Do You Know Which IRS Form to File if You Paid Independent Contractors in 2020? (The Answer May Surprise You!)

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Form 1099 NECIf you’re a business that relied on independent contractors (ICs) for various services in 2020, you may assume you should file Form 1099-MISC like always. But wait! There’s a new tax form on the block – and you’re going to need to acquaint yourself with it to meet your tax reporting responsibilities.

Beginning with the 2020 tax year, Form 1099-NEC will replace Form 1099-MISC box 7 for reporting non-employee compensation, which includes payments to ICs.

Be Clear on When to Use Form 1099-NEC

To put it simply, the new 1099-NEC performs the exact same function as 1099-MISC box 7. It captures payments of $600 or more to service providers that are either sole proprietors or members of a partnership. Depending on the needs of your business, you may have utilized any number of independent contractors, such as:

  • Graphic designers
  • Web developers
  • Cleaning professionals
  • Freelance writers
  • Landscapers
  • And other self-employed individuals

For these and other ICs, you must distribute the 1099-NEC to recipients by February 1, 2021 (since January 31 falls on a Sunday). This is also the date you must file these forms with the IRS – whether you are filing via paper or electronically.

What About Form 1099-MISC?

Because you’ll no longer use a 1099-MISC to report independent contractor payments, you may wonder if this form serves any purpose. The 1099-MISC remains, but in a different capacity. Generally speaking, you should file a Form 1099-MISC for anyone you paid at least $10 in royalties or $600 in rent, prizes and awards in the previous year.

Tips to Ease the Tax-Filing Process

To help you with your upcoming filing, consider these do’s and don’ts:

  • DO make sure you have a Form W-9 on file for each contractor before completing Form 1099-NEC.
  • DO verify that the taxpayer ID is correct for each independent contractor.
  • DON’T use Form 1099-NEC to report personal payments.
  • DON’T use Form 1099-NEC to report employee wages (use the W-2 instead).

Insight and Expert Online Filing

Want to learn more about the differences between the new 1099-NEC and the 1099-MISC? Check out the details here. And when you’re ready to file your 1099s this tax season, turn to efile4Biz for an effective, affordable solution. It’s free to try!

By Jaime Lizotte, Tax & HR Compliance Solutions Manager, ComplyRight

Image: Depositphotos.com

This article, "Do You Know Which IRS Form to File if You Paid Independent Contractors in 2020? (The Answer May Surprise You!)" was first published on Small Business Trends



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Choose the Best Whiteboard Markers

Whiteboards are a common feature in offices. Businesses use them for planning, identifying and prioritizing tasks, a message board, and other ways to communicate. A good marker goes hand in hand with your whiteboard.

Some whiteboard markers can also write on materials made from glass, porcelain, or melamine. The ink of these markers is manufactured to wipe off surfaces smoothly and easily without leaving streaks.

Whiteboard markers are ideal for writing on whiteboards and today’ market offer several options to consider:

Best Whiteboard Markers

 

Expo Low Odor Dry Eraser Marker

EXPO Low Odor Dry Erase Markers

Top Pick: This is a dry erase marker with a plastic plain grip for easy skip free writing. The chisel tip can be applied on non-porous surfaces such as porcelain, whiteboards and even glass. It can be easily erased by using a dry cloth or eraser. The pack comes with 17 different colors and are ideal for the classroom, home office or the workplace.

EXPO Low Odor Dry Erase Markers, Chisel Tip, Assorted, 16 Count

Buy on Amazon

 

Amazon Basics Dry Erase Whiteboard Marker

AmazonBasics Dry Erase White Board Markers - Low Odor

Runner Up: This dry erase marker has a DryGuard ink feature that can work even when left uncapped for up to two days. This low odor marker’s versatile chisel tip allows users to write in multiple line widths with a simple change of the angle.

AmazonBasics Dry Erase White Board Markers – Low Odor, Chisel Tip – 12 Pack, Assorted Colors

Buy on Amazon

 

Quartet Dry Erase Marker

Best Value: The Quartet dry erase marker comes with a magnetic eraser cap for ease clean up. The marker set comes with different color options including black, red, blue, green, purple and yellow. It has a transparent ink indicator to let users see how much ink is left. The marker’s chisel tip helps to create bold and crisp lines with a non-toxic and low odor ink.

Quartet Dry Erase Markers, Whiteboard Markers, Fine Point, Mini, Magnetic, ReWritables

Buy on Amazon

 

U Brands Low Odor Magnetic Double Ended Dry Erase Markers

U Brands Low Odor Magnetic Double Ended Dry Erase Markers With Erasers

U Brands low odor magnetic marker has a small magnet to help place it on the whiteboard. This marker comes with two colors on a single marker for a total of 12 different colors. In addition to the magnet the markers also have a built-in felt eraser. The ink is non-toxic and low odor, and it can be applied on melamine, painted steel, porcelain and glass.

U Brands Low Odor Magnetic Double Ended Dry Erase Markers With Erasers, Bullet Tip, Assorted Colors

Buy on Amazon

 

Staedtler 2 mm Lumocolor Bullet Tip Whiteboard Marker

Staedtler 351 WP8 2 mm Lumocolor Bullet Tip Whiteboard Marker (1)

The Staedtler Lumocolor Whiteboard Marker is a low odor, non-toxic and quick-drying marker. Staedtler uses xylene and toluene-free ink with PP barrel and cap guarantee for long service life. You can leave it uncapped for days without drying and wipe the ink dry from whiteboards as well as glass and porcelain without leaving a trace. You get 8 markers with each set.

Staedtler 2 mm Lumocolor Bullet Tip Whiteboard Marker – Assorted Colours Pack of 8

Buy on Amazon

 

BIC Intensity Advanced Dry Erase Marker

BIC Intensity Advanced Dry Erase Marker

The BIC intensity advanced dry erase marker is a low odor whiteboard marker that provides smooth, consistent ink flow. The fine bullet tip provides precision and detail work. The ink erases easily and comes with an ink indicator to let you see how much ink is left in the marker. One pack contains 24 nontoxic colors which can be applied on glass, and most non-porous surfaces.

BIC Intensity Advanced Dry Erase Marker, Fine Bullet Tip, Assorted Colors, 12-Count

Buy on Amazon

 

Arteza Glass Board Dry Erase Markers

Arteza Glass Board Dry Erase Markers Pack of 10 Bright Neon Colors with Low-Odor Ink

Arteza makes a full range of art supplies, from canvas to paint. The markers come in a wide range of vibrant colors with fine or Japanese chisel tip for precision writing. You can also choose to get a magnetic cap with a felt eraser. They are safe and non-toxic and conform to the ASTM and EN71 regulations as well as AP certified.

Arteza Glass Board Dry Erase Markers Pack of 10 Bright Neon Colors with Low-Odor Ink

Buy on Amazon

 

Features to Look for in Whiteboard Markers

  • Nontoxic and low odor: While shopping for Whiteboard markers you should make sure your read the fine print to see that there are no harmful, foul-smelling chemical solvents.
  • Dry vs wet-erase markers: It is important to distinguish between wet-erase and dry erase markers. Wet erase ink markers can stay on a non-porous surface longer without smearing and you can erase it using either a wet cloth or a solvent. Dry erase is relatively semi-permanent and you can erase it using a dry cloth.
  • Tip and ink: The market offers countless options for whiteboard markers. Some can write on surfaces such as porcelain, glass and other non-porous materials. Others have differently shaped tips giving you varying widths for different writing and drawing purposes.
  • Comfort: When looking for the best dry erase markers make sure you look for ones with an ergonomic shape. A good dry erase marker should be easy to grip. This ensures you can write comfortably for long periods of time.
  • Longevity: Whiteboard markers can be used a lot as such you will want a whiteboard marker that is slow to dry out. Some markers also come with an ink gauge to help you track your ink levels.

YOU MIGHT ALSO LIKE:

Images: Amazon

This article, "Choose the Best Whiteboard Markers" was first published on Small Business Trends



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Choose the Best Whiteboard Markers

Whiteboards are a common feature in offices. Businesses use them for planning, identifying and prioritizing tasks, a message board, and other ways to communicate. A good marker goes hand in hand with your whiteboard.

Some whiteboard markers can also write on materials made from glass, porcelain, or melamine. The ink of these markers is manufactured to wipe off surfaces smoothly and easily without leaving streaks.

Whiteboard markers are ideal for writing on whiteboards and today’ market offer several options to consider:

Best Whiteboard Markers

 

Expo Low Odor Dry Eraser Marker

EXPO Low Odor Dry Erase Markers

Top Pick: This is a dry erase marker with a plastic plain grip for easy skip free writing. The chisel tip can be applied on non-porous surfaces such as porcelain, whiteboards and even glass. It can be easily erased by using a dry cloth or eraser. The pack comes with 17 different colors and are ideal for the classroom, home office or the workplace.

EXPO Low Odor Dry Erase Markers, Chisel Tip, Assorted, 16 Count

Buy on Amazon

 

Amazon Basics Dry Erase Whiteboard Marker

AmazonBasics Dry Erase White Board Markers - Low Odor

Runner Up: This dry erase marker has a DryGuard ink feature that can work even when left uncapped for up to two days. This low odor marker’s versatile chisel tip allows users to write in multiple line widths with a simple change of the angle.

AmazonBasics Dry Erase White Board Markers – Low Odor, Chisel Tip – 12 Pack, Assorted Colors

Buy on Amazon

 

Quartet Dry Erase Marker

Best Value: The Quartet dry erase marker comes with a magnetic eraser cap for ease clean up. The marker set comes with different color options including black, red, blue, green, purple and yellow. It has a transparent ink indicator to let users see how much ink is left. The marker’s chisel tip helps to create bold and crisp lines with a non-toxic and low odor ink.

Quartet Dry Erase Markers, Whiteboard Markers, Fine Point, Mini, Magnetic, ReWritables

Buy on Amazon

 

U Brands Low Odor Magnetic Double Ended Dry Erase Markers

U Brands Low Odor Magnetic Double Ended Dry Erase Markers With Erasers

U Brands low odor magnetic marker has a small magnet to help place it on the whiteboard. This marker comes with two colors on a single marker for a total of 12 different colors. In addition to the magnet the markers also have a built-in felt eraser. The ink is non-toxic and low odor, and it can be applied on melamine, painted steel, porcelain and glass.

U Brands Low Odor Magnetic Double Ended Dry Erase Markers With Erasers, Bullet Tip, Assorted Colors

Buy on Amazon

 

Staedtler 2 mm Lumocolor Bullet Tip Whiteboard Marker

Staedtler 351 WP8 2 mm Lumocolor Bullet Tip Whiteboard Marker (1)

The Staedtler Lumocolor Whiteboard Marker is a low odor, non-toxic and quick-drying marker. Staedtler uses xylene and toluene-free ink with PP barrel and cap guarantee for long service life. You can leave it uncapped for days without drying and wipe the ink dry from whiteboards as well as glass and porcelain without leaving a trace. You get 8 markers with each set.

Staedtler 2 mm Lumocolor Bullet Tip Whiteboard Marker – Assorted Colours Pack of 8

Buy on Amazon

 

BIC Intensity Advanced Dry Erase Marker

BIC Intensity Advanced Dry Erase Marker

The BIC intensity advanced dry erase marker is a low odor whiteboard marker that provides smooth, consistent ink flow. The fine bullet tip provides precision and detail work. The ink erases easily and comes with an ink indicator to let you see how much ink is left in the marker. One pack contains 24 nontoxic colors which can be applied on glass, and most non-porous surfaces.

BIC Intensity Advanced Dry Erase Marker, Fine Bullet Tip, Assorted Colors, 12-Count

Buy on Amazon

 

Arteza Glass Board Dry Erase Markers

Arteza Glass Board Dry Erase Markers Pack of 10 Bright Neon Colors with Low-Odor Ink

Arteza makes a full range of art supplies, from canvas to paint. The markers come in a wide range of vibrant colors with fine or Japanese chisel tip for precision writing. You can also choose to get a magnetic cap with a felt eraser. They are safe and non-toxic and conform to the ASTM and EN71 regulations as well as AP certified.

Arteza Glass Board Dry Erase Markers Pack of 10 Bright Neon Colors with Low-Odor Ink

Buy on Amazon

 

Features to Look for in Whiteboard Markers

  • Nontoxic and low odor: While shopping for Whiteboard markers you should make sure your read the fine print to see that there are no harmful, foul-smelling chemical solvents.
  • Dry vs wet-erase markers: It is important to distinguish between wet-erase and dry erase markers. Wet erase ink markers can stay on a non-porous surface longer without smearing and you can erase it using either a wet cloth or a solvent. Dry erase is relatively semi-permanent and you can erase it using a dry cloth.
  • Tip and ink: The market offers countless options for whiteboard markers. Some can write on surfaces such as porcelain, glass and other non-porous materials. Others have differently shaped tips giving you varying widths for different writing and drawing purposes.
  • Comfort: When looking for the best dry erase markers make sure you look for ones with an ergonomic shape. A good dry erase marker should be easy to grip. This ensures you can write comfortably for long periods of time.
  • Longevity: Whiteboard markers can be used a lot as such you will want a whiteboard marker that is slow to dry out. Some markers also come with an ink gauge to help you track your ink levels.

YOU MIGHT ALSO LIKE:

Images: Amazon

This article, "Choose the Best Whiteboard Markers" was first published on Small Business Trends



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6 Great Small Business Tips That Will Save You Headaches

Small Business Tips

If you are just getting started with your small business, knowing what to do and tackle first can be overwhelming.

Tips to Reduce Business Headaches

But if you follow some of the business management tips below, you will be off to a great start with your company.

Set Up An LLC

Even if you are a one-person shop and are 100% self-employed, it is wise to set up your company as a separate taxable organization from the start.

Many small businesses establish themselves as an LLC. It only costs about $1,000 to do this. It will immediately protect your personal assets from legal problems that your company might encounter. Most businesses never have legal issues, but it is always best to be prepared.

Separate Business and Personal Finances

From the start of your business, be sure that you separate your business and personal finances. You and your business are separate taxable entities, so you need to have your finances separate. Otherwise, things may get messy. You could eventually have to handle an IRS audit, which is a hassle, even if you have nothing to hide.

Pay For Education

Many small businesspeople say the best money they ever spend is on improving their education. If you do not know how to do something, rather than figure it out by Googling, pay for a course in it.

Need to know Photoshop? Take a class! Want to brush up on Excel? Take a class!

It makes sense to lay out a few hundred dollars to learn a skill you will regularly use in your business. Most courses you take will pay you back by saving you money and time by avoiding mistakes and working more efficiently.

Ignore Your Email For Half the Day

Some productivity experts advise not checking your email first thing in the morning. This is standard advice that some people may assume should be ignored.

But there is a purpose to not checking your inbox the first time you enter the office. It is a good idea to use your brain when it is freshest on important business decisions, not on a long list of emails.

Focus on the critical business tasks you have and get to your emails in the latter half of the day. But if an emergency email shows up, you will have already completed most of your vital tasks for the day.

Pay For Marketing

It would be great if we could just put an ‘Open for Business’ sign on your door and have business flood in! But that is not how it usually goes.

Our world requires us to get our name in front of people to buy our goods and services. So, put some money aside to invest in marketing your company. Consider spending on:

  • Pay per click ads on Google or Facebook
  • Renting a conference booth
  • Putting ads in the newspaper
  • Email marketing
  • Building an SEO-tuned website

Whatever marketing you plan on, prepare to do it from the first day.

Set Up Meetings – With Yourself

As the owner, you have a lot of decisions to make. You are responsible for your success or failure. But we can get so caught up in running the company’s day-to-day operations that we forget to set up a time to go over the big picture.

Don’t get so caught up being an employee that you forget you are the owner. So, set up 30 minutes a week to go over your company’s goals, problems, and how you will address them.

The Bottom Line

Owning your own business is fantastic! But it takes a lot of discipline and preparation to ensure its long-term success. Keep the tips above in mind, and your business is sure to be a winner!

Image: Depositphotos.com

This article, "6 Great Small Business Tips That Will Save You Headaches" was first published on Small Business Trends



RSS Business Feeds

6 Great Small Business Tips That Will Save You Headaches

Small Business Tips

If you are just getting started with your small business, knowing what to do and tackle first can be overwhelming.

Tips to Reduce Business Headaches

But if you follow some of the business management tips below, you will be off to a great start with your company.

Set Up An LLC

Even if you are a one-person shop and are 100% self-employed, it is wise to set up your company as a separate taxable organization from the start.

Many small businesses establish themselves as an LLC. It only costs about $1,000 to do this. It will immediately protect your personal assets from legal problems that your company might encounter. Most businesses never have legal issues, but it is always best to be prepared.

Separate Business and Personal Finances

From the start of your business, be sure that you separate your business and personal finances. You and your business are separate taxable entities, so you need to have your finances separate. Otherwise, things may get messy. You could eventually have to handle an IRS audit, which is a hassle, even if you have nothing to hide.

Pay For Education

Many small businesspeople say the best money they ever spend is on improving their education. If you do not know how to do something, rather than figure it out by Googling, pay for a course in it.

Need to know Photoshop? Take a class! Want to brush up on Excel? Take a class!

It makes sense to lay out a few hundred dollars to learn a skill you will regularly use in your business. Most courses you take will pay you back by saving you money and time by avoiding mistakes and working more efficiently.

Ignore Your Email For Half the Day

Some productivity experts advise not checking your email first thing in the morning. This is standard advice that some people may assume should be ignored.

But there is a purpose to not checking your inbox the first time you enter the office. It is a good idea to use your brain when it is freshest on important business decisions, not on a long list of emails.

Focus on the critical business tasks you have and get to your emails in the latter half of the day. But if an emergency email shows up, you will have already completed most of your vital tasks for the day.

Pay For Marketing

It would be great if we could just put an ‘Open for Business’ sign on your door and have business flood in! But that is not how it usually goes.

Our world requires us to get our name in front of people to buy our goods and services. So, put some money aside to invest in marketing your company. Consider spending on:

  • Pay per click ads on Google or Facebook
  • Renting a conference booth
  • Putting ads in the newspaper
  • Email marketing
  • Building an SEO-tuned website

Whatever marketing you plan on, prepare to do it from the first day.

Set Up Meetings – With Yourself

As the owner, you have a lot of decisions to make. You are responsible for your success or failure. But we can get so caught up in running the company’s day-to-day operations that we forget to set up a time to go over the big picture.

Don’t get so caught up being an employee that you forget you are the owner. So, set up 30 minutes a week to go over your company’s goals, problems, and how you will address them.

The Bottom Line

Owning your own business is fantastic! But it takes a lot of discipline and preparation to ensure its long-term success. Keep the tips above in mind, and your business is sure to be a winner!

Image: Depositphotos.com

This article, "6 Great Small Business Tips That Will Save You Headaches" was first published on Small Business Trends



via Small Business Trends Business Feeds

Adobe Data – Small Business Sees 304% Increase in Post-Thanksgiving Ecommerce Sales

Ecommerce Sales

The ecommerce sales for this year are expected to break records, which is what Adobe Analytics has been predicting. The 304% increase in post-Thanksgiving ecommerce sales by small businesses is prove positive of this prediction. But the Cyber Monday increase is just as impressive with a 501% surge compared to the October daily average.

Post-Thanksgiving Ecommerce Sales

The result is a record $10.8B was spent online by the end of Cyber Monday according to Adobe Analytics data. This is an increase of 15.1% YoY, which makes it the largest online shopping day in U.S. history. It is over a billion dollars from last year’s $9.4B record. And the overall tally for the holiday spending now stands at $106.5B, a 27.7% YoY growth

The shopping is not slowing down as Adobe reports the data for Giving Tuesday is also strong. The firm is expecting online spend at $4.1B, which is a 26.3% YoY growth.

To date, Adobe is reporting record numbers every day during Cyber Week. The online spending on Thanksgiving Day ($5.1B), Black Friday ($9B), Small Business Saturday ($4.7B), Super Sunday ($4.7B), and Cyber Monday $10.8B. This is up 22%, 22%, 30%, 23%, and 15.1% year-on-year (YoY) respectively. And the good news is consumers are making many of their purchases from small businesses online too.

Compared to the October daily average large retailers saw a 486% increase in sales on Cyber Monday. However, for small retailers the growth is an impressive 501%.

Online Sale Insights

  • One out 10 visits to retailer’s website was driven by social media over the Thanksgiving weekend, a 17% YoY increase.
  • Record mobile spending via smartphones accounted for 37% of Cyber Monday sales. This is a 12% increase over 2019.
  • The Cyber Monday deals will continue after the event. And according to Adobe, they will remain in place for some key categories.
  • Curbside pickup is popular with a 30% YoY growth. Consumers are using curbside pickup (37%) and one-day shipping (45%) as last-minute online buying options.
  • Strong discounts on computers (28%), sporting goods (20%), toys (19%), appliances (20%), and electronics (27%) drove sales.

Online Commerce and Small Business

The data from Adobe Analytics proves small businesses can compete with their larger counterparts when it comes to online commerce. Not only that, but they can also do them one better. The 486% to 501% difference is not huge, but it nevertheless shows small businesses can vie for that all-important holiday shopping dollar.

The key is to strengthen your digital presence not only during the holiday shopping season but year-round.

The data from Adobe is from the analysis of 80 of the top 100 US online retailers and their website transactions. This comes out to one trillion visits to U.S. retail sites and 100 million SKUs. And the analysis looks at large, medium, and small retailers across over 50 merchandise categories.

Image: Depositphotos.com

This article, "Adobe Data – Small Business Sees 304% Increase in Post-Thanksgiving Ecommerce Sales" was first published on Small Business Trends



RSS Business Feeds

Adobe Data – Small Business Sees 304% Increase in Post-Thanksgiving Ecommerce Sales

Ecommerce Sales

The ecommerce sales for this year are expected to break records, which is what Adobe Analytics has been predicting. The 304% increase in post-Thanksgiving ecommerce sales by small businesses is prove positive of this prediction. But the Cyber Monday increase is just as impressive with a 501% surge compared to the October daily average.

Post-Thanksgiving Ecommerce Sales

The result is a record $10.8B was spent online by the end of Cyber Monday according to Adobe Analytics data. This is an increase of 15.1% YoY, which makes it the largest online shopping day in U.S. history. It is over a billion dollars from last year’s $9.4B record. And the overall tally for the holiday spending now stands at $106.5B, a 27.7% YoY growth

The shopping is not slowing down as Adobe reports the data for Giving Tuesday is also strong. The firm is expecting online spend at $4.1B, which is a 26.3% YoY growth.

To date, Adobe is reporting record numbers every day during Cyber Week. The online spending on Thanksgiving Day ($5.1B), Black Friday ($9B), Small Business Saturday ($4.7B), Super Sunday ($4.7B), and Cyber Monday $10.8B. This is up 22%, 22%, 30%, 23%, and 15.1% year-on-year (YoY) respectively. And the good news is consumers are making many of their purchases from small businesses online too.

Compared to the October daily average large retailers saw a 486% increase in sales on Cyber Monday. However, for small retailers the growth is an impressive 501%.

Online Sale Insights

  • One out 10 visits to retailer’s website was driven by social media over the Thanksgiving weekend, a 17% YoY increase.
  • Record mobile spending via smartphones accounted for 37% of Cyber Monday sales. This is a 12% increase over 2019.
  • The Cyber Monday deals will continue after the event. And according to Adobe, they will remain in place for some key categories.
  • Curbside pickup is popular with a 30% YoY growth. Consumers are using curbside pickup (37%) and one-day shipping (45%) as last-minute online buying options.
  • Strong discounts on computers (28%), sporting goods (20%), toys (19%), appliances (20%), and electronics (27%) drove sales.

Online Commerce and Small Business

The data from Adobe Analytics proves small businesses can compete with their larger counterparts when it comes to online commerce. Not only that, but they can also do them one better. The 486% to 501% difference is not huge, but it nevertheless shows small businesses can vie for that all-important holiday shopping dollar.

The key is to strengthen your digital presence not only during the holiday shopping season but year-round.

The data from Adobe is from the analysis of 80 of the top 100 US online retailers and their website transactions. This comes out to one trillion visits to U.S. retail sites and 100 million SKUs. And the analysis looks at large, medium, and small retailers across over 50 merchandise categories.

Image: Depositphotos.com

This article, "Adobe Data – Small Business Sees 304% Increase in Post-Thanksgiving Ecommerce Sales" was first published on Small Business Trends



via Small Business Trends Business Feeds

Overworked? 12 Practical Ways Entrepreneurs Can Cut Down Their Hours

Overworked

It’s well-known that entrepreneurs must dedicate a lot of their time to getting their businesses off the ground in order to be successful. It’s not uncommon to hear of a business owner working 60 or more hours a week in pursuit of that success. However, this amount of work can have a major negative impact on one’s mental and physical health.

Tips to Cut Down Working Hours

To address the issue, busy professionals need to find a way to work smarter and gradually reduce the number of hours spent running their businesses. That’s why we asked 12 entrepreneurs from Young Entrepreneur Council (YEC) the following:

“Working hard is important, but working too hard can impact your health. What’s one practical step busy entrepreneurs can take to reduce a 60-hour work week to 30-40 hours?”

Here’s what YEC community members had to say.

1. Timeblock

“Put your rest activities into your calendar just as much as you put your work activities there. It’s the only way you can effectively force yourself to take time for yourself.” ~ Nicole Munoz, Nicole Munoz Consulting, Inc.

2. Let Your Experts Work

“It may sound obvious to some people, but not so obvious for the others: As a business leader, you don’t have to do everything by yourself. Your main job is to mentor and coach the people who work on all the elements of the business. Take a look at all the tasks that you do. I’m sure you already have dedicated experts in your team to deal with some of these. Then, fire yourself. Let people work.” ~ Solomon Thimothy, OneIMS

3. Divide Tasks By Size

“I divide tasks that I need to accomplish by size. Then, I figure out what size task I’m best able to complete at a certain time of day. Since I’m a morning person, I find it easier to accomplish large tasks quickly at the beginning of the day and then smaller tasks toward the end. However, you might prefer working on large tasks toward the end of the day. It depends on your productivity habits.” ~ Bryce Welker, Beat The CPA

4. Be Realistic

“We’ve all heard that people overestimate what they can do in a week, but underestimate what they can do in five years. If you want to keep your work weeks to a minimum, start being honest about what you can accomplish in a week. Identifying the most important thing you can be working on to affect the bottom line of your company each day is key. Then do that 40 hours per week.” ~ Matt Wilson, Under30Experiences

5. Leverage Automation

“If entrepreneurs aren’t leveraging automation yet, then they need to. Marketing automation performs routine, everyday tasks for you so you can spend your time wisely and still get more done. It’s easier to stay productive and meet deadlines when you have technology working for you.” ~ Stephanie Wells, Formidable Forms

6. Set Clear Boundaries

“Only with clear boundaries for their time will a driven entrepreneur find that balance. Many successful entrepreneurs leave their industries after a few short years to build a family or pursue their passion because they are unable to have both. The only way I am able to “work to live” is by design, and I assure you it’s worth the effort. Set clear boundaries and respect them.” ~ Reuben Yonatan, SaasList

7. Cultivate and Build Leaders

“The right mindset, leadership and systems are key. In order to greatly reduce your time, you’re going to have to trust people. Then you need to cultivate and build leaders within your organization. To be successful you should have a system where those leaders routinely meet with clear goals and agendas around managing and growing the company. That’s it. Enjoy your time off.” ~ Kevin Getch, Webfor

8. Outsource Tedious Tasks

“If an entrepreneur doesn’t have the resources to hire in-house and delegate certain tasks, they can outsource tedious tasks that don’t generate revenue. For example, the following tasks could be outsourced: blog content creation, social media marketing, website design, payroll and bookkeeping.” ~ Kristin Kimberly Marquet, Marquet Media, LLC

9. Recharge Between Work Sessions

“Avoiding long hours is hard, but taking breaks in between tasks can alleviate the pain. If long hours span from early strategy calls through late-evening client meetings, make the most out of your business day. Hit the gym, take lunch outside, listen to an audiobook. Recharging between other energy-intense sessions is a long-lasting exercise worth trying out.” ~ Mario Peshev, DevriX

10. Schedule Hard Stop Breaks

“Scheduling hard stop breaks into your daily routine will help you balance work with the other parts of your life. Break your day into multiple work shifts to create a natural separation in your schedule. Neglecting this aspect of your routine can be harmful to work and oftentimes lead to counter productivity.” ~ Jordan Edelson, Appetizer Mobile LLC

11. Set Goals Outside of Your Career

“Entrepreneurs are goal-driven, and usually get overly absorbed in career goals. I like to have fitness goals that dictate a workout schedule, for example. I recently took classes in scuba diving and boat sailing, as well, to get out of the office and focus on something new and adventurous. Leave the phone at home and go explore the world.” ~ David Boehl, GoLastMinute

12. Empower Your Team

“Empower your team. Too many entrepreneurs think they need to still have their hand in every single thing at the company, which is draining to them and ultimately discouraging to the employees who are ready to step up and take on more. I did this years ago when I had a major surgery and had to delegate responsibilities during my recovery and then just didn’t take all of the responsibilities back!” ~ Kelsey Raymond, Influence & Co.

Image: Depositphotos.com

This article, "Overworked? 12 Practical Ways Entrepreneurs Can Cut Down Their Hours" was first published on Small Business Trends



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Overworked? 12 Practical Ways Entrepreneurs Can Cut Down Their Hours

Overworked

It’s well-known that entrepreneurs must dedicate a lot of their time to getting their businesses off the ground in order to be successful. It’s not uncommon to hear of a business owner working 60 or more hours a week in pursuit of that success. However, this amount of work can have a major negative impact on one’s mental and physical health.

Tips to Cut Down Working Hours

To address the issue, busy professionals need to find a way to work smarter and gradually reduce the number of hours spent running their businesses. That’s why we asked 12 entrepreneurs from Young Entrepreneur Council (YEC) the following:

“Working hard is important, but working too hard can impact your health. What’s one practical step busy entrepreneurs can take to reduce a 60-hour work week to 30-40 hours?”

Here’s what YEC community members had to say.

1. Timeblock

“Put your rest activities into your calendar just as much as you put your work activities there. It’s the only way you can effectively force yourself to take time for yourself.” ~ Nicole Munoz, Nicole Munoz Consulting, Inc.

2. Let Your Experts Work

“It may sound obvious to some people, but not so obvious for the others: As a business leader, you don’t have to do everything by yourself. Your main job is to mentor and coach the people who work on all the elements of the business. Take a look at all the tasks that you do. I’m sure you already have dedicated experts in your team to deal with some of these. Then, fire yourself. Let people work.” ~ Solomon Thimothy, OneIMS

3. Divide Tasks By Size

“I divide tasks that I need to accomplish by size. Then, I figure out what size task I’m best able to complete at a certain time of day. Since I’m a morning person, I find it easier to accomplish large tasks quickly at the beginning of the day and then smaller tasks toward the end. However, you might prefer working on large tasks toward the end of the day. It depends on your productivity habits.” ~ Bryce Welker, Beat The CPA

4. Be Realistic

“We’ve all heard that people overestimate what they can do in a week, but underestimate what they can do in five years. If you want to keep your work weeks to a minimum, start being honest about what you can accomplish in a week. Identifying the most important thing you can be working on to affect the bottom line of your company each day is key. Then do that 40 hours per week.” ~ Matt Wilson, Under30Experiences

5. Leverage Automation

“If entrepreneurs aren’t leveraging automation yet, then they need to. Marketing automation performs routine, everyday tasks for you so you can spend your time wisely and still get more done. It’s easier to stay productive and meet deadlines when you have technology working for you.” ~ Stephanie Wells, Formidable Forms

6. Set Clear Boundaries

“Only with clear boundaries for their time will a driven entrepreneur find that balance. Many successful entrepreneurs leave their industries after a few short years to build a family or pursue their passion because they are unable to have both. The only way I am able to “work to live” is by design, and I assure you it’s worth the effort. Set clear boundaries and respect them.” ~ Reuben Yonatan, SaasList

7. Cultivate and Build Leaders

“The right mindset, leadership and systems are key. In order to greatly reduce your time, you’re going to have to trust people. Then you need to cultivate and build leaders within your organization. To be successful you should have a system where those leaders routinely meet with clear goals and agendas around managing and growing the company. That’s it. Enjoy your time off.” ~ Kevin Getch, Webfor

8. Outsource Tedious Tasks

“If an entrepreneur doesn’t have the resources to hire in-house and delegate certain tasks, they can outsource tedious tasks that don’t generate revenue. For example, the following tasks could be outsourced: blog content creation, social media marketing, website design, payroll and bookkeeping.” ~ Kristin Kimberly Marquet, Marquet Media, LLC

9. Recharge Between Work Sessions

“Avoiding long hours is hard, but taking breaks in between tasks can alleviate the pain. If long hours span from early strategy calls through late-evening client meetings, make the most out of your business day. Hit the gym, take lunch outside, listen to an audiobook. Recharging between other energy-intense sessions is a long-lasting exercise worth trying out.” ~ Mario Peshev, DevriX

10. Schedule Hard Stop Breaks

“Scheduling hard stop breaks into your daily routine will help you balance work with the other parts of your life. Break your day into multiple work shifts to create a natural separation in your schedule. Neglecting this aspect of your routine can be harmful to work and oftentimes lead to counter productivity.” ~ Jordan Edelson, Appetizer Mobile LLC

11. Set Goals Outside of Your Career

“Entrepreneurs are goal-driven, and usually get overly absorbed in career goals. I like to have fitness goals that dictate a workout schedule, for example. I recently took classes in scuba diving and boat sailing, as well, to get out of the office and focus on something new and adventurous. Leave the phone at home and go explore the world.” ~ David Boehl, GoLastMinute

12. Empower Your Team

“Empower your team. Too many entrepreneurs think they need to still have their hand in every single thing at the company, which is draining to them and ultimately discouraging to the employees who are ready to step up and take on more. I did this years ago when I had a major surgery and had to delegate responsibilities during my recovery and then just didn’t take all of the responsibilities back!” ~ Kelsey Raymond, Influence & Co.

Image: Depositphotos.com

This article, "Overworked? 12 Practical Ways Entrepreneurs Can Cut Down Their Hours" was first published on Small Business Trends



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