The Importance of Setting & Reviewing Goals

When I met up with an ex-colleague a few weeks back, she let out a chuckle when I told her that I too have half yearly business reviews.

My business may be a small 2 man show but it's important nonetheless to set goals and review them.

In retrospect, we subconsciously push ourselves harder towards our goals when we're not achieving them. 

**Never underestimate the power of the subconscious mind.** 

For example, once I set my 2011 sales target, I find myself working hard towards achieving it. When the ways to achieve it didn't work out as planned,  the mind subconsciously think of new ways to achieve more sales.

And goals setting is important too as it's an anchor to let you rework and refine your game plan.

Free Up Time By Being You Own Boss

I wonder how many entrepreneurs find their time freed up after starting their own business?

Of course, it's not always a bed of roses being your own boss, especially when you're first starting up.

But I must say, I find myself with more free time than before. So, what do I do with these precious time? I usually go for a good workout to keep myself healthy and de-stress at the same time. 

Time is relative afterall.

The next time I cannot be reached, it's likely that I've gone swimming. ;)

What about you, fellow entrepreneurs?

Multiplying Through Partnership

My friend asked me recently if I ever felt that being in a partnership make me feel like I am getting only half my share of returns.

I'm sure this has been on many people's mind before. I admit, initially I did feel this way especially for a start when the business was barely afloat.

But that feeling didn't last long. I know that partnering with the right person will bring about much more returns than if I were to run the business on my own. I believe that 1 x 1 doesn't equate to 2 in this case. It is 1 x 1 equals 3 at least.

In my case, we have complimentary skills and the same visions and goals. So, I am not losing my share but gaining more than my share. ;)

What Is The Best Kind Of Business To Do

I get pretty amused when I hear discussions about the best type of business to strike it rich among friends. Often, people will point out something in trend with results to show already. (eg. shops sprouting out on every part of this tiny island)

Of course, catching the trend can be crucial to the survival for the beginning of small start ups but I can't help but think that one can make it big in any field if you can get it right.

Just take a look at BreadTalk, they revolutionalised the concept of bakery in Singapore. And who would have thought then that bread business can get one so far?

To me, it's about getting it right, be it the right niche, the right branding strategy, the right business model, or maybe just the right timing to ride the wave.

There's no right type of field or business; it's just take the right hardworking person with the right mindset and with a tinge of good luck to strike it rich!

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Singapore Budget 2011 & How It Affects A Small Business Owner Like Me

For the Singapore Budget 2011, how it'll affect small businesses like mine is:

Corporate Income Tax Rebate and SME Cash Grant

C.55.          First, companies will receive a 20% corporate income tax rebate, capped at $10,000, in YA 2011.

C.56.          However, many of our small companies may not benefit fully from the corporate tax rebate as they pay very little taxes. In fact, more than 85% of eligible companies will receive less than $5,000 from the tax rebate. Therefore, I have also decided to provide the option of a one-off SME Cash Grant this year, amounting to 5% of a company’s revenues in YA 2011, subject to a cap of $5,000. They must, however, have made CPF contributions in YA 2011.

C.57.          Companies will automatically receive the higher of the corporate tax rebate or the grant when IRAS assesses their tax returns. In total, this will cost the Government about $560 million. 

To put it simply...

For not so profitable SMEs

Revenue      - $100,000

Expenses    - $90,000

Profit          - $10,000

Tax(17%)   - $1,700

Government 5% Grant of revenue = $5,000

Tax Payable = $5,000 - $1,700 = $3,300 

Receive cash of $3,300 (Total gain of $5,000)

For more profitable SMEs

Revenue      - $1000,000

Expenses    - $500,000

Profit          - $500,000

Tax(17%)   - $85,000

Government tax rebate of 20% to a cap of $10,000

Tax Payable = $85,000 - $10,000 = $75,000 (Total gain of $10,000)

Also,

C.41.          To support such initiatives, I will grant tax deduction to eligible companies that make voluntary contributions to the Medisave accounts of their SEP partners, up to $1,500 per SEP per year. I will also exempt SEPs from paying tax on these contributions. This will take effect from YA 2012.

Bye Bye January: Time to realign my business goals

And so one moth has flown by... really fast. 

Are you on track for the goals you've set for 2011? I am... albeit a little behind.

I watched a documentary recently about a Japanese businesswoman who is really successful in the cotton industry and she wakes up at around 4am every morning to clear her email, then she'll go for her morning walk to think about her business direction and major business matters. After which, she'll prepare breakfast for her daughter before going to work. 

I was totally inspired and impressed by her discipline. Reflecting, I realised that I work without a fixed schedule and if I do plan my work schedule, I may just be able to achieve more in a day.

With 11 more months to go, I'll buck up and make the changes. It's not too late still with only 1 month gone. I'll  want to be able to look back in Dec 2011 to know that I have done all I can to achieve what I have set out to do!

Welcoming 2011: Almost 2 Years & Going On Strong...

The start of a new year is usually a time for goals setting and also a time for reflection. And it's been almost 2 years since I started being my own boss. 

I remember many dissuading me when I wanted to venture out and many being skeptical that I'll be doing this for long. And I'm glad I'm one of those who'll not listen to others.

Happy New Year!! May 2011 be the year that bring you much closer to your dreams!! C=