KIS & Tell December 2020
Well, we made it. 2020 is in its final days. This was one of the toughest years ever for so many people. But now we’re round a corner. We’ve got vaccines coming out and reasons to hope. Reasons to be excited about the new year and come out of this with a new perspective on life, community, and business.
Here’s another reason to hope: a post-COVID bounce.
Can you imagine all the pent up demand? For doing anything fun? Hanging out with friends? Going to restaurants? For traveling?
How will you get your business ready for any potential bounce?
Let’s prepare now for when we all can go back to normal life.
I imagine it’ll be like at the end of a war when the troops come home. Ok - maybe not as dramatic… But think of all the amazing Fourth of July barbeques we’ll have?!
Winter can’t pass soon enough! For now, keep the faith and stay safe.
Fresh Content
Hot off the press & onto the blog, website, and beyond.
The best use of your financials is not to prep your taxes. The numbers are way more important than just for filing forms. The real power lies in using them to evaluate your performance. One way is to use financial ratios, like the ones listed in this blog. These numbers are the very basic ones you should know. They speak volumes about the health of your company.
The gift-giving holidays are fast approaching. You may not have noticed given the b@tsh!t crazy year we've had...
Anyways, to make your shopping a little easier, I prepped a holiday gift guide for entrepreneurs. This is also a great list to forward to someone (with a nudge and a wink) if you'd like an item. Because we all love getting gifts we actually want or need!
App of My Eye
I'm always on the lookout for new apps that help make running a business easier! Here are the best finds over the past month.
This may be unorthodox, but I use both Microsoft Excel and Google Sheets. Why? Because of sharing capabilities. I’m more comfortable working in Excel, however, Google Sheets shines because of the interface and collaboration feature. They're transparent, up to date, and always available to everyone involved.
Sheets makes sending spreadsheets back and forth over email archaic. It improves data quality too because you don't have people working in multiple different versions of the same spreadsheet.
I love creating Google Sheets to track goals and metrics. I set them up for clients and my own business. Right now, I'm setting up several for my CFO Services clients to help them reach their goals in 2021. I love the Templates feature as well, so you can create one file, preserve the original, and make many copies.
Best Reads
I love to learn. Especially with business, there are always new perspectives and information we can benefit from. Here's my latest fav.
Nerd Alert: neuroscience is so cool!
By understanding how our brain works, we can make better decisions and give ourselves grace. For example, how you may feel now is natural. We are in a high-stress environment, and per research by Amishi Jha, a researcher at the University of Miami, this hurts our attention spans and working memory.
As Jha writes, "your attention can be a bad boss," and "we forget that thoughts are not facts." She goes into what your brain is doing when under stress and how to choose a healthy, compassionate response. The impact of all the 2020 craziness is pervasive. It hurts the quality of our sleep, memory, emotions and more.
One healthy coping strategy is mindfulness. We've all got businesses to run here and are busy. But, if you can focus on your breath and be still for 12 minutes a day a few times a week, it'll help your brain, health, and life overall.
Practicing Simplicity
Practical tips to simplify your business.
Practice: Do your most important task first each day
Rationale: Be intentional and make progress. Most people's brains are sharpest at the beginning of their day. Before any interruptions can seep in, block your time and focus on your highest priority.
Tools: Pause emails, website blockers, daily planner
Tax Tips
The world of tax is constantly changing. Here's what you need to know.
There's a new 1099 in town, folks. 🤠
Next January you'll probably need to file 1099-MISC, 1099-NEC, or both. Contractor payments are now to be reported on the new form -NEC. Everything that you used to put in Box 7 "Nonemployee compensation" now goes on the new form. All other payments, like for lawyers (box 14) or rent (box 1), will continue to be reported on the 1099-MISC.
You can access the 2021 versions here: 1099-NEC & 1099-MISC. Make sure you have all your contractor’s current W-9!
Out & About
We're going places! Whether it's for networking, client meetings, or personal travels, I love to explore. Here's one recent stop.
My new website is in the final stages of development! I could not figure out how to match the copy with the design, so I kept putting it off. Now, a couple of months later and not much to show for it, I decided to keep it simple and hire someone.
I see this same problem with new clients all the time - they want to do something but for whatever reason, they don’t. The best solution is to hire it out and take the weight off your shoulders. Even I need to remind myself of that sometimes! lol
The Coast Kit is designing my new site. I love their style and themes! They make SquareSpace design templates, inspired by a place they’ve visited, which I totally love! Here’s a sneak peek. It’s so much better than anything I could have done!
Kitty Corner
It's probably impossible for me to get through a newsletter without mentioning my furbabies!
The people of Turkey are collective pet owners. There are many, many cats and dogs on the streets. These critters have a purpose. They keep their towns safe from other animals, like rodents, snakes, and lizards.
The kitties are my favorite (obviously!). And now, I’ve taken to not leaving the home without cat treats. The weather is turning cold and the tourists are gone. These kitties might need me!
Now, I’m not the old ladies that buy a bag of cat food every day, to feed All.The.Strays on the street. That could be me in some years… but for now, alas, there’s two kittens and their parents that I focus on.
For now, I focus two kittens and their parents that I focus on. They have identical patterns. One is grey, one is orange. It’s like they both have a white base coat and the same pattern painted on top! So that’s why they’re the twins, even if they aren’t 100% identical.
On the Horizon
Here's what we'll be focusing on over the next few weeks.
In mid-December, I’m doing a mini-launch for my signature service, monthly CFO services.
The purpose behind this service is to let business owners do more of what they love instead of spending hours on their books and taxes. Even more, I help with planning, decision making, and the inevitable questions that come up while running a company.
If you’d like to focus more on what you got into business to do, let’s chat. I can only accept one or two new businesses before the 2021 tax season (depends on their size).
The end of the year and the beginning of the next is one of my favorite times of year. Not because of the holidays, but because of the reflection and inspiration it brings.
Right now, I’m reflecting on you, my friend, my clients, and my team of contractors and am incredibly grateful. It’s been a good year for KIS, all things considered. Thank you so much for your time and support.
I wish you health, happiness, & prosperity through this season and into 2021!