- Reflect on your goals: Review the goals you set at the beginning of the year. Assess your progress and identify which goals you've achieved, which ones are in progress, and any that you haven't started yet.
- Celebrate your achievements: Take time to acknowledge and celebrate your accomplishments so far. Recognize the effort you've put in and the milestones you've reached. This will boost your motivation for the rest of the year.
- Assess your current situation: Evaluate where you stand at the halfway point. Consider factors such as your personal life, work, health, and relationships. Determine if anything has changed or if new opportunities have arisen.
- Review and adjust your goals: Based on your assessment, consider if your original goals are still relevant and realistic. Are there any goals you need to modify, add, or remove? Make adjustments that align with your current circumstances and aspirations.
- Break down your goals: Divide your revised goals into smaller, actionable steps. This will make them more manageable and increase your chances of success. Set deadlines for each step to create a sense of urgency.
- Create a plan: Develop a clear plan outlining the actions you need to take to achieve your revised goals. Prioritize your tasks and allocate time for each of them. Consider using productivity tools or techniques like time blocking or creating to-do lists.
- Seek support: If you need assistance or collaboration to achieve your goals, reach out to others. Seek guidance from mentors, collaborate with peers, or delegate tasks when necessary. Surrounding yourself with a supportive network can provide motivation and valuable insights.
- Track your progress: Regularly monitor your progress towards your goals. Set milestones along the way and evaluate your achievements. This will help you stay accountable and make adjustments if needed.
- Stay motivated: Motivation can wane over time, so find ways to stay inspired. Set reminders of your goals, create a vision board, or find an accountability partner. Celebrate small victories and remind yourself of the benefits and rewards awaiting you at the end.
- Practice self-care: As you work towards your goals, don't forget to take care of yourself. Prioritize your physical and mental well-being by getting enough rest, eating nutritious food, exercising, and practicing self-reflection or mindfulness. Taking care of yourself will enhance your productivity and overall happiness.
Approaching the halfway point of the year is a great opportunity to reflect on your progress and make adjustments to ensure you achieve your goals. Here's a step-by-step approach to help you:
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During my travels this week, I heard about ESOPs a couple times. The first was at the Schaumburg Business Association Leadership Lunch where John Costello shared his journey as a business owner of Cherry's Industrial. He went from sleepless nights and the weight of the world on his shoulders to a thriving company with financial transparency, employees that share and live out core values, a common destiny and a shake in the outcome of the company.
I then read the Sunday Daily Herald Business section. This got a little more in the mud on the good and bad of Employee Ownership. ESOP plans are growing in popularity as a great way for a business owner to exit (dailyherald.com) An ESOP can take various forms, but generally setting one up involves creating a separate entity that's owned by a company's employees, with the ownership determined based on a variety of factors from compensation to tenure to job position. They can be complicated, but below outlines some steps. To form an Employee Stock Ownership Plan (ESOP) for a company, follow these steps:
Key Performance Indicators (KPIs) play a crucial role in the success of any business. They provide measurable and quantifiable metrics that allow organizations to assess their performance and progress towards their goals. Here are some key reasons why KPIs are important in business:
Social responsibility refers to a company's commitment to operating in an ethical and sustainable manner, taking into account the impact of its activities on society and the environment. Some of the benefits of social responsibility include:
![]() This law goes into effect 1/1/24 so clients have time to think about how they want to implement this. What is required: All employees in Illinois must accrue at least 1 hour of PAID SICK LEAVE for every 40 hours worked. After 90 days of employment, employees must be permitted to take their accrued paid sick leave for their own or their family’s illness. What is not permitted: Requiring employees to find a replacement to be able to take the time off (you can request an employee help find their replacement, but not require it). Requiring proof of the illness or need for time off (you can request the reason, but not require the employee to answer or provide proof). Requiring employees to take time off in full day increments. Employers can require “reasonable” notice. For planned time off, like appointments or procedures, this is no more than 7 days’ notice. For unplanned time off, the required notice can’t be sooner than the employee is aware of the need. Employers can require time off be paid in 2 hour increments if the schedule time is at least 2 hours. If the scheduled work time is less than the employer can pay out only what was scheduled. Employers can either accrue time or frontload time. If time is accrued, then employees must be permitted to rollover their unused time from year to year. However currently the requirement for pay out and accrual caps at 40 annually. So employees may be stuck rolling over unused hours indefinitely. Clarification may come on this before the launch. If an employee leaves employment, their sick leave accrued does not need to be paid out to them (If an employer uses their vacation pay to meet the requirements of this law, then they must still pay it out as vacation pay must be paid to employees at employment termination). If an employee returns to the company within a 12 month period, their accrued sick leave picks up where it left off. The 90 day clock does not restart so a returning employee can take their time off immediately (or picks up where they left off if they worked less than 90 days). Paid Leave for All Workers Act (illinois.gov) Good recordkeeping year-round helps taxpayers avoid tax time frustration-
Wading through a pile of statements, receipts and other financial documents when it’s time to prepare a tax return can be frustrating for people who haven’t managed their records. By knowing what they need to keep and how long to keep it, people can develop a good recordkeeping system year-round and make filing their return easier. Good recordkeeping can also help taxpayers understand their situation when they receive letters or notices from the IRS. Good records help:
In general, taxpayers should keep records for three years from the date they filed the tax return. Taxpayers should develop a system that keeps all their important information together. They can use a software program for electronic recordkeeping. They could also store paper documents in labeled folders. Records to keep include:
For more information on what to do to get ready to file taxes, taxpayers should visit the Get Ready page of IRS.gov. Aspiring entrepreneurs: learn the basics of setting up a business
New entrepreneurs can start out on the right foot by making sure they understand the tax responsibilities of running a business. The process can seem daunting, but IRS.gov has resources to help new business owners. Here are a few things new entrepreneurs need to do when starting their business. Choose a business structure The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are:
A tax year is an annual accounting period for keeping records and reporting income and expenses. A new business owner must choose either:
An EIN is also called a federal tax identification number. It's used to identify a business. Most businesses need one of these numbers. It's important for a business with an EIN to keep the business mailing address, location and responsible party up to date. IRS regulations require EIN holders to report changes in the responsible party within 60 days. They do this by completing Form 8822-B, Change of Address or Responsible Party and mailing it to the address on the form. Have all employees complete these forms
The form of business determines what taxes must be paid and how to pay them. Visit state's website Prospective business owners should visit their state's website for info about state requirements. It was fun being a guest on The Connect Show on Tuesday January 31st at 10am Central. It streams live every week. Learn More at Website: https://theconnectshow.com/ You Tube: The Connect Show - YouTube Nearly 200 New Laws for Illinois in 2023
I want to thank LaVelle Law for a very comprehensive email about this! They are a business Law firm in Schaumburg. www.lavellelaw.com/ They’ve prepared a summary of some of the new Illinois laws that may impact your life. See a complete list here: https://www.illinoissenatedemocrats.com/images/PDFS/2022/bills-taking-effect-2023.pdf STUDENT CONFIDENTIAL REPORTING ACT (SB 03936/PA 102-752) Legislation requiring state agencies, such as schools and the Illinois State Police, to establish a hotline for receiving reports and other information regarding the potential harm or self-harm of students or school employees. CROWN ACT (SB 03616/PA 93-1078) Legislation amends the definition of “race” under the Illinois Human Rights Act to include traits historically associated with race, including, but not limited to, hair texture and protective hairstyles. The goal of this law is to prevent hair discrimination in the workplace. LIFTING UP ILLINOIS WORKING FAMILIES ACT (SB 0001/PA 101-0001) Legislation amends the Illinois Minimum Wage Law to raise the minimum wage in the State of Illinois to $15 by 2025. In 2023, the minimum wage in Illinois will increase from $12 to $13 an hour. FAMILY BEREAVEMENT LEAVE ACT (SB 03120/PA 102-1050) Legislation amends the Illinois Family Bereavement Leave Act to provide up to two weeks, or 10 working days, of unpaid leave for women who have a miscarriage or other diagnosis or event that impacts pregnancy or fertility, including failed adoptions or surrogacy agreements and unsuccessful reproductive procedures. The amendment also expands the definition of “family member” under the Act to include spouses, domestic partners, siblings, grandparents, and stepparents. ILLINOIS VEHICLE CODE (SB 03216) Amends the Illinois Vehicle Code to include licensed physical therapists on the list of persons who can “verify that a person is a person with disabilities.” (SB 03609) Lowers vehicle registration fees for cars and small trucks if they were manufactured in Illinois. SCHOOL CODE EXPANSION (HB 05193/PA 86-1475) Legislation amends the Illinois School Code to require “safe gun storage” to be included on the list of required topics in the state’s safety education curriculum for all grades. (HB 05488/PA 102-0981) Legislation amends the Illinois School Code to allow every student enrolled in a public middle or high school at least one excused school day absence per year to engage in a “civic event.” A “civic event” is an event “sponsored by a non-profit…or government entity that is open to the public.” ILLINOIS STATE EMPLOYEES GROUP INSURANCE ACT (HB 04271/PA 102-0731) Requires state-regulated private insurance to cover medically necessary breast reduction surgery. (HB 05254/PA 102-0804) Requires health insurance plans to cover medically necessary hormone therapy treatments for women who have induced menopause by undergoing a hysterectomy. (HB 05318/PA 102-1073) Requires health insurance to cover annual prostate cancer screenings upon a physician’s recommendation. (HB 05334/PA 102-0979) Requires health insurance to cover costs for genetic testing for the BRCA1 and BRCA2 genes to detect risks for breast and ovarian cancer upon a physician’s recommendation. JOB TRAINING ASSISTANCE AND SUPPORT SERVICES PILOT PROGRAM ACT (HB 05225/PA 102-0803) Legislation created a five-year pilot program that offers assistance and support services, such as childcare or transportation subsidies, to eligible individuals to allow them to complete an apprenticeship or internship. THE COMPREHENSIVE HEALTH EDUCATION PROGRAM (SB 04028) Legislation requires Illinois schools to provide information on where and how students can access mental health care services. ILLINOIS CAREER/TECH PATHWAY (HB 03296) Legislation requires school boards to establish a career and technical education pathway program for grades 6 through 12. ILLINOIS DUAL CREDIT COURSES (HB 05506) Legislation allows partnership agreements between Community College districts and High School districts to allow high school students to take a dual credit course for high school credit and collect demographic data. RED LIGHT CAMERA/SPEED CAMERA CHANGES FOR STOLEN VEHICLES (HB 03772) Modifies existing vehicle laws by providing that people whose cars have been stolen will no longer be liable for violations, fees, fines, or penalties when caught on red light and speed cameras. ILLINOIS HEALTH AND WELLNESS OF STATE RESIDENTS (SB 02535) Legislation requires that before a pharmacist dispenses an opioid, they must inform the patient that opioids are addictive and offer to give them an opioid antagonist. WORKER’S RIGHTS AMENDMENT TO THE ILLINOIS BILL OF RIGHTS (SJRCA0011) Amendment to the Bill of Rights of the Illinois Constitution that makes the “right to organize and to bargain collectively through representatives of their own choosing for the purposes of negotiating wages, hours and working conditions” a fundamental right for Illinois workers. LATEX GLOVE BAN ACT (HB 0209/PA 102-1095) Legislation bans latex gloves in the handling and preparation of food. The Act will also ban the use of latex gloves by medical personnel starting Jan. 1, 2024. ILLINOIS POWER OF ATTORNEY ACT (HB 05047/PA 102-0794) Legislation amends the Illinois Power of Attorney Act to permit agents in a health care setting to present electronic copies of documents that delegate power of attorney and requires the health care provider to accept the digital document. MOTOR FUEL TAX (PA 101-0032) Effective January 1, 2023, the State Motor Fuel Tax will increase to $0.423 per gallon of gasoline. Additionally, the tax will resume its annual increase on July 1, 2023. GROCERY TAX (PA 102-700) Effective January 1, 2023, the 1% tax on groceries will be reinstated after it was suspended from July 1, 2022, through June 30, 2023. BANKING DEVELOPMENT DISTRICT ACT (HB 05194/PA 102-802) Establishes an incentive program to induce banks and credit unions to open branches in areas with underbanked populations. HUMAN RIGHTS ACT (HB 02775/PA 102-896) Legislation amends the Illinois Human Rights Act by making it a civil rights violation for anyone in real estate transactions to discriminate based on source of income. Financial institutions are exempt if they are considering source of income in transactions in compliance with state or federal law. CONDOMINIUM PROPERTY ACT (HB 05246/PA 102-976) Legislation amends the Condominium Property Act by narrowing the timeframe for section 22.1 disclosures for prospective purchasers from 30 days to 10 days. The amendment also limits the fee for gathering such information to $375, with an additional $100 charge permitted for rush service completed within 72 hours. REAL ESTATE VALUATION TASK FORCE ACT (HB 04410/PA 102-934) Legislation creates the Real Estate Valuation Task Force to identify and resolve the causes of racial disparities in appraisals. PROPERTY TAX CODE (SB 03069/PA 102-1000) Legislation amends the Property Tax Code to provide that a homeowner or condominium association may file an appeal or intervene in an appeal on behalf of its members to the Property Tax Appeal Board. Here is an outline of a business plan you can use. If you have some trouble, you can ask Tom Gosche, Business Strategist from GLM! tomg@goglm.com and/or 630-675-8971
1. Executive Summary 2. Current Situation 3. Vision
4. Management 5. Product / Service Description 6. Market Analysis
7. Marketing Strategy
8. Production / Manufacturing Strategy
9. Administrative Strategy
10. Financial Information
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GLM's BlogIn true blog fashion, the last parts are at the top of the page. Scroll all the way down and work your way back up to read them in order.
Tom GoscheTom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him: 630-675-8971
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