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SUNDAY, DECEMBER 25, 2011
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THE TIMES LEADER
www.timesleader.com
OFFICE COACH
SMALL TALK
New owners must Adjustment period will ease new-job fears learn budgeting By MARIE G. MCINTYRE McClatchy-Tribune News Service
NEW YORK — Many brandnew entrepreneurs learn quickly that they have to create a budget for their new companies. It can be a daunting experience for someone who doesn’t have an accounting background or never maintained a personal budget. Business owners who don’t create a budget and stick to it are likely to find they don’t know how much money is coming in, and how much is going out. If they keep trying to run the business that way, they’re likely to run into trouble. There is plenty of help for budget neophytes. If you’re one of them, it’s a good idea to give yourself a quick education about budgets, and to meet with an accountant or other financial adviser to learn about what items you need to have in your company’s budget. To get a grounding in budgets, you can start with the Internet or a bookstore. There are websites that explain the basics and guide you through creating a very simple plan. There are books that explain the process too. If you buy accounting and recordkeeping software, you can get a feel for what budgeting requires. When you start a budget, at the very least you need to list your income and expenses — what you expect each to be, and then the actual numbers. Subtracting one number from the other will let you know if you’re staying within your budget. You can keep a weekly, monthly, quarterly or yearly budget. The more you work on your budget, the better a handle you’ll have on your business. But you also need to consider what to put into your budget — in other words, you need to know all the costs of running your business as you put your budget together. For example, do you know all the taxes you have to pay for running a business in your state? If your business is the sort that’s licensed, have you included that fee in your budget? Did you budget for insurance? You need to have an accountant or financial adviser who understands the needs of small businesses. And who can help you start thinking about run-
ning a company on a budget. Many small business owners realize that while they’re great at running the substance of their business — operating a restaurant or a design firm — they know little about how to conduct the financial side of things. Many decide to get some schooling. Small Business Development Centers provide training and advice to small business owners. Many of these centers, sponsored by the Small Business Administration, offer low- or nocost courses on financial management, including budgeting. The Wilkes Universtity SBCC can be reached at 408-4340 or sbdc@wilkes.edu. Colleges that offer continuing education classes are another resource. These may cost more than SBDC classes, but can also be fairly low-cost. The service known as SCORE offers one-on-one help for small businesses. The organization consists of retired executives and business owners. You can find a SCORE counselor who can help you with budgeting by visiting www.score.org or by calling 826-6502. You can work with a counselor online, or find one that you can meet with in person. One reason that many small business owners don’t have a budget, or have a very haphazard one, is they don’t have the time to work on it. They’re busy trying to build the business, meet with customers and deliver their product or service. This is another instance where you need to get help. After you’ve met with an accountant and created a budget, you need a bookkeeper to keep track of your income, receipts and expenses. You also need a report — weekly is best, but certainly monthly — that lets you know whether you’re staying within your budget or are running into trouble. You can get a bookkeeping service without spending a fortune. Your accountant will be able to help you find one. You could also hire an accounting student as an intern. If you’re insisting on doing the work yourself, invest in software. Your accountant can suggest some. Or ask other small business owners about the program that works for them.
tub of ice water. Sinceyouappeartohaveanunderstanding manager, talk with her aboutyourconcerns.Explainthereasons for your fears, identify your strengths and weaknesses, and ask hertohelpyoucreateadevelopment plan. You were obviously hired becauseyourbosshadfaithinyourabilities, so perhaps she can transmit some of that confidence to you. Q: My wife works in a production department where only a few employees have permission to work overtime.Everyoneelsemustleave at the end of the shift. The people whoreceivetheseextrahoursseem to have close ties with the supervisor. Does my wife have any recourse in this situation? A: Although these decisions may appear to be driven by favoritism,
theymightactuallybebasedonpersonal requests. Many people despise working overtime, so managers sometimes assign extra hours only to those who have expressed an interest. To check this out, your wife should simply ask to be added to the overtime list. If the supervisor denies or ignores this request, then she and other concerned employees may want to ask human resources for a clarification of the company’s overtime policy. If no such policy exists, it would seem quite reasonable to suggest that one be created. Marie G. McIntyre is a workplace coach and the author of “Secrets to Winning at Office Politics.” Send in questions and get free coaching tips at http://www.yourofficecoach.com.
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By JOYCE M. ROSENBERG AP Business Writer
Q:After20yearsinthesamejob,I recently had to look for work when our family moved to a different city. Finding a position in my field took several months, but I was finally hired five weeks ago. The problem is that I’m already having serious thoughts about quitting. I dread going to the office every day, because I feel totally out of my comfort zone. The work is very different from what I did before, and I’mbeginningtodoubtmyabilities. I was recently terrified when a seriousproblemoccurred,eventhough my manager assured me that it wasn’t my fault. Although I feel an obligation to fulfill my commitment here, I sometimes wonder if perhaps I should be totally honest with my
bossandtellherthatIneedtoleave. On the other hand, there are very few positions available in my field, and it took me a long time to find thisone.I’mnotsurewhattodo,because I just don’t like this job. A: Before making any rash decisions, allow yourself a little more time to adjust. Given that you have spent the past twenty years in a familiar, comfortable environment, your anxiety about this new position is hardly surprising. Theswitchtoaneworganization inevitably brings differences in culture, management style, and job expectations. People who frequently change companies learn that this period of discomfort is both predictable and short-lived. For you, however, it undoubtedly feels as though you have been taken from a nice, warm bed and dumped into a