Costco Connection - September 2009

PAUL AND SARAH EDWARDS: LIFESTYLES FOR THE MILLENNIUM

Paul and Sarah Edwards (www.middle classlifeboat.com) are the authors of Middle Class Lifeboat and 16 other small-business books.

The importance
of being relaxed

EVERY SMALL-BUSINESS owner we know is working harder than ever these days— toiling late into the night, taking on more projects and marketing outreach activities, going in 10 directions at once, juggling possibilities that aren’t yet realities, all while tucking family and personal needs into overly crowded corners of the day. And all for good reason. These are times that test our souls.

But there is a not-so-promising result from all such valiant efforts. We see it on the faces of our self-employed friends and colleagues. We hear it in their voices. They are verging on exhaustion. If this applies to you, we’re compelled to make this plea: Relax!

Yes, it’s true, we all have to work harder right now, often much harder. But we also have to work smarter and more imagina-

tively. We can’t do that if we’re exhausted. We must give ourselves the opportunity to recharge and regenerate.

But how, for Pete’s sake, can we slow down with days and nights that are already jam-packed and the specter of financial pressures looming over our shoulders? We’ve simply got to acknowledge that when we’re rested and refreshed we can do everything more quickly and better.

Studies in the fields of occupational health and environmental medicine show that, aside from increasing the risk of illness, which only makes matters worse yet, chronic overworking actually makes people less productive and prone to injury. Not from lack of effort or even lack of ability, but from just plain wearing down. Taking time out to rest and refresh actually lets us save time and increases our chances of more successful results.

What to do? Well, relaxation is a highly personal matter. For some, it’s taking a nap. For others, it’s a round of golf. Still others find renewal in taking a hike, sneaking away for a weekend camping trip, an hour of pampering at a spa or just taking a break to play with the kids or the dog.

So identify what you find most refreshing and do it! Your future depends on it. C

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Workers at a discount

IMAGINE A SOURCE of labor that will recruit, screen and, where necessary, train new workers. Even better, imagine Uncle Sam picking up part of the wages for those new hires.

The American Recovery and Reinvestment Act of 2009 expands an already existing tax credit, a direct reduction of an operation’s tax bill, for hiring new workers from any one of nine targeted groups, such as the disabled, welfare recipients and veterans. The Work Opportunity Tax Credit (WOTC) rewards employers by footing the bill for as much as $6,000 of the wages paid to newly hired qualified workers from these groups. The tax credit is equal to 40 percent of an employee’s first-year wages, with varied amounts for veterans and summer youth hires.

State labor departments or similar state and/or county government agencies certify

(as well as find and often train) workers who qualify under the WOTC program. An employer hires from a pool of workers who have been qualified by state employment bureaus, as well as from local labor and welfare organizations that locate qualified candidates for available jobs and often train workers to the employer’s standards. Once an employer has hired a qualified worker, the employer can claim a tax credit on the annual tax return using Form 5884, Work Opportunity Credit.

While not all of the groups eligible for this unique tax credit are suitable candidates for the demanding tasks normally associated with many businesses, the reduced labor costs warrant a further look. More information about the WOTC is available from the U.S. Department of Labor, Employment & Training Administration ( www.doleta.gov/business/Incentives/opptax),

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Good for business

SCORE (SERVICE CORPS of Retired Executives), a resource partner with the U.S. Small Business Administration (SBA), along with HP, Microsoft and local officials, is sponsoring a series of workshops for small businesses called For the Good of Your Business. The workshops offer essential advice on technology-based strategies to help businesses survive challenging economic times. Topics include: