BusinessLawGuy's Blog

I know, another person telling you to be thankful during the holiday season. Kind of, but not really. You should be thankful for what you have, but year round, not just because it’s this time of year. But that is not what I am talking about.

This time of year and all times of the year are good times to remember to show gratitude. Yes, you should do so year round, but it is better late than never, and should be done in both your professional and personal worlds.

Are you lucky enough to be in a position to have someone clean your home? Some extra money may be sufficient without a card or hand-written note, and arguably will be more appreciated than a gift. Or maybe you had a team member go above and beyond. In that case, a hand-written note and a bottle of wine or gift card to their favorite coffee shop are good options.

But what about the guy or gal who referred you the big lead or client? That’s not a situation where money seems appropriate (think kickbacks!). Here a hand-written note and thoughtful gift is the right idea. If you’re not sure what to get them there are ways to determine their interests though your or their co-workers. It’s also a signal to get to know the people who help you succeed and earn your living better.

So remember to thank people timely and often, and do it throughout the year. If you haven’t lived this way until now, this is a good time of year to start.

And to those of you kind enough to have referred a client to me, provided me with a lead, or trusted me enough to connect me to one of your contacts, thank you!! And who knows, you still may be getting that hand-written note and a gift…

Happy Holidays!

Beginning in 2014, many of you probably read my blog regarding having a checkup for you and, if you have one, your business. This does not involve the doctor, but it does involve all the other professionals in your personal and business life. Based on the positive feedback, I have made this an annual tradition.

Some of you said “What a great idea. I am definitely going to do that.” Others said “Sounds like a good idea, maybe I will look into that.” Another response was “I wish I had thought about this before the end of the year or when certain contracts automatically renewed.

That feedback was based on me usually making this post the week between Christmas and New Year’s, when many people have time and are thinking about actions they want to take going into the next year. This is why I now share this a few weeks prior to the end of the year to give you time to take action and look into possible changes before the end of the year.

I’ll bet in most years the majority of you were busy with or recovering from the holidays and all that they entail, and probably did nothing in response to my push for you to do this type of “annual checkup.” To be honest, this response is okay and ignoring my advice may not have had detrimental effects to you or your business.

The point of the advice is that you only know what you know. If you do not check in with your professionals and, for example, make sure contracts or your estate plan remain enforceable and up-to-date, that is where risk comes in. For example, I always check in with my accountant at the end of the year to ensure that all is right with taxes and withholding because I don’t want a big surprise I owe more money.

A few years ago I had a reminder related to a different item you should check on annually, auto insurance. We had two teenagers on our policy and a number of vehicles, and the premiums always seemed so high to me. But my insurance person knows me and shops the policy every year looking for the best rates rates for policies with similar coverage from quality insurers. He did that for me and we ended up with a new insurer, with pretty significant savings.

With the time constraints of life, it’s sometimes hard for me to move beyond the higher-level checkup, but when I do I usually end up with some benefit. Unfortunately, in our time-crunched world, the question of who to check in with at year end is expansive, from your estate planning attorney, to your investment person, to your insurance person, to vendors you may use such as a yard or pool maintenance company, or your cell phone carrier or your Internet provider. You may be surprised what a company will do in lowering monthly costs to satisfy or keep a current or longtime customer. Try it and see what happens. A good one to start with is your cable or satellite television provider (assuming you haven’t cut the cable).

I know, I know, who has the time? None of us do, which is why the choices are yours. Are your contracts up to date? Did you pay enough estimated taxes or withholding? Are you paying too much for the cleaning service at your office or your lawn service for your home ? The choice of what professionals to consult, what costs to check or compare, and what services to put out to bid is yours. Choose wisely.

And for those of you seeking a reminder or who did not see it in years past, here is my original blog post on getting an annual checkup:

The end of the year is always a good time to take stock of where you are personally and professionally. This can be checking in with your personal accountant to make sure you have withheld/paid enough taxes during the year or planning for deductions to planning for large corporate expenditures on things such as upcoming projects, planned corporate initiatives or planned equipment purchases. But the one thing that is a constant is that we all should be doing this.

In the past I have mentioned why it is good to sit down with various professionals you or your company work with just to check-in, be they attorneys, accountants, insurance professionals, financial planners, investment professionals, etc. The list depends on you and your business.

This does not have to be a formal appointment unless you think that is appropriate depending on the nature of the planned conversation. Instead, it can be you offering to buy them lunch or a drink. The point is the better the professionals you work with know you, the more they are able to make recommendations aimed to benefit you or your company.

So don’t wait, start making plans today to meet with these people this year, or at least first thing next year. We all are busy this time of year, but if you take these actions it will help you now and in the future.

Communication is a singular important matter in all interactions between people. But most people don’t focus in a manner befitting this importance. Communication does not always happen in a way leading to understanding on the same level between the participants in the conversation. This is high-lighted by a quote that I like:

The single biggest problem in communication is the illusion that it has taken place – George Bernard Shaw

Do the people you communicate with understand what you are trying to convey? If you think so, how do you know? Odds are the communications are not as clear as you think.

That is because it takes more than just you speaking. It also takes the other person listening fully. And it takes the other person not only understanding what you said, but what you were trying to convey.

Think about yourself. When someone is speaking with you, are you listening or thinking about what you are going to say next. If you are thinking about what to say next, you are not listening fully. If so, it is likely you will miss something the other person wants you to know and understand.

Listening fully is challenging whether in person or on the phone. In person you may be able to tell someone is not understanding or listening to you based on their responses (or lack of responses) and body language. How can you tell on the phone? Maybe by the response or the delay in the response. Or do you hear typing or mouse clicks, signaling the person on the other end of the line is focused on something on their computer and not what you’re saying.

Actual communication where both people listen and understand each other is exception, not the rule. This is true in business and at home. You can ask questions to make sure the other person understands what you are saying. Or at home, you can ask your child to stop texting while the two of you talk. Then take the time to look at how you listen in live conversations or over the phone to make sure you are not missing anything.