Technology is undoubtedly a double-edged sword. While it can save us time and money, it can also pay us pack for those conveniences in frustration and “do-over” time… and then some! Be smart about the types of things you use technology to simplify, and also identify the shortcuts that you shouldn’t allow it to make for you. Some shortcuts and mistakes can prove unforgiving. Unfortunately, so can some old habits. Read on to find out how to protect yourself from common technical mishaps.

1. Storing everything in your smartphone, and then losing it – A big no-no for most business people. If you’re like most of us, you store everything in your smartphone. Losing your phone most likely means losing sensitive information such as credit card info and maybe even bank account numbers or private development plans for your company. How to reverse a big blip like this?  Well, I can’t get you your phone back, but I can tell you about password-protecting programs such as MobileMe for iPhone. Programs like this allow you to erase contacts, notes and more in your iPhone remotely. Talk to your smartphone provider to explore the security options for your phone, before it’s too late.

2. Working directly off of an attachment – Your boss sends you a document to collaborate on via email, so you open it, roll up your sleeves and begin plugging away. Seems so quick and easy, doesn’t it? You could spend hours revising that document, and then save the file and forward the message along with the revised attachment back to him. You’d probably assume you’re all set. But  don’t be surprised if he emails you back, asking where your edits are. Although you can see your edits on your end, that’s not always the case once you send it to someone else. To be safe instead of sorry, don’t just open the attachment, download it to your own computer and/or server, then make your edits and hit save, attach the new file to an email, and then send it back.

3. We’re just not compatible – Some Office 2007 users are unaware that .docx files are not automatically compatible with everyone you may exchange files with. If you’ve recently upgraded, make sure you’ve installed the Office Compatibility Pack too, so everyone you do business with can also continue accessing your files. If you’re working off 2007 and you’re unsure if others are or not, simply change the file when you hit “Save as.” Changing the file extension to .doc instead of .docx will ensure that almost everyone can access your files. Also, converting your file to a PDF usually does the trick.

4. Trusting batteries that haven’t been recently used – This one is classic. You flew across the country to give an inspirational speech to Girl Scouts in the middle of the woods at an outing, and you haven’t used your laptop since you left home, so you know it’s fully charged. What you forgot to consider was that sometimes electronic devices have a way of turning themselves on. Make sure you test EVERYTHING that uses a battery hours before you need them, preferably while you still have time to do something about it if need be. When possible, reverse batteries in devices where this is an option when traveling to ensure they don’t get used up accidentally. Simply switch them back the right way when it’s time to use them.

5. “I don’t need to buy Antivirus, I am careful online and know what I’m doing” – In this day and age, EVERYONE needs antivirus. Hackers and phishers are criminals who make ruining your life via the internet their number one priority. You can do everything right, avoid all the “wrong” types of websites, and still be a victim. Pay the small price of keeping a current version of a trusted Antivirus software running on all your machines. Trust me, it’s well worth it. To find if you’re currently doing enough to protect yourself online, please contact your IT provider.

SS

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Looking to make an equipment purchase before year end? Or perhaps hoping to put some of the cash you’ve already spent on company equipment back in your pocket before 2010?

Read on to learn how…

As 2010 quickly approaches, companies are taking in all the money that they can, and sealing up their year-end plans to best prepare for the future. Many companies forget to take tax deductions that they qualify for into account in this planning process; more specifically, Section 179. “Section 179″ refers to Section 179 of the Internal Revenue Service Tax code, and can prove extremely profitable for companies. It allows them to deduct for certain purchases and expenses – in some cases, before they are even paid in full. Many see this as the best feature of the economic stimulus act, as it’s great to have the option of not making the full payment before year end so that you can opt for an equipment lease if cash flow is an issue.

Another benefit of the economic stimulus act is enhancements to Section 179 that allow for higher dollar limitation for equipment purchased before December 31, 2009.  In addition, this deduction is not based on the number of days this equipment has been in service. Another perk that comes with Section 179: it allows a business to take a current year deduction on an equipment purchase instead of depreciating the newly acquired equipment over the course of several years.  The bonus here clearly being that more money is back in your pocket, faster.

If you’re looking to make a big (or even small) equipment purchase, do it sooner than later! To find out more about Section 179, click here.

It’s smart to speak with your tax adviser to figure out what moves will be most financially advantageous to your company, and you may find yourself with a cash flow advantage in 2010.

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I’ve long been a student of business.  It fascinates me to know what makes one company thrive while another struggles.

Of course, there are lots of factors that contribute: vision, cash flow, employee engagement, market events, strength of your competitors, etc.

To effectively manage as many of these factors as possible, managers need a system that gives them the greatest chance of success with as many of these factors as possible.  For my money, that system is Open Book Management.

I first learned of Open Book Management by reading a book called The Great Game of Business by author Jack Stack of the Springfield Remanufacturing Corp in Springfield, MO.  An unlikely source of management wisdom, perhaps, but don’t be fooled – this is the good stuff!

Jack had inherited a failing business, and had developed his own internal Open Book Management system to turn the company around and eventually build an empire.  One of the companies in his stable (he has north of 30 now) is dedicated to teaching this model – called The Great Game of Business – to as many companies as will listen.

Fairly recently, I decided to take the members of our management team to see Jack in Springfield to learn their system.  We were incredibly impressed, and the results for Everon have been nothing short of fantastic.  We have better metrics, more engaged employees, and a stronger financial position.  And most importantly, I believe that our team really feels in control of the results of the business; they know that putting in effort will create results.

I’d highly encourage all business owners and managers to invest in the training at the Great Game of Business.  Start by buying their book – I’m sure you’ll learn something from it and be motivated to continue the journey of Open Book Management at your company.

Michael Cooch
CEO
Everon Technology Services, LLC

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The following report does a nice job of analyzing the economic stimulus package and its impact on small business and is worth a few minutes to read:

http://www.score.org/pdf/StimulusPackageeBook.pdf

Pages 11-13 are interesting in that they give specific details about how businesses can more aggressively write down purchases of equipment and such, which could have a pretty dramatic tax benefit for many.

The report was written by MyVenturePad in cooperation with S.C.O.R.E., and sponsored by SAP.  Thanks to Verne Harnish of Gazelles for passing this along in his newsletter.

Mike Cooch
CEO
Everon Technology Services, LLC

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The American Recovery and Reinvestment Act (ARRA) has some good stuff in it for small businesses. You should work with your accountant to come up with a plan for your business as we head into the second half of 2009.

Here are a few of the high points:

• The ARRA extends the 50% bonus depreciation created in 2008 until the end of 2009.  This means that businesses making capital investments (computer systems!) can take and immediate 50% depreciation for their taxes.

• Businesses can write off up to $250,000 on total purchases up to $800,000, that’s up from $125,000 with a phaseout at $500,000 in 2007.

• Net operating losses can be carried back five years, instead of the usual two-year period.  This applies to companies with average receipts of up to $15 million.

While these figures alone may not make or break your business in the next year, they can provide some nice tax savings and potentially help free up some cash for investing in new projects or creating more of a cushion.

Mike Cooch
CEO
Everon Technology Services, LLC

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