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Most business owners use the formula Sales minus Cost of Sales minus Expenses (with or without tax and interest) = Net Profit.
To help you really focus on what drives your profit down, try using the formula Sales minus Profit = Expenses.
Once Expenses become the focus, you may look at improving your bottom line from a different perspective.
TAX TIP
The rates for tax deductions changhed on 1st April 2010. Inland revenue expects you to get the new tax rates off the internet. You can also get the new tables by ringing the IRD and asking them to send the tables to you.
The average businessperson loses around six weeks a year searching for misplaced information because of messy desks and poor files. If it takes you more than five seconds to find the document you want, your system needs an overhaul. Here’s how:
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Handle each piece of paper just once. When you are opening mail for example decide the worth and purpose of each document at first glance and deal with it accordingly. File or throw away.
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Set a fixed time to process daily paperwork. This will ensure piles of paper don’t overwhelm you.
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Keep a master list of file names. This will help you avoid duplication and confusion when trying to receive a document.
Fact: 80% of papers that are filed are never looked at again.
This tip from The Main Report
COMMUNICATION TIP
Suppose an economist says, "Market prices balance supply and demand, while artificially lowering prices creates shortages." You might agree, but an example will make it much clearer and easier to understand. In this case, she could point out that if a government mandated the low maximum price of $1,000 for new cars, they would all be sold by tomorrow and, with no profit potential, manufacturers would stop making them. An immediate shortage would result.
Examples clarify and improve our understanding. If an author suggests an idea, but doesn't create a simple example for you, do so yourself before moving on. Do the same with your own ideas, whether explaining them to someone else or just thinking about them. This is a powerful habit to have. In fact, it could be argued that if you cannot create examples, you don't fully understand something.
(Thanks to brainpower@aweber.com)
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What Is It?
The Pope has it but he does not use it. Your father has it but your mother uses it. Nuns do not need it. Arnold Schwarzenegger has a big one. Michael J. Fox's is quite small.
What is it?(see answer at bottom of column)
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Up until the 15th century, all children were referred to as girls. Boys were called 'knave girls' and girls were called 'gay girls'. The word Boy originally meant servant...
The microwave was invented when a researcher walked by a radar tube and a chocolate bar melted in his pocket. (I have also heard that the chocolate bar was on the table next to the tube, so who knows).
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BUSINESS TIP
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Does your business have an unfair advantage?
"The secret of business, especially these days, is to focus relentlessly on your unfair advantage - the thing you do that others don't." -- John Rollwagen, executive
If you don't have an unfair advantage, what is the reason for customers doing business with you?
What is it answer: A surname.
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MAY 28
1st instalment of 2011 provisional tax for December balance dates
MAY 31
Deadline for FBT return
JULY 28
3rd instalment 2010 provisiional tax for June balances
AUGUST 28
1st instalment 2011 provisional tax for March balance dates
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