Creating Stress Saving Reserves for Your Life & Business

Do you know how to create or maintain reserves in your business and life?

For many people, the concept of creating reserves is something they’ve never heard of and therefore never considered. Prior to attending Coach U or Coachville coaching schools in 1998, I had never heard of the concept myself!

Learning about reserves came in handy when I started working for Thomas. The only way this new work fit into my day was because – you guessed it, I had created so many reserves. The concept Thomas pioneered works all the time. Why? Because when you have reserves – of people, of things, of money – you just have more time to do the things you enjoy, too!

“You never know what is enough until you know what is more than enough” -William Blake

I once heard Tony Robbins talk about his reserves. Where some people create A, B and C situations as backups, he goes the mile to figure out a D back up.

What does life look like when someone doesn’t have reserves built into their lives? Well, they procrastinate, don’t say no enough, worry consistently and maybe even have a To Do List the length of a football field. In their lives, everything becomes “urgent” because they’ve waited so long to do things – and they “to do” them, only when forced into action or when it’s an emergency. Some folks are almost addicted to the excitement that “urgent” causes in their lives. Is that you? See for yourself.

One of the best areas to create reserves in is taxes! Yes, that’s right. If you’re paying taxes, you are honored with an income. Traditionally, people think about taxes only on the first day of a New Year and April 15, and as a business owner, there are other dates equally important. It’s crucial for your success and the success of your business that you learn to build your reserves now.

How do you create a reserve in the area of “taxes”? The list below may help!

— Know your business strengths, what you are capable of and/or enjoy doing.
— The best way to look for help is before you need it. Do the research at your leisure.
— Always have at least 1 back up in case your first choice fizzles out, moves, or just chooses not to work with you.
— Schedule your contact management program to tell you its time to send in your taxes.
— Take an IRS tax class in person or online.
— Finish your bookkeeping monthly.
— Hire a bookkeeper.
— Speak to your CPA/Tax Advisor quarterly, not yearly.
— If you have employees, hire an online payroll processing company to take care of all your payroll needs.
— And don’t stop there. Contact your county, state and local tax department to see if they hold classes; in addition to income taxes, you may find classes for business owners covering business and occupancy (B&O) taxes or sales tax.

Here are some excellent web sites to visit:

— Small Business Tax Center

— Listen to some IRS Small Business Tax Classroom Online

— View the IRS online Business Owners Kit.

— Choose the Right CPA (or Tax Advisor) for Your Business www.coachmaria.com/articles/cpa.html

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— While you’re at it, start asking other business owners what payroll or data processing companies they’d recommend. After all, your business is growing!

So, throw away the excuses, and create reserves now.

No time? Start by attending an Integrity Days to help yourself take these concepts “to the max”. Attend one day on me. Learn more about Integrity Days here

©2004, Updated 2018 Elevating Your Business