Conquer Your Self-Doubt In Meetings

Photo by Daly and Newton/Getty Images

Recently promoted to her outgoing manager’s job, Rhianna often compares herself to her new peers — five women she looks up to. She wonders if she belongs in this room of senior executives, but there is no doubt in her manager’s mind about her qualifications. Rhianna has a PhD, has won awards in her field, has built a strong team, and is loved by her clients. Nevertheless, she is filled with self-doubt. When left unchecked, her thoughts devolve into demons of imaginary disasters.

Recently, Rhianna suggested a new idea during a leadership team meeting. No one responded. The conversation moved on. But Rhianna remained stuck in place, telling herself she wasn’t smart enough, her idea was insipid, and wasn’t this the case with all her contributions? They weren’t interesting or strategic enough to impress her colleagues. Such thoughts made her remain silent for the rest of the meeting and hesitant to speak up thereafter.

Many of my clients — successful executives in positions of authority — mask their inner scripts of doubt and fear. Their internal lashing is often the result of being overly calibrated to others’ reactions or too frequently comparing themselves to what they see of others. As a result, they edit their contributions, robbing themselves and the team of ideas and hiding their true feelings, which fester into further doubts and resentment.

Self-doubt can afflict anyone. Successful strategies to confront it need to help no matter the cause or context. On the basis of my work with Rhianna and other clients, I’ve identified four strategic ways to sidestep self-doubt in the moment and make your contributions count in meetings.

Claim space with an announcement. It’s easy to go unnoticed when everyone is excited about a topic. Owing to her natural diffidence, Rhianna would start speaking either too softly or too fast and lose her audience before she completed the first sentence. To avoid that pitfall, announce your contribution before launching into your subject. For example, you might ask, “Can we pause to look at this from the customer’s perspective?”

“Let’s step back and take a longer-term view of these metrics,” or “How might we think differently about our actions if we viewed them in the context of market microtrends?” We create a drumroll by first announcing what we’re going to cover – it turns people’s attention our way, and they don’t miss the initial sentences of our idea. By framing the concept, we not only claim space for our contribution but also help focus the discussion.

Name your idea. Before sharing your thoughts, give your point of view a name. Because she wasn’t convinced of her own value, Rhianna shied away from taking up space; her body language, infrequency of speaking up, and paucity of words when she did made her blend into the background. Rhianna has since adopted techniques to name her thoughts, such as reviewing meeting notes for patterns. She looks for underlying themes and tries to come up with an acronym or find a wordplay on a common phrase.

During a recent meeting, phrases like “North America only,” “cultural blindness,” and “high-growth markets” allowed her to name her underlying idea “ROW together,” standing for “Rest of the world together.” Use the name to anchor yourself — or if you want to, share it. Speak it out loud, and for wordplay like “ROW together,” present it with a little humor to alleviate your tenseness. It’s not always easy to do on the spot, but naming your thought will define it better, give it more weight, and allow it to take up more space.

Explain your idea. Articulate only the skeleton of your proposal once you have announced and named it. Like a frame around a painting, this focuses your audience’s attention where you want it. Then, as you flesh out the thought, explain why it is important, and why now. Every idea vies with our calendars. Amid busy schedules, why should we care about this topic?

One of Rhianna’s ideas that she had not yet articulated related to the return to a hybrid work environment. Her company is debating various options, and her contribution, if acted on immediately, would address a common employee concern. Without a sense of timeliness, expect a polite golf clap but no momentum. When your audience is convinced that they need to act now, your suggestion will receive more attention.

Entertain feedback. When we doubt ourselves, we yield to our colleagues’ cues if they don’t follow up on what we’ve said. That was certainly true of Rhianna. The lack of response from others confirmed her worst fears: that her suggestions weren’t interesting and she wasn’t smart enough.

Before you relinquish the floor, offer a hook to involve others. Explicitly ask for feedback with questions like, “How many of you feel this way?” “What are your thoughts on this topic?” or “What stands out to you?” When you issue an invitation with an open-ended question, others can pause to appreciate and think more deeply about what you just shared.

As Rhianna has practiced these strategies, she’s been surprised. Even before examining her underlying fears more deeply, she says she’s found her voice. She’s no longer afraid to propose ideas and speak up in meetings and finds greater success when she does. By implementing techniques to land her perspectives, she’s found first-hand evidence that it wasn’t her ideas that lacked stickiness; it was her delivery, shaded by her self-confidence.

After altering how she presented her thoughts, she gained greater purchase on self-worth. Once colleagues adopted her proposals, she naturally adopted a more confident stance. When we doubt our own minds, digging deeper inside exposes more of the same faulty logic. By taking external action, we can liberate ourselves from the web of self-castigation and clear space for our creativity and that of our audience.

By: Sabina Nawaz, Harvard Business Review

Source: Conquer Your Self-Doubt in Meetings

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Reputation Management For Hedge Funds And Private Equity Could Be Their Smartest Investment

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When it comes to reputational risk, not all business models are created equal. While people are predisposed to like businesses such as pet stores or clothing boutiques, private equity firms and hedge funds rarely inspire warm feelings, even when they create value for investors. Managers of these types of firms and organizations usually understand how vital their reputation is and how serious the impact can be on that reputation if issues crop up.

Concerning his 2022 Survey of the Top 50 Hedge Funds, Eric Uhlfelder remarks that “preserving investor capital and a firm’s reputation should be managers’ most important concerns,” explaining that establishing a reputation in this field takes time and work, and if hit with a huge drawdown, that reputation can instantly get wiped out. And that makes smart reputation management—for hedge funds and private equity alike—all the more important.

The ways in which private equity and hedge fund models are structured can create complex risk issues that must be fully understood to be effectively managed. While both models share some risk management similarities, they also diverge on a few key points.

Reputational Risks Faced By Hedge Funds And Private Equity

Some of the most common risks hedge funds face include poor performance, leading to negative publicity and investor anxiety; operational risk due to mismanagement; regulatory and compliance issues; or problems via association with a company or industry in which they invest.

Private equity firms suffer from the above issues, too, but can also have their reputation sullied by the actions of a portfolio company. On the flip side, they are also at risk of reputational harm if they are viewed by the public as having treated a portfolio company, or its employees, unfairly. And given that private equity firms typically operate under an expected timeline for exiting, if a timely exit is not possible, the firm may face risk from unhappy, liquidity-seeking investors.

While there is considerable overlap, private equity firms and hedge funds do have risk differences. Hedge funds and private equity firms face different regulatory requirements, which creates differing levels of risk for non-compliance. As hedge funds are more public-facing, there is increased potential for negative media coverage or social media backlash. They may face criticism for market speculation or be perceived as an oppositional force to retail traders.

Historically, hedge funds have been more likely to be pilloried for poor performance, while private equity firms have drawn criticism for their use of debt financing and their management of portfolio companies. Due to the fact that private equity firms often increase value or make failing companies viable by cutting costs, they face perception risk created by employee layoffs and other moves.

How Funds And Firms Can Address Reputational Risk

While there is no “one size fits all” solution for mitigating risk or managing the fallout from negative events, there are some common strategies firms and funds can employ. Understanding the operational risks outlined above—and having appropriate processes in place to mitigate risk from things such as compliance or cybersecurity—is imperative.

However, even the best-run firms and funds are not perfectly insulated from risk. So, when a situation arises that creates the opportunity for reputational harm, it’s essential that you have a playbook ready. Here are three important points to keep in mind.

• Be transparent. Firms and funds should be upfront about problems and assume responsibility where and when needed. Trying to be coy or evasive simply undermines trust to an even larger degree.

• Create an action plan. Your plan should address the issue causing reputational harm and be communicated to investors, the media, company employees—anyone with a relevant interest. Explain how the plan solves the issue and prevents similar issues from occurring in the future. Scrutiny of such plans is often intense, so each plan must be carefully crafted. A plan perceived as insufficient can create additional reputational harm.

• Improve performance. Firms and funds coming out of a period of reputational harm will be under the microscope. Improving performance—and staying free from controversy—can help ease concerns and attract new investment or deals. In my experience, a well-performing fund or firm can lose any reputational taint much faster than one that struggles to deliver results.

In some cases, professional reputation management for private equity and hedge funds is recommended. While public relations professionals can help manage perceptions, funds and firms can also be served by partnering with a company that specializes in the field of reputation management.

When seeking a service provider, look for one that has the right experience and domain expertise to create a holistic solution for reputational risk suited to your company and situation, and that disseminates the solution via the proper channels.

When To Put Your Strategy In Place

It’s a common misconception that financial businesses only need reputation management when something negative has appeared in order to rebuild trust with current and potential investors or to reestablish themselves and their reputation. But I believe that reputation management should take place all the time, creating a strong presence and building a controlled situation to mitigate any potential negativity.

It’s important to take ownership of prime “digital real estate,” i.e., well-positioned space on search engine results pages. If these positions are kept secure with optimized SEO on appropriate, significant and high-ranking platforms, unwanted links will find it difficult to break through the barriers that have been created.

From maintaining regular coverage in target publication through PR to having a corporate social responsibility plan and sustainability policy that you actively promote, reputation management for hedge funds and private equity should be a running thread throughout any marketing strategy. When it comes to your reputation, if you’re already in control, you should never need to take back control.

Ran Blayer is the founder and CEO of Percepto, strategic reputation management and digital communications agency. Read Ran Blayer’s full executive profile here.

Source: Reputation Management For Hedge Funds And Private Equity Could Be Their Smartest Investment

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Why Is Your Company Software Failing? Bad Budgeting Might Be The Culprit

Planning for the future….getty

Proprietary software is often seen as the holy grail for companies, a sure sign that they’ve “made it.” Ushering in digital transformation establishes a business as technologically advanced and innovative, while simultaneously boosting the company’s overall value.

However, when creating a software development budget, many upstart businesses tend to be overly cautious, leading them to spend more money in the long run. A tight initial budget doesn’t account for project changes that will inevitably crop up during the developmental stages.

Overhauls in software and app development can result in higher long-term costs when the necessary capital isn’t available from the onset. According to a 2020 report from the Consortium for Information & Software Quality, unsuccessful software projects cost companies $260 billion, and software systems with operational failures cost $1.56 trillion.

Building more budget into the front end of software development can help you anticipate failures and properly allocate resources to make the software successful. I connected with Mohan Karunanidhi, Consulting Director for Propel Technology, who has expertise in helping businesses navigate the processes of sourcing software and managing projects, including offering innovative ideas to solve budgetary problems.

When creating the budget for propriety software, here are three things that Karunanidhi recommends businesses consider:

1. Set expectations on what your software will accomplish.

What does the team want the software to actually do? Are there specific problems that the software will solve? How will it do so? Are there experts in-house already, or does a person or team need to be hired to help develop the software? Outlining the goals of the software and having an in-depth understanding of what it will do is an essential first step in establishing your budget.

“Budgeting for a software solution should be preceded by budgeting for a hypothesis or a proof of concept,” Karunanidhi said. “Having a deeper understanding of the requirement by identifying and onboarding the right people with subject matter expertise and industry experience is critical to having a keen sense of budgeting once the hypothesis is proven.”

2. Consider the end-user experience.

Who is your software’s intended user, and how will they use it? A key component in software development comes from real user trials and feedback implementation, where the trials are repeated until the software is completely dialed in. Conducting trials and integrating changes into the software require capital. If enough isn’t set aside up front, a business can—and ultimately will—lose funds from having to recreate its product or from a lack of product sales and revenue.

“A constrained budget will have a direct influence on time and quality—the triangle factor that stays relevant until this date,” Karunanidhi said. “When it comes to budgeting, the optimistic part of the human mind tends to associate only with the best-case situations. With so much to accomplish on a restricted budget, incompleteness and inconsistency in requirements are frequently uncovered later in the development lifecycle.”

Karunanidhi went on to say: “Failure to construct for scalability and test the solution is particularly damaging because the potential delay happens at the end of the development lifecycle, making recovery impossible. A limited budget forces the compression of many deliverables into a short period of time, diminishing the possibility to construct an application based on feedback from actual users.”

3. Create a realistic timeline.

“When is this software needed?” is always the big-picture question. But between now and the deadline, myriad risks and problems can occur, and they need to be budgeted for. You must widen the scope of work to include the “what ifs.” What could happen? What expectations does the team have? What kind of hiring and training is needed? Roughly 20% of software development is spent fixing problems that likely could have been avoided if a larger budget had been created.

Tight software budgets cause headaches for everyone involved because they directly influence the time and quality of the product. Budgeting with an optimistic mindset, as opposed to a realistic one, only allows for best-case scenarios to play out in development. The lifespan of production in software requires a lot of work. Attempting to accomplish it all on a restricted budget leaves room for an incomplete and inconsistent product, factors that are often uncovered later in the development lifecycle.

Failure to account for scalability and test the solution is particularly damaging because the potential delay happens at the end of the development lifecycle, making recovery impossible. A limited budget forces the compression of many deliverables into a short period of time, diminishing the possibility of constructing an application based on feedback from actual users.

As an example, Karunanidhi explained that a tight budget caused a company to build an app for users on only one platform. Later, the company discovered that the application should have been designed as a cross-platform solution (on iOS, Android, and the web). The software had to be redesigned for cross-platform user expansion, a consequence of starting the project with a too-conservative budget. This ultimately cost the company more money because it delayed the time to market for all platform users and affected users who had already used the application.

The new businesses that think incorporating propriety software into their companies is a sign that they’ve “made it” are forgetting a few things about software development: To truly “make it,” you must understand what your software solution aims to accomplish, onboard the right team to achieve your goals, and create a budget that allows for trial and error to fix problems as they arise. Ultimately, creating a larger budget for development will prove that your business has truly arrived.

Co-founder Accountability Inc. 

Rhett Power (The Accountability Coach) is a best-selling author and contributor at Forbes. He is Co-founder at Accountability Inc.

Source: Why Is Your Company Software Failing? Bad Budgeting Might Be The Culprit

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12 Tips For Managers on How To Approach Promotions

[Photo: Tiger Lily/Pexels]

To help you adopt the best approach to an equitable and transparent process in promotions, we asked HR managers and business leaders this question for their best insights. From bringing a marketing approach to internal promotions to developing a clear policy that ensures the process is unbiased, there are many tips that would help you effectively deal with employee promotions in 2023.

Here are 12 tips these leaders shared on how to approach promotions in 2023.

Bring a marketing approach

Employees are discretionary supporters of the organization and fundamental to driving business objectives forward. Rather than promoting them for their tenure or consistency in meeting the requirements of their job, let’s take it up a notch.

Wearing your marketing hat means rewarding employees for their contribution to business growth. Modern Human Resources requires new and better ways of thinking. And as with marketing promotions, we reward our customers for their support and spending, and it is the same with employees. Think of how they may have demonstrated their commitment through one or more of the following examples:

  • Took on new responsibilities voluntarily
  • Provided excellence in building custom/client relationships
  • Recommended other talented colleagues to join the organization
  • Brought in new revenue streams or built efficiencies into current processes —Jody Ordioni, chief brand officer, Brandemix

Make promotions opportunities for continuous learning

Gone are the days when time in a position or tenure with an organization is the major driver for promoting employees. As employers, we need to ensure we are assessing employee potential, their state of readiness, and the necessary support needed for their success. When considering promoting employees, I want to see employees who see the opportunity as continuous development and are committed to excellence in all areas of performance.

Based on the multitude of challenges we have all experienced in the workplace, employees have made it clear they want learning opportunities that will align with career growth and development. As employers, we need to be sure we are being agile in the promotion process and not constrained by traditional means. —Cecil Hicks, talent development executive

Be clear on what the company is able to offer

As employees climb the corporate ladder, opportunities for promotions are fewer and less frequent. That kind of advancement should not be the keystone for an employee’s career development. Begin by asking, “Why a promotion?” Get insight into their intrinsic motivators and personal goals. This should lead into a useful coaching conversation about ways to grow and expand their career.

Be clear on what the company is able to offer: internal learning and development, company-sponsored learning, professional memberships and conferences, and tuition reimbursement are a few common examples. Work with people leaders to up their game in setting stretch goals and challenging assignments, even within other departments. —Jimmy Rose, VP, employee experience, Cotiviti

Find the overlap between personal and company goals

You tap a high-performing employee on the shoulder and invite them to apply for a promotion or offer them one on the spot. You succumb to the demands of a go-getting employee who’s been angling for a promotion since they joined. Or you lay out a structured career ladder with every hoop an employee has to skip through and the next 30 years of their working life mapped out for them. These typical promotion practices are either unfair or outdated in today’s world of work.

My one top tip for approaching employee promotions in 2023 is to facilitate regular development conversations with every employee. Through these conversations you want to understand an employee’s personal goals and you want to keep them abreast of the company goals. You’re then in a position to craft development and promotion opportunities that work for both the employee and the company—that’s when the magic happens. —Bee Heller, cofounder and managing director, The Pioneers

Promote those who are 70% capable and develop them

A successful strategy is to promote employees that have 70% of the capabilities you are looking for and then put in place a robust development plan to grow the remaining 30%. It’s a win-win for the leader and for the promoted employee, giving them the ability to grow into the role and having their leader as a coach.

In order to identify promotable employees who have 70% of the capabilities for their next role, the leader must engage in regular coaching conversations with the employee to help align the employees own development needs and those skills needed by the functional team to execute the goals and objectives for the year.

This alignment between the company needs and those cited by the employee requires the leader to collaborate with their HRBP and the learning and development department such that both the leader and the employee are fully supported. Using this strategy of promoting those that are 70% ready increases employee engagement scores and drives a learning culture. —Shefali Mody, senior manager, learning and development, iRhythmtech

Create growth opportunities with actionable plans

A promotion is not to be seen as the final destination but as part of a development journey. The development journey to achieve a promotion has to be an exciting discovery exercise for the employee and the leader, to know about what employee’s drivers are, expectations, and career desires. To guide employees in this journey for growth, companies should be open to create routes of development that will trigger an actionable plan.

These routes can be seen in the shape of quick challenges to allow them to demonstrate potential, impactful learning experiences to acquire new and relevant knowledge, accelerator experiences to have a firsthand interaction, and exposure with the desired role and/or a multifunctional project to develop crucial collaboration skills.

Everyday experiences along with planned development interactions offer tremendous learning opportunities; the key is to identify the proper route to support the employee development plan and foster the opportunity for growth. —Elsa Zarate, associate director, development, talent and learning, Clip

Clearly outline employee expectations at every level ahead of reviews

For many companies, the end of the year is performance review time. When an employee approaches leadership to talk about a promotion now, they’re too late! Many organizations have their budgets decided, along with what’s been allocated for salary increases, determined in parallel with the end-of-year review cycle.

Decision makers will want to see individuals demonstrating next-level performance for at least 6 to 12 months before they would determine readiness for that promotion. So I encourage individuals to have the conversation now, get clear on what is expected for that next level, make a plan to get there, and get to work. And don’t forget to schedule time to check in to share your progress and wins. —Claudia Germeshausen, executive coach, A Career For You

Factor in colleague feedback when making decisions

Before making any decisions about promoting employees in 2023, it’s important to look at their colleagues’ feedback. What do those who work with them actually think about them? Furthermore, knowing what you know about your staff members from preemployment testing, how might other employees’ performances be affected; especially when there has been competition for that promotion and some inevitably losing out?

It’s important to promote on the basis of job performance, of course, but never lose sight of the fact that one employee’s promotion has the ability to affect all your other employees. —Linda Scorzo, CEO, Hiring Indicators

Promote those who gain new skills

Upskilling represents the search for knowledge and improvement of skills for professionals and organizations. In times of employees’ shifting priorities and a tight job market, acquiring, retaining, and promoting talents is vital to being competitive. Technology, AI, and others are accessible for most companies, from SMBs to big corporations. All of these make me think that knowledge will be the difference in 2023.

Upskilling will continue to grow, encouraging organizations to promote those who are always bringing and contributing new knowledge to the business. In other words, upskilling should be considered when approaching employee promotions in 2023. —Ricardo von Groll, manager, Talentify

Use promotions to fix hiring problems

Research has shown that job switchers receive bigger salary increases than loyal employees. This creates a poor cycle for companies. Good employees are forced to leave a job they like in order to receive a promotion or a raise. This adds to the recruiting challenges of companies that are already behind on their hiring goals.

A portfolio company to a private equity firm I worked for thought about using a different approach. They looked at using some of their recruiting budget to fund a portion of their early promotions. This would, in turn, help them retain good talent, which would take off some of pressure from their recruiting team. —Atta Tarki, founder, ECA Partners and author of Evidence-Based Recruiting

Use micropromotions for greater impact

Employees want to feel like they are taking regular small steps forward rather than one leap forward every two to three years. These small steps give employees regular bursts of motivation and appreciation for their work. We realized that companies should restructure their promotion strategy to break their promotions into micropromotions.

Employees can receive a micropromotion for milestones, new skills, and increased responsibilities every 8 to 12 months. This strategy doesn’t have a dramatic impact on cost, but it does dramatically improve how an employee perceives their ability to grow within your organization. —Melanie Wertzberger, CEO, Shaka Culture Software

Develop a clear policy to ensure the promotion process is equitable

Diversity and inclusion continues to be a focus in most workplaces, however, strategies end at recruitment. Research shows us that historically marginalized groups tend to stay at the lower level of companies, resulting in low leadership diversity, so it is vital to consistently reinvest in your diverse talent as they grow. Developing your talent is just as crucial as recruiting diverse employees.

Research shows that when marginalized groups are considered for promotion, employers can factor in superfluous details and unconscious biases, which are considered and weighted against them.

Managers should work to focus solely on needed skill set, performance level, and complementary skills when considering promotions so that diverse talent has equal opportunity. Simultaneously, employers can retain talent by setting them up for future success through development initiatives so that they will be completely prepared for a promotion in the future. —Jon Starling, VP, talent development, Integral Ad Science

Promotions took a pause during the pandemic in 2020. The Great Resignation gave employees promotions at other companies in 2021. As 2022 comes to a close amid economic uncertainties in the workplace, promotions in 2023 are taking on a sense of the traditional “promote and develop,” while blending in innovative solutions, such as micropromotions.

The bottom line? Employees need to see growth in themselves and their careers. Use these tips to help guide how your organization approaches promotions in the new year.

Brett Farmiloe is the founder of Terkel, a decentralized Q&A site that connects brands with expert insights.

Source: How leaders can approach promoting employees

.

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Four Tasks Small Business Owners Need To Be Doing Right Now

Small business owners should do these four tasks as soon as possible in the new year...getty

Owning a small business is daunting, even for people with loads of management experience. Suddenly finding oneself “where the buck stops” can be anxiety inducing. The consequences of failure for some mistakes can affect more than just you (e.g., your staff or even your family) and can be expensive and time consuming to fix.

Whether you are a brand new business owner or someone who has had their business for a while but is constantly gobsmacked by the amount of administrative work that piles up when you are working on other tasks, Ronnie Goode—CPA-owner of Rhythm Accounting in Richmond, Virginia— says that taking some time in January to mark the following four items off of your “to do” list will reap rewards when it’s time to file your tax return.

1) Close Your Books For 2022

One of the first tasks small business owners should do (especially those who manage their own books) is to close their business books:

  • Categorize Transactions: Sort expenses into the proper accounts. It’s OK if you aren’t sure to use the “Ask My Accountant” option but try not to overuse it. If you have multiple income streams make sure that bank deposits are also coded by income stream so you can determine your business’ most profitable income sources.
  • Reconcile Bank Accounts: This task is often skipped by business owners who don’t have outside bookkeeping or accounting help but it is one of the most important year-end tasks to ensure balance sheets and other financial reports are accurate.
  • Generate Financial Reports: At a minimum your tax preparer (even if that is you) needs a detailed profit and loss statement (P&L) and, ideally, a balance sheet. If you have a CPA they will help you interpret your financial results. If you provide them with the necessary information early enough in tax season, they may even be able to help you with some last-minute, after year end tax planning.

2) Issue Forms 1099-NEC To Contractors And Subcontractors

If you paid more than $600 to a contractor or a subcontractor you have until January 31, 2023 to issue them a Form 1099-NEC. If you haven’t already received Form W9 from your contractors you will need to contact them to have them provide you with the form or the necessary information. Adopt the best practice of having new contractors complete their W9 before they begin work.

Make it a requirement for accepting the contract! It’s even a good idea to ask your regular contractors to complete a new Form W9 at the beginning of each calendar year just to make sure their business and contact information is up to date. Goode reminds business owners that the W9 is not necessary if the payments were issued to a corporation (e.g., the big box store from which you purchase your office supplies).

3) Issue Forms W2 To Employees

If you had any employees in 2022 you must issue their W2 on or before January 31, 2023. Goode notes that the simplest way to accomplish this is to use payroll-specific software or a payroll provider. Now is also a good time to check and make sure all payroll tax forms (Forms 941 and Form 940) have been or will be filed promptly and that all payroll taxes have been or will be paid.

4) Make Your Final Estimated Tax Payment

Goode reminds business owners that their final estimated tax payment for 2022 is due on January 17, 2023. He notes that the amount of estimated taxes you are required to pay is based on last year’s numbers. Sometimes, however, those numbers aren’t accurate. Adjusting quarterly estimates is one area where hiring an outside tax and accounting professional can really help taxpayers avoid problems.

For example, if a taxpayer has a bad quarter, the professional can help determine a lower estimate or if the business had an exceptionally good quarter the professional can determine if making a larger estimated payment will help avoid a nasty surprise come filing time.

Even if you are managing your own books, resolve to learn how estimated payment calculations are made and to look at your profit and loss quarterly to ensure you are not overpaying or grossly underpaying your estimated taxes. Finally, Goode reminds small business owners that “From a financial perspective, businesses have cycles that dictate not only how to move, but when to move.

Understanding these cycles can help [business owners] create a routine and a [financial] system for their business” that helps the business maximize profits while planning for the taxes. Remember, it’s never a good idea to spend money to save money on taxes. Spend money to make more money and plan for the taxes as you go!

By:

I own Tax Therapy, LLC, in Albuquerque, New Mexico. I am an Enrolled Agent and non-attorney practitioner admitted to the bar of the U.S. Tax Court. I work as a tax general

Source: Four Tasks Small Business Owners Need To Be Doing Right Now

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contentGenie   https://jvz4.com/c/202927/387717/
CourseAlly eLearning   https://jvz4.com/c/202927/384759/
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Credit Repair   https://jvz8.com/c/202927/377815/
Cryptokit    https://jvz8.com/c/202927/383809/
CryptoRocket    https://jvz6.com/c/202927/378113/
CryptoUnderworld     https://jvz8.com/c/202927/374345/
Dealcheck     https://dealcheck.io?fp_ref=armin16
DesignaSuite      https://jvz2.com/c/202927/297271
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DevelopSelfEmpowerment     https://jvz6.com/c/202927/383094/
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DFYContentClub     https://jvz6.com/c/202927/381337/
DFYSuite   https://jvz3.com/c/202927/381194/
Diabetes Guide    https://jvz2.com/c/202927/358870/
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DUX Forex Signals   https://jvz3.com/c/202927/128215/
Easy NFT  https://jvz4.com/c/202927/381381/
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Email Monetizer    https://jvz2.com/c/202927/386337/
EngagerMate  https://jvz8.com/c/202927/328172
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Extreme Coupon  https://jvz1.com/c/202927/216101/
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HostLegends    https://jvz4.com/c/202927/384774/
Hostley Domain Creator   https://jvz1.com/c/202927/379223/
Human Synthesys Studio  https://jvz8.com/c/202927/367353/
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Insta Keyword    https://jvz6.com/c/202927/351606/
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Linkomatic  https://jvz2.com/c/202927/380937/
LiteTrading   https://www.litefinance.com/?uid=929237543
Live Your Truth  https://jvz6.com/c/202927/379020
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PicsAds   https://jvz2.com/c/202927/385468/
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