Blue Wrench

Time management is an area of business management often overlooked or ignored. We all know someone in small business who races around like a madman all day, never enough hours in a day, all they do is rush and get worked up – maybe this person is you!

At the end of the day, when the dust settles, what have you achieved? Do you review the day and wonder “what happened to the day, I didn’t get as much done as I thought I would”. If this sounds familiar, then you may have an organisational and time management problem.

Successful people never seem to rush, they remain composed and unflustered. The difference between them and everybody else is they have mastered time management.

What is time management? It is simply allocating time in your day in an organised and efficient way. Before we can really understand how to time manage our day, we must ask ourselves what are we trying to achieve today, this week, this year and possibly ten years from now. This is “Goal setting”.

The best way in my opinion to achieve goals is to write them down. You should review these goals from time to time to ensure that they are relevant and achievable but not so achievable that you don’t have to try hard to achieve them otherwise what is the purpose of the goals in the first place?

At the start of each working year you should sit down and think about what you want to achieve this year, it could be that you want to increase your profits by 20%, you may want to move into larger premises, you may want to reduce your debt substantially. At the start of each working week you should write down on a note pad or in your diary the major jobs that need to be done this week, and review them each day to ensure you’re making progress and hopefully mark some of the tasks off the list.

You should keep the list on your desk or in a place where you will be constantly reminded what needs to be done this week. This list should be in order of priority so that the most important tasks at the top of the list get done first. Anything not achieved this week will be carried forward next week on a higher priority, this will ensure it gets done.

The next thing you should be doing is having a daily list of jobs to do. This will help keep you on track each day. Again, this list should be displayed where you can constantly refer to it and mark off the jobs completed. Marking off the jobs will give you a sense of achievement and let you know how you are progressing through the day. Always stick to the list where possible and keep working from high priority to low priority.

I know things can come up through the day that can throw the whole day out, but you must either deal with the crisis and return to your list or if the new task isn’t as important as some of the jobs on the list put it at the bottom of the list and continue doing what you were doing.

Every task you have to do should be written down for a couple of reasons. Firstly, so you don’t forget to do it and secondly, so you keep your day organised and you achieve your daily goals.

Beware starting jobs and not finishing them. This will turn tomorrow into a mess of half finished jobs and will cause “list blowout”. You will end up with a list a mile long and you will give up in despair and revert back to old habits of being in confusion all day and achieving nothing.

Remember each day you achieve your goals and tick off everything on your list, you get a little closer to achieving your weekly and ultimately your yearly and long term goals.

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You have found a business for sale, you have bought it, so what now? With all the pieces of your new business just about in place, there is a crucial Issue to discuss, You. The most important ingredient in small business is the owner, and the most important ingredient in the owner is their attitude to both the business, and their customers.

Your attitude will to a great degree govern your success in business. Some people when they leave their jobs to start up their own business, unravel and get lazy. This is probably due to the fact they are no longer intimidated by the boss into doing the right thing. Self discipline can be a real problem with some people, they just can’t motivate themselves without some degree of external pressure. This, I believe is the biggest problem you will face.

You should watch for the warning signs, opening late, closing early, having long lunches, never getting jobs finished on time or at all, not returning calls, letting accounting paperwork lag behind, taking days off because you couldn’t be bothered working and so on. It is so easy to slip into bad habits, so be aware.

Try and remain accustomed to at least working the same hours as you were in your employed job and set yourself targets. Targets and goals will impose pressure on you to perform.

The next attitude problem comes from lack of determination.

Some small business owners fall to pieces every time there is problem or a crisis. This style of attitude will also assist you to go out of business very quickly.

You must never give up, for your own sake you must push on because you will strike plenty of problems and go through several serious crisis’s before things settle down, this is common to all new businesses.

The best thing to do is work through the problem in a calm and systematic way. Whilst you may feel at the time “this is the end” and “I’ve had enough”, this is a normal reaction that will pass. It often helps to join business groups and talk to other business owners about common problems.

You then must solve the problem and keep going. I’m sure attitude and determination has a lot to do with the 90% of businesses that fail. It’s ridiculous to think that a business goes down the drain because the owner had a poor attitude or “had a wobbly”, but it does happen. Make sure you’re not one of them.

The last issue to discuss is your attitude to customers. Keep this in mind, regardless of whether you like the particular person, all customers contribute to your profitability and success so treat them with respect and courtesy. It’s amazing how quickly customers will desert you if they feel you are rude to them. No customers – no money—no business! Always remain courteous, helpful and above all friendly, never allow personal or business problems to raise their heads in front of customers.The future of your business is in your hands.

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Sadly, Havana’s Diva-like splendour is being chipped away by the ravages of time. UNESCO has declared old Havana a world heritage site and funds begin to flow into projects all over the city, but work has only just started.

Havana is a grid-plan city, making it easy to navigate its broad avenues and side streets, originally lined with splendid churches and mansions of the city’s former aristocracy. They have suffered greatly from neglect, and many are now crumbling and decrepit.

For three hundred years, urban life in the Cuban capital took place intramuros, or “within the city walls”. Then, in the early nineteenth century, a building boom began. Havana’s city walls were pulled down to facilitate city planning and road building between the old Intramuros Plaza and the newer Extramuros Plaza.

Gateway to the New World.
The city of Havana was founded in 1515 where the Cuban capital stands today. Its naturally protected harbour began operation slightly later, in 1519. Havana’s central Caribbean location was a boon to the city’s development.

All the important trade routes to and from Mexico and Peru passed through here. Havana was named the capital of the Cuban colony in 1607 and unofficially proclaimed the gateway to the New World. Although its population would remain in check for a century or more, its progress as a commercial and political centre was continuous and uninterrupted.

Hemingway’s Cuba.
In the early twentieth century, American Prohibition brought tourism of a sort to Havana for the first time.

The Caribbean metropolis, especially the Vedado district, where the 142-metre tall memorial to national hero Jose Marti stands, became a jet set stomping ground where everyone could enjoy a bottle of rum, an aromatic cigar and a little salsa dancing.

Ernest Hemingway was drawn to Havana, and many of his novels were written here. He was locally famous for downing a glass or two and smoking a thick Havana cigar. The long Cuban party ended on New Year’s Eve in 1959, when rebels under the command of Fidel Castro marched into the city.

There are still night clubs in, modern-day Havana, once again attracting thousands of visitors. La Habana Vieja (Old Havana) was declared a UNESCO World Heritage Site in 1982. Some of its loveliest buildings were converted into museums. Visitors looking for culture will find that the city has churches, palaces, castles, monuments and markets.

Cathedral Plaza is a popular attraction and one of the most beautiful squares in the city. The steeples of the Cathedral of San Cristobal de La Habana dominate the look of the square. Not far from the square is the 1588 Real Fuerza Castle, the oldest surviving colonial fortress in the New World. The Plaza de las Armas, its streets lined with swaying royal palms, has been the Cuban centre of power and government for four hundred years. The majestic Capitanes Generales Palace, home of the National Museum, is on the west side of this plaza. It is one of the grandest buildings in Cuba.

Hand-Rolled Cigars.
Central Havana functioned as the red light district of the city prior to the Revolution; currently one might rather say it glows in pale pastels. Visitors tend to avoid this area as a rule, most preferring to stick to the comforts of the Vedado district and the famous attractions of Old Havana. There is nevertheless a great deal to see in central Havana. The district is dominated by the monumental El Capitolio Nacional, built as a more ornate twin of the U.S. Capitol in Washington, D.C. as if to mock capitalism.

Havana’s oldest cigar factory is located on the west side of the Capitolia. The approximately 400 people employed here continue to roll cigars the old-fashioned way, by hand.

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The use of tax havens in day to day corporate life has grown to be almost mainstream these days. To the small businessman and the private investor, the use of tax havens still probably seems a little shady.

This shouldn’t be the case any more as the use of tax havens to reduce tax or just defer it for a while is now accepted practice all over the world with many of the largest Australian accounting and audit firms having departments advising major corporations how to structure their operations offshore.

Tax havens have a strong appeal for many multi-national companies established in foreign countries because of the advantages they offer for the legitimate reduction or deferment of taxation on certain profits earned offshore. Profits harboured in a tax haven enable working capital to be used in the cheapest way possible.

Traditionally, the tax haven has been used as a central point for handling paperwork and preparing and processing international trade documents. Many companies utilise tax havens for the passage of title of goods, so these transfers can proceed without the need for mountains of regulations and fees.

Tax havens are also popular as places to administer patent, trademark and royalty agreements. Because of the intangible nature of patents, trademarks and royalty agreements, they are easily moved from one jurisdiction to the other and the cost of doing this is very low in tax haven jurisdictions.

For instance, if a company with branches and subsidiaries overseas is a resident of a country with strict foreign exchange regulations, it may not want to repatriate the profits simply because if it did, it may have problems being able to transfer the funds back out if it wanted to reinvest them offshore. To solve this problem, it establishes a foreign intermediate holding company in a tax haven, not for tax reasons, but to avoid the foreign exchange control problems that its own country has imposed.

By simply interposing a tax haven company in a corporate structure does not result in the reduction of onshore taxes in most cases, but it may allow tax deferral. Eventually, the parent company will receive the income and when it does it will be taxable and possibly without the benefit of foreign tax credits that may have been available had the profits been repatriated from a tax treaty country. Most tax havens don’t have tax treaties with major countries such as Australia, which prevents the favourable use of lower withholding taxes that would have been available had the country been a signatory to a tax treaty.

Offshore Licencing and Patent Holding Companies

Royalties or licence fees can be, in certain circumstances, can be feed of tax obligations by using an offshore licensing company. For instance, the owner of a patent can incorporate an offshore licensing company and assign the rights to that offshore company. In turn the offshore company then has the right to licence the patent to a foreign subsidiary. By having the royalties paid to the licensing company in a tax haven, profits are effectively shifted from the foreign subsidiary to the offshore patent owning company, which pays little or no tax on the royalties that it receives.

Income from other intangible rights, such as trade marks, copyrights, know how and franchising rights, can be earned without incurring withholding or income tax if a tax haven company is established to sublicence other companies in various countries. Tax savings can be made also on patent royalties by combining tax havens.

Australia only deducts 10% withholding tax on Dutch companies. Therefore, if a tax haven company was established in the Netherlands Antilles with a Dutch subsidiary, and licences its Dutch patents to the Dutch company, the Dutch company, in turn, can licence to the Australian manufacturer.

The Australian company can then pay the Dutch subsidiary patent royalties incurring only 10% tax. The Dutch company can then pay the royalty to the tax haven company (which is the patent owner), thereby avoiding Dutch withholding taxes on dividends. The Dutch company is not taxed in the Netherlands, and the tax haven company avoids any further taxation. Total tax is 10%.

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