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24 Hours Isn’t Enough? Here are 10 Ways to Find More Time in Your Day

Posted: 01 Apr 2019 11:00 AM PDT

There was a time not that long ago where it seemed like I worked non-stop – but still felt like I hadn't accomplished anything. Even worse, I would look at the clock and exclaim, "Where did the day go?" I wished that there was a genie that could magically give me an extra hour or two.

Unless you're Aladdin, no genie will grant such a wish. Instead, you have to buckle down and discover clever ways to find more time in your day. Though it may sound impossible, you can find that time if you use these 10 tactics.

1. Keep a log of your time.

If you want to find more time in your day, then you first need to know how you spend your time. The best way to do this is by starting a time log and tracking all of your minutes.

A time log is just a notebook where you jot down what you do and how long it takes. This process may sound cumbersome, and it is – but do this for a week or so. At the end of the week, you'll be able to identify how long tasks actually take to accomplish and how much time you spend on unproductive activities. As a result, you'll stop under-and-overestimating how long certain things take. You may even discover lost blocks of time, such as during your morning commute.

If you're not a fan of carrying a notebook with you at all times, there a number of digital tools that can track time for you. These include RescueTime, Toggl, Timely, and ATracker.

2. Make your to-do-lists more effective.

Entrepreneurs like Richard Branson credit to-do-lists as tools that helped them achieve success. According to the Virgin Group founder, "Lists not only provide a great structure for getting things done, but they also help us set goals and achieve our dreams."

The problem is that most to-do-lists are bland, vague, and uninspiring. However, there are several ways you can make your list more powerful and useful. Writing for Wise Bread, Kentin Waits suggests the following techniques to improve your to-do lists:

  • Attach an emotion to each item since this acts a motivator.
  • Link a reward to the completion of each task.
  • Use precise verbs as opposed to large and vague ones.
  • Understand how smaller actions impact the bigger picture.
  • Spend more time identifying your "Most Valuable Tasks" for the day.

3. Sleep an hour less.

I'm in no way advocating that anyone sleep so little that they become sleep deprived. Not having your full eight hours of sleep leads to health concerns – it's also counterproductive to productivity.

Research from the National Sleep Foundation has found that adults need seven to nine hours of sleep per night. If you regularly sleep for eight or nine hours – start waking up an hour earlier. You'll still be getting enough rest to remain healthy and energetic. But, you'll also have an extra hour to spend exercising, reading, working on a side hustle or cleaning out your inbox.

I should add that you don't want just to set your alarm an hour earlier tomorrow. Ease your way into it. Get up 15-minutes earlier for a couple of days, then 30 minutes, 45 minutes, and finally an hour earlier. I suggest that you set your alarm for your regular waking time and merely tell yourself the time to wake up. You may surprise yourself by waking up earlier without that blaring alarm.

4. Get organized.

It happens to us all one time or another. You're getting ready to walk out the door for work only to realize that you don't have your keys or wallet. As a result, you arrive at the office late. Then, as you sit down to begin the workday, you frantically search your desk for an important document.

The average person spends over five minutes searching for misplaced items. We lose 2.5 days each year looking for lost stuff.

The simple solution is to get organized. Give everything a "home" and put items back when you're done using them. You'll know exactly where everything is and won't waste time searching for these objects. I spend the last 30-minutes of my workday straightening up my workplace so that when I arrive at the office the next day, everything is where I need it to be.

5. Don't handle things more than once.

According to Jana Kemp, a Boise, Idaho, "time architect" and the author of, No! How One Simple Word Can Transform Your Life, handling the same item multiple times is inefficient.  Kemp says, "When it comes to e-mail, voice mail, or paperwork, take instant action – e.g., read, answer, delete, file – so you don't have to come back to it. The accumulated time saved can add up to ten hours a month."

One system that is effective is the 4Ds:

  • Delete (or drop). For example, quickly scan your inbox and trash messages that aren't of any use or interest to you.
  • Delegate. When possible, assign most administrative tasks to someone else, like a personal assistant.
  • Defer. Save important, but not urgent, items for later when you have the availability.
  • Do it. If there's an urgent and essential email from a client, respond to them ASAP.

6. Reconfigure your smartphone.

Did you know that the average American checks his or her phone every 12 minutes? Other studies have found that we spend about half of our phone time on social media platforms like Facebook, Instagram, Twitter, Snapchat and Youtube. No wonder we aren't getting the most out of our days.

While some people have enough willpower to just ignore their phones when they receive notifications, most of us can't resist that temptation. To resolve this, you can put your smartphone on airplane mode or use a tool to block distracting sites for specific amounts of time.

But, what about those times when you use your phone to avoid interaction, such as during your commute on public transit or when waiting in a busy office for an appointment. We automatically go on our phones and get sucked-in. Next thing you know, you've just spent 30-minutes watching videos or seeing what your friends and family have been up to.

To combat this, rearrange your phone. I've removed many apps from my phone and try to use social media from my desktop so that I have a more controlled way to deal with it. I don't want to get distracted into a five-hour-time-suck. This way, I only check my accounts when I'm at my desktop – usually after I've gone through my inbox at scheduled intervals. If that's too extreme, then at least remove the apps from your home screen so that you aren't checking your social accounts every couple of minutes.

7. Schedule less.

Putting fewer items on your schedule may sound obvious, but entrepreneurs have a tendency to bite off more than they can chew. Before committing to a task or event and adding it to your calendar, ask whether or not it's moving the needle towards your goals. Maybe being a part of a local business organization helped you network while starting your business. Today, however, it may be a commitment that leaves you feeling overextended.

In other words, stop packing your schedule so tight that it's about to burst at the seams. Only take on responsibilities that serve a purpose. Start saying "no" to everything else – at least for now.

What's more, Chris Guillebeau suggests that you remove you review your calendar and eliminate the things that you aren't excited about. "This is a great way to free up hours, blocks of time, or whole evenings from your life," he writes.

8. Become more proactive.

"So many of our days are spent in reactive mode. We're constantly responding to emails, sitting in pointless meetings and dealing with other people's 'emergencies,'" writes Chris Winfield in a piece for Time. "All of this makes it more and more difficult to actually get anything accomplished."

Winfield recommends using the Pomodoro Technique where you spend 25-minutes on a task to become less reactive to interruptions. You only focus on that task until the 25-minutes are up. After that block of time, take a five-minute break. When you've completed four cycles, you can have a longer break to help get you fresh and focused.

After leveraging this technique, Winfield states that he can "do the amount of work that used to take me 40 hours in just 16.7."

9. Get creative with waiting time.

Remember that time log you created? You may have noticed that there are chunks of free time available. For example, if you sit in the carpool or subway for 30-minutes every morning, you could use that time to read and respond to longer emails, listen to a podcast or audiobook, or write in your gratitude journal. If you watch three hours of television when you get home – cut that down to only an hour and spend the other two hours on a hobby or learning a new skill.

The point is that we all have moments throughout the day that could be better spent on something productive.

10. Group similar tasks together.

Putting similar job together is a tactic known as batching. It's one of the most effective ways to maximize productivity. Grouping all similar tasks together will reduce the time spent shifting gears (grinding gears may be more like it – such as with daily clutter). Batching encourages you to focus on one task at a time.

Examples of batching could be prepping all of your meals on Sunday afternoons or running all of your errands at the same time. At work, this could be scheduling all of your meetings on the same day and set aside specific times to email and make phone calls.

12 Tax Write-Offs for Real Estate Agents

Posted: 01 Apr 2019 09:30 AM PDT

Are you a quick and witty real estate agent, extremely busy with your day-to-day activities? Have you ever given a thought to real estate accounting that is often pushed down the priority list? And when you hear people groaning around you in the month of April, which is tax season, do you sit down and start organizing you messed financial statements? What happens next? Well, you are in turmoil and frustrated as you are unable to track all the numbers. 

To make tax preparation for real estate agents easy, here are 12 tax write-offs that are crucial.

1. Commissions paid

The real estate industry is all about receiving and paying commissions to employees or business partners. But how will show you these commissions in your financial statement and whether it is fully deductible or not? According to IRS, any business that pays commissions are usually under fully deductible business expenses, and no entrepreneur should ever neglect this deduction.

For example, suppose you deal in flipping houses for homeowners who require immediate cash, and you contracted two more partners with you saying you'll give them 5 percent commission on each sale. In the previous year, one partner finalized a sale of $600,000 and another for $1,000,000. You would deduct $80,000 (5 percent * 600,000 + 5 percent * 1,000,000). 

This amount should be reflected in your tax form in Schedule C of 10th expense line. [Interested in tax software for your business? Check out the reviews and best picks on our sister site, BusinessNewsDaily.]

2. Business travel

Real estate agents are always on the go as they have sites at different locations. Some places may be near the house, and some may be so far away they require you to fly, as well as pay for lodging and food. According to the IRS, you can add your business travel expenses including the entire expenses. However, you only can claim a 50 percent deduction on the cost of meals when you are on a business trip. If you are driving, the IRS enables you to deduct $0.51 per mile driven and up to 100 percent of your car maintenance cost. Besides all these, if you plan smartly, you can enjoy the pleasure of personal and business together without spending much.

3. Office rent and utilities

IRS gives an advantage to real estate agents who spend a huge amount on office rents and other utilities as a deductible business expense. If you are renting office space, the IRS gives you an opportunity to deduct your utility bills to keep the light on and work day-night. In case if you are using your home as an office, you can deduct the amount as per square footage utilized for office work.

4. Self-employed health insurance deduction

Tax preparation for realtors can be challenging as it only includes business deductions, but self-help deductions as well. If the IRS offers immense benefits to the agents, it also shares a responsibility in which self-employed health insurance should not be overlooked. 

You should find health insurance for yourself; fortunately, it is deductible if you are a Schedule C filer and your real estate business had a net profit for the present year. Realtors can easily calculate earnings using the optional method on Schedule SE or own 2 percent more of the shares in an S corp. earnings you received. If you think you meet aforesaid descriptions, so the premiums that you pay for you and your family can be deducted on line 29 of Form 1040.

5. Marketing and advertising expenses

Every business industry heavily invests in marketing and advertising to gain popularity and earn better. And the real estate sector is no exception. You might spend on the flyer, business cards, ads and promos, etc., which are all deductible as per IRS. 

However, with the evolving marketing and advertising techniques, digitalization has become the need of the hour. You can deduct your website development cost, running ads on Google, etc., all are deductible. The Realtor can make this deduction in Line 8 on Schedule C.

6. Business equipment expenses

Every business requires some technical equipment to stay competitive. You can deduct the purchase price of business equipment including your cellphone, computer, software and office supplies. You can also account for depreciation for any expensive equipment like computers by using the Modified Accelerated Recovery System. This method helps you to recover the actual purchase price of your business equipment over the years.

7. Fees, licenses, memberships and insurance

According to the federal tax system, you can deduct different annual fees for doing business. Being a real estate business owner, you can claim for professional membership, state license renewal and MLS dues. General business insurance and Errors and Omissions (E&O) insurance are both fully deductible business expenses as well. Plus, you can deduct real taxes while filing your taxes, but not self-employment taxes.

Note: The portion of your professional membership dues attributes toward encouragement and political sponsorship is non-deductible.

8. Software and business tools

If you are using software to run your real estate business the purchase is fully deductible, which includes lead generation subscription services such as customer relationship management (CRM) software. Top tools such as QuickBooks, Sage, NetSuite not only ease the process of accounting, but also makes tax season hassle-free to a greater extent.

9. Virtual assistants and bookkeepers

Hiring virtual assistants overseas has become a popular trend over the years. Believe it or not, tax preparation services or accounting services are way more affordable for businesses that hiring in-house experts. If you want to keep your complete focus on your business growth and let someone else manage your books, then I would suggest you hire virtual assistants and bookkeepers. They can provide you with financial reports that you can hand over to CPAs for filing taxes.

10. Retirement plan contribution

One of the best realtor tax deductions is your retirement plan contribution. If you haven't chosen any retirement plan or you should start researching right away. This deduction is only restricted by your contribution confines. 

11. Legal or professional services

IRS gives you the right to write-off any professional services that you may use throughout your business lifecycle including tax professionals, legal professionals, web development professionals and graphic designers.

12. Education and training

To keep evolving in your industry, if you want to take up some knowledge related to your domain or learn some advanced courses, you can deduct the registration fees concerning your travel and material cost. But you should keep in mind the following criteria by the federal system:

  •          The training or education you are planning to take up should not be of a different domain
  •          The training is not applicable to meet your basic education requirements
  •          The training or course should maintain or enhance your skills

Now you can dive into this tax season with confidence and deduct your taxes accordingly, which is entirely beneficial for you and your business.

What Is a White Label App?

Posted: 01 Apr 2019 09:00 AM PDT

If you've researched business software lately, you may have come across the term "white label" and wondered what it meant, if it was something you needed, or if it was a passing fad. After all, it's hard to keep up with all the buzzwords salespeople invent to sell software. White labeling is a feature that started in enterprise software, and like other features, is now available for small businesses in lower-cost SaaS products.

What does white label mean?

All white label means is that the product may be customized with the branding of your choice. So, instead of opening your business software and seeing the logos and colors of the software company, you (or your customers) will see your company's logo and colors emblazoned on the product.

Editor's note: Looking for a mobile app development solution? Fill out the questionnaire below and our vendor partners will contact you about your needs.

 

Why do people use white label software and apps?

Some businesses prefer to white label the products their employees use to promote a cohesive and professional experience internally, but other software is white labeled for the benefit of the external client. Systems that process outside requests, e-commerce platforms and customer service apps are all frequently white labeled.

White labeling is particularly prevalent with apps, and not only business apps either. App maker software, which allows users to drag and drop their way to a custom app, nearly always includes a white label feature. Some users create custom business apps and then brand them with their own company logo, but others use app maker software to create apps that can be resold. This is done frequently with cookie-cutter game and time-waster apps, but it's also common practice among legitimate app makers who create unique products of value. [Interested in app makers and development solutions? Check out our best picks and reviews.]

Should I use white label products?

There's no cut-and-dried answer to this question, but, in general, if you are a small business owner purchasing SaaS for internal usage, you probably don't need to bother with white labeling. Sure, it's nice to have your company logo prominent on your payroll software or timestamp app, but it's not necessary, and it adds no utility of any kind.

Alternatively, if you are purchasing client-facing software, it may be advisable to opt for a white label product if there is one available at comparable pricing and functionality. The way users interact with your company online and through mobile apps is like the modern-day version of walking through the doors of a store. Younger users, especially, tend to judge the professionalism of a business by their online presence. Nearly half of all workers will be millennials by 2020, making them a powerful group in terms of disposable income, so this perception matters.

If the product in question will be used for e-commerce, booking appointments, inputting requests, or anything else that requires a client to hand over their credit card information or other personal details, seriously consider opting for a white label product. White label websites can go a long way toward making your small business look reliable and legitimate.

Are there downsides to white label products?

Not really. Sometimes, opting to white label a product will add expense to the setup and/or ongoing service fees, but that's about it. The only other potential downside is that to successfully white label something, you need to have a logo with the appropriate specs. If your logo is low quality or pixilated, your white label software will look cheap and unreliable, even if it is a good product.

It's best to leave designing logos to professional designers, so rather than avoiding a white label purchase because your logo is subpar, invest in a well-designed logo first and then make your software decisions.

Small Business Guide to a Restaurant Management System

Posted: 01 Apr 2019 05:00 AM PDT

If you are new to the restaurant industry, a restaurant management system (RMS) should be at the top of your list of necessities. An RMS can help you run your restaurant more efficiently by keeping track of your employees, inventory and your sales. An RMS typically comprises software as well as hardware, such a cash register, barcode scanner and receipt printer, depending on your business's needs. It provides a comprehensive tool that allows you to see your restaurant and its needs at a glance, which can simplify your workload on a day-to-day basis.

Many restaurant management systems are designed to integrate easily with other software applications, which allows you to customize a system that works well for your business.

Here's everything you need to know about choosing your restaurant management system.

What is a restaurant management system?

A restaurant management system (RMS) is a type of point-of-sale (POS) software specifically designed for restaurants, bars, food trucks and others in the food service industry. Unlike a POS system, and RMS  encompasses all back-end needs, such as inventory to staff management. A system typically includes software and hardware, such as registers, scanners and receipt printers.

What is the difference between an RMS and a standard POS system?

While both systems are classified as point of sale, an RMS offers features unique to the food service industry like ingredient-level inventory updates, the ability for waitstaff to send orders directly from the table to the kitchen, split billing and kitchen displays.

Editor's note: Looking for a POS system for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

 

What are the benefits of an RMS?

An RMS offers more features than a standard POS system. Through an RMS, restaurants can:

  • Track sales and orders
  • Show accurate, real-time financial statements
  • Manage staff scheduling
  • Access data through the cloud
  • Utilize a built-in customer relationship management (CRM) tool to build mailing lists or start a rewards program

What types of RMS are available?

Because every restaurant has unique needs, there are different RMS types to choose from. To determine which type best suits your restaurant or bard, focus on the features your business requires and how important each of those features is to you.

1. End to end

This is the most robust and comprehensive type of RMS. Main features include core POS, inventory control, CRM, staff, menu, order and payment management, technical support, and reporting and analytics. Depending on the RMS vendor, you may be able to mix and match features.

2. POS

This is the core of the system and allows you to integrate it with third-party systems for inventory, accounting, marketing and other key systems. 

3. iPad or Android only

Most systems are designed to run only on one device type to maintain the integrity of the system. Determine which device type you will use in your restaurant. 

4. General POS

This system is designed for businesses that have both retail and food services available. It offers seamless crossover with add-on modules.

What can I manage with an RMS?

You can manage almost every pertinent aspect of your business, depending on which type of RMS you choose. With an end-to-end system, you will have complete access to:

  • Employee schedules, including day to day, vacation and sick time
  • Payroll
  • Financial statements
  • Inventory
  • Accounting
  • Reporting and analytics
  • Core POS
  • CRM
  • Menu
  • Reservations

What should I consider before getting an RMS?

Because this system will be responsible for much of your day-to-day processes, it's important that you find one that works well and provides you with exactly what your business needs. Start with a clear purpose you need the system to serve and a list of necessary features. Next, give serious consideration to the following:

1. Type

Determine what type of system you need. If you're going to be running your business on Android devices, do not get an iPad system. If you want a one-stop shop, an end-to-end system will most likely be the most cost-effective option. 

2. Scaling

If you have plans to grow or franchise your restaurant, buy a system that can be scaled. Make sure your system can handle an increase in the number of terminals and handheld devices, provides advanced large-scale analytics, offers multibranch add-ons, and can handle a large number of employees (and their schedules). 

3. Integration

No system is perfect, so you will most likely have to integrate your RMS with another (or several other) software apps to achieve what you need. Thus, you should make sure that your RMS easily integrates with other systems, for example, OpenTable or Yelp for reservations, so you don't waste time repetitively entering data into separate programs. 

4. Ease of use

Running a restaurant is tough as it is. You don't want to waste time troubleshooting your RMS in the middle of a dinner rush. Spend a good deal of time testing the RMS out, ensuring that it is intuitive, and problems are easy to fix.

A good restaurant management system makes all the difference in how well (or not) your restaurant runs. While there are many factors to consider, it is worth taking the time to determine exactly how the system must serve your business and what you want to gain from using it. By having a clear goal in mind and a list of non-negotiable features, you're well on your way to getting your restaurant up and running.
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