1. Your spouse could go to work or get a second job to replace your income. It is easy to get a job these days.
2. Your kids could help by getting a paper route, working at a fast food restaurant or both.
3. Your mortgage holder or landlord will understand that you cannot pay them, and they will let you reside free until you can work again.
4. Your city will not care if you do not pay your property tax.
5. If the repossess your car, you and your family can walk to wherever you need to go.  Or, your neighbours and friends will not mind being your taxi.
6. Your mother, father, brother or sister will lend you money, after all, you are their favourite.
7. You pay taxes, and welfare is supported by taxes.  You are entitled to it.
8. You can live off your savings.  Everyone knows that you have at least five years of income stashed away.
9. You have disability insurance at work, and you are sure that it does not need to be supplemented.  You will always work there, and your employer will always offer disability insurance as a benefit.
10. You are 100 percent sure you will never become sick or injured (disabled).

If however you are not certain you do not need disability income insurance, we offer income replacement insurance that is flexible and is backed by our excellent service.  We feel that your future income is your most valuable asset and that you should protect it against the possibility of becoming sick or injured and unable to work.  Together, we can work out a program that is just right for you.

Consider using insurance solutions to protect your business against the loss of key employees or the business owner, and help safeguard the success of the business.

Some features to consider:
Key Employee Insurance – in the unfortunate event that a key employee dies, life insurance will provide immediate cash that can be used to help you find and train an appropriate replacement.

Disability Overhead Expense Insurance – provides money to cover expenses and keep the business doors open if a key employee suffers a serious, unexpected injury or illness and subsequently revenues fall.

Critical Illness Insurance – offers the business protection against lost revenue if the business owner or key employee is recovery from a serious illness like cancer or a heart attack.

Business Loan Protection – helps to guarantee business loans.  Life Insurance policies can be used to pay down outstanding business debts in the event of the loss of the business owner or a key employee.

Time management is one of these critical skills, which despite all the workshops we go to, the books we read, the advice we get, we just can’t seem to be able to master.  Trying to find the perfect way of getting more things done in the time we have has become the “Holy Grail” of our times. And like the Holy Grail, we haven’t found it yet. The reason may surprise you. Being told how to manage time is one of the biggest lies we’ve bought into. Time ticks away the same way for everyone.  And as long as we look for the Holy Grail in books, workshops and through other people’s advice, we won’t find it. That’s because what’s been missing in all the traditional approaches to time management is our active and conscious participation. The Holy Grail of being more productive rests in your head, mind and heart, not in workshops, books or the latest technology.

So if we can’t manage time, what can we manage?

One thing we have control over is our attention. So instead of talking about a time management system, let’s design your own attention management and focusing system. The first thing to do is to review what’s working for you and let go of what’s not.  For instance, do you prefer to use the good old paper based agenda but feel pressured using the latest technology? Don’t be. Unless you enjoy working with all the new gadgets, you might end up wasting more time trying to figure out how they work. Leverage your strengths and instead of struggling through something you are not good at, buy the services of someone who is passionate about doing the work you need done and is skilled and experienced. Your time is too precious to be doing something you’re not good at, or not enjoying.

In order to productively manage our attention, we must also review the beliefs we hold about time. A belief we have fully adopted as the truth is the myth of multi-tasking. We have come to equate our level of success with our ability to multi-task.  Research conducted by Joshua S. Rubinstein, David E. Meyer and Jeffrey E. Evans – “Executive Control of Cognitive Processes in Task Switching” shows that multi-tasking may actually be less productive than you think. Imagine your brain is a huge computer with a different switch for every task to do in a day. Every time you multi-task, your brain must turn off the switch of the task you’re doing, and turn on the switch of the task you turn to.  The more you multi-task, the more energy it takes your brain to adapt; and the more complex the tasks are, the more difficult it is for your brain to focus back and forth.

The research found that the inability to concentrate for at least 10 minutes at a time means it might cost a company 20 to 40% in terms of potential efficiency. Another belief endemic to our society is our need to be busy all the time and to say yes to every opportunity that comes our way. In fact, we are raising a generation of children, who have forgotten what it’s like to be a child.  Parents believe that enlisting their children in every possible activity is a sure sign to prove that they love them. In the meantime, parents and society pressures are contributing to children feeling overwhelmed. Not everything we believe we need to do is crucial to our well being or that of our children. We must discern what is good for our professional life, our personal life and our soul, and say no to the rest.

In order to regain our sanity and our time, we must learn to let go of all these unhealthy beliefs and learn to be in the present moment, for it is in the present moment that we are most productive, most efficient and most inspired. Being in the present moment means we are fully engaged in what we do. It means that we are listening with our full attention instead of thinking of a reply before the other person has finished talking.  It means we are slowing down instead of rushing. It also means we are allowing our wisdom to emerge and support us, instead of allowing the feeling of being overwhelmed to take over our consciousness.

Here are a few tips to help you regain control of your time and engage your attention:

1. Consciously breathe deeply and remind yourself to do so particularly when feeling overwhelmed
2. Give yourself permission to sit in silence and just be. “Thinking and being time” is just as productive as “doing” time
3. Increase simplicity in your life. I call it simple complexity, as we cannot totally avoid this complex world we live in
4. Use what works for you, not what the TV commercials tell you what works
5. Change your language from one of urgency to one of calmness. For instance, instead of “can’t we get this sooner”,  change it to “what’s the actual timeline”
6. Avoid labeling yourself as a procrastinator. Procrastination is a wonderful excuse that hides something else. Be courageous and figure out what the real reason is. It can be fear, not knowing where to start, not knowing how to do it …
7. And make a conscious decision to be fully engaged in managing your attention, not your time

Making a conscious shift to tame time management issues in your life will prove rewarding and effective if you will only carve out time from your hectic schedule to re-evaluate how you are currently spending your time and how you want to spend it in all areas of your life in the future.  Remember the clock is always ticking – are you focused and calm?

Copyright Elizabeth Skronski 2007, 2011. This article may not be used in any way without the express written consent of the author and/or copyright holder. Elizabeth Skronski is a certified business coach, executive and life coach who supports her clients in achieving personal and professional goals with greater purpose, meaning, happiness AND less stress.  She can be reached by email or 905-468-9054.

Risky Business – Safeguarding Assets

Many small business owners have pledged some part of their personal assets in order to secure a loan for their business. In addition to pledging personal assets, many small business owners have not taken steps to protect uncommitted property. On top of having to face a potential business loss, small business owners must also deal with potentially losing some or all of their personal assets, whether it is their house, car, or funds earmarked for retirement.

Monies that have not been pledged as collateral may be protected against seizure by creditors through the purchase of segregated funds. Segregated funds are individual variable insurance contracts and may qualify for protection against the claims of creditors under provincial insurance laws. As an insurance product, segregated funds come with certain guarantees, such as a death benefit guarantee, a deposit maturity guarantee and ability for funds to by-pass estate on death; thereby avoiding probate (a family class beneficiary must be named).  Segregated funds may qualify for protection from your creditors even in bankruptcy. Creditor protection may be available if the named Beneficiary of the funds is a spouse, parent, child or grandchild of the Annuitant or if the Beneficiary is named irrevocably.

Who Should Be Interested?

• Self-Employed Individuals
• Small Business Owners
• Professionals

How They Stack Up With Mutual Funds

In addition to offering creditor protection, segregated funds can offer the same growth potential of mutual funds as well as the extra benefits of deposit maturity and death benefit guarantees.  Fund Management Expense Ratio (MER) fees may be slightly higher but there are comparable segregated fund choices available.

Segregated funds can be a useful tool for potential creditor protection. If you’re interested in protecting your hard-earned investments from creditors and building wealth outside your business, you should seek legal advice as to whether the protection would be available based on your personal circumstances. Your financial advisor can help you obtain this advice and assist you in making the right decision when it comes to segregated fund investing.

But for many of us who have been operating a home-based business for a while, we know that reality does not very often match the fantasy.

Everything from kids quarreling to computer break downs to doing laundry in the middle of the day are all potential distractions and reflects a reality of working from a home office: when you’re working from home, focus and concentration are virtues to cultivate. Not only are you responsible for your own behavior and attitude but the perspectives and behaviors of the people who live in the house with you can wreak havoc in your schedule.

The key to being productive when working from a home office is in setting clear boundaries and enforcing them with yourself and the people around you. Here are a few strategies that can help you get started to more focused and efficient productivity:

Engage other members of the household:

Unfortunately, our society believes that productive and contributive work means putting on a suit and driving to work. So for the other members of the household, including the dog, you’re not “really working”. Shifting their views of what you do all day requires you to engage them in your work. Share what’s going on in your business with your partner and your kids, if they’re old enough. If you’re just starting your business, make sure to share your vision, your business plan, how it will all work out. Often spouses have doubts fueled by insecurity. Listen to them without being defensive and from their own point of view. What do they need to know to feel reassured? Keep them informed.

Learn to say no

Ever get that call from this friend who just feels like chatting in the middle of the day? Or, may be your kids think you’re running a taxi business. It’s easy to feel guilty saying no, but the alternative is to be resentful because your work is not being done. By explaining what your working hours are and suggesting an alternate time, you are asserting yourself, showing respect to your friend or kids and modeling initiative and taking responsibility. If saying no is difficult, explore the reasons through some self-reflection. Answer the question “what’s the worst that can happen if I say no”. Practice with people you trust.

Avoid nothing and turn a blind eye

When working from home, it’s easy to be tempted to just put that one load of laundry during working hours, take a couple of hours to cut the grass or empty the dishwasher. Although there is nothing wrong in taking a break from work, making it a habit becomes problematic if it’s used as an excuse to avoid working on something more leveraging or important. Be vigilant and observe your behavior. If you notice  that doing the laundry or cutting the grass has more appeal than working on your proposal for a new client, then it’s time to ask yourself the hard question of what you’re avoiding and why.

On the other hand, the sight of a pile of laundry or a messy room may just be distracting. If that’s the case, close doors to messy room, schedule when you will do the laundry or cut the grass. Even better, delegate to other members of the household.

Take care of the Golden Goose

Studies upon studies have shown that the human body and mind cannot consistently work 80+ hours a week without getting ill one way or another. Yet, having a home office means 24/7 access to work and this can push you into the danger zone of becoming an obsessed workaholic.  As much as your business requires your full focus and attention when you’re working, the other parts of your life are equally important. Many very successful business leaders have learned that lesson and know that without taking care of themselves, the Golden Goose will not deliver for very long. As difficult as it may be not to work on your business all the time, see taking time for yourself as an investment in your business. Clearly define boundaries between working time and “me” time and honor these boundaries. Set time both for yourself and with friends and family. Develop a practice of self-care: go to the gym, meditate, take a fun class, do something that will recharge your batteries. The payoff is that you will be re-energized, more creative, more productive, more focused and happier.

Join the power of the mind

Despite being disciplined, working from home can leave you feeling unfulfilled and unproductive. Problems may seem too big or difficult to address. Your pool of creativity may have dried up. If that’s the case consider joining a Master Mind group. Master Mind groups are groups of people who get together on a regular basis and support each other in the achievements of goals, solving problems, discussing best practices and common issues. Master Mind groups may be just what you need to get replenish your pool of creativity, to fulfill you and give you your sense of accomplishment back.

Home based businesses are on the upward trend, particularly in these times of economic distress. It is different than working in a corporate environment, different even from working from home for a company. It does require and adjustment in attitudes, perspectives and working habits. But once you discover the sweet taste of freedom and master the skill of staying focused even in your pajamas, nothing beats it!

Copyright Elizabeth Skronski 2009, 2011. This article may not be used in any way without the express written consent of the author and/or copyright holder.

Elizabeth Skronski is a certified business coach, executive and life coach who supports her clients in achieving personal and professional goals with greater purpose, meaning, happiness AND less stress.  She can be reached at elizabeth@coachingforwellbeing.com or 905-468-9054.

Fortunately we recover, but the business may not, UNLESS. the business owner had a critical illness insurance policy to protect the business, their personal lifestyle and recovery costs. For the business owner, this can be especially difficult because the business that pays everyday living expenses may be at risk if the owner couldn’t work. Critical Illness insurance helps finance solutions, tax-free, that ensure the business can continue without the owner during the recovery.

SIGNIFICANT IMPACT ON YOUR BUSINESS
Think about it. If you had a heart attack today or a breast cancer diagnosis and couldn’t work for six months or a year, would your business continue to thrive without you?

The example following shows how a cash benefit from a critical illness insurance policy can make all the difference. It would have allowed Bob to return to a financially sound business when he was back on his feet.

Before his heart attack, Bob had been taking a salary of $120,000 a year from the business, which he needed to pay his personal expenses. Because he wasn’t able to work for six months, he was faced with additional business expenses that he hadn’t planned for. Here’s what happened to his financial picture. With Bob away, costs went up and sales revenues went down. The business didn’t have the financial resources to continue and it collapsed leaving Bob’s personal finances in chaos, too. Bob could have bought a critical illness insurance policy to cover these additional costs. The money would have let him recover in peace without the stress of worrying about his business and personal finances.

I can’t promise you’ll never need it. But if you do, you will have peace of mind knowing you have the financial support to focus on what really matters … getting better.

As one of the owners of AIS Solutions, I’m always trying to balance the needs of my team members – to ensure that they are motivated, engaged and excited about coming to work every day. But who does that for us? Who rejuvenates our energy, and ensures that we are staying at the top of our game? That responsibility also rests solely upon our shoulders. For those of you who know me, you’ll understand how difficult it is for me to take 2 days off in a row. And two days off in a row during tax season?? Unheard of! But that is just what I’ve done. Today was my first day of a 2 day conference I attended called Women in Leadership and Business. Thanks very much to Ildy Wilie, who organized the event, and filled the need for an event like this. The event was held in Niagara-on-the-lake at the White Oaks Conference Resort & Spa, which is a fabulous venue.  But honestly, the conference could have been held in the back of an alley, but as long as the speakers were the same, it still would have been inspiring.  The keynote speaker this morning, was Arlene Dickinson of Dragons’ Den.  As her background is marketing, I was expecting to come away with some strategic marketing tips that could be employed in my business, but what I walked away with instead, was an awe-inspiring story of a woman’s struggles to make it on her own, and the humour she was able to find in what otherwise would be difficult life lessons.  After Arlene was done speaking, I felt as though she had shared a very personal part of herself, and her journey, in order to help us all feel that we were not alone.

Arlene set the tone for the day, and it was one speaker after another that left me inspired.  Although I didn’t arrive home until 7:30 pm, and had left the house this morning, 12 hours earlier, I felt more energized than I have in months.  My husband and my daughter listened to me tell them about my day and all of the things I learned all through dinner, that I’m not sure anyone else got a word in edgewise

It certainly reminded me how important it is that as business owners, we don’t forget about ourselves.  The businesses are our babies and our heart and soul gets poured into its activities, day after day….but we need to remember to step away every so often, spend some time on ourselves, and you’ll be amazed at what a difference it will make when you return to the office.

I’m back at the conference tomorrow morning and am excited to see what the day has in store for me. What new thoughts and ideas will come to fruition?  What will I accomplish by spending another day focusing just on me?  I’m sure that I will leave tomorrow a better visionary, manager, partner and leader to take my business to the next level it can achieve.

AS OF MAY 31, 2011
live technical support and business services will be discontinued for QuickBooks 2008

Support
Throughout March and April, we’ll be contacting QuickBooks 2008 customers to prepare them for this change.

Why We Discontinue Support for Older Versions
By reducing the costs to maintain older product releases, we can continue to keep our products affordable, while not compromising on our level of service. For more information on Intuit’s Discontinuation Policy, click here.

If you are a first-time homebuyer, a person with a disability, or an individual buying a home on behalf of a related person with a disability, you may be able to claim a non-refundable tax credit of up to $750 for the acquisition of a qualifying home acquired after January 27, 2009 (closing after this date).

Are you eligible? Find out  more information on CRA’s Home Buyer Tax Credit (HBTC)

We would be interested to hear whether you find these types of government programs helpful.

A new change came into place in 2010 which affects the medical and dental expenses which can now be claimed for tax purposes. Medical or dental services or related expenses which are provided for purely cosmetic purposes are no longer eligible medical expenses for purposes of the medical expense tax credit, unless the services are necessary for medical or reconstructive purposes.  This is effective for expenses incurred after March 4, 2010.

For a list of Allowable Medical Expenses as dictated by CRA.

Has this change affected you in anyway?