As the year is winding down, you can still make decisions that may lower your tax bill. Here are five for you to consider with input from your accountant:

1. Review your business books. You need a clear picture of your earnings and expenses before you make any decisions. Ask your accountant or bookkeeper if you should be tracking something you aren’t.

2. Defer income. Unless you expect to make considerably more income in 2011 when our tax rates will likely be higher, you might want to defer income until after the first of the year. If this is the case, send out your invoices late this month so you won’t receive payment until January.

3. Increase your expenses. Stock up on business equipment and supplies before year end. Pay some of your bills early.

4. Contribute to your retirement plan. Review requirements for payments to your plan. If you don’t already have an individual 401(k), you may want to set up one before the end of the year.

5. Give. Charitable donations are tax deductible if you have a receipt.

These strategies apply differently to each business owner based on her particular situation. Since I’m not a financial professional, take time to discuss your strategy with your personal tax advisor.

The International Association of Professional Quilters offers resources and networking opportunities for you to create a success from your quilting business. Learn about all the benefits of IAPQ membership and join here.

When I was on vacation in Florida last month, I took a water aerobics class. One morning the instructor noted that we only had four months left in the year to accomplish our goals. While she was referring to our health goals, we now have three months to accomplish our other personal or business goals. How close to your goals are you? I know I still have some work to do on mine. One tool I use could be called “The Power of Five.” I’ve probably always used some form of this concept, and Jack Canfield coined it the “Rule of 5” in his book The Success Principles

Simply take five steps towards your goal each day. They don’t have to be big steps; they can be baby steps. For example, if one of your goals is to promote your new pattern, sending a sample with a letter to five different distributors counts as five steps. The steps don’t have to big ones, just ones that move you towards your goal. And, I think that often the small steps get you there faster; they make the goal seem less overwhelming. Of course, to do this you have to break down the goal into specific steps, often referred to as “chunking.”

I use the concept several ways. I have a running list of things that need to be done for a project, and I can decide the night before what I will accomplish the next day. Then I use my calendar to note the five things I did accomplish. That lets me see that I am progressing towards my goal. And some days I don’t get five. That doesn’t really matter as long as I’m taking some action towards my goal. It’s about persistence with one step followed by another step.

The International Association of Professional Quilters offers resources and networking opportunities for you to create a success from your quilting business. Learn about all the benefits of IAPQ membership and join here.

With the travel I’ve had this month and that I see ahead – hello, Houston and its deadlines – I have to be quite organized to get it done. Here are some tips for accomplishing all that’s on your to-do list.

1. Start with a written plan. Clear, written goals are essential. What is the major goal and what are the sub-tasks? For example, my trip to our industry shows, Quilt Market and Quilt Festival in Houston, is a major goal. It has a number of sub-goals, including creating handouts for the two classes I will be teaching, developing a look for the booth, shipping supplies, developing an order form, etc. I have written out all the specific tasks for each sub-goal in my plan. It lets me focus easily and assures I don’t forget anything.

2. Prioritize the tasks and set deadlines. You need to determine when all the sub-tasks need to be done for the goal to be completed. In the case of Quilt Market/Festival, we know it takes place beginning Oct. 29, so I create a schedule backwards showing when my display materials and class materials need to be shipped. I also like to build in a little extra time. And, you might find out that not everything on your list will get done, so focus first on those activities that have the greatest impact on your business results.

3. Make a daily schedule. Take time either first thing in the morning or the night before to plan your day. Then take daily action toward your goals. How you work toward your goals will vary. You may like to work on one project to completion or divide your day into large blocks for different tasks. In my case, I plan to work on the handouts for my classes on one day and then ship the materials this week. That way they are done, I can check them off the list, and I won’t rush at the last minute.

4. Create and use systems if possible. I have a checklist for booth supplies for trade and retail shows. When it nears time for me to pack my supplies to ship, I get out my checklist, note any additions I may have added at the last show, and print a revised copy to use. I allow extra time in case I need to replace something on the list, e.g., masking tape or a new bulb.

5. Not everything on your list will get done. Remember the 80/20 rule. Twenty percent of your activity results in 80 percent of your results. Concentrate on work in the 80 percent; that’s where your ROI (return on investment) will be.

6. And, finally, let go of perfectionism.This is a hard one for me. One of my mentors says to work to “good enough.” It might be that you set a timer for some of the tasks and what you accomplish in that time is “good enough.”

One of my favorite resources for getting things done is Eat That Frog! by Brian Tracy. The book’s title references a quote from Mark Twain: “Eat a live frog every morning, and nothing worse will happen to you the rest of the day.”

Brian goes on to offer his own two rules about “frogs,” your most important task. “The first rule of frog eating is this: If you have to eat two frogs, eat the ugliest one first. The second rule of frog eating is this: If you have to eat a live frog at all, it doesn’t pay to sit and look at it for very long.” So when I have lots on my plate, I look for the frog and start there.

How do you handle getting everything done on your list?

The International Association of Professional Quilters offers resources and networking opportunities for you to create a success from your quilting business. Learn about all the benefits of IAPQ membership and join here.

During a recent trip to Cape May Point, NJ, I went to a local crafts cooperative with some wonderful work. I remember my days as the quilt/fiber artist at a fine crafts cooperative outside Philadelphia. It’s a great place to sell your work, meet your customer and gather marketing information.

Whether you sell your work in a cooperative or in a booth at a show like Quilt Market, here are some tips to help you increase sales:

1. Set an intention or goal for the show. Is it to make a certain amount of sales, to get your patterns picked up by a distributor, to test a new product? When you are clear on your intent, you’ll be more focused, and your results will show that.

2. Establish eye contact with show visitors, smile and engage them in a conversation. Ask questions that will lead to an answer that is not yes or no. Share something of yourself and your product. Your customer is buying you as much as she is buying your product. And, I’m sure you’ve been to a show where the craftsperson sits on a chair in the corner of an empty booth. Of course it’s empty; no one feels welcome to enter! Get up and greet your customer.

3. Qualify your buyer, i.e., separate the browsers from the buyers. Quilt Market is filled with what I call “the entourage,” quilters who want to see what Market is all about. And, I love quilters who want to become involved in our industry; they keep our industry vital. However, while they may have some influence or be the buyer of the future, they are not the decision-maker today. I’m not saying to ignore them or be rude. You can engage them in a conversation, only find out who makes the buying decision and try to get to that person.

4. Have plenty of handouts and brochures. Not everyone is ready to make a decision when they first meet you. Some like to take materials back to the hotel room and compare before buying. Be sure to bring an original of your handouts in the event you need to get copies during the show.

5. Have a way for people to contact you later. At the cooperative I visited in New Jersey, all the artists had business cards; none had a web site noted on the card. Many times, I’d like to peruse the artist’s web site and see what other work she might have. Not all your buyers will purchase while they are in your booth or even at the show. Make it easy for them to see your product line.

6. Keep up your energy. If you are doing multi-day shows, it’s easy to get run-down. Have healthy snacks and water in the booth. Try to stick to your regular sleeping routine, something I find hard to do at shows. If your energy is zapped, it will show in your results.

Hope these tips add to the success of your next show. And, feel free to share your tips with our readers.

The International Association of Professional Quilters offers resources and networking opportunities for you to create a success from your quilting business. Learn about all the benefits of IAPQ membership and join here.

Do you work on your business or in your business? I learned much about this concept from the E-Myth people, particularly Michael Gerber’s book The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It. The premise is that we can’t grow our business if we spend all our time doing the work in the business; i.e., being the technicians or doers. We have to learn and utilize management and entrepreneurial skills to build the business. Your goal should be to have your business work for you, not you working for it.

So, is all your time spent “doing” the business?

Here are four ways to strive toward working on your business:

1. Develop a clear vision about the path your company will take. This clarity is critical for you and for any people that you hire, whether full-time or on a project basis.

2. Take time to work on your business. I’ve heard from numerous quilters in business – longarm quilters to commission art quilters – that you need to spend two-to three hours marketing your business for every hour you spend fabricating your art. The best approach here is to set aside the time that works for you to do this. It could be three hours every morning or it could be every Monday and Tuesday. And sometimes you need to try working on your business in a different surrounding. I have a friend who goes to the local café each week to work on her business. The goal is set a time consistently to do his.

3. Look for ways to create systems in your business. This could be anything from a system to contact potential buyers to a system to process orders. Systems make a difference in how much time you don’t spend as a technician or doer.

4. Work on yourself. In addition to spending time working on your business, you need to work on yourself. The late Jim Rohn said, “Work harder on yourself than you do on your job. The major value in life is not what you get. The major value in life is what you become.” And, who you become as a person spills over into your business.

The International Association of Professional Quilters offers resources and networking opportunities for you to create a success from your quilting business. Learn about all the benefits of IAPQ membership and join here.

I spent several days last week with my mastermind group, part of the Smart Women’s Institute of Entrepreneurial Learning. This was a decision on my part to play bigger in 2010. I decided if I wanted to grow my business to the next level, I would have to take a big step and play with bigger people. And the people in my group are big players. That’s part of why a mastermind is, as Martha says, a good thing. People who want to play big often have bigger ideas. I came away from this group with one big idea that I never considered – and it was right in front of me the whole time. If you think about it in sports terms, if you are a tennis player, you want to play with someone who is better than you are, so that you improve your game. It does take courage to take that leap. If you remember, one of my words for the year is challenge, and this will do just that for me. And, my group reminded me not to get so wrapped up in my challenges that I forget the joy (my other word for 2010) as I move forward.

Here are some tips to help you take the leap and think bigger this year.

1. Take action. Is there something big you want to do but haven’t taken the plunge? What are the big things on your goals list? This could be entering your quilt in a big quilt show, sending your patterns to a large distributor, contacting the local gallery about a show or getting your teaching proposals to a major show promoter. You won’t be able to get bigger if you don’t take action. So, put aside the “what ifs” and go for it. You can’t win if you don’t play.

2. And, speaking of action, be bold and daring. Remember our goal is to think bigger. Don’t take safe action, take action that scares you a bit. I have the following quote from Eleanor Roosevelt on a magnet on my refrigerator where I can see it every morning: Do one thing every day that scares you.

3.  Act as if. I learned this many years ago. Act as if the situation is as you want it. Exude confidence and success. You’ll be surprised at how often when you “act as if,” you get “as if.”

4. Toot your own horn. Many times women are reluctant to share their successes. I know, many of us were raised that way. It’s time to put aside that attitude and pick up that horn. If you don’t blow your own horn, who will?

5. Schedule time to grow. This can be with a mastermind, such as mine, or networking with a small group of like-minded quilt, art or business professionals. It can also be setting aside time to read, learn new things to either build your business skills or work on your mindset. Here’s a book I like that will help you utilize the power of thinking big: The Magic of Thinking Big by David J. Schwartz, Ph.D.

Good luck with your big, bold action as you move forward. Personal and professional growth happen when we are willing to take that leap and think big.

The International Association of Professional Quilters offers resources and networking opportunities for you to create a success from your quilting business. Learn about all the benefits of IAPQ membership here.

This week we have a teleclass with Marcia Hoeck on working with a virtual assistant. I began partnering with my virtual assistant, Terry, about 16 months ago. I know some of you have had occasion to work with her. Why did I make this decision? I wanted to grow my business and knew I didn’t have enough hours in the day to accomplish everything. I also knew I wasn’t as skilled at some aspects of the business as someone else might be. And, I knew I got a better return on my time investment working on other projects.

How did I first learn about virtual assistants (also know as VAs)? That I’m not sure about. In 2004 I began working with a VA on my husband’s behalf and quickly realized the benefits. Dawn, his first VA, started by taking over his e-zine, something I had been doing. Today, she has another business and he has another VA. Partnering with a VA left him with more time to work “on” his business, rather than “in” his business. I was sure it would do the same for me.

How can quilt professionals use a VA? First get clear on why and how you can use some help. Are your books woefully behind? Some virtual assistants specialize in bookkeeping. Do you want to grow your business online with a monthly newsletter and don’t know where to start? Many VAs are skilled at html, so they can handle lots of online tasks. Here are eight ideas to get you started:

1. Start with the bookkeeping mentioned above. If this is not one of your skills, look for a VA who is skilled in this area. She can bill your clients and follow up on overdue invoices, keeping you abreast of a situation that you need to handle. She can pay your bills and balance your books.

2. If you are a quilt teacher, you can have your VA manage all your bookings. She can keep your calendar, handle inquiries for teaching, know when you need to be where, get your handouts prepared and shipped to your event. She can even book your travel.

3. If you are a pattern designer, your VA can handle your back-office support activities, including order processing, delivery confirmation and follow-up.

4. Most quilt businesses have a web site and/or blog. Your VA can handle posting, linking, site updates, etc.

5. If you are a longarm quilter, your VA can handle initial inquiries and schedule your work. She can keep track of your supplies and order them for you when you are low.

6. If you are coming out with a new product, you can find a VA to work with you to develop a marketing plan.

7. If you’re an art quilter and preparing for a show, your VA can send invitations, contact the press, help you create advertising and publicity materials, etc.

8. Many quilters today have online newsletters, or e-zines. Your VA can manage your database and work with you to get your newsletter sent out in a timely manner.

I’m sure as you look at your business, you can find tasks that a VA could do. As you go through a typical week, track the tasks that you handle. Many of these tasks, particularly those of an administrative nature, are ones that your VA could do. Sure you could hire someone locally, but you’ll find advantages to having someone do them virtually. The big one is that your VA owns her own business just as you do, and she’s committed to building her business. She’s also responsible for her own taxes, insurance, sick or vacation pay.

I found in the time that I’ve worked with my VA that I’ve been able to build The Professional Quilter into the International Association of Professional Quilters. I could not have done this without the help of my VA. Not only does she handle some of my administrative tasks, she’s a good sounding board for my ideas. A bonus is that she’s a quilter. Regardless of whether you choose to work with someone virtually or hire someone to come into your office, when you turn over some of your work, that lets you spend time working on your business not in your business. And that’s when your business can grow.

The International Association of Professional Quilters offers resources and networking opportunities for you to create a success from your quilting business. Learn about all the benefits of IAPQ membership here.

Have you considered holding an open studio to educate the public about your art and make a profit at the same time? While many such events are often held at a holiday time, they can be successful year round. In the Fall issue of The Professional Quilter, Eileen Doughty interviewed eight art quilters to get their take on how successful their open studios were and what was involved in putting one on. If this is one of the marketing ideas on your goals list for 2010, you’ll want to go back and read Eileen’s article to refine the notes you probably took when you were researching at local events this season. Following is an excerpt from part one on preparing your studio. Part two of the series is in the Winter issue of The Professional Quilter.

The most engaging studios tend to highlight the creativity and individuality of the artist. They are beautiful and inviting, inside and out. Consider including demonstrations, an artist talk, works in progress, photographic displays or even videos. Display samples of your work or process that you don’t mind being handled by a lot of fingers.

Whether your studio is in your home or a public place, it may take a few days to set everything up, and even more time if you are using someone else’s space and have to start from scratch. “Getting ready is a huge job – not just in terms of making and mounting my artwork, but rearranging the furniture, cleaning, preparing refreshments, labeling, pricing, doing the signage, arranging for helpers, printing and packing greeting cards, and preparing storyboards and displays of materials and equipment,” says fiber artist Susan Else, who participates in a tour sponsored by the Cultural Council of Santa Cruz County, Calif., each October.

Consider offering artwork in a variety of sizes and prices. Place neat labels next to each work with title, size, materials and price. Besides wall art, several artists offer hand-dyed scarves, books written by or featuring the artist, note cards, small gifts, jewelry, framed art and wearable art. Inventorying every single item can be time-consuming but will help you track sales patterns, and you’ll know if there was any shoplifting.

Have a guest book to build your mailing list and get comments. Also set out your business cards and postcards. Susan puts her sign-in book on the way to the kitchen, so no homemade apple cake until you sign!  Susan’s homemade apple cake is not the exception, as many artists provide beverages and non-greasy food.

To read more of Eileen’s article on Holding an Open Studio in Issue 109 of The Professional Quilter, your subscription or membership in the The International Association of Professional Quilters must be current.Learn about all the benefits of IAPQ membership here.