Bob Norton Consulting - October 2021

Bob Norton Consulting - October 2021

NortonAccountingServices.com 985-640-6072 [email protected] OCTOBER 2021 NORTON NEWSLETTER EASE OF MIND • AVAILABILITY • FLEXIBILITY • INDIVIDUAL APPROACH • EXPERIENCE • TAX SAVINGS OPPORTUNITIES THE REAL ESTATE TAX PRO ™

HOW TO MAKE YOUR BUSINESS STAND OUT

FROM THE DESK OF Bob Norton

The New Orleans area was hit by Hurricane Ida on the same day as

Hurricane Katrina hit the area 16 years ago. Luckily, Ida was not as powerful as Katrina. However, Ida still caused significant damage in its path. If you live in the New Orleans area, then this is not news to you. Since the areas hit by Hurricane Ida have been declared a federal disaster, many of you will be able to deduct your hurricane damage losses on your tax returns. Without a federal disaster, casualty losses are not deductible for taxes. Uninsured losses are not deductible, so if you incurred a loss due to the Hurricane and did not have insurance coverage, then you won’t be able to deduct the loss. If the damage was to property owned by your business, then you will still be able to deduct the repairs even without having insurance. To get the maximum tax deduction, make sure you keep copies of your receipts for repairs and create a log of your receipts with amounts spent or any items lost and not replaced and keep a copy of the insurance company’s claim adjustment report.

In an Increasingly CrowdedMarket

Would you be surprised to learn that entrepreneurship actually grew between the years of 2019 and 2020? I know I was. And as life gets more and more back to normal, that’ll mean more and more businesses will pop up everywhere. If you’re trying to stand out from the crowd, today’s flooded market might make you a little anxious. Well, luckily for you, as a stalwart entrepreneur who won’t let daunting news derail their dreams, you can still create a business that stands out from the competition and draws customers in.

–Bob Norton

How do you do that? Well, it isn’t necessarily about finding the right product; it’s more about finding the right customer. In order to do that, answer the following three questions.

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... continued from Cover Which kind of customer wants specifically what you’re offering? If you’re in the process of starting a business, chances are you already have an idea of what your unique skills and talents are. After all, they’re unique enough that you thought to put yourself out there and try to make a living with them!

How can I create a brand that my customers will want to tell others about? At this point, you have to be unafraid of changing things up. Have it in mind to constantly evolve your business, and keep your customers’ potentially shifting goals and values in mind. When you can show your customers that you’re learning and growing alongside them, you’ll earn a loyalty that keeps them coming back for more. And the more they keep coming back to your business, the more opportunities they’ll have to talk about it with their friends and family, encouraging them to check out what you have to offer too! So, while there are plenty of businesses and entrepreneurs out there trying to get a slice of the market, know that you can set yourself apart, not from shouting louder than your competitors to get their customers, but by harnessing your unique skill set to get the right customers for you.

However, you should keep in mind: Where there is a specific skill set, there is someone who needs that skill set — a specific customer that you should keep in mind. When you focus on that customer, you optimize what you’re good at for them, rather than trying to suit the needs of multiple hypothetical customers. How can I translate my customers’ unique values into tangible touchpoints at my business? Knowing your customers’ values is the first step toward creating a space where they’re happy and comfortable. So, you should find out what those values are. Then, as you continually create and update your systems and processes, keep those values in mind and let them guide your decisions on business culture. Whether your business is all online, or in a brick-and-mortar location, showing your customers that you abide by their values will keep them coming back.

HOW READING FICTION CAN BENEFIT YOU Self-Help Books Can’t Do It All

Many CEOs and other successful individuals continually espouse the benefits of regular reading. Many times, leaders read self-help books to improve their leadership skills and become more successful. This is all well and good, but even the most successful people in the world could be missing out on the unique benefits that come specifically from reading fiction. But what are those benefits exactly? Greater Empathy When a psychologist analyzed 86 functioning MRI (fMRI) studies, he found that the same parts of the brain that fire up when reading fictional stories also fire up when we’re seeking to understand the thoughts and feelings of others. That’s because when the characters in the book we’re reading are thinking or feeling a certain way, we tend to think or feel that way with them.

ourselves out and negatively affect other areas of our lives. Stress tends to keep us from sound sleep, but reading fiction before bed engages the imagination, taking us away from the stresses of everyday life before we drift off. More Comfort With Uncertainty Even though many stories (particularly those portrayed in popular movies) have nice happy endings, most people would agree that life sometimes leaves things a little more open-ended. While this fact might stress out some people, researchers have discovered that fiction readers don’t need “cognitive closure” as much as nonfiction readers.

Greater Happiness

Even if none of the benefits of fiction interest you, everyone wants to find ways to make themselves happy — and for many, that

Less Stress and Better Sleep When we read fiction specifically, we tend to disengage from the world — and that’s a good thing! Our brains can’t always be functioning at their peak capacity. We need breaks, or else we’ll stress

is reading fiction. According to one survey, 76% of participants said that reading makes them feel good and improves their lives. So, what are

you waiting for? Dust off that novel you’ve been meaning to read and crack it open!

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YOU CAN SHARE WITH YOUR KIDS 2

can buy long candles and trim them to size or learn to make your own from the book “Beeswax Alchemy” by Petra Ahnert.

5 LOW-TECH TIPS FOR LIGHTING YOUR JACK-O’-LANTERNS

2. Create built-in stability. There’s nothing less festive than a jack- o’-lantern going dark because its candle has tipped over. To prevent that, carve a depression into the floor of the pumpkin that’s the same shape and size as the base of your candle. Then, drop the candle in! This simple trick will hold it in place. 3. Go bottomless. Another option that will solve the toppling candle problem is hollowing out your pumpkin from the bottom instead of cutting a lid out of the top. If you do that, you can set up and light your candle first, then place the jack-o’-lantern over it. As long as your pumpkin is on a hard, level surface, your candle should be stable. 4. Light up at the right moment. The easiest way to prevent burns is to light your candle at the right time and with the right method. If you like to hollow your pumpkins out from the bottom, light your candle first then place the pumpkin over it to prevent burns. If you hollow your pumpkins from the top, remove the “lid,” place the unlit candle inside, then light it with a long lighter or fireplace match. 5. Don’t forget the chimney hole. To prevent heat and smoke from building up inside of your pumpkin and cooking it slowly, light up your candle and peek inside to see which spot on the top is warming up the fastest. Then, cut out a notch or “chimney hole” in that spot to let the heat escape.

Halloween is almost here, and you know what that means: home- carved jack-o’-lanterns! Turning pumpkins into decor is an ancient tradition, but as any experienced carver knows, using real candles inside them can be frustrating. Cooking pumpkins, unstable candles, and accidental burns are just a few of the issues that often crop up. To avoid them this Halloween, try these five tips. 1. Choose your candle wisely. According to the San Francisco Chronicle, it’s best to choose a candle that is at least an inch shorter than the hollow space inside of your pumpkin. To achieve this, you

Take a Break!

Oktoberfest Soft Pretzels

Inspired by Tasty.co

Ingredients

• 4 1/2 cups flour • 3 tbsp oil, divided • 2/3 cup baking soda • 2 eggs, beaten • Coarse salt, for sprinkling

• 1 1/2 cups warm water • 1 tbsp salt • 1 tbsp sugar • 1 packet active dry yeast

Directions

1. In a bowl, combine water, salt, and sugar. Add yeast and let rest for 5 minutes. Add flour and 2 tbsp oil, then mix thoroughly into a dough. 2. Remove the dough from the bowl. Coat bowl with remaining oil, then return the dough, cover with plastic wrap, and set it aside in a warm place for 1 hour. 3. Preheat oven to 450 F. 4. Cut dough into 8 pieces. Roll them into thin ropes, then twist ropes into pretzel shapes. 5. In a large pot, boil water. Add baking soda, then boil each pretzel for 1 minute, flipping halfway through. 6. Transfer pretzels to a baking sheet. Brush them with egg and sprinkle with salt. Bake for 10–15 minutes. Enjoy!

PARTY PUMPKIN SHADOWS SPOOKY

HAUNTED MOON MYSTERY ORANGE

BLACK COSTUME GHOST HALLOWEEN

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INSIDE THIS ISSUE

From the Desk of Bob PAGE 1 Making Your Business Stand Out From the Crowd PAGE 1 The Unique Benefits of Reading Fiction PAGE 2 5 Low-Tech Tips for Lighting Your Jack-o’-Lanterns PAGE 3 Take a Break PAGE 3 Oktoberfest Soft Pretzels PAGE 3 A Story of Unbreakable Friendship PAGE 4

The Dog Who Rescued Another THE STORY OF WHOOBIE, JUAN, AND THE FAMILY THEY CREATED

a bed, and occasionally, Whoobie placed his arm around Juan. At the dog park, every canine knew not to mess with Juan, lest they had Whoobie to contend with. The pair remained that way for years. Sadly, the worst part about dogs is that they leave us too soon. On the day Whoobie died, Patricia and Juan said their goodbyes together in the veterinarian clinic. “As Whoobie took his last breath,” Patricia recalls,” Juan laid down next to Whoobie. He seemed to know his friend was gone.” Today, Patricia and Juan have bonded, but they still miss their friend — a dog who saved them both and helped create their family.

couch, Patricia and Whoobie heard a dog barking outside. A small Chihuahua mix was standing in their backyard, despite the high fence. (Later, Patricia surmised that someone dropped the Chihuahua into her yard.) For an hour, Patricia tried to establish a rapport, pleading with the little dog to eat or come inside so she could find his owners. He wouldn’t move. Giving up, Patricia left her door open and went back inside. Whoobie followed — and so did the little dog. As Patricia explains to Reader’s Digest, “From then on, he always followed Whoobie.” After no one claimed the dog, Patricia adopted him and named him Juan. Still uncertain about people, Juan latched onto Whoobie, and the pair became an inseparable duo. The new brothers shared

When we hear about animals being rescued and adopted, we often picture a family finding their perfect furry companion.

In the case of Whoobie and Juan, it’s a little different.

Whoobie was his owner, Patricia Lane’s, loyal mutt for many years. He mastered all the standard dog commands — sit, stay, and lay down — and he danced when asked and could find his favorite toys by name. Patricia always knew when her guests arrived based on Whoobie’s howl, and his loud-mouth attitude often saw him as the “sheriff” of the local dog park, policing any and all dog fights. For years, Whoobie and Patricia were perfect companions, but one day, their family grew by chance. After waking from a nap on their

You can read more pet stories in Reader’s Digest’s “America’s Best Pet Pals” series.

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