New Year's Resolutions for Your Home Business
"Happy New Year" may be the most positive phrase in the English
language. For those whose fortunes were less than they desired
over the last twelve months, the new year is an opportunity to
close the book and start afresh. Those lucky souls who came out
ahead this year can pat themselves on the back and look forward
to repeating their success in 2001. No matter which end of the
spectrum you fall into, the hope that springs eternal on January
1 is something we all tend to share. It seems that every culture
enjoys a new year's holiday, and that our tradition of making
resolutions dates back to the ancient Babylon. Teacher Jerry
Wilson of < http://www.wilstar.com > says the most popular
Babylonian resolution was to return borrowed farm equipment.
While times and the details may have changed, today's home-based
entrepreneurs are also concerned with improving relationships
with colleagues and customers - and making their businesses
grow. There are lots of changes we can make in our day-to-day
lives that can increase our chances of looking back on 2001 with
fondness - and January is the perfect time to start. Resolution
#1: Keep Better Records If you tend to stick your receipts in a
shoebox or at the bottom of your handbag, you already know the
heartbreak of trying to make sense of your tax returns. You are
probably losing some legitimate deductions! Get in the habit of
saving and categorizing every receipt, clearly marking those
that are 100% deductible. Devise a workable filing system and
use it! Resolution #2: Watch Your Miles Do you keep track of
your auto mileage for business? If not, you will be surprised at
how much you can save on your taxes once you start - the 2001
rate will be 34.5 cents per mile. However, it's imperative that
you keep careful and accurate records in case of an audit. Note
your mileage at the start of each month and keep track of all
miles you incur in the course of conducting business. Keep an
auto expense journal in your glove compartment or buy expense
tracking pages for your ring-bound organizer. Tax expert Jeff
Schnepper tells his clients to keep a tape recorder in their
cars to record mileage and expenses as they occur, as a
supplement to their paper journals. "Accumulated tapes blow the
IRS away in an audit," he says. You can find some nice shareware
for tracking auto expenses at: <
http://www.winappslist.com/hobby/automotive_apps.htm >
Resolution #3: Get Your Accounts in Order If you've put off
getting a business bank account or installing that new
accounting package, this is the best time of the year to start.
Remember that a separate bank account is one of the factors the
IRS uses when deciding if your home enterprise is a business and
entitled to business-related tax deductions. (Other factors are
whether you have business cards and stationery, have advertised
or can document that you've been trying to generate business).
For more tax advice, visit our friend, Eva Rosenberg (aka the
TaxMama) at: < http://www.taxmama.com > Resolution #4: Provide
Better Customer Service Vow to answer your email in a timely
manner, change your business voice mail on a daily basis, and
treat your customers as you would like to be treated. For more
suggestions on growing your business with good customer service,
go to: < http://www.parentpreneurclub.com/ppc_cserviceart.html >
Resolution #5: Update your Business and Marketing Plans You
can't get to your destination without a roadmap, and these are
your guides to business success. For specific suggestions, go
to: < http://parentpreneurclub.com/Archive/aaeditor1001.html >
Resolution #6: Make Time for Yourself Home-based entrepreneurs
are often running in several different directions - all at once.
They shift gears at the drop of a child's skinned knee, only to
shift right back when a client calls. Many who work at home are
so busy taking care of their families and businesses that they
overlook the most important ones of all: Themselves. Vow this
year to give yourself a few hours each week to do something just
for you - be it exercise, coffee with friends, a bargain matinee
-- or anything else that you enjoy. To paraphrase the late Dr.
Seuss: These things are fun and fun is good...This year is gone,
this year was fun and next year is another one!