Your Goals and how to get back on track
For new readers, welcome. Thank you for signing up. I hope this short email every 2 weeks will help inform you. Knowledge sharing and helping empower you around your finances and your business finances is the objective of this email and my blog site www.wmco.ie
Feel free to get in touch if there are any queries and always remember to take full advice from your accountant on your specific situation before you take any action that could have tax consequences.
Todays short article is for getting back on track with long term goals and some VAT notes in case they apply to you and your business.
Your Goals
Staying on track, making progress towards longer term goals has been challenging over the past 4 months, to say the least. Whether you were closed or flat out busy, it was seriously difficult to think longer term (and potentially still is for you). If you’re not in the mind frame for long term goals, you can happily skip this email, but if you want to keep on track or get back on track, then some small reminders below today for you.
Single Tasking
I have written and talked about the power of single tasking previously. It’s always a good reminder on a Monday. Focusing on your tasks (the most urgent and important) needs to be a priority.
If you find you’re working all day, managing staff issues and dealing only with day to day issues, then you most likely are not going to progress to the next level of what you want (as quickly as you may want).
Create space in the first hour or two of the day ideally, to focus on YOUR business goals. If you leave it until later in the day, other things will take over and chance are you won’t get to it. By doing it first, you take care of YOUR business FIRST.
If your goals have changed or you can’t see how what you planned can work in this new environment, then take additional time out some day this week. Spend an hour reviewing what you had wanted to achieve and revise your plan for what is working in this new environment. If you’re doing take out now instead of eat-in, then make plans around that for the shorter term. If you’re only allowed take bookings and can’t have walk-ins, then make sure you have the most efficient plan in place for bookings and cancellations. Whatever is working, ensure you maximise it for the coming 12 months.
Look at the figures for the past month (or weeks) depending on your trade. What HAS worked? What is a serious challenge? What can you do about it in the shorter term?
It’s difficult to plan too far ahead but longer-term goals focused on financial targets can keep us focused. Knowing (and reminding ourselves daily) WHY we are doing what we’re doing, is also key to keeping us motivated and as positive as possible right now.
VAT
Some VAT matters were shared on IGTV lately regarding registration, exempt portions of VAT and a reminder of the five criteria for VAT on training to be exempt.
The Revenue VAT database is large and there might be items you aren’t aware of, so before you do anything different in a period, be sure to talk briefly to your advisor to ensure you know the VAT (and other tax) consequences of potential new activities.
Have a look through IGTV if any of these may be an issue for you.
JULY STIMULUS PACKAGE – Link July package at a glance (as provided by Chartered Accountants Ireland)
Remember to ALWAYS take advice regarding your specific circumstances from your financial advisor.
If there is a topic you would like covered, feel free to give feedback through email.
Thanks, have a lovely week
Wendy
[27 July 2020]
