Best Advice I Ever Got; Two Lies; Worst Advice; Stimulus Package for Growth Firms

"...keeping you great"

HEADLINES:

Best Advice I Ever Got -- Fortune magazine produced a wonderful series featuring the best advice people like Tiger Woods ever received in their life. For Eric Schmidt, CEO of Google, it was to "hire a coach." He at first resisted the idea since he had been CEO of several successful firms, but John Dorr, the VC behind Google, insisted Schmidt meet Bill Campbell (also Steve Jobs coach) and it proved to be the best advice Schmidt at ever received. Take 60 seconds to read the role of Schmidt's coach and possibly peruse some of the other Best Advice features. And thanks to Matt Heinz, Heinz Marketing for bringing this to my attention.

Guarded Advice -- I'm just returning from leading a workshop for an EO Forum and their executives in Bogota, Columbia. According to the EO members that hosted me (and my limited observations), Columbia is on the mend. Kidnappings are down from several hundred per year to just 40, and those were limited to the jungles. The present President is cracking down on the guerillas, security is visible everywhere (vs. sitting inside like before), and you could see people biking and enjoying what is one of the more beautiful (and clean) cities around the world. And with the challenges of nationalization of businesses in Venezuela and Ecuador, many major firms are setting up shop in Bogota. Its airport is also the largest cargo hub in Latin America. With a 48 hour work week (fun fact), they also seem serious about business. Anyway, my views of Columbia were moderated on this visit.

Worst Advice -- FSB Story Request (July 10 deadline) -- Megan Erickson is working on a story examining the downside to receiving external funding (on a state or federal level--small business grants, commercialization awards, government contracts or stimulus money, etc.) for small businesses and would like to interview small business owners who had negative experiences or setbacks that they attribute to having received grants, awards, and other external funding--as well as if/how they overcame them. Please only respond if you or a small business owner you know fits these exact specifications. Email Megan_Erickson@timeinc.com

Stimulus Package Advice -- take three more minutes and read pages 11 -- 13 of this eBook entitled "The Stimulus Package: What it Means for Growing Businesses". Of particular note:

You can carryback net operating losses (NOLs) in 2008 (tax years beginning or ending in 2008) as far back as five years if you're under $15 million in revenue. Using the longer carryback period ensures that current losses will be fully utilized to produce the largest tax refund possible. This can help with cash flow issues NOW. You can fully depreciate $250,000 in furniture, computer equipment, off-the-shelf software, etc. in 2009 -- and there are other accelerated depreciation bonuses along with limitations if you have over $800k to depreciate. Time to get everyone new computers! Tax credits for hiring certain workers, including veterans. There are certain energy tax credits for going green.

Produced by MyVenturepad in cooperation with SCORE and sponsored by SAP, the eBook explains what the Stimulus means to small and midsize businesses, including an analysis of the tax implications of the stimulus package by small business and tax expert Barbara Weltman.

Parenting Advice -- Two Lies That Will Destroy Your Family -- and Scott Nash, CEO of MOMs Organic Market, sent along a July 4th copy of a newsletter to which he subscribes entitled "Celebrate Calm" which describes the two big lies that can destroy families and all relationships: Lie #1: If you were a good parent/spouse, family life wouldn't be such a struggle and Lie #2: "It's too late." Click here to read. And I particularly identified with (and continue to experience) author Kirk Martin's final point:

HUGE FINAL THOUGHT: The truth is that I made relationships difficult because of my own anxiety, internal tension, stress and rigidity. Plus I just never had tools to communicate differently and understand my family. It's funny how everyone and every circumstance seemed much easier once I changed!