Take Action
Do-It-Yourself Promotion
Stay in the same spot these days, and pay raises are almost nonexistent.
Your best defense? Position yourself for a higher paying job. Your tool for a promotion? A well-planned strategy, says Bob Nelson, author of “1001 Ways to Take Initiative at work.”
In lean times, fattening your paycheck takes more ingenuity. Be proactive and carve out opporunities with these tips.
• Take a hard look at your job. Ask yourself why it was created.Focus on the job’s essential needs.
“Consistently address those needs and go beyond them,” Nelson said.
Rank according to how they affect the company’s bottom line and long-term goals. Focus on the
high-priority tasks and do them better than anyone else could.
Look for role models. Who are the stars in your organization? “Study them, learn what makes them tick” and follow their examples, Nelson said.
• Develop a long-range view. Decide where you want to be in a year, three years and five years. Map out a plan for getting from here to there.
• Strut your stuff. Volunteer for assignments and key spots on teams or committees whether or not
they’re related to your department.
Redefine your jobs boundaries and “gradually increase the scope of tasks assigned to you, “Nelson said.
“What tasks could you take over for your manager? Suggest projects that could improve your job and help you learn in the process. Volunteer to be the liaison to other departments to help solve joint problems or to improve communication between departments.”
The hidden benefit? Gaining entree into ttre firm’s greener pastures.
• Solve problems. “Start in your own area and expand outward. Look for ways to save money, improve service or streamline processes,” Nelson said.
Have a plan to follow through. “Suggestions can sound like complaints if there’s no plan for their implementations.”
‘Think through the costs and benefits” of each idea , and involve key people who can help bring it about, Nelson advised.
“What allies and opponents do you have for achieving the goal? Could you make use any favors to gain others’ support? If your idea makes sense, why hasn’t it been done before? Think through the questions and objections your proposal is likely to receive. Develop a sound response for each,” he said.
• Beat rivals by managing time. At the end of the day, prioritize the next day’s tasks. Arive a half hour early so you can tackle key jobs uninterrupted.
“Focus on doing the work that you’re uniquely qualified to do. If possible, delegate the rest to coworkers,” Nelson said.
• Boost your marketability. “Are you delivering more value to your employer than you were three to six months ago? If so, what is the evidence?” Nelson asked.
Ask the tough questions:” What have I learned on the job in the last three to six months? What can I learn in the next six months that will boost my value and pave the way for a promotion or a better job?”
Take action on a plan to acquire those skills.
Author: Cord Cooper
2010 Best of Norwalk Award
Press Release (Article Source)
Emil Estafanous, CPA Receives 2010 Best of Norwalk Award
U.S. Commerce Association’s Award Plaque Honors the Achievement
NEW YORK, NY, May 18, 2010 — For the second consecutive year, Emil Estafanous, CPA has been selected for the 2010 Best of Norwalk Award in the Tax & Accounting Services category by the U.S. Commerce Association (USCA).
The USCA “Best of Local Business” Award Program recognizes outstanding local businesses throughout the country. Each year, the USCA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community.
Nationwide, only 1 in 70 (1.4%) 2010 Award recipients qualified as two-time Award Winners. Various sources of information were gathered and analyzed to choose the winners in each category. The 2010 USCA Award Program focuses on quality, not quantity. Winners are determined based on the information gathered both internally by the USCA and data provided by third parties.
About U.S. Commerce Association (USCA)
U.S. Commerce Association (USCA) is a New York City based organization funded by local businesses operating in towns, large and small, across America. The purpose of USCA is to promote local business through public relations, marketing and advertising.
The USCA was established to recognize the best of local businesses in their community. Our organization works exclusively with local business owners, trade groups, professional associations, chambers of commerce and other business advertising and marketing groups. Our mission is to be an advocate for small and medium size businesses and business entrepreneurs across America.
Press Release (Article Source)
SOURCE: U.S. Commerce Association
CONTACT:
U.S. Commerce Association
Email: PublicRelations@us-ca.org
URL: http://www.us-ca.org
Solo 401(K) Retirement Plans
Do you run your small business as a one-person operation? You might consider setting up a solo 401(k) plan. This type of qualified retirement plan provides an edge over comparable plans.
With the usual type of defined contribution plan chosen by small business owners — such as a Simplified Employee Pension (SEP) — the employer’s deductible contribution for 2010 is capped at the lesser of 25% of compensation or $49,000 ($54,500 if you’re age 50 or over). Note: The maximum compensation that may be taken into account for these purposes is $245,000 for 2010. (These figures are adjusted annually for inflation.) But that’s as far as it goes.
In contrast, if you’re an employee participating in a traditional 401(k) plan, you can make an elective deferral to the plan within annual limits and the employer may match part of your contribution. Usually, it will add an amount equal to a single-digit percentage of your compensation.
Now see what happens when you “go solo.” For 2010, you can defer up to $16,500 of compensation to your 401(k) account, plus you can make an extra catch-up contribution of $5,500 if you’re age 50 or older — the same as with elective deferrals to a traditional 401(k).
Of course, the limits on deductible employer contributions still apply, but here’s the kicker: Thanks to a recent tax-law change, elective deferrals to a solo 401(k) don’t count toward the 25% cap. So you can combine an employer contribution with an employee deferral for even greater savings.
If your business isn’t incorporated, the 25%-of-compensation cap on employer contributions is reduced to 20% because of the way contributions are calculated for self-employed individuals. But that still leaves you plenty of room to maneuver. And remember that you can boost your contributions once you reach age 50.
We can help you determine if a solo 401(k) plan meets your needs. You may be able to save thousands more for retirement with a solo 401(k) plan, so don’t hesitate to call our office with any questions or concerns.
