Importance of Productivity during Down Times

In the summer of 1900...

-The average life expectancy in the United States was 47.
-A three-minute call from Denver to New York City cost $11, which was an incredible sum because the average American made .22 cents an hour, or about $400 per year.
-Most women only washed their hair once a month and used borax or egg yolks for shampoo.
-Only 6% of all Americans had graduated from high school.
-Marijuana, heroin, and morphine were all available over the counter at corner drugstores.
-There were about 230 reported murders in the US annually.

Amazing what a century will change.Amazing what a few months will change.Growth ends, recession sets in, the stock market stops booming, and companies go bust.The recession is impacting our clients in various ways: we're hearing of layoffs, hiring freezes, reduced budgets, not rehiring for positions as people leave, go on maternity, etc.

Tough economic times are packing a one-two punch in the workplace.

First, everyone is forced to do more with less (POW!).

Second, you have to do it all while dealing with the nagging anxieties that come with an uncertain economy - threats of downsizing, bankruptcies, cost containment, you name it (POW, again!).

So how do we cope as leaders and as productive employees?

To succeed and keep their doors open, companies must make more money but spend less money and create greater results with fewer resources.You could attempt to cut salaries, benefits, staff, costs, or the quality of your products - all poor options.A better choice?Increase employee productivity.If you have 10 people, and you can get them to improve their productivity by 10%, you just effectively added another staff person without increasing salary expense - a much more attractive response.To do this, your employees need your help.

First of all, get a grip on your personal negative feelings that result from your lack of control.You DO have control over your friends, your love relationships, and your career.You decide for yourself what's right and what's wrong, whether you should stay in this weekend or go out, whether to vote Democrat or Republican.You decide who to see, what to wear, what to eat.

However, you have VERY LITTLE control over the government, economic policy, the rise and fall of the stock market, Mother Nature, international events, and even your company direction.Changes can often disrupt your life and force you to change your plans.Often there is little you can do and yet you are overwhelmingly affected by it.Accepting what is means realizing you can't control certain things and to stop trying.You can sit around and wonder, "Oh, my gosh, how is this going to affect me?What if I'm next to go?How will I pay the bills?I'm going to be a bag lady!" You stew and worry and literally make yourself sick.

These things will happen.They just will.You will get no warning, and nobody will prepare you.And that's frustrating.Because people will tell you to "reach for the stars, you can achieve whatever you want!" But they don't mention you might get hit by a comet in the process.

It's time to accept the things that you cannot change and focus on the things you can.What can you do?

Give yourself a break.Try to stay positive, despite the doom and gloom.Overdosing on pessimistic, overly dramatic news coverage is just going to weigh you down with bad thoughts - not good for those looking to clear their heads and get things done!It's important to be informed about what is happening in the world, but you definitely don't want to overdo it.

For months now, we've been bombarded with bad economic news every time we turn on the television or pick up a newspaper.No wonder everybody seems to be in a rut.Follow the daily news as much as you need to so that you feel in the loop and understand the issues that affect your industry.Other than that, it might be time to shut off the TV and catch up on some fun reading or spend some more time with family.

Know your job.Seems like this one should be a no-brainer, but you'd be amazed at how often our responsibilities can change and evolve without our even knowing it.Small incremental changes in how employees or departments do business can add up over time, leaving groups of people that work hard, but aren't contributing to business objectives as effectively as they once did.

For example, in an effort to provide an exceptional level of service, you might find yourself doing work that is below your pay grade.Maybe you end up doing a large portion of the administrative work associated with a project that needs your input.Consider the value of your time!

Make sure that the things that occupy your time are worthy of your talent and expertise and hold your staff to the same standard.With any project, you should be able to look at the time spent, multiply by the pay rate of the ones doing the work, and still feel that your resources were well spent.

If you've got a $40,000/year employee stuffing a bunch of envelopes (even just that one time) or a six-figure manager assembling an important presentation page-by-page, then that work becomes awfully expensive!

These examples might seem outrageous to you, but believe me, it happens all the time.Never make the mistake of treating your time like it's free.Time and other resources are limited, and we need to treat them that way.

As your company and your department are undoubtedly being asked to do more with less, now is the time to step back and take stock of the type of work you're doing.Many times roles and responsibilities change, but job descriptions do not.As a result, we end up drifting away from core priorities and towards dong work that, while challenging, doesn't really meet the organization's immediate needs.

Now might be a good time to step back and ask that all important question: "Why am I (or we) doing this?" If you can't answer that, or the answer doesn't make sense, it's time to purposefully make a change.

Break habits, build systems.Every office that has been around for any length of time has certain unwritten policies and procedures that exist simply because "we've always done it that way." Now is a great opportunity to analyze your existing business practices and find opportunities to break the bad habits that may be bogging your operation down.Take you entire department for example.Do you and your people have a clear idea of your area's specific responsibilities?Do you have the confidence and determination to say "no" when someone is asking you to do work that is outside your scope of responsibility?

Perhaps over the years your group took on the responsibility of coordinating quarterly meetings with senior managers.It might have made sense for you to be doing the legwork then, but now that the work has become routine, is it really the best use of your talent and resources?

That's just one specific example, but there are many more out there.Usually, these are the kinds of tasks and responsibilities that make employees want to ask the all-important "Why am I doing this?" question.Rather than spend another day mindlessly plowing though projects that may or may not be a good use of your time, force yourself to take a hard look at what you are doing and why you are doing it.

If you had to pick three tasks or responsibilities that should be the top priorities for your department, what would they be?Once you know, evaluate how much time and energy is dedicated to those things.You might be surprised at how much time we can spend doing things that aren't even close to the top of that priorities list.

It isn't always easy to say "no," but fortunately, that's where your systems can come in.As you work to create smooth, efficient systems to do work within your department, you can give yourself some ammunition to fend off others in the company that might be inclined to slide work onto your plate where it doesn't belong.If you don't have firm policies and procedures in place to identify who should be doing what, it is much more difficult to make the case for "no."

Analyze your relationships with other departments.

Have trouble turning down work coming from other areas of the company?Now is a perfect time to start fresh and rebuild your department's boundaries.In a frank and honest way, simply explain to others that in light of the current economic situation, your group has taken a critical look at its daily operations and needs to decline certain types of requests in order to build efficiency.

Perhaps you need to apply a little systems thinking and rethink the flow of information.Is there a procedure in place for other business units to request your assistance or input?If there's not, you're probably being hit from all angles with requests that may or may not be the best use of your time.Diagram how work moves through your department.Where does it come in from and go out to other departments?

Interview your internal customers and find out how you can provide value through reduced services.Can you provide a report monthly instead of quarterly?Can you cancel the weekly project meeting and get everyone to email updates instead?Question travel requests if you feel a conference call will do.One of the best ways to take stock of the situation is to survey your group, ask them what gets in the way of productivity, and to genuinely ask how they would redesign things if they could.

Find the bottom line.Right now, businesses everywhere are taking stock of their must-haves versus their nice-to-haves.From an organizational perspective, which are you?

Economic necessity can force budget cuts and cost containment that might otherwise be unnecessary.One way to prepare yourself for this reality is to make sure you have a good understanding of how you and your people contribute to the company's bottom line.

Sometimes, it's easy.If you work in sales, for example, the correlation between what you do every day and the company's financial success might be very straightforward - my group sells our most profitable product, which makes the company money.

Sometimes that correlation is not so obvious.If you operate in a support role, like Human Resources, you may want to start looking at your various responsibilities and deciding which among them have the greatest influence on the company's bottom line - either by somehow driving revenue or by controlling expenses.Perhaps you help contribute to developing talent within the company, which clearly has an impact on the overall success of the organization.

Employee development always seems to be one of the first things to go during down economic times, but this is not the time to reduce training if you'd like to get more work from fewer people.Or maybe you're managing clerical or administrative functions that would be expensive to secure elsewhere.If you can't draw a line from what you do each day to the financial well-being of the company, then it might be time to do some hard thinking.Your other contributions might be valuable, but in difficult economic times, corporate leadership often becomes must more focused on dollars and cents, for better or for worse.

Where am I going with this?If it isn't obvious how your contributions benefit the company, be prepared to explain how they do.If you CAN'T explain why certain aspects of what you do are valuable, then it's time to stop doing them.

At the end of the day, productivity is about more than getting things done.It's about getting the RIGHT things done and getting them done efficiently.

About the Author

Laura Stack is a personal productivity expert, author, and professional speaker who helps busy workers Leave the Office Earlier(R) with Maximum Results in Minimum Time(TM).

To have Laura speak at your next event, call 303-471-7401.Visit http://www.TheProductivityPro.com to sign up for her free monthly productivity newsletter.

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Important Action Items for Your Employee Benefit Plan

The current financial crisis has caused some older workers to postpone retirement due to a drop in the value of their retirement accounts.It has also led to renewed compliance scrutiny.Additionally, a recent Supreme Court case (LaRue vs.DeWolff Boberg and Associates, February 21, 2008) ruled that companies can be held liable if employees lose money in their 401(k) due to negligence.Because of the explosion of 401(k) plans throughout the United States, the consequences of this legal action are potentially far-reaching.

Beware delays.

1.If implementing investment instructions is delegated to a third-party service provider, you need to understand the provider's system for implementing the participant's investment selections accurately and timely.With the increase in paperless transactions, this becomes extremely important.The service provider should notify the participant immediately of all changes in investment selections.
2.The Department of Labor is stepping up enforcement of timely remittance of employee contributions.The law requires employers to separate employee 401(k) contributions from their general assets as soon as practicable, but in no event more than 15 business days after the end of the month in which amounts are contributed or withheld from wages.For small plans, generally plans with less than 100 participants, employee withholding for retirement plans are due within 7 business days.
3.Employers might be tempted, either because of administrative convenience or cash flow needs, to delay contributions.But, in addition to the legal requirement, there is also the risk of harm to the participant's investments.If the contributions are delinquent, these contributions are not being invested timely.With the potential of significant market changes every day, this could cause investment gains or losses.If a loss occurs as a result of delay, it may give rise to lawsuits or, at a minimum, the need to make the participant whole.

Other Items to Consider.
1.For plans which participants have to Opt-In (participants choose to be in or not) update participants' selection annually including those participants which choose not to contribute.
2.For plans which participants have to Opt-Out (participants are automatically in and pay is withheld for 401(k) deferrals unless participant Opts-Out,) make sure you retain completed Opt-Out forms to retain evidence of participants' choice.
3.For Opt-In plans, consider an Opt-Out plan.The government is encouraging plans to become Opt-Out plans by reducing some administrative tests.
4.Given current market conditions consider having a financial planner give a seminar to update participants on their portfolios.
5.Not-for-Profit organizations with 403(b) plans will be subject to filing Form 5500 and are required to have an audit if their plan has 100 or more participants effective for 2009.
6.Check for unused forfeitures and discuss with your tax professional how these can be used such as offsetting matching contribution, profit sharing contribution, pay for administrative fees, etc.
7.Avoid having to make time consuming corrections due to errors in accumulating participant criteria for Benefit Plans.
8.Avoid penalties on plans which are subject to corrective distributions based on excess contributions.Plans need to complete their HC testing and compute and pay the corrective distributions within 2 months of the plan's year end to avoid a 10% penalty.
9.For terminated employees that have less than $5,000 in your plan, consider distributing their funds to them to lower the plan's administrative costs.
10.Prepare census and compliance testing timely.
11.Update files with signed designation of beneficiary annually.
12.For plans with multiple ending dates, review for proper inclusion of new participants.
13.Review computations with matching contributions for correctness.
14.Prepare timely all required Forms 1099R/1096 and Form 945 and remittance of taxes withheld.

Determine Your Audit Need
An audit can provide the documentation that you need to prove compliance with applicable rules and regulations.

1.Companies with 100 or more eligible participants at the beginning of a plan year must have an audit to form an opinion that the financial statements of the plan are presented fairly (ERISA Section 103.) The audit is included with Form 5500 filings.Note the word "eligible" is the key, not participants in the Plan.

Plans with fewer than 100 eligible participants at the beginning of the plan year are considered a small plan for filing purposes.Audited financial statements are generally not required for a small plan filing if specific requirements are met under the small pension plan security regulation.

Types of plans that may require an audit include:
Multi-employer
401(k)
Profit sharing
Health and welfare/VEBA

2.

Make sure that your auditor has experience with 401(k) plans.This is a specialized field.Knowledge of the Department of Labor's requirements is a must.Prohibited transactions, supplemental schedules, and certain footnote disclosures are unique to 401(k) plans.The more an auditor understands the 401(k) field, the more effective that audit will be.

3.Provide the auditor copies of all agreements with third-party service providers.If the plan has reviewed the internal control structure of a service provider, that review should also be provided.In any event, the auditor will need to satisfy himself of the internal control structure of the 401(k) plan and the provider's portions of the plan.This work should be performed before the audit.

4.Finally, before the audit, you should either provide or make sure your auditor has obtained all information and documentation requested.Contracts, investment statements, and participants' files are some of the more common requests.If your auditor does not prepare your 5500 form, they must review it.

Quality audits are very important to the 401(k) plan and your participants' best interests.Take steps now to ensure that you are in compliance!

About the Author

Contact: Leslie Flinn, Director of Marketing, Warady & Davis LLP, Certified Public Accountants & Consultants, one of the top 25

CPA & consulting firms in the Chicago area specializing in employee benefit plan audits.

Contact: Leslie Flinn, 847-267-9600, lflinn@waradydavis.com,

http://www.
waradydavis.com

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If High Fuel Bills Are Squeezing Your Business, Turn Towards Freight Factoring

With fuel prices showing no signs of abating, running your trucks could drain away your finances, since your clients might pay you on the due date, whereas the fuel pumped in your trucks would require instant cash. With every visit to the fuel station requiring large amounts of cash, it could be a good idea to turn towards freight factoring, in order to arrange for the much-needed cash.

You could also turn towards a bank, in order to secure a loan to tide over the fuel crisis. But, with a rising number of borrowers defaulting on their loans, banks too have tightened their norms, while handing out loans. You might be required to arrange for sufficient collateral, as in any case as give your audited financial statements manifestation your interest details for the history 3 days. In case you do alter to fulfill both conditions, you will be dole out a fixed sum of currency that you will appetite to pay back along and notice. You will consequently need to pay the absolute sum in the type of familiar weekly episodes, which would spare augment your strain levels at the come out of every month. In case you imply extra financing for a shortest phase, subsequently you can know-how a interest for arranging an extra loan, without clearing the initially loan.

Freight factoring, on the abundant hand, is a awfully flexible approach of financing that without difficulty pays you the bulk of your credit invoice right away without apprehensive for the due date to arrive. A freight factoring agency will buy your credit invoices like you and will wire the invoice sum into your bank log indoors two years. Therefore, you will obtain money critical your credit invoices. This will establish to be a big boon, since you will now be able to pay your ever-rebel gas costs, salaries for your drivers and variant employees and still take on more bountiful hauls that differently might not experience been conceivable due to cash constraints. The freight factoring agency will although, exclude a factoring fee of about 1.5 to 5 indulge in your invoice sum as bills for allowing you in addition to this detail provision. If your reward margins are healthy ample to disrupt this percent to your factoring bureau, then you can in actuality turn around to freight factoring to crack your money-drift problems.

An gone through freight factoring firm can likewise sort out to bring together the payments derive pleasure your clients. This again may reveal to be a abnormal boon for your business, since you could subsequently focus your spirit on variegated ingredients, such as attempting for more bountiful and longer hauls and taking added drivers for your interest, in its place of fretting regarding belatedly payments. Your customers will experience to be told of your meeting and your factoring bureau. Freight factoring will thence act as an extension to your trucking business and in addition has the ability to hold pace along furthermore the growing imply of your affair. This mode of finance will depend on the portion of invoices that you submit to your factoring firm and the bigger the invoice portion, the heavier the payout that you can foresee in your bank memoir indoors a few days.

In addition to pricey gas expenses, a bitter actuality that can stay as well as your trucking business dreadfully, turning to freight factoring companies would enable you to run your interest proficiently, without any economic or mental attachments to admit you back.


On the subject of the Inventor

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An Introduction to Bidding and Buying on eBay

Have you noticed that whenever you open a newspaper, watch the TV or have a contact, staff seem to be discussing just about eBay If youve on no account used it and youve no information what on earth its all regarding, after that the lucks are that youre popping out to feel a adolescent left out. But dont soreness This piece of email incorporates the whole thing you desire to acquaint with almost the basics of bidding and purchasing on eBay.

So what is eBay

eBay is an browse cyberspace auction website - and not basically any auction neighborhood, but the principal one in the earth. If you fathom how an auction goes, after that you previously discern how approximately eBay functions. Anyone adds something they demanded to market it to the neighborhood, and at that time buyers come along and address application on it. The highest bid wins the item Its that easy.

eBay individual an surf the net auction makes a big distinction, though. Acquiring and dealing are not evasive for any elite. eBay come clean with about any article, no issue how youthful, and will after that promote it on their sites all above the world. Its a influential group of an auction and a a bit frenzied marketplace.

Whatever is bidding

Bidding is anytime you say how a great deal of you will pay for an thing in an auction. Bidding on eBay, however, doesnt work in closely the similar way as a average auction, at slightest in theory. On eBay, you inform the location what on earth the maximum you are keen to pay for each article is, and after that eBay spots the appeal on your behalf. That instrument you may possibly say you were eager to pay up to 100 for something and simply skill to pay 50, if that was the highest maximum bid a big wig in addition situated.

Its not as complicated as it sounds - the suitable way to get second hand to it is to add it a try. Originally, the recommended thing to do is to go to the eBay web page organized for your nation-state. If you dont know the region for it, cleanly go to www.ebay.com and it will show you there. Now, on the front page you should see a big box plain search: delicately brand in whatsoever that youd akin to to buy there.

Wasnt that easy Now you should understanding a calendar of items for acquisition in front of you, along along furthermore how a great deal of recruits are recently bidding for them and the epoch anytime bidding ends for each object. If you hit it off one of these, you can understood the description, and afterward - if youre animated also the item and thrilled to pay further than the innovative highest bidder is - you can bid

How Do I Bid

Go ahead and scroll losing to the below of an substance description page, and style the maximum you are keen to pay your maximum bid into the box. Then easily distort the zone bid button - you will hunger to evidence in while you twist the button, or go by way of a imminent registration system if you dont taste an eBay username.

If someone elses maximum bid on that object is higher than yours, then eBay will show you and contribute you the opportunity to bid once more. In a different way, youre now the new highest bidder All you appetite to do now is hopeful until the end of the auction - if a big wig also outbids you, then eBay will electronic message you and you can bid another time.

All sounds serious, doesnt it But by now you can be inquiring whether a location as frantic as eBay can in reality be all that sheltered to buy enjoys. Thats why the after electronic message in this sequences will be almost your rights anytime you buy relishes eBay.


Regarding the Originator

Uchenna Ani-Okoye is an cyber web marketing advisor and co founder of

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