"Taxdiculous" Barbados....There has to be an alternative

By now, seventy cents of every dollar must be attributed to taxes. If it isn't it sure feels that way. Ever so often, it feels like we're either hearing of a new tax or having the tax rate increased. Yet the truth of the matter is that there is a smaller workforce to pay the taxes with all the retrenchment. The constant taxing of fewer people must have diminishing returns at some point.

We have the constant bantering of entrepreneurship which if you look through the fluff at the main target, it is only a ploy to say that the employment has increased or put differently unemployment has declined.

The use of micro economic approaches by taxing at the individual level rather than using macro economic strategies and initiatives to arrive at plausible solutions to address our economic situation seems non short of taxdiculous. Yes I coined the word.

Taxation, cannot be the only solution out of our economic situation. The seemingly selfish approach to take without any giving, not handouts, but a fair opportunity at making and being able to thrive from one's efforts at financial upkeep, the financial bullying of "we document and implement" without accountability is stressful.

Can we research and examine creative opportunities for economic empowerment? Surely those versed in economics can offer some solutions, or perhaps it is time to find alchemists to help us identify the plenty of which is said to be in abundance.

The systems of collection seem inefficient, punitive, and in no way user-friendly.  Why hasn't anyone sought to create a user-friendly way of collecting taxes where hospitality is exhibited? There are lots of people who were displaced from the workforce and the learning curve of running your own business is steep.

You no longer deal with just the requirements of your "job", but you are now faced with handling all elements associated with running a business. Elements that you were previously sheltered from within the organizational structure you functioned within. Many of you never even wanted to run a business, now you are here due to necessity of survival. Your comfort levels have shifted, leaving your equilibrium upset.

Government, create avenues where people can learn and earn . If taxes are reduced and the blanket widened, more taxes can be collected and everyone realizes their objectives without the overburdening of a few, dwindling, often middle classed people.

It is time for us to stop being taxdiculous and create a new model of economic thriving and dominance for small economies that are functional and not burdensome. With the level of human resources we have available at our disposal, I believe it is possible to realize the rebuilding of our economy through leveraging our talents, skills, and abilities.

Is my attitude right for today?

Many of us are getting up to go to work today. We are going to get dressed and ensure that we look our best for the situations that we expect that we'll face. Yet despite all that we do to make the external perfect, we do little to address our attitudes. THINK for a moment; if you used these characteristics coming up, how would your day be different?

• Courtesy
• Patience 
• Courage 
• Congeniality 
• Hospitality 
• Charity 

Many people waste a lot of time in the traffic. This is a key time that they can use to really advance themselves if they planned to use their time efficiently. They could actually turn the commute into a learning experience. There are a series of positive podcasts and audio books that can be listened to on the way to work / school. The information contained can be life changing; but it only works if it is utilized. 

Try this - Have a life mission for today. Decide that you're going to make a positive difference in the lives of everyone with whom you come in contact. Share your experiences with us:

1. How were you received?
2. How did the other person feel? 
3. How did you feel as a result? 
4. Did your day improve as a result? 
5. Are you going to do it again tomorrow to prove that the experience enhanced your life and identify how?

Your testimonies would be great, if you care to share. That way you can contribute to making a difference to others you may not even know. Have a superb day everyone! 

Invest in your Business

Many small / medium sized businesses are incorrectly set up. The thing is many of them try to short cut their way to success and it always comes back to get them at a later stage. Often that stage is when they seek external funding.

When going into business you need a few things from the outset. There will be listed below:

• Money - You will need funds to establish your business properly regardless of your strategy. Your business needs to be registered. Depending on the nature of your business, you will need a structure that limits your liability. They will be differences in your jurisdiction, but will serve similar purposes. Allocate some of your funds to seek sound legal counsel and establish your business on a proper footing. 
• Money is also needed for a business plan if you do not yet have one, they are not cheap; though when compared to the costs of not having one they are priceless. 
• Stationery, Office Equipment, Tools, Marketing Material, Other Assets necessary for your business. There's just no way to really shortcut this, if you have to borrow it more than twice, you need to purchase your own. Besides it is usually a tax deductible in most jurisdictions.
• Working capital - to facilitate operations including inventory, salaries and wages, and rental / purchase of a location.
• Support and access to funds - good relationship with your banks and close finance network which may comprise of family members and close friends. Especially necessary for quick turnarounds of various opportunities.
• A team - real or virtual; you need support. At the minimum, you will need the following and should secure their services or at the very least make contact to have representation for your business based on your agreed terms - an accountant, an attorney, business advisory (all aspects of operations), tax planning. Identify and work with a human resources professional, you would want to be compliant with the rules and regulations governing employment of staff and independent contractors. 

When you have these basics in place, you will have a better chance at succeeding in your venture. 

There's no room for Lazy...

Entrepreneurship, is NOT for the faint of heart. It's where you put everything on the line. The success or failure that you experience puts you in contact with your real self. Among the questions that flit through your mind, this one stands out; "Do I have what it takes to be a winner?"

Some people embarking on the journey say in an off handed manner that they want to be their own boss. Making their decisions and so on. The reality is that you are accountable and to more people than you initially realize. To mention a few:

• Yourself
• Your family
• Your customers 
• Your investors 
• Your supporters
• Your suppliers 
• Your various members of your public who are waiting to see if you are for real.

Often when you start up, you will be placed in the unfamiliar zone of loneliness. There's no longer a superior offering you instruction by way of orders or suggestions. The directions and instructions now originate with you. Have you thought them out well enough to recognize that they have far reaching impact on various aspects of your business? The decisions that you make wil; contribute to your success or failure. 

You're no longer entitled,,,,

• Paid vacation leave
• Getting paid for showing up for work 
• Vacations, if not carefully planned are never experienced
• The freedom of speech must now be tempered with the impact that it will cause
• Sick benefits, are you kidding me? Get into the work environment and forget about going to bed because you feel ill

The buck stops with you. It's no longer turn up, collect your paycheque, ensure the money's correct and then leave. You have to create the safe environment. In other words, the following is your responsibility:

• Creation of a safe, functional work environment
• Planning customer interactions so there's always steady revenue streams 
• Taking responsibility for minimizing expenses that are unnecessary
• Cash management and all that it entails - working capital, management of accounts payable / receivable, ensuring there's adequate stock / inventory 
• Meetings with investors, staff, prospects, clients, banks, accountants, and the list goes on. 

Everything that happens in your business will be a result  of the effort that you put in. To get to the stage of residual income, you have to work hard initially at the systems required to develop the active income. In instances where you don't know what you need to know, you will have to take classes / hire consultants / develop competent teams / research information. All of these areas require the investment of both time and money. 

Do you still want to be your own boss? Does this skeletal outline look like the part of the sacrifice you are willing to make? Understand this, when you are getting into business; read what I'm about to say at least ten (10) times so that it will sink in. THERE IS NO ROOM FOR LAZY! 

iLuv WoRk

There's something about work that excites and intrigues me; especially when it is exciting work. Sometimes when groups of us discuss business, invariably someone would ask, "What makes you want to get out of bed every morning?"

On the surface, it seems like a relatively easy question to address until you really look a little deeper. Many people go through life unhappy and unfulfilled since they never took the time to question themselves in this manner.

Here are ten (10) reasons why I love work:

1. I love the challenges that are presented to me daily within various situations, especially when I'm able to solve what others couldn't. 
2. The money isn't bad either, I can live if I plan carefully. 
3. It's my contribution to poverty alleviation, since I help others empower themselves economically and see them get on purpose about their lives. 
4. It's enjoyable to see people develop an idea and have it emerge into a thriving business from which they can support themselves and others. 
5. It's gratifying to negotiate successful deals for business ventures. 
6. Giving back through charitable serving is always a plus. 
7. It's great to be able to use technology to speed up the processes with which solutions can be provided.
8. Work is not limited to current geographic location. 
9. Effective planning within your work can make it easier to realize accomplishment. 
10. Helping businesses make profits so that they can successfully help more people through the expansion of their operations. 

Business Start Up - Observing the Nitty Gritty

Business Start Up, Entrepreneurship, Business Development Programs, and other such combinations of words are touted about in the media a lot nowadays. Especially in times of economic hardship and uncertainty of the economy, stifling taxation policies and limited access to actual funds make the entrepreneurs become overwhelmed.

Finding sound, proper, practical technical assistance is becoming a myth. Not making negative references to those qualified theoretically, and having little experience to truly guide an emerging / expanding business. But T/A programs are often underfunded, seeking to pay such reduced rates to those providers that they would rather do without the payments from these programs; which are often excessively late. The reasons for the late payments is another story.

In short, entrepreneurs and businesses seeking funding to expand their operations are between a rock and a hard place. The expanding trend is to take classes and enter competitions in hopes of winning the prize money to springboard your business. It seldom materialises.

So let's get real. What's going to get you to the money. Here's what is NOT working:

• A brilliant idea 
• You management team comprising of your family members 
• The fact that you're under funded with no access to collateral (There are no sympathies for the death of your business before it gets started.) 
• Your presentation of the business plan and countless slides 
• Your talking past the close when you don't realize what you're selling has already been sold. 
• Not realizing that your novel idea / concept is not really that unique. (Someone else pitched it just two candidates ahead of you) 
• Saying that you can sing better than Rihanna (Yes I've heard that countless time) Same as making better burgers than Chefette. (It's kind of in that category)
• Not knowing how you actually will make the money and from what channels; not to mention how much and within what time frames. 
• How will you present your service / product that people (your customers) would love and welcome. (I fired someone today that just didn't cut it.)

Here's what you need:

1. A clearly thought out and documented concept that conveys exactly what you'll be doing in as few words as possible without diluting the meaning of what is intended. It should be backed up numerically and be able to withstand cross examination confidently. Your operation should be immaculate and functional. [How will you make money sustainably and by doing what?]

Some resources that you need:

• Get professional help it's necessary
• Accounting
• Legal
• Business Advisory Services - Operations
• Access to highly liquid collateral - Funding 

Money's not everything, but it's right there with oxygen, if you don't have it you're going to miss it. (Zig Ziglar) 

If you don't have these things covered, don't get into business. Even when going to professional help, they won't take you seriously if they have to commit to your business more than you're willing to. 

Here's hoping that I'm not too controversial, but too many people are seeking to get into business totally unprepared. Have some great weeks ahead. 

Music in Business

While I'm not an expert in music, I know great music when I hear it. Not knowing the names of all the artistes was never something that bothered me. Just recently I realized that I was feeling quite bogged down with all the work that I had to do. So I did something that I hadn't done in so long that it was becoming rare; I put one some music I had on my computer, leaned back and closed my eyes for a while.

It wasn't to sleep, but then I realized that the classical music I was listening to had an invigorating effect on me. Wanting to get my assignment done, I turned on the noise cancelling feature on my headset and listened a bit more. The effect was something worth noting, answers to challenges I had just poured forth. I reached for my notepad (the original) and my pencil to begin noting down the thoughts that were coming to mind. The solutions came almost effortlessly.

After some time of listening to the classics I then switched to the reggae / dancehall genre. Here's what I found, the confidence to implement the programs I thought up grew within me. With all scenarios carefully thought out the best paths of implementation came about. Hmmmm, two different genre and with very different results. I then experimented with other genre to see that impact they would have and though my study was not a formal one, I found that the results were all different and brought gratification in different ways.

One thing was certain, as we get older, we have gotten too lazy, forgetting the steps that we took when younger when we acted as we couldn't fail. As we aged, we became conformist to our detriment. This caged thinking may have held us up, stopping us from accelerating to the success levels we desired in our youth.

Takeaways include: listen to music of all kinds with appreciation, dance when you can (it's exercise and cheaper than the gyms), the classics auger well for creativity and focus, reggae for boosting confidence, soca / calypso for lightening the mood and relieving stress, and R&B coupled with other genres for relaxation and environmental changes even if its only on a mental level. Gospel helps reconnect with our creator and provides grounding.

Don't neglect the importance of music in your life. It can very well help you find the rhythm that you have naturally, and perhaps buried. Reconnect with your dreams, goals, and mission for your lives. You owe it to yourselves remembering; music in life and certainly music in business.