Posts Tagged ‘Business Success’

Did You Unplug This Summer?

Friday, August 26th, 2016
Vacation Time | Unplug From Work | Ohio CPA Firm

Employees shouldn’t be afraid of the off switch. Those who are overworked are oftentimes less productive and generally less happy, but time off can provide renewed energy to return refreshed and ready to take on whatever may come your way. For example, this season, find some time to enjoy the outdoors with family and friends. Keep reading to learn more.

As the summer is winding down, you are probably finding yourself preparing for fantasy and college football, bracing for pumpkin spice everything, and seeing the school buses out and about. Before you transition to your fall routine, it’s important to take a moment to reflect on the summer months.

The months of June, July, and August are synonymous with family vacations. School’s out. The weather is warm. The beach seems to be calling your name. Did you take advantage of the vacation time this year or was your work laptop nestled in with your luggage? You know, just in case…

If you are like a lot of business professionals, you have probably found yourself suffering from an inability to unplug from work. In the age of smartphones and laptops, we are finding ourselves more connected than ever before. And this increased connectivity has made it harder than ever to unplug from our professional selves.

It’s important to remember that your vacation is part of your compensation package. Not only do you work hard to earn a paycheck, you work hard to earn time away from the office – which means you’ve also earned the luxury of completely stepping away from technology – but it’s not going to be easy.

I recently read an article from CGMA Magazine that outlined five tips to help professionals getting more out of their time away from the office. In fact, the tips were so good that I wanted to pass them along!

  1. Embrace a pro-vacation culture
    If your employee handbook and company culture call out the importance of vacations, embrace the mantra and take the time allotted to you to recharge. Vacations aren’t just great for you, they can be very good for business as well! Well-rested employees are happier and more productive. So go ahead…book your next trip guilt free!
  2. If you fail to plan, you plan to fail
    If you are planning a two-week family vacation, you probably have a good idea when you will want to take it. Your employer should be kept in the loop too. Oftentimes, managers have no problem with long vacations – as long as they have enough time to plan for your absence. Once you have settled on which dates you need to take off, share that information with your manager and colleagues. It’s also good practice to set aside some time to meet with you manager on your first day back. This will help you catch up on important projects or issues you may have missed.
  3. Delegate work
    Work with your team to determine who is best suited to take the lead on key projects while you are out. This will help mitigate interruptions in productivity while you are away. Your vacation can also serve as a very important gauge for managers, as they will have an opportunity to evaluate whether the second-in-command might be ready to assume more responsibility in the future.
  4. Turn off the light…and the phone…and the laptop
    If you want to make the most of your vacation, set up your out of office email message and step away from the tech. If you don’t, you will be drawn into its bright, electronic glow. Managers have to be ready to play a huge part in changing the company’s culture. If checking in with work is necessary, establish one short window each day when you’ll be reachable and stick to it.
  5. Relax!
    While you are on vacation – regardless of how long or short it may be – you are allowed (and expected) to put your work worries aside. Once you do, you will return to your job feeling more energized and ready to tackle tough projects.

In other words, employees shouldn’t be afraid of the off switch. Those who are overworked are oftentimes less productive and generally less happy, but time off can provide renewed energy to return refreshed and ready to take on whatever may come your way.

If you are planning on taking some time off work this fall, take advantage of these tips. But if you are holding out for next year’s summer vacation with the family, save this article and make it a point to refer to it again later. That way, the next time you leave work for pleasure you will be able to unplug from technology and vacation like a pro!

By Nathan Esselburn, CPA (Dublin office)

Check out these articles for additional insight into some of the best habits of business owners.

 This Is An Intervention – Step Away From Your Business

What Are The Top 5 Challenges Business Owners Face?

What Are The Ingredients For Business Success?

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Celebrate the ‘Frog Days of Summer’ with Top Blog Posts for the Month of May

Wednesday, June 1st, 2016

Ah, June! One of my favorite months of the year! Nothing I enjoy more than sitting back on my lily pad catching up on the latest business and financial news. But before I start sharing insight to help you guide your business through the dog days of summer, let’s take a look at what topics were hot in May!

  1. New DOL Rule Shakes Up Exemption Threshold – The Department of Labor announced its publication of a final rule to update the regulations governing the exemption of certain classes of employees from minimum wage and overtime pay protections of the Fair Labor Standards Act, which provides for an updated salary and compensation threshold for executive, administrative and professional employees to be considered exempt as well as provides an amendment to the salary basis test to allow employers to utilize nondiscretionary bonuses and incentive payments to satisfy up to 10 percent of the new standard salary level. Yikes! That’s a mouthful! Keep reading to learn more about this rule change.
  2. Would You Know If Someone Was Stealing From Your Business? – According to the 2016 Report to the Nation on Occupational Fraud & Abuse by the Association of Certified Fraud Examiners, the typical organization loses 5 percent of its annual revenue to fraud. What are you doing to prevent fraud from occurring in your organization?
  3. Did Prince Forfeit Control Over His Multimillion Dollar Estate? – Many of us were sad to hear of Prince’s untimely death. But perhaps just as shocking was the news that the music legend neglected to draw up a will, reinforcing the importance of estate planning – regardless of how large (or how small) your fortune is. Keep reading to find out why a will is one of the most important documents you will ever have drawn up.
  4. How Can You Track Use Tax in QuickBooks? – Now that you have filed for use tax amnesty and are all set up with an account, how are you going to track it daily going forward? If you use QuickBooks, the answer is as simple as 1-2-3.
  5. Who’s Driving Your Business’s Results? – Businesses that drive consistent revenue growth are able to do so because they have honed in on the importance of working with their teams to drive measurable results. And, believe it or not, it’s not rocket science! Take a look at these three tactics for tips to help you achieve the growth goals you’ve been working toward.

Is there something you want more information about? Got a question for me? I would love to answer it, just contact me and I will get you the answer.

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Celebrate Six Years’ Worth Of Business Tips With Drebit

Thursday, April 28th, 2016
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Today Drebit is turning six! Check out his top posts from over the years.

Drebit turns six today and we couldn’t be more excited. Over the years the Rea team has helped this intuitive frog provide readers with a wide variety of helpful business tips designed to help drive results in your organization as well as current business and financial news and we have certainly enjoyed the journey! This birthday isn’t about Drebit, it’s about you, our readers, for spending a few minutes with us each week or for checking in for answers that will help you confront a challenge facing your business. You are the reason Drebit continues today!

To celebrate, we are going to list Dear Drebit’s top six blog posts. Which one did you find to be the most useful? Let us know in the comment section!

Drebit’s Top 6 Blog Posts

  1. How Far Back Can The IRS Go For Tax Auditing? Taxes can be scary word and accountants are often asked, “How far back can the IRS audit tax returns?” Before you start to panic, rest assured that the IRS has a statute of limitations in place that generally puts a limit on the time allowed to audit you and assess additional tax. Keep reading to learn what those limitations are.
  2. How will selling a house from an estate impact my taxes? My mother passed away Oct. 30, 2009. She left my brother and me her house, which has just been released from probate court. We have someone wanting to buy it and we would split around $140,000. What kind of taxes do we face? Find out the answer in this blog post.
  3. Theft Safeguards To Cause Tax Return Delays In Ohio If time is money then the new security measures to protect Ohio taxpayer’s returns and prevent identity theft comes at a price. The Ohio Department of Taxation (ODT) said that in an effort to boost security and prevent tax-fraud in the state, Ohio will implement an “up-front filter to all tax-refund requests to analyze the demographic information reported on the return.”
  4. Do You Need to Send an Annual Notice to Your 401k Participants? If your company sponsors a calendar year 401k plan, don’t forget about participant notice requirements. They must be furnished by Dec.1, and may impact the operation or qualification of your plan. Here is a checklist that may be helpful, but check with us if you are not certain which of these requirements apply to your plan.
  5. What Happens if My 401(k) Plan is Out of Compliance with an IRS or DOL Rule? In this article we will explain the statute of limitations if your 401(k) plan is out of compliance with an IRS or DOL rule and how you can work to rectify any issues you may have with your business’s retirement plan.
  6. How Can You Track Use Tax in QuickBooks? Now that you have filed for use tax amnesty and are all set up with an account, how are you going to track it daily going forward? If you use QuickBooks, the answer is as simple as 1-2-3.

Is there a financial or business question you need the answer to? Let us know by contacting the Rea team today! We would love to answer it!

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Anything Can Happen In Cleveland

Friday, January 8th, 2016

“There’s always next year …”

Value of Big Data - Ohio CPA Firm

Paul DePodesta has just been announced as the Cleveland Browns Chief Strategy Officer to assist in rebuilding the team. Can big data help the Browns like it helped the Oakland A’s?

Since 1999 that phrase has been uttered so many times in reference to the Cleveland Browns it should have been declared Ohio’s state motto. Well, it’s now 2016 and it looks as though next year might finally be THE year. Why am I so optimistic? Because the day after the Browns cleaned house, the franchise announced who would step in as the new Chief Strategy Officer to help rebuild the team – Paul DePodesta!

Some of you may have no idea who this guy is. But stay with me here while I explain why the news of the Browns hiring DePodesta may have changed the way I look at a team that has done nothing but bring me heartache and disappointment for more than literally half my life.

Six months back I wrote the post “The Billy Beane Approach To Business Success,” which was inspired by another lackluster sports team. One night, rather than watch the Cleveland Indians withstand another defeat, I chose to watch a baseball story with a much happier ending.

If you’ve seen Moneyball then you know that Billy Beane, the general manager of the Oakland A’s, is famous for abandoning “business as usual” and embracing a data driven approach to team building. In doing so, Beane transformed his team and began delivering results simply by recruiting players based on a single data point – their ability to get on base.

So, what does Beane’s story have to do with the Cleveland Browns and Paul DePodesta? Everything. DePodesta, also known as Beane’s right-hand-man, is the guy who first identified the data that went on to drive the Oakland A’s success!

It looks like the Dawg Pound is scheduled for a renovation after all and that “next year” may finally be here!

Now the question is: what data driver will be the key to turning the Browns into a winning team?

What Drives Your Business’s Success?

Take a play from the Browns’ new strategy, your priority should always be defined by what is driving your business’s success and you can’t afford to let yourself become bogged down by business as usual. If you are finding that you are becoming more and more distracted, it may be time to take a fresh look at your organization and refocus on what’s important. Let go of everything else.

This is something the management team at Rea can speak a lot about. The firm recently rolled out its new strategic plan, which calls for all 200+ employees throughout 11 offices across the state of Ohio to focus on a singular driver. Today, all employees are able to clearly identify how their position impacts the firm’s ability to be successful and, together, we can work to deliver real, measurable results.

Listen to Rea’s CEO talk about the firm’s new strategic plan in episode 4 of unsuitable on Rea Radio: “How To Run With The Big Dogs.”

Are you ready to make a change and develop a winning strategy? We can help. Email Rea & Associates to speak to someone who can help you identify and assess your company’s drivers.

In the meantime, I don’t know about you, but I will be eagerly awaiting the announcement of the Browns’ new GM (general manager.) Maybe it will be Kevin Costner –  he did a great job for the Browns in Draft Day. The Browns do have the number two draft pick of 2016. Anything can happen.

By Katie Snyder (Wooster office)

 

Want more tips to help you improve your business? These posts will help:

How Can A Focus On Inventory Management Help My Business?

Cash Flow Is King: Where Do You Need To Focus?

Getting Back To Business: How Outsourcing May Provide Relief To Your Business

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The Billy Beane Approach To Business Success

Tuesday, June 23rd, 2015
Big Data, Business and Baseball - Rea & Associates - Ohio CPA Firm

While most baseball teams attempt to excel in all aspects of the game, The Oakland A’s ushered in a different type of strategy – one rooted in the power of optimizing a single data point – getting hits to get the team’s players on base.

It’s summer and that means that baseball season is in full swing. I don’t know about you, but nothing truly beats the feeling of spending a few hours in a stadium cheering for your favorite team – mine just happens to be the Cleveland Indians.

While I am a devoted fan and will support my team at nearly every opportunity (Go Tribe!), I must confess that there are days when, rather than have my heart broken by another loss, I opt to spend my time watching something a little more … encouraging. So, the other night I turned to the movie Moneyball for some baseball-themed comfort.

Read Also: Is Your Business Batting A Thousand?

Based on a true story, Moneyball follows Oakland A’s General Manager Billy Beane as he attempts to overcome multiple challenges in the hopes of taking his baseball team to the next level by leveraging cost effective measures to transform his team. I was particularly struck by the part when Billy, played by Brad Pitt, made a point to zero in on a single characteristic in the hopes of taking his team to the top – hitting. Moving forward with this strategy, Billy turned to data for answers.

Big Data, Business and Baseball

I’m willing to bet that almost everybody reading this post right now is at least somewhat familiar with the term “Big Data.” Some of us are generally aware of its role in business while others help facilitate the collection of data and are ultimately responsible for its collection and interpretation. Then there are others who are acutely aware of Big Data’s magnitude. These are the people who readily acknowledge how data is being used to track our buying behavior, monitor our interests and influence our interactions with others. Today, it is common practice to zero in on the details, which may have cost us our ability to see the forest through the trees – but at least we know that our trees look fabulous.

The Big Data concept is articulated in Moneyball. While most baseball teams devote countless hours to offensive and defensive strategies in an attempt to excel in all aspects of the game, The Oakland A’s ushered in a different type of strategy – one rooted in the power of optimizing a single data point – getting hits to get the team’s players on base.

Billy’s strategy can apply to your business success as well. For example, if you are able to focus on your business’s key driver while cutting out the aspects of your business that are holding you back (such as a poorly selling product, costly production or a minimal return on a particular investment) you can take the steps to increase your efficiency, company-wide value and ability to meet a growing demand. And consider watching Moneyball for inspiration – it sure beats tuning in to another lackluster performance by the Indians.

By Katie Snyder (Wooster Office)

 

Related Articles

How Can A Focus On Inventory Management Help My Business?
Cash Flow Is King: Where Do You Need To Focus?
Getting Back To Business: How Outsourcing May Provide Relief To Your Business

 

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