3 Reasons Why People Succeed

54642287There is an old saying; “Everyone talks about the weather, but nobody does anything about it” (Mark Twain). The same can be said about success – everybody talks about it, but very few people do anything about it. They rarely do anything about it because everybody has faults that keep them from achieving their goals, dreams and desires.
But, successful people persevere in spite of their faults, while others fail because of them. There are many reasons why some people succeed when others, who’re just as smart and talented, don’t. Below are 3 of the reasons why people succeed.
They take personal responsibility – Two of the most common defense mechanisms are rationalization and denial. Successful people work to minimize both behaviors; they don’t make or accept excuses from themselves. They take responsibility for and are always learning from their constructive and unconstructive actions.
They’ve learned that when they’re accountable they’re also in control. When they’re in control they can keep their attention on what’s really important – spending resources on finding solutions. People who expend their limited resources (time, money and energy) on making excuses and justifying their behavior aren’t people who look for solutions.
They don’t blame outside circumstances – The lack of time and money is a universal issue for individuals when they’re trying to achieve their goals, as is the drain of energy due to too many outside demands. These situations are nothing new or unique for anyone.
The difference between successful people and everyone else is that they don’t blame these circumstances for their difficulties. Their answer to these problems is a resounding – “so what”. They understand that adversity is a given in trying to get ahead and never a good reason to give up.
They have high standards – Unsuccessful people accept mediocre behavior from themselves. They cut corners, take shortcuts and are believers in “good enough”, which produces work that has to be apologized for, redone or fixed and compensation made.

In addition, the successful know mediocre behavior is short-sighted and it leads to distrust and broken relationships. They hold themselves to a higher standard where exceptional work is the only acceptable way. They understand that focus, dedication and hard work are the only things that lead to their dreams.
The definition of success is a very personal one. It’s unique to each individual and only they can know if they’ve reached it. Unfortunately, most people say they haven’t attained it. A final word from Mr. Twain, “There are basically two types of people. People who accomplish things, and people who claim to have accomplished things. The first group is less crowded.”


Health Coverage For 2015

business (7)Many small businesses look into their health care plans at the end of the year to look for a new insurance carrier, coverage for new employees, or new health coverage plans for the entire business.  Rising prices in health coverage are making small business look at other alternatives, and although reports suggest that the number of insured American is increasing, businesses still need to look into the different health coverage options they have. To read more about this and other news follow the links below.


Small businesses dropping insurance coverage due to Obamacare

Another unintended – but not unexpected – consequence of Obamacare is being felt as the program enters its second year.

More than 20 million Americans who work for small businesses with fewer than 50 employees are covered by employer insurance.  The 50-employee number is significant because if you work for a small business with more than 50 workers, your employer is mandated to cover your health insurance.

But with insurance rates rising, many small businesses of fewer than 50 employees are opting to drop their coverage and have workers purchase their insurance through the Obamacare website.

If employees qualify for government subsidies, like the managers who switched from Italian Oven’s corporate insurance to individual Obamacare coverage, everybody can win.

Owners don’t have to pay premiums, meaning they can give workers raises, invest in equipment or add to profits instead. And employee take-home pay can rise if subsidies — available even to families with middle-class incomes — are worth more than what a company was contributing.


Will You Finally Start Your Own Business? The 3 Stages Of Choice

It could be argued that our lives are nothing more than a series of decisions strung together by contemplation, emotion and sweat. When your decisions involve others – especially those close to you – choosing a path can be mind-bending.

Entrepreneurs face tough calls every day, says Sebastian Bailey: psychologist, author, Forbes contributor and co-founder of consulting firm Mind Gym. “(Entrepreneurs) are faced with decisions around how they assess opportunities, how they make entry decisions, how they’re going to exploit opportunities, how they make exits.”

Each new business owner must search within him or herself to make the tough calls and some entrepreneurs might find that their own spirits stand between them and the right decision in an important moment.


Being Vulnerable in Business Can Be a Good Thing

When it comes to business we have been led to believe we can’t be vulnerable, show our weaknesses or discuss our challenges. Most of us fundamentally believe if we show this side of ourselves, our clients, employees and partners won’t want to work with us and our business will be seen as a failure.

This is completely and utterly untrue.

We live in a world where bravery is often only seen as a physical thing, such as jumping out of a plane or saving an injured wild animal. We forget that being vulnerable, where you are prepared to discuss your weaknesses and failure, is intensely brave and powerful.

Most successful entrepreneurs will tell you relationships are essential to business success and the strongest relationships are made when there is an emotional connection. This emotional connection can only be built with honesty, where two people are brave enough to share their stories of failure and success.


Reasons Never To Neglect Existing Customers While Pursuing New

business (10)There is a danger that lurks in the relentless pursuit of new customers. With performance measurement so often geared toward new customer acquisition, many, from the CEO to the individual relationship manager, might be tempted to shift focus from an existing book of business. This can even take place subconsciously. Rest assured, however, customers will ascertain the level of service that is being delivered. To keep from drifting away from stellar service and neglecting customers, here are some points to consider;

1) Remember the cost of acquisition. Of course, every customer you have comes with a cost, and many businesses have this defined down to the cent. It is helpful to think of the process of acquisition as well. How many introductions, meetings, lunches and proposals did it take to earn the customers’ business? What effort was put forth in the onboarding process? Contemplate this the next time you are tempted to skip that quarterly review or to decide that a thank you note really isn’t necessary.

2) In many industries, the best source of new business is your business. Think of your best customers. Would you like to have more of them? Would they recommend you and/or your company? Many would agree that the answer to that question will go a long way toward determining your ultimate level of success. Still, some struggle with asking for referrals. This could stem from a lack of confidence. Really, would you hesitate to ask for a referral when you are truly proud of the way you have taken care of a customer?

3) Finally, constantly remind yourself that your top 10 customer list is someone else’s top 10 prospect list. Don’t fool yourself into thinking that whatever good or service you are providing is simply not to be obtained elsewhere. This is rarely the case. Neglecting customers leaves the door open to your competitors, and you may not even realize it.

Your overall business will not grow unless you can obtain and retain customers. Keeping these principles in mind can help you do both.


Taxes, Penalties And Your Business

business (9)The cost of starting a new business depends on the business model or the industry you are entering. A home based, consulting home business or free lance is much cheaper that opening offices some place, and buying office furniture, installing new phones, electric, insurance, etc. The cost of starting a home based business could be only a few thousand dollars, compared to the figures of the small business administration a few years back that estimated the opening of a new business as $30,000.  The cost associated with opening and running a small business is high, but there are many expenses that you may be able to postpone or even get by without worrying too much about it.  One of the expenses that you can absolutely not postpone is getting an accountant that will take care of the taxes and government filings your business needs to do to avoid penalties that you could incur otherwise.

Read more about this topic by following the links below.


Small Business Owners Have a $4.5 Billion Payroll Tax Problem

Every month, employers across the U.S. send money to the IRS to cover payroll taxes—levies drawn from employee pay to cover Social Security, Medicare, and unemployment insurance. Many botch the process. The IRS issued 6.8 million penalties totaling $4.5 billion related to these employment taxes for the year ending last September, according to recently published data from the IRS (PDF).

Those numbers are down from 2009, when the IRS issued 7.9 million penalties for $7.1 billion. The government doesn’t say what share of the fines were handed out to small businesses, but large employers are generally better equipped to stay current on ever-changing tax rules.

Why are businesses incurring enough in annual penalties to pay for a new Navy destroyer?

As companies get bigger or smaller and hire different types of employees, the rules they must follow can shift. Tax collectors often change rules on their own accord, meaning a business that paid payroll taxes on a monthly basis one year might be expected to pay every two weeks in the next. “There are so many little rules for a small business owner to stay on top of,” says David McKelvey, a New York-based partner at accounting firm Friedman.

McKelvey advises his clients, which generally have at least $1 million in annual sales, to outsource payroll services. Companies such as ADP (ADP) and Paychex (PAYX), to name two of the largest payroll firms, have the resources to stay current on tax rules and in many cases will guarantee customers against payment of IRS penalties, McKelvey says.


Small Businesses in Limbo Again on Tax Breaks

Small businesses are in limbo as they wait for Congress to make decisions that could save them a lot of money.

Bills in Congress would extend tax deductions widely used by small businesses making equipment or property purchases. One, known as the Section 179 deduction, has shrunk to a maximum $25,000 this year from $500,000 in 2013. Another, called bonus depreciation, expired at the end of last year.

The deductions are a big deal for small companies, saving them thousands or even millions of dollars on capital investments. But because Congress decides every year how big the deductions will be, owners can’t plan their equipment budgets until lawmakers vote. And in recent years, worried about the ballooning federal deficit, Congress has put off those votes, sometimes until late in the year.

The annual uncertainty hurts small businesses looking for a break when their combined federal and state tax rates run as high as 40 percent, says Doug Bekker, a certified public accountant with the firm BDO in Grand Rapids, Mich. They don’t know if they should make the purchase in the current year or defer it. And as the economy gets stronger and businesses are more profitable, they’re concerned about tax bills.

“If you talk to the typical small business out there, there’s a very high level of frustration,” Bekker says.


It’s getting cheaper to buy a small business in Baltimore

The cost of buying a small business in Baltimore has dropped by more than 11 percent during the last year, according to BizBuySell.com.

The website reports that the median asking price of  businesses for sale in Baltimore is $255,000, a $33,000 decline (11.6 percent) from the end of the first quarter in 2013.

Meanwhile, small businesses are generating more revenue than they were a year ago. BizBuySell reports business had median revenue of $496,654 during the first quarter, up from $480,000 during the first quarter last year.

BizBuySell compiled its numbers based on listing data from 248 businesses.


Your Goals Make a Difference

Goal setting for a business is as important as setting goals in personal life. The common denominator in all the self-help literature and books is the importance of goal setting. We’re told to set long-term goals, short-term goals, lifetime goals and personal goals. Often it isn’t easy.

 

There are many reasons why we don’t achieve our goals. Sometimes the goals we set are unrealistic. New Year’s resolutions are typical examples. Suddenly, we expect to change the way we eat, or the way we exercise just because the calendar changes. It’s like expecting a child that’s never ridden a bike to suddenly jump on and go, or to run a marathon without months of training. These goals are based on illusion with little regard to natural growth. You must be able to crawl before you walk.

 

So, how do we set and achieve goals for a business? Stephen R. Covey says it best in his book “7 Habits of Highly Effective People”. “To begin with the end in mind means to start with a clear understanding of your destination. It means to know where you’re going so that you better understand where you are now and so that the steps you take are always in the right direction.”

 

Setting S.M.A.R.T. goals is vital to being successful in the goal setting process. The benefits of Specific, Measurable, Achievable, Results orientated, Time-framed (S.M.A.R.T) goals have been written about in self-help books for years. So, it follows that goal setting is obviously a powerful process.

 

Ralph Berge, an Ohio business coach says It is about ‘eating the elephant, one bite at a time’ and of turning vision into achievable, actionable things. It’s the common denominator of successful individuals and businesses.

Be SMART About Goal Setting for Business

Goal setting for a business is as important as setting goals in personal life. The common denominator in all the self-help literature and books is the importance of goal setting. We’re told to set long-term goals, short-term goals, lifetime goals and personal goals. Often it isn’t easy.

 

There are many reasons why we don’t achieve our goals. Sometimes the goals we set are unrealistic. New Year’s resolutions are typical examples. Suddenly, we expect to change the way we eat, or the way we exercise just because the calendar changes. It’s like expecting a child that’s never ridden a bike to suddenly jump on and go, or to run a marathon without months of training. These goals are based on illusion with little regard to natural growth. You must be able to crawl before you walk.

 

So, how do we set and achieve goals for a business? Stephen R. Covey says it best in his book “7 Habits of Highly Effective People”. “To begin with the end in mind means to start with a clear understanding of your destination. It means to know where you’re going so that you better understand where you are now and so that the steps you take are always in the right direction.”

 

Setting S.M.A.R.T. goals is vital to being successful in the goal setting process. The benefits of Specific, Measurable, Achievable, Results orientated, Time-framed (S.M.A.R.T) goals have been written about in self-help books for years. So, it follows that goal setting is obviously a powerful process.

 

Ralph Berge, a business coach says It is about ‘eating the elephant, one bite at a time’ and of turning vision into achievable, actionable things. It’s the common denominator of successful individuals and businesses.