KELLY DAMRON TO BE HONORED AT RESOLVE’S NIGHT OF HOPE

RESOLVE: The National Infertility Association Recognizes Outstanding Contributions to the Family Building Community

(McLean, VA, September 23, 2012) – RESOLVE: The National Infertility Association is pleased to announce that Kelly Damron is being awarded the Hope Award for Service for her successful and long-time commitment to volunteering for the RESOLVE community. Damron will accept the award at RESOLVE’s Night of Hope Gala on October 2, 2012 at Guastavino’s in New York City. As the organization that supports and provides a voice for people diagnosed with infertility, RESOLVE established the Hope Awards to recognize professionals, companies, volunteers and the media who have demonstrated innovation and compassion to benefit people struggling with infertility.

Damron has been a long-time RESOLVE volunteer in the Phoenix, Arizona area. Damron’s efforts have brought RESOLVE’s mission to her community. She has served as a volunteer leader in Arizona, including offering support through a local peer support group, coordinating educational events, leading and organizing three Walk of Hope events for RESOLVE, and has been instrumental in fighting anti-family legislation in Arizona. She shared her personal experience and extensive research in the areas of infertility, premature babies, and pregnancy-related depression in her book, Tiny Toes: A Couple’s Journey Through Infertility, Prematurity, and Depression.

“RESOLVE is delighted to recognize Kelly for her leadership and support of the infertility community,” said Barbara Collura, RESOLVE’s President. “The Night of Hope is a special opportunity to come together and thank all those who work tirelessly to improve the lives of the 7.3 million women and men in the U.S. facing infertility.”

The 15th Annual Night of Hope attracts more than 300 leaders and influencers in the family building community. Past Hope Award recipients include The TODAY Show, The View, Congressional Coalition on Adoption Institute, Church & Dwight, the makers of First Response®, and Dr. Alan DeCherney.

For press information in regard to covering the Night of Hope event, contact Diana Cummins at dcummins@resolve.org. For more information on the Night of Hope, visit www.resolve.org/nightofhope.

RESOLVE gratefully acknowledges the 2012 Night of Hope Big Apple sponsors: Attain Fertility, EMD Serono, Ferring Pharmaceuticals, and Merck.

About RESOLVE: The National Infertility Association: Established in 1974, RESOLVE: The National Infertility Association is a non-profit organization with the only established, nationwide network mandated to promote reproductive health and to ensure equal access to all family building options for men and women experiencing infertility or other reproductive disorders. One in eight U.S. couples of childbearing age is diagnosed with infertility. RESOLVE addresses this public health issue by providing community to these women and men, connecting them with others who can help, empowering them to find resolution and giving voice to their demands for access to all family building options. For more information, visit www.RESOLVE.org.

—resolve—

To view the other award winners visit RESOLVE.

Happy holidays.

Hopefully 2011 was a good year with forward progress in your business and/or career goals. Wishing you blessings and a prosperous 2012.

Kelly

You have done work for your clients and you sent them a bill, but if you use the cash method of accounting how do you account for these unpaid invoices? Technically, under the cash basis we only record revenue when a client pays us for services performed. But even true cash basis companies may perform work before receiving payment from customers. Therefore, it is okay to use a combination of the accrual and cash methods to track items such as accounts receivable and accounts payable. The key is to adjust your revenues at the end of the year for any account receivables recorded but not yet paid.

When we are use the cash method we would not record any entry until the payment has been received:

Cash                 10,000
    Produce Revenue     10,000

However, when we use the accrual method of accounting a journal entry to record an invoice sent to a customer may look like:

Accounts Receivable - ABC Produce    10,000
    Produce Revenue                      10,000

When we use cash basis it is common for customers not to pay us immediately. So we want the ability to track the amounts our customers owe us using accounting software. We also want to be able to track what we owe to our vendors to ensure we make timely payments. Therefore, a use of the “hybrid” method allows us the best of both methods.

Thankfully this is fairly easy, especially if you are using Quickbooks or another accounting software program. You don’t really even need to understand the differences between cash and accrual accounting as the software will do all the work for you. When you go to the reports drop-down option in Quickbooks and select any of the financial statements a box will open with options, such as the time period you want to review. Within that option box is an option to check “cash” or “accrual” boxes. The software is smart enough to produce an Income Statement (aka Profit and Loss Statement) that is either cash OR accrual based.

At the end of the year we need to make sure that the financial statements report our activity using the cash basis. Otherwise, we would pay taxes on income we have not received. Additionally, the IRS requires a formal change from cash to accrual or accrual to cash using Form 3115, Application for Change in Accounting Method. A business cannot switch between the methods as we see fit, therefore, we must make sure that if we use the hybrid method, our Income Statement and Balance Sheet report using the appropriate accounting method, i.e., either cash basis for accrual.

A business had been in start-up phase for about 3 months and the business owner had great ideas and high hopes. Then he ran into cash flow problems. The URL to the website provides an error message. His primary means of selling product is no longer functional.

I keep wondering what happened to the confident young man who was sampling his product and received rave reviews from the sampling population. Was he afraid of success or did he determine that any additional cash he would have to put in the business wasn’t worth the investment? Or did he realize he didn’t have the time needed to dedicate to the business.

Whatever his reasons, his story is very common. Cash flow can be the demise of any business. Every great idea needs a plan. While a formal and lengthy business plan is optimal, a short one with key information can help a new business plan for success. Before embarking on a business venture it is wise to answer a few key questions. If you are considering starting a business answer the following questions:

1. What steps do I need to take to get my product or service ready for sale?
2. How much of my time will it take to get the product or service ready to sell?
3. What is the selling price for the product or service? How does this compare to the competitor prices?
4. How many units or hours/projects do I expect to sell?
5. Where do I find buyers and how do I attract them to my product or service?
6. Do I need others to help me? How much do I pay them and how often?
7. How much cash am I willing to invest in this business?
8. What is my exit strategy, if any?

A little planning goes a long way. Even if you don’t have time or the desire to write a formal business plan, answering a few questions can give you an idea what you need to commit with regard to time and money. Good luck!

A Balanced Score Card is similar in concept to an employee performance evaluation for your business. It will list a set of performance measures you desire to track. The Balanced Score Card should be created by using your own company’s goals, which were established from the organization’s strategies.

The Balanced Score card can measure what is important to you, but generally covers the following topics (1):

1. Financial. In this section you will measure how the business is performing from an accounting perspective. Measurements can include, but are not limited to:

• Accounts Receivable Turnover ratio
• Gross Profit
• Net Profit (as a dollar value and/or percentage)

2. Customer. We all want our customers to be happy and return for more of our products or services. We can create measurements to verify our customers are pleased with our products/services. Measurements can include, but are not limited to:

• Customer satisfaction ratings
• Number of new customers
• Number of returning customers
• Number of complaints

3. Internal Business Process. In this section we determine how well we are providing value to the customer with our internal processes, i.e., how efficient we are servicing the customer/client. Measurements can include, but are not limited to:

• Delivery cycle time
• On-time deliveries
• Time to implement new products/services

4. Learning and Growth. Changing and improving are keys to success. We don’t necessarily measure how much training we attend, but how we incorporate new ideas and grow the business effectively. Measurements can include, but are not limited to:

• Employee turnover
• Employee satisfaction ratings
• Hours of training

You can create a Balanced Score Card in a MS Word file or MS Excel. You need 2-3 columns. The first column would be the item you are measuring, such as Gross Profit. The next column would be the desired change shown as a + or – depending on if you want the change to be positive or negative. The final column would be the change that occurred during the measurement period.

The Balanced Score Card uses information that is not necessarily found on the financial statements, so it incorporates all aspects of your organizational strategies. This tool forces us to look at non-financial measures to determine our performance. If you do not use a Balanced Score Card yet, consider developing one to see if it is a tool that might be helpful for your business.

(1) Garrison, Ray. H., Eric W. Noreen, and Peter C. Brewer. Managerial Accounting 13th Ed. New York: McGraw-Hill Irwin, 2010.

Right now I am teaching a personal financial planning course. It is a little outside of my areas of expertise so I brought in 2 guest lecturers. My students learned a lot from people in the finance industry as they teach outside of the textbook and more about real-world examples and application.

The biggest lesson I have learned from this experience is that we have a different mindset when it comes to our personal finances. When managing cash for a business we tend to make fairly educated decisions. For example, we analyze why we need the new equipment and how it will create efficiencies. Or we have a list of reasons why the new item is necessary for the business or how it will be beneficial in the long-term. This does not appear to be the case with our personal monies.

As individuals we tend to participate in emotional purchasing. We buy what we want vs. what we need. We make impulse purchases (and stores know this, which is why they have so much “stuff” near the cash registers). Or we can be guilty of buying something when it is on sale so we can brag about what a great deal we got.

One of the guest lecturers had a tool that showed the difference in the amount of money someone would have if they invested 5 percent of their income over a 20 year period. He then compared this to how much money they would have if they increased the investment to 10 percent. This difference was staggering. If we could all cut out 5 percent of our spending and put that money into a savings account we would all be much more prepared for retirement.

Personal financial planning does take time. I have learned a lot about my own personal goals and limitations during this process. It was interesting to see what my net worth is as I haven’t completed a balance sheet using my personal information before. Where you really see your spending habits is in the creation of an income statement. Once you see where you are spending money, it is easier to make changes.

So set aside some time to write your short-term, intermediate and long-term financial goals. Then create a balance sheet to determine what you own and what you owe. From there complete a summary of your income and expenses. Find an area or two where you can reduce your spending and allocate that money into a savings account. You are on your way to financial freedom.

In all aspects of our daily lives we have to work in teams. It could be managing the to-do list with your spouse or directing a team (or project) at work. How the members of the team get along will determine how well or poorly things get done.

Over the past few years I have been a supervisor watching teams interact and progress toward a similar goal. Some teams function seamlessly, while others struggle from beginning to end. In my experience, there are some general rules that allow teams to work well together. First, each team member respects all of the other members. This is a simple concept, but not always easy to practice. It doesn’t mean that the team is made up of good friends, but rather a group of people who can accept each other and capitalize on their individual strengths. A good team is more likely to share in the work load equally, or at least in proportion to their skill level. In these teams, communication occurs often, respectfully and professionally.

When a team isn’t functioning well I will look at the three factors that make a team work well together. If one member of the team makes judgments or doesn’t like another members personality there will be problems within the group. Which also means the communication will suffer. With poor communication it is likely that one or more members of the team will be burdened with the work load of the project. Generally, a team that lacks the ability to communicate effectively will not be able to resolve the conflict.

A few key points about a recent team I am managing helps me to understand why they are having a difficult time working together. First, two of the members made judgments about the other member, Mark, because he is a little odd. He says funny things and seemed to be argumentative to the point the other two didn’t think he understood the project. But in reality, Mark was challenging their ideas so their project would be better. When the work load was allocated, Mark was given very few things to do because no one thought he was going to add any value (because of the judgments they made about him). There is very little respect amongst the team and communication is infrequent.

Some lessons learned from my recent team. Before a supervisor is brought in to help resolve the conflict, the members of the team need to communicate with each other about why they are unsatisfied. It is not the role of the supervisor to break the news to the team member who isn’t performing, it is the job of the team. The team must create their own action plan for how to resolve the conflict. Taking ownership will help them move forward faster than if the solution is provided to them. It is not important to like all of your team members; however, it is important to respect them. It is good to provide a second chance, but a third or fourth is unnecessary and counterproductive to the overall team. Remember, you all have a common goal.

Over the past couple of years some employers have taken advantage of the down economy and high unemployment rate by increasing job responsibilities, not honoring employee requests, or not providing yearly pay raises. Many employers are starting to notice the effects of doing so.

One company recently offered pay raises to their employees because they were experiencing a large turnover. While they may not have been upset, at least financially, to see one or two staff people leave, they became concerned when there was a large number of employees leaving for higher paying positions. To solve the problem they responded with mid-year raises.

Sometimes when you are an employee you have little say in what projects you are given or your schedule. I know a woman who left her job because her employer would not honor a request to change her schedule to make the working hours more “fair” between her and the other people who were in the same position. They were surprised when she gave her 2-week noticed and asked her what they could do to entice her to stay. She informed them she had requested a change to her schedule and because no change was made she found another employer who offered her the schedule she desired. They promised her a better schedule, but it was a little too late as she didn’t trust them to follow through on their promise.

Another person was given a project they were not truly skilled for. There are other people in her company who have more experience and skill in the area. In addition, her to-do list was really long and she had asked work be allocated to other people, when possible. The fact that she was given a project where she is not the expert will require her to work additional hours to complete the job. While she plans on completing the project, she is frustrated.

Small business is the driver of our economy. It is understandable that some companies are having to make due with fewer employees to get the job done. Which means some employees are being given tasks/projects that they are not skilled in or are required to work additional hours. But hopefully many employers recognize the demands they are making of their staff and acknowledge the efforts being made by their employees. A simple “Thank you” or “You are doing a great job!” can go a long way in keeping people satisfied. When the economy improves hopefully your employees do not go looking for a better working environment, as turnover is very costly, even in a good economy.

As we approach the second full week into the new year do you have clarity as to what you want to accomplish in 2011? When our goals are clear we can create action steps to reach them.

About six months ago I had a coach who specializes in Feng Shui visit my office. She asked me to write down a few key things that I wanted to get clear about as well as a few goals. One of my goals was to maximize the work day hours doing productive activities so that my family time was maximized in the evenings and weekends. The other goal was to really focus on teaching as my main career and to make my classes fun for the students (which can be challenging when you teach accounting).

She provided me with a few tips about how to organize my office to maximize the ability to realize my goals. And it worked. A few months after rearranging my office I was invited to be an online instructor for undergraduate accounting courses. Recently the university added graduate online courses for me to teach as well. The university where I have been teaching since 2003 offered to convert me from an independent contractor to a part-time employee.

Feng Shui isn’t for everyone. My husband thinks it is silly. It worked for me because I established clear goals and created actions for how I was going to achieve my goals.

A friend of mine didn’t use Feng Shui but he did create a plan of what he would like his business to look like. He has been working on a business plan and is in discussions with an investor. We can make anything happen when we have clarity.

The world is abuzz with New Years resolutions. The paper and other media are full of weight loss tips and tricks. Fitness gyms are seeing their annual spike in new memberships as the goal to loose weight is one of the yearly top new year resolutions.

Most of us know that new year resolutions do not always work. We get excited about changing our habits, but we easily fall back into the bad ones. A friend of mine stated that she is not going on a diet, but making a lifestyle change. There is a huge distinction in the words we use. A diet is seen as something negative and temporary, whereas a lifestyle change is more permanent in nature and uses more positive wording.

How can you apply the concept of lifestyle change to your business? What are some goals you have for you business that you have not been able to reach? Is it because you don’t have enough time or because you haven’t had enough cash on hand to make the investment? Whatever the reason, consider what you can do today to make the goal a reality.

Do you want to write a book (or any other type of professional publication)? If so, put a block on time on your calendar to write for 30-60 minutes each day. If you schedule the time you will be more likely to make the time.

Do you need more time to work on your business rather than working in your business? Working on your business means generating revenue whereas working in your business means you are doing the mundane tasks that you truly should outsource. What can you delegate to someone else? Maybe your monthly bookkeeping? Or maybe some marketing? Consider how much your time is worth, then compare that to what you would pay someone else for their expertise. Let’s say your billing rate is $150 per hour and it takes you 2-3 hours to input your daily receipts into Quickbooks (TM) each month. A bookkeeper might only charge you $100 for the same task. By doing the accounting yourself you are actually costing your business $200-350 each month.

Where can you create some efficiencies this year? Make some lifestyle changes to your business in 2011. Happy New Year!