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Asian Pacific Business Journal
Issue Number 0073
WWW.APBJOURNAL.COM
2013 December Issue
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Building a Federal Workforce that Reflects a Changing America The face of America is changing. According to population estimates, 2011 marked the first time more children were born from minority backgrounds than whites. And the U.S. Census projects that America will become a majority-minority nation in 2043. This is a huge shift in the face of our country, and especially for Asian Americans and Pacific Islanders (AAPIs). AAPIs have been the fastest growing racial group over the past 10 years, growing almost 50%, more than four times as fast as the total U.S. population. AAPIs are also now projected to more than double, from 15.9 million in 2012 to 34.4 million in 2060.
Marla Hendriksson gives remarks during the launch event of AAGEN’s SES Development Program on March 21, 2012. The SES Development Program is part of the White House Initiative on AAPIs’ overall efforts to improve federal employment opportunities for AAPIs.
As America becomes more diverse, the federal workforce and its leadership should reflect the public we serve. By 2020, almost one out of every five (19.5%) Americans will be of Asian American and Pacific Islander (AAPI) descent. Yet AAPIs currently account for only 5.6% of the total federal workforce and only 4.4% of the Senior Executive Service (SES), the highest managerial level in the federal government. (continued on page 2)
Warm holiday greetings from all of us at the journal!
Asian Pacific Business Journal
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2013 December Issue
Building a Federal Workforce that Reflects a Changing America
(continued from page 1)
ing. Because of my participation in this program, I was able to rise to the SES ranks.
I strongly encourage GS-15 (or equivalent) federal employees with sights on the SES level to apply for AAGEN’s SES Development Program. The White House Initiative on Asian Americans and Pacific Islanders (WHIAAPI) has been col- AAGEN’s SES Development Program helped Applications for the next cycle will be accepted laborating with federal agencies and community me fine-tune my “big picture” executive level through December 31, 2013. The next class will organizations to increase AAPI representation in thinking through comprehensive coursework commence in April 2014 and the program will the federal government at all levels, strengthen- and coaching. The program included executive continue to March 2015. Training sessions will ing the pipeline for AAPIs to enter and advance development courses led by accomplished lead- be held each quarter in the Washington, DC metup the ranks. One example is how WHIAAPI, ers in the public and private sectors, coaching ro area. To apply for the program, visit www. the Office of Personnel Management, the Equal in mock interviews, individual mentoring, and aagen.org. Employment Opportunity Commission, and the career counseling. I came out of the program Asian American Government Executives Net- with a prepared SES application, stronger in- Through similar programs, we can build a stronwork (AAGEN) are working together to provide terviewing and public speaking skills, and new ger, more diverse federal workforce. Together, opportunities for AAPIs and others to gain the networks to advance my career. Because of the we can help make AAPIs an integral part of our skills to vie for SES positions through AAGEN’s AAGEN program, I had the knowledge, support, federal government. SES Development Program. I am a proud gradu- and confidence to apply for SES positions and ate of the program, which prepares GS-15 (or successfully secured the position I am in today Marla Hendriksson is the Director of Communications at the Substance Abuse and Mental equivalent) federal employees to apply for SES in the federal government. Health Services Administration. positions through in-depth training and mentor-
Are You Prepared to Leave the Business You Built? Experts Share 3 Crucial Planning Steps
More and more small business owners are selling their companies, with sales hitting a fouryear high earlier this year in the United States, and Canada predicting its largest small business turnover ever in the next five years.
events might rock your world. Most owners do not start thinking about transitioning out until some event gives them a jolt: a significant birthday; children graduating from college or starting their own families; illness or injury.
fear what will come next and worry about losing their life’s purpose. Most wonder if they will have enough money to live the lifestyles they desire, and they’re concerned about their employees’ futures, Johnson says.
“Many of our CEOs are baby boomers approaching retirement age,” says Kathleen RichardsonMauro, co-author with Jane M. Johnson of a practical new guide, “Cashing Out of Your Business,” (www.richardsonmauroandjohnson.com). “We’re about to see a tsunami of ownership transitions and Kathleen and I worry that too many of these small business owners are not taking steps early enough to plan for it,” adds Johnson.
“Planning improves your chances for a successful outcome and gives you more control over the process,” Richardson-Mauro says. “We sometimes don’t realize just how much our lives revolve around our business – or we do realize it and don’t want to think about it because the future looks scary.”
“Take proactive action to address these concerns by having a family meeting; discussing the future with your spouse; and identifying your actual financial needs. That will allow you to find solutions and work through them,” says Richardson-Mauro.
With planning, you can ensure you still have a social life, a sense of accomplishment, challengRichardson-Mauro, a Certified Financial Plan- es, and the other intangibles that make us satisner, and Johnson, a Certified Public Accountant, fied and gratified. specialize in helping business owners successfully transition out of companies and achieve • Identify what you want to get from your owntheir goals. They recently launched an educa- ership transition. You’ll have both financial and tional website, Business Transition Academy, to non-financial goals and objectives. Financial help owners plan their exits on their own. may include receiving enough money to live on for the rest of your life and creating a foundation “Most CEOs don’t realize they need to start to further a cause important to you. Non-finanplanning years before they might, potentially, be cial may include regaining balance in your life ready to sell or hand off their business,” John- and following a passion you gave up when you son says. “And while a lot of that planning is started your business. to ensure they’ll have the money to meet their lifestyle goals, there are other equally important Consider goals in every area of life, the authors considerations.” say, from health, to family, to social connections. Small business owners tend to pour their lives into their companies and it doesn’t take long be- “This is about remembering your true passions, fore their identity is entirely defined by their job, determining what’s most important to you, and the women say. In order to achieve a successful deciding what you want to do when you can after-life, they need to start laying the ground- spend less or no time with your business,” Johnwork early for their emotional separation. son says. Johnson and Richardson-Mauro suggest these steps for small business owners of any age to begin preparing mentally for their non-CEO future:
“This will re-energize you and provide you with direction as you figure out the best way to transition the ownership of your business. It will also enable you to minimize any chance for regrets.”
• Start now. You never know when you might re- • Identify your fears, concerns and other barriers ceive an unsolicited purchase offer or what life that prevent you from planning. Many owners
The two women say they’ve met many business owners who one day just decided they were tired of the headaches and ready to relax. They sold their business or otherwise transitioned out, only to discover they were bored, lonely and unhappy. “After all of your years of work and sacrifice, you deserve a happy life after business,” says Johnson. “It’s completely doable,” adds Richardson-Mauro, “with planning. About Kathleen Richardson-Mauro & Jane Johnson: Kathleen Richardson-Mauro, CFP, CBEC, CM&AA, CBI, has owned and operated five small companies and has successfully assisted more than 150 business owners in achieving their transition goals. Jane Johnson, CPA, CBEC, CM&AA, started her career in public accounting and finance at General Electric, then established her own practice. Fourteen years later, she negotiated the sale of her firm, retaining all of her clients and team members. In 2010, Jane received the Excellence in Exit Planning Achievement Award from Pinnacle Equity Solutions.
2013 December Issue
Asian Pacific Business Journal
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December is Write a Business Plan Month: How to Include Your Marketing Strategy
By Marsha Friedman
December is National Write a Business Plan Month - so designated to encourage unhappy employees to become their own satisfied bosses. Whether your goal is to own your own business, become a consultant, a speaker or an author, you'll need to start with a business plan. Even if you launched your business years ago, it's important to revisit and refresh your plan. In recent years, the economy, technology and consumer habits have changed rapidly and dramatically, affecting every aspect of your business. That makes it absolutely vital to re-evaluate your short- and long-term strategies. One of the most critical elements of any business plan is your marketing strategy. Too often, people don't think through that all-important component with the same rigor they tackle aspects like projected cash flow and long-term goals. Or, they do put thought and effort into planning for market research, promotion and positioning - and then never follow through on their great ideas. One problem is that most entrepreneurs (or professionals or authors) don't have marketing experience. They may be skilled tradesmen, savvy financial advisers or talented writers - the expertise they plan to build their business around - but they're not marketers. Some don't realize that executing a solid marketing strategy is essential to any venture's success; others know it's important but don't know where to begin. Here's why it's so important: You may have the book that changes the way business is done, or the product that solves a problem for lots of consumers, but if no one knows about it, they can't
come looking for it. Marketing is the fundamental building block of any business; it's what drives the business, so it can't be an afterthought. The marketing component of your business plan should include a budget for time (if you're going to tackle the job yourself) and/or money. You need a timetable and a professional website that attracts visitors and makes it easy for them to learn more about you, your product, book or service -- and equally easy to purchase what you're selling. Here are some other points to consider as you're developing your marketing plan: • What is my message? Your message needs to be more than "My product is great." What's the problem it solves? If you're a professional, what's the value you and your service offer? How are you different from your competition? As an example: At EMSI, we create visibility and credibility for our clients using a pay-for-performance model that guarantees media exposure and sets us apart from our peers. • Who is my audience? Unless you have a niche product, consider your potential audience in terms of ever-expanding ripples. For instance, a collapsible coffeepot may be just the thing for a college student's tiny dorm room. That's your initial target audience. But his parents and grandparents, who are helping outfit that dorm room, might also be audiences. If they've downsized their living quarters, they might just want one for themselves, too. In fact, it could be great for campers, boaters - anyone living in a small space. • Which are the appropriate media outlets for a PR campaign? Social media is great for niche products because online forums build commu-
nities around common interests. Daytime TV talk shows tend to have audiences with lots of women. Most newspaper readers are now 55 or older. Once you have decided who your audience is, figure out what they're watching, listening to, reading, and doing online, then customize your message for that medium and audience. • What's your budget? When you've answered these questions, you should be able to determine how much marketing you can do yourself (if you'll be doing any at all) and how much you'll need help with. If you're handling it yourself, budget for the time it will take to do things like keeping your website active with fresh blog posts once or twice a week; posting content on social media; developing pitches to get print, radio or TV interested. If you plan to pay a professional for marketing services, use your marketing plan to explore the costs and timetable, and budget accordingly. Whether you're launching a dream or strengthening your existing business, you need to lay a good foundation with a solid plan. If marketing isn't an important component of that plan, your rocket to the moon will likely fizzle and fade. About the Author: Marsha Friedman is a 23-year veteran of the public relations industry. She is the CEO of EMSI Public Relations (www.emsincorporated.com), a national firm that provides PR strategy and publicity services to businesses, professional firms, entertainers and authors. Marsha is the author of Celebritize Yourself and she can also be heard weekly on her Blog Talk Radio Show, EMSI’s PR Insider every Thursday at 3:00 PM EST. Follow her on Twitter: @marshafriedman.
Empowering Your Workforce: Bringing Your Company Together through Thought Leadership By Mitchell Levy Thought leadership is often viewed by marketers as a platform that is focused externally. But while thought leadership is an effective means of influencing customers, it's also a very successful way of empowering employees. Over the last decade, various organizations have shifted their policy towards encouraging employee empowerment. Studies have shown that organizations with empowered employees perform better than their competitors by up to 202%. Empowered employees are known to be more engaged, inspired and productive in their work. They are more likely to take initiative and are expected to last longer within the company. Though thought leadership is a great tool for spreading your brand message, it can also be used as an effective means of empowering your staff from inside your organization. How Thought Leadership Empowers Your Employees Influence is the currency of thought leadership. That's because an effective thought leader can have a profound effect on the people they influence. As a tool for change, influence has a longer lasting effect than simply giving out orders on the office floor or through e-mail. It can refocus your company and empower your entire workforce. Here are just a few of the ways thought leadership can empower your employees: • Thought Leadership allows employees to see the bigger picture of the organization by sharing
the company's long term goals and long standing principles. • Thought Leadership encourages employees to excel at their responsibilities, inspiring them to come up with solutions that allow them to go above and beyond their roles. • Thought Leadership provides employees incentives outside of monetary gain. They understand the larger, more intangible goals of the organization: success, satisfaction and service. • Thought Leadership allows employees to discover the importance of their roles in the organization. It allows them to see the worth in their actions and become proud of their accomplishments. This is why thought leadership should help influence the organizational culture beyond one that is geared towards customers, but one also focused on staff and employees. The infusion of thought leadership into an organization's culture can unite and empower the organization. Empowerment through Influence As mentioned earlier, influence is the currency of thought leadership. But to gain influence over your employees, it's important to equip them with the right tools, skills, and responsibilities to make sure they perform to the best of their professional abilities. On average, only 29% of employees are actively engaged in their work. While managers can increase salaries, improve benefits, and promote key staff, nothing takes the place of genuine leadership.
Thought leadership utilizes edu-training tools that empower your workforce by making them advocates of the organization. These internal initiatives provide insight and ideas that are of value to employees. They are activities and platforms that help inspire the staff and bring the organization together. Whether it's through an internal social media platform, speaking, training or other forms of internal communication, these are all means of introducing a culture of empowerment into the organization. Followers are the lifeblood of any thought leader, but followers can be found inside as well as outside of the organization. In truth, empowered employees are the most effective followers of all. They look to their leaders for more than just their next pay check. They look to them for inspiration and ideas. About the Author: Mitchell Levy is the CEO and Thought Leader Architect at THiNKaha who has created and operated fifteen firms and partnerships since 1997. Today, he works with companies who are active in social media to leverage their IP and unlock the expertise of the employee base to drive more business. He is also an Amazon bestselling author with eighteen business books, including the recently released #Creating Thought Leaders tweet. Mr. Levy has provided strategic consulting to over 100 companies and has advised over 500 CEOs on critical business issues. Get a free copy of his latest ebook at http://mitchelllevy.com.
Asian Pacific Business Journal
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QUESTION: What Do Burmese, Thais, Kenyans, Somalis, Nigerians, Rwandans, Iraqis, Russians, Romanians and Anglo/Hispanic Americans, From Youth To Old Age, All Have In Common? ANSWER: They All Attend Denver Ignite!
WHY NOT YOU? Call Matt Lewis at 303-242-2588 or email him at matt@denverignite.com or visit our website at denverignite.com. Meeting every Thursday evening from 6:30 PM to 9:30 PM at Hangar 61, 8700 E 21st Ave Denver, CO 80220.
“Come as you are and leave as you please!”
2013 December Issue
Author William Berning is a small businessman, scientist, philosopher, and theologian. He has written two books: At The Door Knocking and Ready To Be Healed, about taking steps to restore faith to all parts of life. The author and books can be further reviewed at www.xlibris.com/Berning or at www.amazon.com or at www.barnesandnoble.com
We can help you through the slow months: 50% off ad prices from January through December CALL 303-733-8888
Asian Pacific Business Journal
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2013 December Issue
‘Tis The Basketball Season: Following Sabatino Chen In Taiwan By Fion Wan Happy Holidays! The holidays always bring forth new and exciting events to look forward to in the new year. As we continue to celebrate this month, the show must go on for the Super Basketball League. December is an exciting month for Yulon Dinos basketball player Sabatino Chen. He and his teammates are featured in a Luxgen Motor Co. promotion, his fan base in Taiwan grows exponentially, and his family is visiting from Colorado for the holidays! The Yulon Dinos are working hard towards the Super Basketball League Championship. So far, the team is 8-6 in the season and rank 4th place in the league. Since last month’s APBJ report, the Yulon Dinos won eight games and lost four. Here are the results since our last report: 11/23/13: Dacin Tigers 62, Yulon Dinos 71 11/24/13: Yulon Dinos 65, Kinmen Kaoling 50 11/29/13: Yulon Dinos 80, Bank of Taiwan 64
Chen and his teamates promoting Luxgen.
Chen during a SBL game.
11/30/13: Taiwan Beer 74, Yulon Dinos 75 12/1/13: Yulon Dinos 68, Pure-Youth Construction 71 12/6/13: Yulon Dinos 54, Taiwan Mobile 74 12/7/13: Dacin Tigers 74, Yulon Dinos 72 12/8/13: Yulon Dinos 73, Bank of Taiwan 65 12/14/13: Kinmen Kaoling 83, Yulon Dinos 76 12/15/13: Pure-Youth Construction 81, Yulon Dinos 84 12/21/13: Yulon Dinos 85, Dacin Tigers 71 12/22/13: Kinmen Kaoling 76, Yulon Dinos 80 Chen emailed the journal a few pictures and an update on playing basketball and spending Christmas away from home. Chen writes: “This second month in Taiwan has been going pretty well. The team has been doing well and we are currently in 4th place. It has been a little difficult for me personally because I have been dealing with a few injuries, and is the first time I missed a game due to an injury in my entire basketball career. However, it is still a long season and there is still a lot of basketball left to be played.
Yulon Dinos posing for Luxgen.
Chen cheering on his teammates.
On another note, this past month has been interesting because it was the first time I have been away from my family for Thanksgiving and Christmas. They do not celebrate Thanksgiving here, as I wouldn’t expect them to, and it was very strange having the usual chicken and rice meal we get for dinner instead of having a traditional turkey dinner. I am looking forward to Christmas though, which they do celebrate here, just as we do back in the states. Also, my family will be visiting for Christmas and New Years and I can’t even begin to describe how happy and excited I am for that!” Continue to follow Sabatino Chen’s basketball season with the Yulon Dinos exclusively at the Asian Pacific Business Journal! For more information, or to RSVP to the spring 2014 meet and greet, please email: fion.wan8@gmail.com.
Chen and his teamates promoting Luxgen.
A festive Christmas decoration in Taiwan.
Chen holding a fan drawn charicature.
2013 December Issue
Asian Pacific Business Journal
Dissatisfied with Your Job? Man Up and Create Your Own!
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Becoming a Part-Time Entrepreneur Is Easier Than You Think
Many men dream of being their own boss but aren’t willing to risk leaving the stability of their 9 to 5s. Sean C. Castrina tells you how you can keep your 9 to 5 and achieve your small business dreams by becoming a part-time entrepreneur. Charlottesville, VA (November 2013)—You have a respectable, steady job. You provide for your family. You do home improvement projects on the weekends and even find the time to coach your son’s Little League team. But as you slog away at your 9 to 5 and go through the motions of daily life, in your own mind, you feel that true success is still eluding you. You tell yourself that you should be grateful just to have a way to pay the bills (especially in the wake of the Great Recession!), but you can’t quite stifle that little voice that whispers, There ought to be something more. The truth is, you want to be your own boss and to own your own business. But the risks involved in becoming an entrepreneur, you think, are just too great. After all, you can’t gamble your current steady income, your credit, and your family’s comfort on a venture that may or may not succeed. And that, says Sean C. Castrina, is where you’re wrong. “You don’t have to gamble any of those things in order to start your own business,” assures Castrina, author of 8 Unbreakable Rules for Business Start-Up Success (Champion Publishing, 2013, ISBN: 978-0-989-10456-2, $14.87, www.newbizcoach.org). “The solution is to become a part-time entrepreneur. And if you follow a specific set of rules, there’s less risk involved than you may think.” Castrina speaks from extensive experience. He has started over 15 companies in industries including direct mail, home services, property management, retail, and more—the first while he was working 9 to 5. He emphasizes that you don’t need an MBA —or even a college degree—to become a successful entrepreneur. “Look at my ‘posse’ of poker buddies, the majority of whom are self-made millionaires,” he says. “Only a few made it past high school. One, who was introduced to roofing as a teenager, now commands the field and has a multimillion-dollar company reflecting his expertise. Two others own specialty retail outlets and are flourishing in spite of superstore and online competitors. Another owns the area’s most popular restaurant, when so many
other food establishments nearby have gone belly-up.” So, what sets Castrina and his poker buddies apart? “We all started with what we believed was a good idea and decided to take action on it,” Castrina answers. “We didn’t wait for ‘ideal’ conditions to get started; for the most part, we began building our companies in our free time while we still worked for other bosses. And I promise, you can do the same.” According to Castrina, it is easier than ever before to become a part-time entrepreneur. With 20 hours a week (or less!) of organized and focused time, you can build a solid foundation for small-business success. Thanks to Internetbased tools, virtual secretaries, and answering services, you can reach and service many potential customers without ever leaving your house—not to mention the 24/7 access to educational tools and the ability to instantly search for answers to your questions. If you’re ready to create a more rewarding experience than slaving away at a 9-to-5 job that offers little to no security, disappointing retirement savings, and doesn’t come close to helping you pay for your child’s college tuition, follow Castrina’s top 10 rules for being a parttime entrepreneur: F i g u re o u t y o u r g a m e … P e r h a p s y o u already have a clearly defined vision for your business: You’d like to use your background in accountancy to start your own tax service, for instance. However, it’s very possible that you have no idea which field to go into. (Anything that allows me to be my own man! you think.) In that case, Castrina recommends starting a service business (anything from home cleaning to tutoring to adult care) for the following reasons: • They require minimal money to start. “I’ve never started a service business with more than $10k, and many with less than $3k—including businesses that have made me millions!” he comments. • Many service businesses don’t require a prior work history in the field or particular qualifications. • In most cases, they can’t be outsourced or performed by computers so you’ll always have work. • Since you can hire others to perform the actual work while you handle the key behind-
the-scenes management tasks (like hiring, supervising, taking client calls, marketing, etc.), service businesses are a great source of passive income. “For instance, I started a mobile car detailing business in my 20s,” Castrina shares. “I hired an employee to do the work, charged $95 for a full detail inside and out, and gave my worker 50 percent. All I did was make the phone ring and schedule the jobs. I didn’t get rich, but I did make an extra $25k a year— not bad for three to five hours of work a week during my down time!” “Entrepreneur.com has a great list of service businesses to start you thinking,” Castrina shares. “Or you might also want to visit www. newbizcoach.org for more resources.” …but make sure you understand the rules before you start playing. Once you’ve familiarized yourself with the possibilities and identified a few types of businesses that might be needed in your area, try to poll at least 50 people to see which services they would use in the next six months and if they’d pay the price you would charge. Their answers will give you a good idea of which field you should go into. “Also, before pulling the trigger on your business, take time to research the licenses, permits, and certifications you may need for the industry you’re entering, and make sure that obtaining them won’t be prohibitive,” he adds. “You can usually find the information you need at your local business tax office or by contacting your Chamber of Commerce. And take it from the voice of experience: Start filling out that paperwork early. Government bureaucracies can be painfully slow!” (continued on page 8) About the Author: Sean C. Castrina is the author of 8 Unbreakable Rules for Business Start-Up Success (Champion Publishing, 2013, ISBN: 978-0-989-10456-2, $14.87, www.newbizcoach.org) and the soonto-be-released 8 Unbreakable Rules for Small Business Dominance. He is also founder of newbizcoach.org. A successful business coach and a true entrepreneur, he has started over 15 successful companies over the last 18 years. His companies have ranged from retail, direct mail marketing, and advertising to real estate development and home services. Sean is a sought-after speaker and can speak with authority on what it takes to start, sustain, and grow a business.
2013 December Issue
Asian Pacific Business Journal
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Best business investment for 2014: Fuel Employee Engagement
(BPT) - Do your employees feel personally connected to the organization they work for? Would they recommend your workplace to others? If the answer to any of those questions is "no," you're far from alone. Employee engagement is way down, so low that a recent study found that two-thirds of the U.S. workforce is not fully engaged.
"Empowering people to make decisions about their work will generate enthusiasm and inspire people to try harder, producing the strongest lift to engagement," says Fagiano. "The single most important person for driving employee engagement is their direct supervisor. This person truly sets the stage for positive or negative outcomes."
What exactly is employee engagement? Boiled down, the term means employees who are fully involved and enthusiastic about their jobs. Beyond simply being satisfied, engaged employees feel connected and committed to their coworkers and the organization where they work. Employee engagement isn't only good for the individual worker, but has numerous benefits for the organization as well.
Managers should be aware of the three organizational drivers of employee engagement, according to Fagiano:
"Engagement is directly tied to productivity and loyalty," says David Fagiano, chief operating officer, Dale Carnegie Training. "This coincides with ROI, which is the reason why every business should pay close attention to their employees and their well-being." Only 29 percent of U.S. employees are fully engaged, according to a study from Dale Carnegie Training and MSW Research. Furthermore, 26 percent are considered disengaged. Disengaged employees are two and a half times more likely to leave their job for any level of pay increase than engaged employees. The study also found that young employees and older groups are more engaged than middle-aged people, with engagement peaking among employees who have been at their place of employment for three to five years.
1. Relationship with immediate supervisor Does this person appreciate and recognize the employee? 2. Belief in senior leadership - Do employees believe the company is headed in the right direction? 3. Pride in working for the company - Do employees feel a sense of worth when doing their jobs? "Really good supervisors know that people are driven by their emotions," says Fagiano. "If they feel engaged, they'll work harder and be more likely to help their coworkers. The power of positive emotions should never be underestimated." The common connection between all engaged employees is that they feel valued. A recent Dale Carnegie white paper, titled "Emotional Drivers of Employee Engagement," explores emotions that are connected to feeling valued. Here are the four core emotions of feeling valued
and how supervisors can use them to build more engaged employees: Confident: When employees feel confident, they are more productive and more likely to take on new challenges. Build confidence by giving sincere praise. Be specific about what you think they have done well in the past and reinforce it with a positive statement. Empowered: When employees have the tools and support they need, they feel empowered. Keep an open door policy for questions and conversation. Truly listen to what employees say. Ask them what projects they'd like to work on. Show them you genuinely care and have high expectations. Enthusiastic: Enthusiasm is contagious. One employee who feels these emotions can spread positive energy to the entire group. Boost enthusiasm by sharing company plans for the future and be open to employee suggestions. Live by example and talk about how excited you are for future developments. Inspired: Knowing the future is bright and there is opportunity for career growth will inspire employees. Be a mentor and a coach as well as a boss. Provide growth and development opportunities. Remove obstacles and be proactive about providing any necessary resources. Keep an open dialogue about an employee's vision for their job in the future. Employee engagement is a trending topic that is sure to peak in 2014. To learn more visit www.dalecarnegie.com.
Three big ways small-business owners can save on taxes (BPT) If you own a small business, every dollar matters especially when it comes to taxes. Whether your businessis a partnership or corporation, Uncle Sam offers some sizeable deductions to lower your liability, allowing you to put those dollars toward capital and employees.
this tax break.
Easy to use tax preparation solutions have becomean increasingly popular way for small business owners to navigate deductions and tax law changes. The programs ask simple questions about business income and expenses to help maximize your deductions. Solutions, such as the value leader TaxACT, allow you to use their online solutions for free and only require payment when you're ready to file.
Tip 2: Tis always the season for giving
TaxACT spokesperson Jessi Dolmage shares three ways to reduce your small business taxes.
Give yourself the gift of education.Take a class or seminar or attend a convention that helps you maintain or improve skills required for your business.
Tip 1: Buy to save Whenever buying new equipment, technology, software or even furniture for your business, save those receipts and keep detailed records that include purchase price and date placed into service.You should be able to substantiate any expenses you claim on your tax return. The 2013 Section 179 deduction limit for new and used assets purchased is $500,000. However, your business must be profitable in order to receive this benefit in 2013. In 2014, the dollar limit drops to $25,000 unless Congress extends
Bonus depreciation of 50 percent of the cost of new items expires at the end of 2013. Depreciation can be claimed whether or not your business is profitable. Company donations of money, supplies and property are all deductible expenses. So are bonuses (and associated payroll taxes) awarded to your employees, partners and officers.If your business is an S Corporation, keep a close eye on officer compensation to ensure you meet IRS requirements and thus avoid penalties.
Tip 3: Business is sometimes personal If you use your home for your business,you may be able to deduct mortgage interest, insurance, utilities, repairs and depreciation. Corporations and partnerships can also deduct actual expenses for non-personal uses of your personal vehicle, as well as reimbursements to employees for business use of their personal vehicles. Actual expenses may include costsfor fuel, maintenance and parking fees. Your de-
tailed mileage records should include date, total miles, tolls, parking and purpose of trip. You can also deduct vehicle depreciation and loan interest. The bottom line Small business owners have year round opportunities to cut their taxes. Dolmage recommends doing a dry run of your taxes with an online or download solution like TaxACT before you actually file to identify potential savings. Answer simple questions about your expenses and revenues, and the program will do the rest so you can see how moving revenue and expenses forward or back may change your taxes. To make tax time easier, TaxACT also offers a free mobile app for organizing your tax documents throughout the year.Take a picture of receipts, statements and tax forms with TaxACT DocVault, then save up to 3 GB of digital images on TaxACT's secure servers. At tax time, import images intoTaxACT to save with your 1040, 1065, 1120 or 1120S tax return. Get more business tax tips at www.irs.govand learn more about TaxACT Small Business solutions and TaxACT DocVault at www.taxact. com.
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Asian Pacific Business Journal
2013 December Issue
Dear Readers,
(continued from page 6)
It is almost time to welcome a new year! We are incredibly thankful for your support as 2013 marks our 7th year of publication! Our staff has also been tremendous and I would like to personally thank William Berning for his two years as Chief Editor. While he will be missed at the journal we congratulate him on his new full time position!
Do business from anywhere other than your current job. Of course, odds are, you’ll be starting your new business from home—a place that’s full of distractions ranging from the television to your overdue-a-wash truck to your wife’s “honey-do” list. That’s why setting up a dedicated workspace is crucial for productivity. Depending on your home’s layout and your personal preferences, you might be able to use a spare bedroom, a basement, a detached garage, or even a nook in the living room as your “office.” And if you already have a dedicated “man cave,” even better!
This edition of the journal is dedicated to the small business owner and those thinking about entrepreneurship. Small businesses are the backbone of our economy and Asian-Americans in particular are a crucial part of this community. Our December article series covers all stages of the business cycle, whether you are “Personally, I converted our dining room into an incredible home office,” Casready to start your own business, concerned about how to grow your business and trina shares. “I was able to do this on a dime because the room was already develop your employees or thinking about the right time to sell. equipped with a large but seldom-used table. If you go this route, you might want to add a file cabinet and swap the chandelier for recessed or track lightAdditionally, in our monthly special report, basketball star Sabatino Chen sends ing. As I found out, it’s hard to tap into your entrepreneur mojo when you’re us an update on playing basketball in Taiwan with the Yulon Dinos and spending constantly ducking a chandelier! the holidays away from his home in Colorado. “Also, if you set up a home office, don’t forget to capitalize on tax deduction The holiday season is my favorite time of year because we get to spend this advantages,” Castrina adds. “For example, if you set aside a separate room of time with the ones that we love. It is also an opportunity to reflect on the many your house in which to conduct your business and/or store products, you may blessings in our lives as well as how we can help be able to take a home office deduction. You can also write off transportation those that are less fortunate. Giving back can expenses to and from your home to your business appointments and, in some come in many forms whether it is donating to a cases, expenses related to car maintenance and repair.” non-profit organization, volunteering at a soup kitchen or shoveling snow for elderly neighPrep your victory dance. While you’re still in the planning stages, set aside bors. an hour to take a mental trip into the end zone. Envision your goals for your business: what you’ll make or sell, who your customers will be, and—most Sincerely, importantly—how being an entrepreneur will positively impact your life. Then glue images and words that remind you of those things to a piece of cardboard Jocelyn or poster board, and make sure this dream board is visible in your workspace. President Asian Pacific Business Journal President@apjournal.com
“Dream boards may seem small—and you may even think they’re too touchy feely—but they’re very important,” Castrina asserts. “On those inevitable days when you think you must be crazy for starting a business while holding down a day job, looking at photos of the vacation destination you want to visit, the logo of the college your child will attend, or the fishing boat you want to buy will motivate you and remind you why you became an entrepreneur in the first place.” Don’t underprice yourself. When you’re just starting out, you may be tempted to offer rock-bottom prices for your goods or services. After all, you don’t want to alienate potential customers by charging too much…and isn’t underselling the competition a reliable strategy? Well, maybe—but that’s not the way to make a profit. Especially when you’re just starting out, you can’t be in the business of offering mega-discounts. If you recoup only enough money to pay labor and operating costs, you may be helping to feed your employee(s)’ family, but not your own. “Underpricing is without a doubt the biggest mistake new business owners make,” says Castrina. “Often, the urge to undercut the competition is just too great, but doing so can quickly hurt your business. What you need to do first is figure out all your costs and what you want to make, and then use that information to determine the price. After determining what you need to charge to make what you set out to make, you may find the business you chose does not work. There are also many ways to add value to your services that will allow you to charge more if you have done your homework identifying what your competition fails to offer.” (to be continued in the next edition January 2014)
Asian Pacific Business Journal Honored Advisor: Winston L. Yang, Ph.D. Publisher: Wendy Chao President: Jocelyn Chao Contributing Writers: Jocelyn Chao, Fion Wan