Have you thought about your career goals for 2007? What worked to years ago in planning and managing your career will not work for your career development in the 21st Century. Managing your career in the 21st Century requires preparation, career goal planning and career guidance and ensuring that your time is directed meaningfully.
Here is how to find enjoyment and continue to progress in your career.
1. Determine if your present job is in line with who you are, what you value, and what you are good at. Are you really doing what you want to do? Being self-aware means you become clear about what you stand for and what you have to offer. When you know what you have to offer, you become more powerful and intentional in your work. Doing a good job is no longer good enough to guarantee your career will go well. You are your most important asset. Self-branding provides direction and clarity of purpose for how you work, not just what you do for a living.
2. Identify your job satisfiers and dissatisfiers. Find a way to do more of the tasks/projects that you enjoy.
3. Identify your accomplishments.
4. Take the time to build and maintain relationship with individuals who might impact your work. You will benefit personally and professionally from the time you invest in such relationships.
5. Determine and write down your vision for your professional life. What actions do you need to take that will get you there? Celebrate the steps you take daily to achieve your vision. You can create the life you want! Here are some ways you can do that:
* Keep work in perspective - remember how you left work on time in the summer?
* Manage your stress - identify what causes you stress and how it affects you.
* Take time out - close your door (if you have one), call forward your phone, turn off your e-mail, take a walk. Use this time “during your work day” to prepare for a big meeting, a presentation or work on a project.
* Delegate - are you spending too much time on the administrative process of your job and not utilizing your skills to benefit your long-term goals and your company’s goals?
* Work/Play Balance - what did you enjoy doing during the summer that you want to continue (going to the movies, playing tennis, volunteering, spending time with your kids, seeing friends, etc.)? Put it on your schedule.
6. Be Bold! Don’t be afraid to take on some responsibilities in positions above you. Aim to always exceed expectations.
7. Manage your own time. Set boundaries. Learn to say “no” to non-essential use of your time.
8. Look for way to do things better, and more efficiently. Change a routine task - develop a new process. Instead of handling your e-mails as you get them, set aside specific times during the day to respond.
9. Be great at what you do. The knowledge and skill that create success in your current job will position you for your next move.
10.Be aware of roadblocks that can limit your potential to move upward.
11.Take on projects that will most likely benefit you.
12.Have passion for what you are doing and working toward. You will automatically put more effort into it. If you are not feeling passionate about your work ask yourself: is what you “should” be doing interfering with what you want to be doing?
Remember! Your career must contribute to your life, not the other way around!
Copyright 2006, Cecile Peterkin.
Cecile Peterkin is a Certified Career and Life Coach, speaker and author. Feeling stuck in middle management or in mid career? Kick your career into high gear! Sign up for the Career Guidance Bootcamp or the FR-EE Introduction teleclass now at http://www.CosmicCoachingCentre.com/introteleclass.html
The IRS recently threw down the gauntlet and placed pressure on private companies to get their valuations right at no matter what stage of development they are. The Service has backed up this gesture by exposing private companies to substantial tax liabilities and penalties if they do not.
Since the enactment of Section 409(A), non-public companies have struggled with how they should establish that the exercise price of a stock option or a stock appreciation right (SAR) was determined reasonably to be fair market value. Up to this point, most private companies did not worry about valuing their stock very often, if at all. Private company valuations were needed usually for an imminent transaction, for an ESOP, or for estate and gift tax purposes. One could also throw in serious IPO candidates who obtain a valuation to avoid a “cheap stock” issue with the SEC.
Many private companies do not qualify for any of these scenarios; therefore they have not needed valuations in the past. As a result, companies and management that issue stock options could be somewhat unenthusiastic about this development. However, although a valuation in this situation can appear fairly cumbersome and superfluous, it’s not all bad - just ask auditors.
Auditors have expressed a desire for this to be done for years. They are cognizant of this development because valuing stock options is a financial reporting issue under FAS 123 and they want to know how a private company established the strike price of its options. There is some liability risk attributed to auditors when they sign off on this standard, and a professional valuation provides them with a level of reasonableness and reassurance that they desire. Considering this, there is a potential for tax and financial reporting synergy here.
With a good valuation report on hand, both issues could be satisfied simultaneously - two birds with one stone if you will. First, let’s examine the code and regulations driving this change.
Say Hello to the Culprits: IRC Section 409A requires private companies which award stock options that have exercise prices below fair market value to withhold income taxes on these grants. Significant penalties on non-complying option grants have placed private or closely held companies under increased pressure to be able to support and defend the fair market value determinations.
FASB 123, Accounting for Stock-Based Compensation, provides alternative methods of transition for a voluntary change to the fair value method of accounting for stock-based employee compensation. FASB 15X (Working Draft - issued October 21, 2005), Fair Value Measurements, established a framework for measuring fair value under a wide variety of accounting pronouncements that require fair value measurements.
In developing FASB 15X, the Financial Accounting Standards Board considered the need for increased consistency and comparability in estimates of fair value and enhanced disclosures about the estimates.
In most cases, when company management determines value and option pricing using an informal, internally generated valuation, the tax burden will be on the company to prove to the IRS that the fair market value of the equity is reasonable. In light of the recent regulatory changes announced over the past year, many private companies are proactively adopting one of the “presumptive” stock valuation methods set forth in the proposed regulations.
Procuring a qualified independent appraisal will cause the burden of proof to shift to the IRS and may only be rebutted by the IRS if the application of the method is found to be grossly unreasonable.
Neil Lemons represents Dallas-based Erickson Partners, LLC, who have provided independent, accurate, defensible opinions,
"http://www.ericksonpartnersllc.com"> business valuations & appraisals
for over 30 years. For more information, check out http://www.ericksonpartnersllc.com.
We realize that with a title like that, you’re probably reading this article for salacious tidbits, perhaps about some celebrity or another behaving scandalously in public. In reality, it’s not quite what you think. Exhibitionism is also the art and science of getting the most out of your display at an exhibition or convention and while conventions can involve celebrities, most of the scandal comes from how poorly most exhibitors misuse their resources in an exhibit hall.
First, if you’re planning to attend a trade show or exhibit as a vendor, think back to the last few experiences you had as a consumer walking the show. You likely saw traffic patterns that moved in clumps around popular booths and saw a number of booths and displays, most of which you ignored.
Most of the logistics behind being a vendor at an exhibition is handled by the event management company if you’re thinking about hosting an exhibition by your firm or for your industry, seriously look into having professionals do it they can get venues at cheaper rates, talent, entertainment and, often, catering at discount rates because they book these facilities more often or buy in bulk, which always reduces their price. Plus, it will take less of your time chasing down the forty-one clipboards of checklists, making sure everything is done in the right order. These folks are pros for a reason and they’re worth every penny in terms of your sanity and time.
Now, as a vendor at an exhibition, your job is two fold: The first is getting people to stop by your booth and the second is getting them to stay there long enough to get information about your products and services. If your exhibition allows direct sales to consumers, you’ll want to arrange for a point of sale system.
Getting people to stop by your booth means you need to stand out from the crowd, without being annoying. Most convention halls have terrible acoustics. Having a large, looping audio visual display usually adds to the noise pollution, gets ignored by most attendees going by and will drive your booth staff barking mad before the first day is over. Plus, if it’s truly loud, you’ll offend your neighbors at the hall and might have trouble getting a good placement in next year’s show. Better ways are pop up displays and having someone knowledgeable about the product with good interpersonal skills smile and greet people as they wander by. When doing the meet and greet routine, have something funny to say, if possible, and be amiable, accepting that most people will smile back, take your flyer and shove it into their bag to look at later. Convention goers are usually scouting the hall’s early in the show.
Getting the most out of your display space means you need to know who your audience is there are roll up and pop up displays that serve as excellent backdrops for products and make good visual sight lines for customers walking the floor to see them. There are spring tension displays that are meant to stand out near the aisle to get someone’s attention. If your show has small children attending, be aware that their eye height is lower than an adult’s and put something they’ll want to see at their level, so they can drag their parents to your booth.
For a lower key display, you’ll also want to look at racks for storing merchandise or literature for customers to take with them. Most of these display stands are modular, letting you grow them as your exhibition presence changes over the years.
Before you go to a convention, draw out on graph paper what your booth layout will be like. Set it up in your garage with some tables and look at it critically ask yourself if it’s conveying the most information in the clearest fashion and have someone who isn’t associated with your company look it over as well.
Converting an interested party into a buyer requires reading body language for cues that you’ve bored them. Not everyone can be excited about each product, tailor what you’re saying to the person sitting in front of you and focus on how this product or service meets their needs. In fact, ask them up front what sorts of products or services they need, either for themselves or for their retail establishment and use that to your advantage in what you tell them about your products.
With a bit of practice, you can make a person sitting at your booth to rest their feet do the bulk of the thinking needed to sell them a product or service.
At www.odysseyexhibitions.co.uk we offer exhibition display equipment, hanging banners, shell scheme graphics, pop-up stands or a showroom with exterior signage is right first time, on time and within the exhibit budget.
A shareholder agreement is an understanding between shareholders and a corporation, under the law, about various aspects ranging from the shareholder duties to rights, in relation to the company. The shareholder agreement is the basis of company inception and paves the way for its future course. It lays down the guidelines about the duties and the powers of the board of directors and the management.
Essentials Of A Shareholder Agreement
Experts consider the following points and clauses to be prudent when constructing the constitution of a shareholder agreement. These points and clauses also point out the reasons for having shareholder agreements.
1.Introduce the rights related to the issuance, sale, or subsequent distribution of shares, including pre-emptive rights and first refusal.
2.Define the duties and rights of the management and the employees.
3.Write the guidelines and the options for the selling and the buying of shares.
4.Construct the guidelines of conduct in the case of any exigencies, such as the retirement or the death of a shareholder. These guidelines should set out what affects the exigencies have on the corporation and the other shareholders.
5.Decide the duties or composition of the board of directors.
6.Decide on the rights of the current and future shareholders.
7.Chalk out exit clauses or mechanisms
Vital Points For Shareholders
Draft the shareholder agreement carefully to minimize future speculation and possibility of any legal entanglement. A carefully written shareholder agreement helps the functioning and the transition of events in a corporation. A foolproof agreement needs to concentrate on the following aspects as well.
1.The structure of the company.
2.The roles of the shareholders.
3.Distinctions in the ownership of the shares.
4.Clearly mentioned vesting provisions.
5.Provision or lack of provision regarding the Stock Pledge.
6.Demarcating of the quorum (the minimum strength of the participants in a meeting to pass a resolution.)
7.Procedures of handling ownership issues in case of buyouts.
8.Methodology of dispute settlement.
9.Voting rights.
10.Issues related to compensation and remuneration.
11.The appointment of professional advisors.
These stated points and issues largely cover the ingredients of a good and professional shareholder agreement. Strict adherence to the details about the said issues culminates in a finely carved out agreement. A serious study of the agreement provides valuable insight into the rights and duties with respect to the corporation and other shareholders, the visions of the company, and the workforce to achieve these visions. The company should revise a shareholder agreement regularly for any amendments and upgrade the issues, keeping in mind the current scenario.
Frequently seek professional advice from expert professionals, such as tax consultants and legal experts. This advice eliminates some of the botherations that may trouble the company or the shareholder(s) in the future. The contents of the shareholder agreement are not bound by law to be made public. They can be kept confidential or made public according to the consideration of the shareholders. It is in the best interest of the company to have a shareholder agreement to avoid any misunderstanding or inconvenience resulting from the lack of clarity in dispensing the duties or obligations of the company.
David Gass is President of Business Credit Services, Inc. His company publishes a free weekly e-newsletter on Small Business Consulting at their web site http://www.smallbusinessconsulting.com
Business plan software for small companies refers to those sets of computer programs that help you plan your business. Good software can open several new vistas for the development of a small company. A large corporation has the convenience of a separate department exclusively for the planning of the corporation. However, small companies cannot afford such huge expenses. The growth of several small companies suffers because they do not have good business plans. Once you understand the importance of a good plan, you will realize how significant business plan software is for small companies.
Important Features of Business Plan Software
This type of software makes business planning much easier. No matter how small your company is, planning is always a complicated matter and involves several steps. Significant pieces of information, analysis and many other things combine to form a plan. The plan should be capable of showing every minute detail regarding the smooth operation of business activities. It should outline the essential items for the success of the company. The manual handling of all this important information in so many parts is very tedious. Software allows you to navigate the difficult and complicated process of planning by making it easy to implement.
Good Planning Is Essential
There are many types of software for small companies on the market. Choose your software package carefully. Do not waste your hard earned money on one that makes your work more difficult instead of making it easier. When wisely chosen, it can take your business on the path to prosperity and success. With careful planning, you have every chance of earning a name for yourself and reaping big profits. If your planning is poor, you will not be able to stand up against your competitors, who will always pay attention to planning. Otherwise they wouldn’t remain in business.
Good Business Plan Software for small companies gives you several alternatives to choose from. It gives you several different methods for implementing the same plan. This type of software can also give you several examples and sample plans. These examples and sample plans show a clear picture of the procedure adopted by the Business Plan Software. Every owner wants to reach the goals they’ve set. If you feel that you lack the expertise to achieve that goal, it can guide you in making the correct decisions.
Research it before buying it. How long has the manufacturer been in business? What do the customers have to say about it? Always make informed decisions.
David Gass is President of Business Credit Services, Inc. His company publishes a free weekly e-newsletter on Small Business Consulting at their web site http://www.smallbusinessconsulting.com
Many businesses have failed due to lack of cash flow. Having a clear idea of how much cash is available at any given time is crucial for implementing new strategies and for planning any short term or long term funding requirements of the business.
When it is carefully predicted, planned and monitored, it is easier for the business to function. Businesses use projections or forecasts to manage problems concerning it. When these forecasts are accurate, you can obtain a clear idea of how much cash will be needed at any given time and arrange finances to ensure that the business does not have a sudden cash crunch. Projections help make clear exactly how much cash will be available at any given period, so that necessary actions such as investing or using surplus available can also be planned and executed. At times, the business may have problems coordinating the expenses and the income. At such times projections will also be helpful in dealing with the situation. Understanding cash flow serves as an excellent fiscal management tool. It is vital that the fiscal aspect of a business is under good management for a business to succeed.
Basic Rules
Make sure you never run out of money, as businesses sometimes never recover from that.
Give money the respect it deserves and handle it with care. Manage and use it wisely.
Make sure you know your current cash balance at any given time, by managing records and using projections.
Be as accurate as possible in your estimations, as errors can have serious consequences.
Hire qualified people to do the math if you find it difficult. Make sure they are organized and keep records. They must prepare accurate statements.
Never make the mistake of thinking bank balances and cash flow statements are the same thing.
Be accurate and estimate the projections for as much as 6 months in advance.
Have the ability to understand it, understand when there may be a cash crunch, and take appropriate action to counter these times, such as applying for a loan to tide you over.
Make periodic projections, taking into consideration any changes and planning accordingly.
Projections help develop your strategic business plans and help improve business.
Additional Help
These few things will help you learn all about cash flow. There are firms that offer their help and services to make the process of running a business easier. There is also software available with small or large businesses in mind. Never take money for granted especially the money involved in your business.
David Gass is President of Business Credit Services, Inc. His company publishes a free weekly e-newsletter on Small Business Consulting at their web site http://www.smallbusinessconsulting.com
A debenture is an unsecured loan you offer to a company. The company does not give any collateral for the debenture, but pays a higher rate of interest to its creditors. In case of bankruptcy or financial difficulties, the debenture holders are paid later than bondholders. Debentures are different from stocks and bonds, although all three are types of investment. Below are descriptions of the different types of investment options for small investors and entrepreneurs.
Debentures And Stocks
When you buy stocks, you become one of the owners of the company. Your fortunes rise and fall with that of the company. If the stocks of the company soar in value, your investment pays off high dividends, but if the stocks decrease in value, the investments are low paying. The higher the risk you take, the higher the rewards you get.
Debentures are more secure than stocks, in the sense that you are guaranteed payments with high interest rates. The company pays you interest on the money you lend it until the maturity period, after which, whatever you invested in the company is paid back to you. The interest is the profit you make from debentures. While stocks are for those who like to take risks for the sake of high returns, debentures are for people who want a safe and secure income.
Debentures And Bonds
Debentures and bonds are similar, but bonds are more secure than debentures. In the case of both, the company pays you a guaranteed interest that does not change in value irrespective of the fortunes of the company. However, bonds are more secure than debentures, and carry a lower interest rate. In the case of bonds, the company provides collateral for the loan. Moreover, in case of liquidation, bondholders will be paid off before debenture holders.
A debenture is more secure than a stock, but not as secure as a bond. In case of bankruptcy, you have no collateral you can claim from the company. To compensate for this, companies pay higher interest rates to debenture holders.
Additional Help
All investments including stocks, bonds, and debentures, carry an element of risk. If you are unsure of the investment options that are best for your business, then you can ask a small business consultant who will guide you to the best investment options available to you. Investing wisely today can pay heavy dividends tomorrow. Do as much research as possible on the company you’re investing in, whether that investment is in stocks, bonds, or debentures. Research is a sure fire way to reduce risk and increase profits.
David Gass is President of Business Credit Services, Inc. His company publishes a free weekly e-newsletter on Small Business Consulting at their web site http://www.smallbusinessconsulting.com
Debt obligations issued by public and private corporations are known as corporate bonds. Whenever a corporation is in need of extra money, they raise funds by issuing them. When an investor purchases them, the investor is loaning money to the company. Companies generally issue them in multiples of $1000 or $5000. Companies use the funds raised through the sale for various purposes. These include the purchase of equipment, building a facility, and the expansion of the business.
The company pays a set amount of interest until the prescribed date of the repayment of the money loaned to the company. The interest rate paid is semiannual and the interest is taxable. They do not give the ownership benefit that stocks do. Each company needs cash for growth. Companies raise these funds by issuing stocks, taking loans from a bank, or raising funds through the investors by issuing bonds.
Types
They are available in numerous varieties. A call provision feature that many offer includes paying back the principle amount by the issuing company before the actual date of maturity. There are certain kinds known as convertible corporate bonds. Companies may convert them to shares of the common stock under certain special circumstances.
Most offer a fixed rate of interest. This fixed feature does not change until the time of maturity. Others use floating rates to determine the exact amount of the rate of interest that is paid to bond holders. Depending on the index, like money market or short-term Treasury bills, the rate of interest keeps changing for them. However, the floating bonds’ yields are lower than the fixed rate securities that have same amount of maturity. Investors receive protection against increase in the rate of interest.
Other ones available in the market are zero coupons. They do not yield any regular interest. Corporations issue these at high discounts, but they are redeemed at the complete face value at the time of maturity.
High Risk Factor
The corporate bonds are the riskiest form of securities in the fixed income group. Individual corporations that may face serious financial trouble at any time back these. However, they give complete compensation for the risk taken. They pay higher interest rates than most of the government securities.
An investor can purchase a company’s corporate bonds through a broker or by visiting its website. Funds offer the best choice for the purchase of these bonds. These funds expose the investors to a large variety of companies. This reduces the risk factor involved substantially.
David Gass is President of Business Credit Services, Inc. His company publishes a free weekly e-newsletter on Small Business Consulting at their web site http://www.smallbusinessconsulting.com
A corporation is a designated entity where the company and the individuals related to it, have different legal identities. The reason most companies prefer to incorporate is asset protection. Incorporation protects your personal assets from seizure during a lawsuit.
If you decide to incorporate your small business, you can choose the S corporation, C corporation or LLC model. Before choosing any kind of corporate model, you should look at the tax rules and regulations related to a corporation.
Tax Laws for Various Corporations
Tax laws vary from country to country and state to state. You need to go through them before and after incorporating. In general, all countries have mandatory tax requirements for companies. Your corporation needs to pay taxes on the profits it earns. Even if your corporation is registered abroad, you may need to pay taxes if you reside in your home country.
1. C Corporations have to go by standard corporate tax laws. They need to pay taxes on their profits, and are subject to certain deductions depending on their shareholding structure.
2. S Corporations are the best option if you have a startup company or a small business. S corporations do not have to pay income tax, and still get to enjoy the advantages of being a standard corporation. The eligibility condition is that your small business should have less than 75 shareholders who are all citizens of the US. To get the benefits associated with the Subchapter S Corporation, you need to file an application with the tax authorities. If you want to submit taxes under an LLC structure, you need to submit another application before the current financial year ends.
3. Limited Liability Partnerships, or LLC, are preferred by businesses that need streamlined allocation of profits and losses. This facility is not available to S Corporations. LLCs need to file form 100 ES and form 100.
S Corporation Taxes
Since this article is primarily concerned with entrepreneurs and small businesses, it would be relevant to go into the details regarding the S-corporation. If you decide to register yourself as an S corporation to avail tax breaks, you need to keep in mind the eligibility conditions. Apart from the conditions already discussed, you need to remember that you must use the calendar year as the financial year of the company. In addition, any shares your company sells must be of a single kind.
Advantages of Being an S Corporation
1) The best thing about the S Corporation status is that the shareholders shoulder the responsibility for paying the taxes as their personal income tax. Therefore, the corporation need not pay income tax twice, first as a company and secondly as individual shareholders. In fact, most S corporations do not pay any taxes.
2) It reduces the need for extensive paperwork when filing tax returns or declaring income.
Additional Help
If you wish to incorporate your small business and need more information about tax structures of various corporations, you can consult a small business advisor or tax consultant. Choose the type of incorporation carefully, as taxes will apply to your business based on that. Get yourself educated on the advantages and disadvantages of each type of incorporation according to the tax laws. This will help you reap the benefits of a corporation without having to pay huge taxes.
David Gass is President of Business Credit Services, Inc. His company publishes a free weekly e-newsletter on Small Business Consulting at their web site http://www.smallbusinessconsulting.com.
Layoffs in today’s business world are common and with it comes the fear and anxiety of finding another job. With this in mind, here is a list of techniques that a person can use to help manage their stresses and anxieties in finding a new job.
A technique that can be used to reduce the stress of finding another job is to divide the task into a series of smaller steps and then complete each of the smaller tasks one at a time. For instance, the first thing you should do is to determine what kind of job you want. Once you know what you are looking for, the next step is to update and prepare your resume. Once that is finished, you should then concentrate on finding the companies that interest you and send your resume to them. Once you submit your resume, the next step is to prepare for the job interview by completing these smaller tasks, you will reduce your stress and anxiety and increase your chances of finding another job.
Sometimes we may get depressed during our job search. Another technique that is very helpful is to have a small notebook of positive statements that make us feel good. Whenever you come across an affirmation that makes you feel good, write it down in a small notebook that you can carry around with you in your pocket. Whenever you feel depressed, open up your small notebook and read those statements.
In addition, it also helps to write down a list of things you are thankful for in this world. For instance; good health, a good marriage, lots of friends, being smart and resourceful, and a good education are things that any person can be thankful for. Whenever you get discouraged in finding another job, take out your list and focus on the things that make you happy. This technique will make you feel better and give you more encouragement to continue with the job search.
Finding a new job can be tough, however remember to take it one day at a time. While the consequences of a particular fear may seem real, there are usually other factors that can not be anticipated and can affect the results of any situation. Focus on the present and do your best each day. Next week will take care of its self.
As a Layman, I know that our anxieties and stresses can be difficult to manage when finding a new job. Managing your stress during a job search takes practice. Be patient and in time you will become better in dealing with your anxieties.
Stan Popovich is the author of “A Layman’s Guide to Managing Fear” an easy to read book that presents a overview of techniques that are effective in managing persistent fears and anxieties. For additional information go to: http://www.managingfear.com