Ironically, one of the lessons that leaders in high-growth companies must learn is that to be more productive they actually need to commit to fewer things. 

It sounds counterintuitive, but it works. 

By committing to a few things, you allow yourself to really focus and dig into issues. 

This allows you to understand problems better, develop more creative solutions, and guide implementation with more care. 

Additionally, by staying out of other issues completely, other people feel compelled to commit more fully and with more focus than you could.

Bruce Eckfeldt zeroes in on six techniques to determine areas they can have the greatest impact. https://www.linkedin.com/in/beckfeldt

1. Clarify your priorities.

Before you can make decisions on where to focus your energy, you need to have a clear and limited set of priorities. 

These priorities surface with clear role descriptions and a clear set of strategic objectives. Every member of a company should know the eight to 10 key metrics for their role and a handful of strategic goals. If something you're working on is not tied to one of these metrics, you're best off letting someone else take it on.

2. Know your limits.

If you don't know your effective capacity and how much you've already committed to, then you'll never be able to manage your time effectively. 

Be sure plan your ideal week and then create a defensible calendar.

The process of creating a defensive calendar will show you how to best organize your work, how much time you need to devote to management, and how much time you have for projects. 

Once you've committed to this capacity, you either need to say no to new work or renegotiate previous commitments to free up space.

3. Pause before committing.

How often have you committed to things in the heat of a meeting or an exciting discussion with a colleague, boss, or investor - only to have no “bandwidth” to deliver? 

One effective strategy in these situations is to develop the habit of pausing for a moment before responding to the request. 

Rather than jumping right to a commitment, ask for a few hours or even minutes to look at your schedule and get back to them. 

This pause can give you enough time to really consider your workload and priorities.

4. Learn to say no.

Great leaders are masters of saying no, and they do it a lot. In fact, they are so good at it, they actually make you feel good about being turned down. The trick they use is to invoke the higher purpose you both have and show that saying yes to a new request would mean jeopardizing the bigger priority you both have. A great resource for this is William Ury's book The Power of the Positive No.

5. Learn to delegate.

As a senior leader, you need to be hyper focused on key areas of the business. But that doesn't mean that everything else can just be pushed off or ignored. The best way to handle this is to master the art of delegation.

A good delegator does more than just hand off projects. They choose the right people based on skills and desire, and they focus on getting real commitment to the work. They also make sure that their people have the training and resources they need to set up checkpoints to ensure things are staying on track. Just because you've delegated something doesn't mean you're not still accountable for the results.

6. Renegotiate as needed.

Sometimes new things come up that you need to do. But that doesn't mean you need to overload yourself. Instead, you need to re-prioritize and renegotiate your previous commitments. If you go to people early and explain that you need to change your delivery date, push something off together, or delegate it to someone else, you give them a chance to change their commitments. Ultimately, you'll be more respected in your organization if you go to people early than if you leave them in the lurch.

Early in a company, and especially with small teams, everything is dynamic and things happen in a very fluid fashion--commitments and priorities are easy to manage and communicate. But as you move up in management and your business grows, becoming more focused on few things will be key to your success, and the success of the business.

These 6 strategies  were originally published on Inc.com: https://www.inc.com/bruce-eckfeldt/6-strategies-to-avoid-saying-yes-too-often.html

You might also want to read  https://10xevents.blogspot.com/2019/04/paretos-80-20-rule-and-time-management.html

Or one of the biggest issues of leaders 

https://10xevents.blogspot.com/2019/02/one-of-biggest-issues-of-leaders-and.html?m=1

Pareto’s 80-20 rule - and time management

The Pareto Principle (The 80-20 ) is one of  the best time management technique at our disposal, and will give you the ability to spend time doing what you love doing! 

 “This rule says that 20 percent of your activities will account for 80 percent of your results.” 

• 20 percent of your customers will account for 80 percent of your sales. 
• 20 percent of your products or services will account for 80 percent of your profits.
• 20 percent of your tasks will account for 80 percent of the value of what you do, and so on.”

So,  if you have a list of 10 items to do, What are the 2 that will have most impact ? 

This will help you focus more on the things that matter most, to help you achieve your goals. (Ps be sure to identify your top 5 goals, short term, medium term and long term)

 As an entrepreneur, as you grow, there is a whole heap of stuff that you have to do , that you are not good at. 

Focus on what you are good at, and what is important, and outsource the rest. 

Identify the 20 percent of your tasks that will produce 80 percent of your results. 

Prioritise your  to-do-lists with the 4 Ds

Do it - important and urgent - and you can do it 

Defer it - important and not urgent - and you can do it 

Delegate it - important - but there are better people than you that can do it

Dump it - not important - don’t waste your time

Some say to do tasks first that deliver the greatest results with the least effort. Others that require more effort with little results can be postponed or removed from your to-do list.

Others  talk about swallowing the green frog first. Do the hardest task first, and the rest is a cruise.

Hint:- 

You’re in the top 20pc if you’re working on activities that improve your life or are related to the big picture.

You’re in the 20 percent if you’re spending time doing the things that you enjoy and are delegating items that you’re not skilled at.

When are you most  productive?

We have a timeslot when you’re most alert, focused, and energetic. Some of us are ready to get the day rolling bright and early. Others are most productive at night.

Schedule your  priorities during your prime time and not when You are running out of steam.

Do the mundane tasks that does not take time during your “less alert” time of day 

Minimise the noise with 80-20

Email notifications, phone calls, knocks on your door,  unplanned visitors, construction noise, mind chatter.

What are the most common and what can you do to get rid of them? 

For example, you could put all notifications on silent, close your office door, and wear noise-canceling headphones. 

Outsource the small stuff 

Outsource the menial tasks that could be handed-off to someone else. (Unless you find it relaxing to do so) 

For instance, Hire a cleaning service or someone to manage your inbox. This may cost you some of your hard-earned cash. But, your time is probably worth more! 

Go into the nothing box 

Yesterday I did nothing 

I played with my granddaughter Maya, 

Relaxed a bit with Robyn , went for a walk, caught up with some reading and had an afternoon snooze! 

This downtime helped me clear my head, create focus and remove mind chatter.

Give yourself permission to take a break! 

(Brake and break - both great words) 

The 4 key things a great consultant understands

It’s all about relationships 

You’ve had a stellar career working high up in a blue chip or fortune 500 company, felt you had reached the pinnacle of your career and now you are looking to “give back” by imparting your priceless knowledge to the business community.

You have entered the realm of small business - you have become one.......

Welcome to club fear!!!!

Being an SME is different to consulting to the bigger end of town - let me tell you! 

Being on the other side - pitching to large corporates and SMEs is not for the faint hearted 

Being in a top position in a corporate gives you a position of POWER where you know that the service provider   is basically “desperate” to do business with you!

Large business transactions are built on the balance of power, SME transactions are almost always built upon shoestring budgets and understanding the needs and benefits of both parties.

It’s all about relationships - and tour ability to relate to the client - be it big or small.

Relationships is the fuel that makes your business flourish. 

Create them, nurture them and grow them! 

It a world of digital distraction, it’s easy to lose touch with real human connection. Remain focused and grounded on what truly makes impact..... strong relationships.

If you do not know something - be comfortable that you can refer to someone who does have the knowledge and experience to solve the problem 

It is not about you - It is ALL about the client.

Be flexible and adaptable, most of all be accommodating to changing priorities. Park your ego and WIIFM at the door. 

It’s about listening 

Have a 2 sided conversation and come up with a solution for their actual problem, not the one you are hoping they have.

B low is a great story about the patient who went to see a doctor with a dislocated finger..

“Next patient please!”

You: “Hi doc, I hav……..”

Doc: “Hey have you heard about our new improved Viagra? It’s something else really, not only does it give you the vitality of an 18 year old, it also grows a full head of luscious hair and will make you feel 15 years younger!”

You: “Yes but my fing….”

Doc: “Did I mention that I know of at least 10 people exactly like you that have created new families because of this. Probably more that have not given me a personal testimonial! Really everyone needs to try this!”

You holding up your finger (bent at an odd angle): “ But doc can you help me with my f…..”

Doc: “Of course I can help you!! That is why you came here isn’t it! I know you are probably a bit cautious about the possible side effects of this drug… but rest assured I have never had a poor review… actually one or two but they obviously did not follow my instructions correctly. So what do you say, can I sign you up?”

Don’t be out there as a consultant doing the equivalent of prescribing Viagra for a dislocated finger.

It’s about taking them on the journey 

Business is personal - it’s an extension of yourself. Share your clients  failures and disappointments and rejoice in their wins (and your contributions to those wins) as much as your client does. 

Don’t stop at the recommendations - see it through - take them along on the journey. be a leader

It about delivering 

Under promise and overdeliver - provide a wow service 

Follow  some of your earlier client’s successes anddfeel proud of your contribution