Tax Strategies

10 Strategies to Bounce Back

 

 

Hi Friend:

 

The past few months have to be something for the record books. We’ve had unbelievable increases in gas prices, rice rationing, horrible flooding in our heartland and continuing foreclosures. Yet, still, our nation is one of the world’s wealthiest. If you have money in your pocket you are wealthier than over 90% of the world’s population. Your local Costco or Sam’s Club has more food in storage than entire African nations do. We ARE rich.

 

I’m just not sure we always remember that. And even though 55% of Americans report that they have less money than they did a year ago, there is a significant number that report they are happy (not just okay, but HAPPY). I was curious about that seeming dichotomy and investigated a little further into the survey. The reason most people said they were happy was because of their family. That makes sense. Although I’m occasionally ready to strangle our teenage son David, I am grateful every single day he is in our life. And I am truly blessed with my husband Richard who is a fantastic father and husband, and also a steadfast business partner. It’s family and loyal friends who bring the richness to our wealth.

 

I’m typing this while on the way to Washington D.C. Now here is the amazing part – I’m going because I was invited to the White House for a special Roundtable discussion on Wednesday, June 18, 2008. When I got the invitation just a week ago, I was floored. But then I heard who else was going to be there and I was humbled. I’m going to be meeting with leading faith-based and community leaders from across our country with one clear task: to network and create joint ventures to improve financial literacy in our country. Since the invitation, I’ve thrown myself into research and I see why this is such an issue. There are people who are in very dire straits financially in this country and there is no light at the end of the tunnel for them.

 

And, at the same time, in the past week I’ve talked to new and existing clients who have gotten bad news in their businesses in the past month or so. And although no one likes to get bad news, it wasn’t devastating. It got me thinking – what makes people different? I know a lot of you in the TaxLoopholes community have one thing in common – the ability to take a hit and shake it off. You know you are the leaders in your business and have a responsibility to others. You know that the ultimate integrity is to always honor your commitments no matter what.

 

Sometimes, though, it’s helpful to get a reminder that you are special (you are!) because you as business owners and investors are the foundation of this country. You can recover from whatever happens because you must. And, in change, there is ALWAYS opportunity.

 

I want to share my favorite strategies to just shake it off and grow your company even more. And then I want to talk to you about how you can treat yourself to the best weekend your business ever had and help a charity at the same time.

 

The most important asset you possess is your mental and emotional state.

 

Strategy #1: Keep it all in perspective.

 

When there are troubling times, it’s easy to get bogged down in the worst case scenario of where you are. If the hit is something financial, you might go right back to a time in your childhood when your family struggled for money. Or, if it’s something more emotional like the dissolution of a partnership, this could remind you a time when you were hurt deeply by the loss of a relationship.

 

A friend of mine is a sports psychologist. She frequently reminds me that often the most driven and successful business owners and athletes are achieving in spite of their past. A common phrase she teaches them is, “That was then. This is now.” It’s simple, right? But if you find yourself reacting emotionally to a business change, maybe it’s a good time to remind yourself it is just business. If there is emotional fear or hurt attached to it, it’s most likely something from your past and has nothing really to do with what is going on now.

 

The past does not equal the future, but there are valuable lessons:

            Over time, real estate goes up in value.

It often takes years to be an overnight success.

People notice when you always act from integrity (and they notice when you don’t too).

            Businesses cycle. Healthy relationships endure.

            Serendipity happens.

 

The future is a big fat unknown. If you’re going to make up a story about what could happen, why not make up a great story with a happy ending?

 

Strategy #2: Find a Hero

 

Not sure what to do next? Learn from the masters. It’s never been easier to learn from living heroes. In today’s connected society, many people have blogs and forums that give great insight. And what about historical heroes? One of the most empowering things you can do is read biographies about people who have overcome great obstacles to achieve fabulous success.

 

Face it, if everything had been handed to those heroes it would make a pretty boring story. What have historical heroes done when faced with unbelievable odds and circumstances outside their control?

 

Strategy #3: Know which side of the brain you’re using.

 

One of the most fun things I did at my past Advanced Pre-emptive Tax Strategy seminar this past Fall in San Diego, was to go through an interactive exercise on discovering which side of the brain we are currently using and how to switch it in a moment to better achieve the outcome we want.

 

The right brain handles creative thought. Make sure you’ve got your right side fully engaged when you’re brainstorming the “How can I…?” type of questions.

 

The left brain handles the details. Both sides are vital to achieving phenomenal results. You need creativity and you need strategies. But, you need to implement them on the correct side of the brain.

 

Want to know more about how to take advantage of the left brain/right brain switch and take a fun little test? Go to Which Side of The Brain Dominates? If you haven’t made it a regular habit to check on the TaxLoopholes Blog and First Class Lounge Forums, this might be a great time to start.

 

Strategy #4: Watch your language.

 

The words we use tell a lot about us. If we talk about “disaster” and “the worst thing ever”, we’re probably going to get a lot of dramatic results, and not all of them positive. Plus, if you are the leader of your team, the rest will look to you for their reaction. That means if you scream “the end is near”, everybody else is going to start looking for a way out quick.

 

On other hand, if you talk about opportunity and see change as growth, then you’ll have a more optimistic viewpoint and so will your team. That’s not to say that change isn’t scary. The unknown can sometimes be incredibly frightening. It’s up to you to set the tone on how your team reacts.

 

As humans, we have to answer questions. Our mind just keeps working away until there’s an answer. That’s why we have to be very careful about the questions we ask ourselves, especially if you’re going through troubling times.

 

“How come I’m such a failure?” is going to get you a lot of answers that you don’t want or need.

 

“What can I do to make an additional $20,000 per month in my business in a way that’s fun and healthy?” is going to get you some fantastic answers. 

 

Strategy #5: Add value in every encounter, sale and relationship.

 

There are two ways to sell: (1) based on price and (2) based on innovation. I always try to be the most innovative and add more value than people expect. That ensures a loyal community that comes back.

 

I recently saw some advertisements for negotiation seminars. “The single most important skill you can have,” one course brags. And then goes on to explain the old “winning through intimidation and manipulation” formula to defeat all enemies, or anyone you want to get something from.

 

I’ll be the first one to admit that I am horrible at that type of negotiation. I’ll cave before the other party does and I reach a point where I just wear down. I’m exactly the type of person that these type of seminars target to manipulate and prevail against. I think I always win in the end, though. That’s because when I find myself against that kind of “I must win and you must lose” type of mentality, I get out as soon as I can and vow to never work that with that person or organization again. And I’ll make sure my friends know to be very careful if they do.

 

So, if you think about it, I have 80,000 in my database and everyone of those people has to know at least 100 people … Calculate that all out and there are potentially millions of people that will know I will never do business (and recommend that no one else ever does business) with that person or organization again.

 

Now contrast that with working with an organization that wants to add value with every encounter.

 

Who would you rather work with? Which type of business do you want?

 

Often the most empowering thing you can ask is “How can I help?” And one of the best sales tools is to simply remember to say “Thank you.”

 

Strategy #6: An Attitude of Gratitude

 

If you’re feeling the weight of scarcity, maybe it’s time to remind yourself of how wealthy you really are.

 

On a weekly basis (or whenever we feel the need), our family does the Gratitude exercise. We write down five things that we are grateful for that happened during the past week. Then next to each item we write why it’s important and what the next step is. (This could be calling someone to say we are grateful for them or some other demonstration.)

 

Gratitude is a realization of wealth you’ve had in your past. Giving is a promise to the future. If you’ve gone through a business disruption, the last thing you might be thinking about is making a promise to give more. But, if you have a cause you care about, it can serve to be a motivator to keep going, just when you need that push. And you never know, a promise of giving a percentage of gross or net profits from a new venture to a charity might be just enough to open a few new doors for your business.

 

 

If you’re making 2008 the year for building businesses and exploring new ways to make money in our new technological Age of Change, then you already know you are moving against the crowd. Over time, that can be wearing. That’s why it is so important to protect your positive mental outlook.

 

The next few strategies are much more specific. These are the things I’ve done in the past 7 months to create massive momentum in my businesses: TaxLoopholes, Diane Kennedy’s Tax Services and now Diane’s Mastermind.

 

If you’re already taking positive action in your business or investing (or are about to), then you know how important it is to make sure you have the right team and strategies in place. And, now more than ever, it’s important to make sure you’re surrounding yourself with positive people.

 

In January 2009, I’m launching Diane’s Mastermind. It’s a year long program to take your business from where it is now up 5 steps. If you currently ARE the business, you’ll learn how to use your underutilized business assets to create $10,000, $20,000 maybe even $50,000 per month in passive income. And, you’ll learn how to go from making hundreds of dollars per hour to thousands of dollars per hour by super-leveraging your time value. I know it’s a big step to commit to Diane’s Mastermind, even though I’m including the opportunity to be one of my only 25 private tax clients. Even better the one on one tax strategy and wealth-building sessions start immediately and go through December 31^st, 2009!

 

That’s why I want to extend a special offer that is available for everyone. I did just one email about the special Loopholes of the Rich Charity weekend. And in that one email, I sold out half the seats.

 

You might remember this is the event that will have best-selling author Sharon Lechter (of the Rich Dad series) talking about how you can write and publish a book in today’s market (and why you should!). Morgan Smith (Founder of Morgan Financial) will be there too, telling us the latest news from Wall Street and funding sources. As a master business builder, he’ll let us in on what he’s up to.

 

BONUS! I just found out that Jorge Manzitti, founder of LatAmConnect, will be able to make it from Argentina. Jorge pioneered technology outsourcing from Latin America to small and medium sized US businesses. Spend just a few minutes with him and you’ll learn more than most so-called experts know about Internet marketing and the specific steps you can take to make your web traffic double, triple or more and get your conversion rates to sky-rocket. Find out how you can avoid the pitfalls of outsourcing and instead create partnerships to give you huge results for half the cost, half the time and with double the impact. If you haven’t yet taken full advantage of the Internet for your business, then you will want to spend some time with Jorge.

 

Please remember there are only about 50 tickets left inside this private ampitheater. Once these tickets are gone, there is absolutely no way that we can increase the number of seats. When you consider all that could happen to your business as a result of this intensive weekend, I think you’ll agree that the price of $500 is an absolute steal.

 

In a little bit, I’ll share with you more of the specific strategies that you’ll take home with you when you attend the Loopholes of the Rich Charity Weekend. First, though, I want to share the need to take positive steps when you want to bounce back bigger than before.

 

 

Take positive steps TODAY.

 

Or…When is NOW a good time to begin building a bigger, better and more powerful business?

 

Strategy #7: Cashflow Sunday

 

My husband and I started a challenge about 6 months ago. We call it Cashflow Sunday and it’s turned into a family activity we all look forward to. Even our son joins in.

 

On Sunday afternoon, we find a quiet time and think of 10 things we can do in the next week to get immediate cash within the week.

 

Nothing is too silly. The only rule is that someone has to commit to taking that action. I can’t believe how much money we have discovered doing this game.

 

You can play the game anyway you want. In our case, we say that the cashflow must be cash coming in. We don’t count reduced expenses. That’s mainly because we’re pretty good at watching expenses anyway.

 

At first it was just Richard and I. Lately though, David has joined us and I’m so glad he did. I wish I’d thought of it to begin with. He’s learning some valuable problem solving skills. At some point in his entrepreneurial career, I’m sure there will be a time when he needs to figure out how to create some cash. I’m certain he’ll remember Cashflow Sunday.         

 

At the beginning of the session we see how we did on our list for the previous week. We never get everything, but we do get a lot of them. Most importantly, though, we have a sense of power and control. When you get hit with something unexpected, having a sense of control back again can make all the difference.

Strategy #8: Find your eCenter

 

An unexpected challenge can often give you a chance to look at your business model. You’re going to have to change anyway, why not change your business into something you really want to do?

 

The eCenter is that special spot where three circles intersect. These three are:

 

Entrepreneurial: These are the skills, abilities, talents and hidden business asets that you have. What do you do that you could be best in the world at?

 

Emotional: What drives you? What’s most important to you?

 

Economic: What do clients/customers want and need?

 

When you find that sweet spot, where all three circles intersect, you have magic. That’s the eCenter

 

Step One of Business Alchemy™ is discovering that eCenter and uncovering those underutilized business assets that create immediate cash flow and wealth to your business. There are a dozen techniques that are part of the proprietary Business Alchemy. We’ll use a couple of those to find dozens of new profit opportunities for your business, plus the networking and accountability to make sure it actually happens at the Loopholes of the Rich Charity Weekend.

           

I will be giving a teleseminar on June 28^th for everyone who has signed up for the Charity Weekend. We’ll go over a fun assignment to do before the event that will get you a jump start on finding your eCenter. I’ll tape the call so that any of you that have signed up for the weekend, but can’t make the call, can still join in on the call. Unfortunately, the teleseminar will only be available to people participating in the weekend. Please sign up now while there are still seats available.

 

Strategy #9: Power of 5

 

I started using the Power of 5 back when I knew I had to make a change. It’s hard to even think back that far, but I was painfully shy in school. I now consider myself an extreme extrovert, so I wonder sometimes how I started off as an introvert.

 

The way I made the change was to talk to 5 new people everyday. It soon became second nature and I found I had a talent to go up to complete strangers and make conversation.

 

The secret for me was to do something 5 times every day. There is something about 5, not too much and not too little. So, I’ve adapted this same principal to use whenever I’m struggling with how to accomplish something or get an answer I’m struggling with.   

 

So, if you asked me how to do something brand new – say publish a book – I’d tell you to ask 5 new people every day until you get the answer.

 

There is something about the power of 5. Every time I’ve used it for solving problems, I’ve found the connection I needed in less than a week.

 

Strategy #10: Power Millionaire Masterminds™

 

When we get hit with a business downturn, it’s common to isolate ourselves. And that’s usually the worst thing we can do. It’s through positive association with other like-minded people that we can find the creativity, networking capabilities and accountability we need to push through and get to the next level.

 

A mastermind is a group of like-minded people who are focused on a single purpose. Sometimes the purpose changes, but it is always clear and certain to everyone involved. It’s easy to find people around who want to give you their opinions, but it’s rare to find a group that is willing to step up and hold themselves to the same level of accountability that they will hold you.

 

And it’s even more exceptional to find a group with the millionaire mindset who are comfortable with Power Questions and answers that push everyone outside their comfort box.

 

If you find that group, cherish it! And if you don’t yet have a group operating at that level, or want to start a 2^nd or 3^rd one, then do everything you can to find the right people who want to form a group like that. If you’re going through a business change, your Power Millionaire Mastermind will be your most powerful tool. You’ll learn more about this at the Loopholes of the Rich Charity Weekend.

 

And one final question….

 

What would happen today that would make this the best day of your life? Now, take action on that!

 

It only takes one idea or one contact to change everything. Improve your odds of finding that hidden x-factor with a positive environment. If you’d like to get a taste of what Diane’s Mastermind would be like or if the commitment for Diane’s Mastermind is still a little too much, then please join us July 19-20 in Phoenix Arizona for the Loopholes of the Rich Charity Weekend.

 

Warmly,

Diane Kennedy

 

P.S. Ten years from now, what will you remember most about 2008? After all, this is the year when everything was on sale and there were customers you’d never even met yet clamoring for your product.

P.P.S. ALL of the gross proceeds from the Loopholes of the Rich Charity Weekend are going to two very special charities: Chrishaven Foundation and Thunder Mission. Chrishaven Foundation, founded by Dr. Rayma Somer, works with severely abused and older foster and adoptive children to heal past hurts and go on to hopeful lives. Thunder Mission, founded by David Kennedy-Cooley, takes US high school and college students into Juarez, Mexico, for an immersion program with Mexican orphans that changes TWO lives. Their motto is “Changing the World Two Lives At a Time.” Both Chrishaven Foundation and Thunder Mission take no general or administrative costs from donated funds – 100% of money received goes into positive programs for the children.

P.P.P.S. If you’re still not sure if you’re ready for Diane’s Mastermind, then come to Loopholes of the Rich Charity Weekend to learn how you can discover your underutilized business assets and convert them into steady, passive income.

 

Diane’s new book, “Maui Millionaires for Business” is now available at www.amazon.com and www.bandn.com

 

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