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dear Clients and Friends,Good times, sunshine and summer time. This is supposed to be the best time of the year. however with gas prices exceeding $4 a gallon, rising food costs and shortages it looks like a long summer of penny pinching and bike riding. listen … it’s not as bad as it seems. We have been here before and most of us made it out unscathed. Following a few simple guidelines can help even the biggest spenders of us all make it through this tough time.

First off—save where you can. if you haven’t already spent your government rebate check, you might consider paying down some debt or putting it in a savings account where it will start accruing some interest. Clip coupons, eat at home instead of hitting up the new restaurants, and carpool if you get the chance. don’t dip into your 401(k) or any of your other savings because that will only set you back in the future. A penny saved today can add up by the time it’s really needed.

secondly—don’t stress. While things may look grim now there is always a light at the end of the tunnel. stressing will only lead to poor money choices. sit back and make a priority list. Once you decide where your money needs to go it will be easier for you to make decisions down the road.

Finally, try to have some fun this summer. OK, so you can’t take that big family vacation you promised the kids this summer so instead take advantage of what’s around you. explore a town in your city you haven’t been to in a long time. Visit a nice resort in town that’s offering special pricing and let the kids enjoy the pools while you relax. Visit your local zoo or museum and check for special price deals on their Web sites. summer is a time for fun and relaxation so bust out your swimsuit, walking shoes, or a good book and keep your wallet in your pocket!

have a happy summer!

Mark eberleManaging Partner

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4 better negotiations Learn how to reach agreements where everyone wins

13 instant-response world leads to new expectations for voice mail

16 top 10 misconceptions of doing business in cyprus

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wo outstretched hands lock for an instant. The simple maneuver belies the complex negotiation process needed to get to that handshake (and more

importantly, a written agreement).“Negotiation for handling and heading off disputes is needed

more and more in business. There is so much potential for con-flict, and conflict is expensive in a litigious society,” says Arthur Pearlstein of the Werner Institute for Negotiation and Dispute Resolution at Creighton University School of Law.

“Every industry and every area of commerce all use negotia-tion,” he says.

However, most people never learn or are taught how to nego-tiate. Most college graduates have never had to take a course focused on negotiation. In recent years, though, more programs are being developed to offer negotiation training not only to college students but to executives and others already operating in the workforce.

Pearlstein says most of us take the view of negotiation as a game of hard ball—the only way to be a winner is to play tough and beat the other party. But he and other experts say that win-lose view often severely restricts someone’s ability to succeed in negotiation.

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“Instead of looking at negotiation as destructive—arrive at a collaborative solution. That’s the way to do good business,” he says. “Negotiation failure is expen-sive. You can lose employees, customers, value, respect and trust in an area.”

A negotiation where everyone is a winner is pos-sible, says Robert Cialdini, past president of the Society of Personality and Social Psychology and author of INFLUENCE: Science and Practice.

“Not only is it possible to find win-win solutions, it is imperative that we do in order to establish and maintain the partnerships that lead to economically efficient and personally satisfying business relationships,” he says.

“Causing another party to lose in negotiation with us may well cause us to lose too—to lose the willingness of that party to deal with us in the future.”

Hardball, softball or more pieExecutive Coach Leigh Bailey says leaders often believe that presenting a fact-based argument to the other party (an employee, vendor, etc.) is compelling enough to win the day. “This rarely works,” he says, “because negotiation and one’s point of view are based not just on facts but on one’s values, beliefs and experiences. Thus, the other hears the same facts and draws different conclusions.”

Pearlstein offers three perspectives on negotiations in which people typically engage. The first is hardball—a distributive approach where parties want to figure out how to split the pie. Negotiators see it as a competition and want to make minimal concessions, hide informa-tion and undermine the other party’s position. It’s a fight. Pearlstein says the “I’m the winner” view is not a reputa-tion most negotiators want because people don’t want to deal with them.

Softball negotiations are still distributive (split the pie), but they are cooperative as well. In this negotiation, the

parties make concessions expecting the other to reciprocate.

But what if you could make the pie bigger, Pearlstein asks. In the big-

ger pie view, negotiators share more information and increase

the level of trust. Negotiators build relationships, which is even more effective when

dealing with the same people over

and over.

Negotiation is not a way to split up the pie where more for you is less for the other party. The approach is an interest-based one, where both parties work to see how the pie could be made bigger so everyone gets more.

Pearlstein tells the classic story of two businesspeople fighting over a crate of oranges. Each had a valid claim and wanted the majority of the crate. When one asked the other how she planned to use the oranges, the woman replied that she wanted make orange marma-lade. The inquisitor wanted to use the oranges for juice. By asking the question, each was able to have all the oranges, and both parties could share the cost of labor to peel them.

“Their interests overlapped,” Pearlstein says. “That’s integrative, interest-based or problem-solving bargaining.”

Now, he realizes that orange crate solution sounds great but that most negotiations are not as simple.

do your homework“One of the main elements of being a good negotiator is the hard work that goes on before the negotiation,” Pearlstein says. “People often overlook the heavy lifting that comes before the negotiation and being prepared—no matter how clever and sly the negotiator is.”

Consider this anecdote: Walking into a bazaar sale, a man spots a rug that would be perfect in the office. The seller quotes a price, the man knows he can do better so he negotiates and pays half the originally quoted price.

Sounds like a great deal. But that’s not necessarily the case. “Unless you really know what the merchan-dise is worth, there is no basis for victory. The price he paid may still be 10 times more than what it is worth,” Pearlstein says.

Successful negotiators should practice before they actually negotiate—anticipate problems, develop approaches to resolution, prepare potential responses, etc. Understand your own knowledge, training and lim-its. Don’t try to become someone you’re not. Leverage your personality the best you can.

For example, if you’re a shy person, don’t make the deal at the table. Say, “let me think about it,” or bring someone else to help in the negotiations (or to make sure you don’t make a commitment right then).

Learning to negotiate does not mean you should stop (or not start) being nice. “Being nice can be a very effec-tive negotiating technique as long as you’re firm and clear,” Pearlstein says.

What are you afraid of?Author Jim Camp says the most debilitating emotion is fear. And what are most people are afraid of? Hearing someone say “no” or receiving some other form of rejec-

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tion. People don’t want to lose, offend people or make people mad and “no” all plays into those emotions. So he advises that you get that fear out of the way first.

“Take fear out of the equation—it truly enhances decision-making capabilities,” says Camp, who wrote No: The Only Negotiating System You Need for Work and Home.

“No” allows the negotiation to move forward because the fear drops away and the discussion becomes more participatory.

If you start negotiating by acknowledging the other person can say “no” as long as she agrees to spend more time to look at the deal, you’ve removed the per-son’s fear (and self-talk) on how to say no politely and allow the individual to focus on the actual details.

Camp says taking out the fear emotion does not remove emotions from the situation but it does allow all involved persons to be comfortable. “All decisions are based 100 percent emotion-ally in the brain,” he says, explaining that we use information to justify those emotions verbally.

He tells of a company that wanted help in figuring how to become prof-itable. Buyers of its product had no other options as the company was the sole source provider—and the product was required in the industry. But even given that scenario, the company had not been profitable in three years.

Camp was paid well to meet a full day with the board of directors. He asked the board what num-bers it needed to make a profit and what numbers it had been getting. The solution was simple given the noncompetitive situation, he said. Raise your prices significantly so you can turn a profit.

“Our customers will hate it,” the board responded. But that’s how the company can develop the next gen-eration of products that its customers will want, Camp explained.

But the board could not get away from the idea that the price increase would upset its customers so it decided to sell more stock for new investment.

“I could not create the vision. I could not take away the fear,” Camp said.

Style v. strategyPeople are fairly diverse in their negotiating approach, says Anne Donnellon, an associate professor who teaches negotiation in the MBA classes at Babson University. Some are consummate game players or competitors who frame negotiations as an “if you win, I lose” test of their competence. Others are focused on

ittle girls are taught to be nice. Little boys are taught to be strong.

With those starting points, it’s no wonder that men and women typically view negotiation differently. Professor Horacio Falcao says while gender differences shouldn’t matter in a particular negotiation,

understanding them is essential to successful negotiating.

“Gender differences are not a handicap,” says Falcao, who teaches decision sci-ences and studies gender differences at INSEAD, one of the world’s largest graduate business schools with campuses in Singapore and France. He cautions that gender differences are not universal so it should not be considered that “all men” and “all women” act as the research shows.

When women negotiate on others’ behalf (whether individuals or their companies), they usually take steps to be much more successful (10 to 20 percent more in some cases).

Women see negotiation as a value-based proposition, one built on relationships in environments where people feel safe interacting. However, they are not as likely to research and provide significant data to support their claims. Women do a lot of the leg work to create as much value as possible, but tend not to claim their fair share

of the value created.

Falcao recommends that women always participate in negotiations as if they’re negotiating for others so they get their proper share.

Men, on the other hand, view negotiations from a more threaten-ing perspective—they are analytical and data prone in the process. They see negotiation as bargaining. But, Falcao cautions, not all negotiation is bargaining—it’s to sort conflict and identify areas for progress.

Men frequently view negotiation as a “win-lose” situation, where the victory is power. Women, instead, do not seek power for the sake of

power. They’re more curious so they ask more questions. They move away from the typical “power” concept and desire to reduce conflict, facilitate an

exchange of information and gain an advantage that way.

As Falcao explained earlier, men and women are taught as chil-dren to play different roles. As such, people in business expect your behavior to match your gender role.

Falcao doesn’t advocate trying to act against those stereotypes; doing so would violate others’ expecta-tions and unsettle them. Instead, he says, soften those hard lines and use the expectations as a start-ing point, playing to the strengths of those character-istics and downplaying the weaknesses. e

Be nice. Be strong. Play to strength of gender roles.

continued on page 8

l

Falcao recommends that women always participate in negotiations as iF they’re negotiating For others so they get their proper share.

8 VOLUME 8 n ISSUE 4 n SUMMEr 2008

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everyone getting a fair deal. Then there are many who just want to avoid being taken.

While all her students want to learn how to negotiate better, their style often dictates what “better” means.

“Shy, non-confrontational types often leave such edu-cational experiences with newfound confidence in their abilities to negotiate win-wins and as a result, may gain the most,” she says. “They learn to use their empathy to win over other negotiators and to use this in combina-tion with their newly developed advocacy ability to cre-ate value for all parties.”

She says the more competitive people learn to perform better in those competitive-type negotiations. However, they sometimes find it hard to adopt a more collabora-tive style.

But Donnellon says it’s not personal style that should dictate a negotiation strategy. “The situation should shape the approach one takes. In a one-time only negotiation, like a house or car purchase, most people find it easier and more efficient to focus on getting the best price.

“In negotiations where price is only one consideration or when the relationship with the other negotiator is and will continue to be important, one must use a very dif-ferent set of tactics to be successful.”

She says that as people develop their negotiating skills, they’ll recognize their own predispositions or style and be able to differentiate that from the situational strategy.

Ultimate goal in mindCamp says he thinks one of the greatest weaknesses in our society is that we see compromise as negotiation. “Give and take is not negotiation,” he says.

A new company creates a product that costs $10 to make. The two partners ask each other how much it should be sold for in the marketplace. Partner A replies “$25,” while Partner B says “$40.” So the two compro-mise, splitting the difference and setting $32.50 as the price.

That’s not negotiation, Camp says. True negotiation would involve identifying the market—going out and asking prospective customers what they would be willing to pay for the product. With that information, the two could negotiate a more proper price for the product and set themselves up for success.

Another mistake negotiators make, according to exec-utive coach Bailey, is that they get overly committed to their solution and stop being clear about what they want to achieve. He says negotiators must remember to be flexible in how they will reach their ultimate objectives.

get the negotiation doneBailey says negotiators should take the time to be really clear about what they hope to accomplish in the negotia-tion as well as what they are willing to accept. “In this way, you are prepared to articulate your wants and to respond to counter proposals,” he says.

The most effective way to negotiate day to day is to listen—to employees, co-workers, vendors, etc. Understand their points of view and build trust with them so you also earn the right to ask them to hear you out, Bailey says.

“Then articulate your point of view (objective and proposed solution) as clearly as you can. Look for points of agreement and disagreement,” he says. “Then look beneath the negotiating positions to understand the underlying needs and brainstorm alternative ways to meet the needs.” e

Be coolArthur Pearlstein of the Werner Institute for Negotiation and Dispute Resolution at Creighton University created the “BE COOL” acronym for a quick lesson in negotiation.

alance (respect for other party and self-respect; emotion and reason)

xPerience (review your own knowledge and background and imagine what the other party is experiencing)

oncentration (exhaustive preparation; clarity and focus; planning)

bjectives (be clear about your goals—have high aspirations)

Ptions (have alternatives in mind; brainstorm; generate options)

istening (less time talking; ask lots of questions; let others make first offer in most situations)

b

e

c

o

0

l

continued from page 7

in the bigger pie view, negotiators share more inFor-mation and increase the level oF trust.

The leAdiNG edGe 9

Certified Public AccountantsHenry & Horne, llP

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We are a service economy. Close to 80 percent of our GDP is

service based. In a marketplace wrought with problems and con­cerns over the economic downturn, one must wonder how we will pull ourselves out of this fiscal malaise, when our primary source of busi­ness results from how we service what others manufacture.

Never will service be a more con­sidered factor in securing and main­taining business relationships. In these troubling times relationships will be tested, and I predict only those who have served customers and clients well, will survive well. With ferocious competition for lim­ited client attention and business, how we serve will become a means to compare and judge.

Competitive differ­entiation, which is lasting and enduring, will prevail in these turbulent times. We are seeing it already. Retailers and suppliers who have treated their customers and clients badly are feeling the pressure now. Business is falling off, and trying to change in the midst of an economic crisis may be a daunting challenge. People are being let go, locations closing and these two factors, connection and convenience, are at the center of any service strategy.

Those who have been paying attention to how they serve their customers and clients all along will get through these difficult times hurt, but perhaps not crippled.

let’s explore this notion: There are many great companies who come to mind as examples of how service has defined them. Four Seasons, Marriott, Charles Schwab, General Electric, Container Store,

Wachovia, Southwest Airlines and Apple are just a few. These com­panies have used service as a bridge to loyalty and competitive differentiation. They place their customers first, train their associ­ates on how to do that and make certain that their service culture is monitored for consistency in performance and reward, and rec­ognize those who serve well.

Let’s focus on three companies who are benchmarks in service excellence in their competitive set and are recognized as such by those they serve:• The ritz-Carlton consistently

ranks at or near the top in guest satisfaction among luxury hotels.

• eBay is one of the most trusted companies in the United States for customer privacy.

• Saturns are consistently among the top­ranked value­priced cars for the car industry.

Each of these companies was among the first in their respective in dustries to identify service as a differentia­tor and set their corporate direction accordingly, and developed a ser­vice excellence culture. As service pioneers in their fields, each of these companies were able to define the benchmarks against which service for that competitive set would be judged, further enhancing their competitive edge. This determina­tion positions them well for an eco­nomic downturn.

continued on page 12

There is another important point to recognize here as well; and certainly considering the dis­mal state of service in America, there is an opportunity to stand out even in these troubled times. Those who are the first to embrace a change by how they conduct their business are the ones who will achieve a competitive advan­tage in their fields—and it’s always preferable to be the first to the game, make the rules, and bring your own ball.

a great model to follow

Fedex Kinko’s. It is a time­tested example of the first­adopter theory in its competitive set. UPS and the U.S. Postal Service were the significant factions in the package delivery business in 1971. Fred Smith formed FedEx in that year out of his frustration with the service he received when mailing packages. He determined that the time to deliver, lack of reliability and methods used for shipping were unacceptable. He also real­ized that the business environ­ment was changing so fast and assured delivery of packages was increasingly becoming an absolute requirement for businesses of all sizes. He was a visionary as much as he was a problem solver.

Thus FedEx became the first company in the package delivery industry to create a business plan based on understanding current customers’ needs, envisioning future needs, and developing an approach to satisfying needs (reli­ability and speed) and by reliably delivering packages to customers the very next day. Furthermore,

VOluMe 8 n issue 4

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Service and the economyby bob livingston Author, How you do...What you do

10 VOluMe 8 n issue 4 n suMMer 2008

Henry & Horne, llPCertified Public Accountants

although your business is suc­cessful, there are times when

sales may level off or profits might start to slide. In this uncertain economic climate, you cannot take anything for granted. So you might take a more aggressive stance.

Keeping that in mind, here are several basic management tips to observe. It can’t hurt to follow these practices even if your busi­ness has been prospering.

Prepare for the days when things will not be going as well as they are now

Just witness the recent rash of high­profile corporations that have fallen on hard times. There are simply no guarantees about the future success of your company. One of the worst enemies of every business owner or manager is complacency.

avoid knee-jerk assumptions about customers or clients

For example, a salesperson might assume that a certain territory is all wrapped up or a particular cli­ent will remain loyal forever. Then the other shoe drops when a large account is unexpectedly lost to the competition. Even if you have pro­vided quality services to someone in the past, you must show that you will continue to do so tomor­row and the day after.

Continue to expand your business

It is rare to be in the enviable position of having “too much” business. More often than not, a business tends to get bogged down at a certain comfort level. When that happens, it is easier for a competitor to siphon off some of your profits. In addition, you may

come across as being arrogant to clients and prospects if you make a halfhearted attempt to generate new business. A successful busi­ness is usually a growing business.

Keep learning more about your clientele

Gathering information should be an ongoing process. For instance, you should regularly ask custom­ers or clients questions about any concerns and opportunities they are facing, the changes that are affecting them and any special conditions that are causing prob­

lems. If you do not regularly keep in touch, you may not be able to fulfill their needs in the future.

do not risk everything on just one or two accounts

Similarly, if your sales are com­pletely price driven, your business can go down the drain quickly if a competitor decides to undercut you. In other words, you must offer more to customers than just a low price. The way you operate should give the impression that you intend to stay in business for the long haul.

Plan ahead for potential economic downturns

This is not to suggest that you should let doom and gloom per­vade your thinking. Instead, it is meant to convey the idea that it is better to be safe than sorry. A “safe and sound” approach is to recog­nize the uncertainty of the future and to act accordingly.

Take these precautionary mea­sures before the danger signs appear. As a result, you can keep your business growing despite the inevitable bumps in the road. e

Mark F. Eberle, CPA, is the Managing Partner of Henry & Horne. He is also a member of the firm’s Executive Committee and can be contacted at

(480) 483-1170 or MarkE@hhcpa.com.

How to manage your business betterby Mark eberle, CPA

iT CAN’T hurT TO FOllOW These PrACTiCes eVeN iF YOur busiNess hAs beeN PrOsPeriNG

The leAdiNG edGe 11

Henry & Horne, llPCertified Public Accountants

The leAdiNG edGe 11

T rying to cut overhead expens­es—whether it’s ordering fewer

paper clips or making do with fewer perks—is a practical way to improve your profit margin. Here are several suggestions for getting started.

1examine current costs. Before you can determine

where waste exists, you need to know what your current over­head is. Be sure to get accurate, up­to­date figures for each and every item in your accounts pay­able. This includes such things as equipment, stationery and forms, mail services, phone expenses, office furniture, etc. Compare this year’s total for overhead to last year’s. If the trend is upward, chances are that you have some cost­cutting to do.

2get employees involved. A cost­cutting memo from

the top probably won’t be nearly as effective as sitting down with employees and getting their opin­ions as to how overhead can best be trimmed. For instance, some­one who runs an assembly line usually is in the best position to tell you what costs can be cut in his or her particular area.

3Use the new technology at your disposal. In this day and

age, you should investigate ways that your company can do things faster at a reduced cost. Make sure your practices and procedures are up­to­date.

4make it worthwhile. Give employees more than just

credit for coming up with a cost­cutting idea that saves your company money. You might set

up some type of incentive plan using cash awards for beneficial ideas. Other incentives, depending upon the company, might include employee discounts, added time off, free lunch for a week in the company cafeteria, etc.

5Control purchasing. All too often, employees have

the attitude that no matter how much an item costs, the company

can afford it. It is important to let employees know that bargain hunting is just as vital in the office as it is at home. For instance, you may train employees responsible for purchasing to seek several bids before committing to any one vendor’s price. It is also critical that your invoices are audited to ensure that the bargain price you thought you were getting is, in fact, what you are paying.

6examine inventory. Go through your stockroom and

storage areas. Are there items that are simply gathering dust? If so, perhaps they are no longer need­ed. At the very least, they should not be reordered.

7recycle. The same rigorous environmental standards

that people are beginning to use at home could be applied on the business premises. Any item that can be reused—disks, paper, fold­ers and so on—should be reused. Any items that cannot be reused should be recycled whenever pos­sible. This will not only cut your purchasing costs, it could also reduce your trash collection bill.

There is no time like the present to get started. If your company is suffering from a slow cash flow or a downturn in business activity, these cost­cutting measures may help pick up the slack. e

Courtney Graham, CPA, is a Supervisor in the Scottsdale office of Henry & Horne specializing in business and individual taxation. She can be reached at

(480) 483-1170 or CourtneyG@hhcpa.com.

The leAdiNG edGe 11

Seven ways to reduce business overheadby Courtney Graham, CPA

GiVe eMPlOYees MOre ThAN jusT CrediT FOr COMiNG uP WiTh A COsT-CuTTiNG ideA ThAT sAVes YOur COMPANY MONeY.

12 VOluMe 8 n issue 4 n suMMer 2008

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this was a breakthrough approach to both hard and soft needs of potential customers.

By how he did what he did, Smith changed an industry and defined the service bench­marks, and their competitors had no choice but to follow. The FedEx example illustrates an important approach to serv ing customers on understand ing client needs. I believe that the approach Smith developed considered that customers and clients had two distinct sets of needs; hard needs, satisfied by what he did, and soft needs satisfied by how he did what he planned to do. FedEx understood that, first; people need their mail, packages, and products to reach their destinations swiftly. In the FedEx op erating model design of overnight delivery, satisfying that need was, and is, a hallmark of its business. It is a need that is satisfied by

what FedEx does—satisfying of a hard need.However, FedEx went further and understood

that many people had a sec ond need that was perhaps more significant. This was a need to feel confident, certain, and assured that packages would be de livered within the agreed­upon time frame. This need for worry­free delivery, which is really an emotional need, is satisfied by how they do what they do (a soft need.)

We believe that just about every relationship with those you serve is based on these two sets of needs: hard needs, which are satisfied by what you do, (FedEx will deliver your pack­age by 10 tomorrow morning) and soft needs, those intangible, emo tion­based needs, which are satisfied by how you do what you do. (FedEx makes you feel certain that your pack­age will arrive the next day, enabling you to be worry free once it’s in their hands.)

In many instances today, due to the econo­my, the choices customers and clients make to

balance things out are perhaps less concerned on what a product or service delivers and more drawn by how the experience makes them feel about how they are treated. Sadly the cost reductions associated with economic downturns compound the service dilemma. Embracing a service strategy in these times supports customer significance and gives them a reason to stand by you. These are great times to buck the tide and differentiate yourself by how you do what you do... e

copyright Bob Livingston 2008 Bob Livingston formerly head of sales at Unilever’s The Lipton Company is the founder and CEO of REL Communications, a consulting firm that moderates the Client Service Advisory boards. He also leads service-based cultural transformations within the companies with which he consults. His book, how you do...What you do, is available from McGraw Hill.

Service and the economycontinued from page 9

Certain tax deductions on your personal return are more valu­

able than others. Reason: The write­offs with which you may be most familiar, such as deduc­tions for mortgage interest and charitable gifts, are claimed after you have determined your AGI. But other expenses are deducted before the AGI determination is made. These deductions are referred to as “above­the­line” deductions.

An above­the­line deduction effectively reduces your AGI which, in turn, may qualify you for other tax benefits. Moreover, you can claim above­the­line deductions even if you do not itemize deductions (i.e., you claim the standard deduction).

Here are several common above­the­line deductions avail­able on 2008 returns.

Tuition deduction: If you fall below certain income lim­its, you can deduct as much as $4,000 of tuition and related fees paid for higher education. The

$4,000 deduction is available for single filers with an AGI up to $65,000; $130,000 for joint fil­ers. Otherwise, single filers can claim a $2,000 deduction for an AGI up to $80,000; $160,000 for joint filers. Note: This deduction is currently scheduled to expire after 2007, but it is expected to be revived by Congress.

ira contributions: You may be able to deduct IRA contributions unless you “actively participate” in an employer­sponsored retire­ment plan. In that case, deduc­tions for 2008 are phased out for single filers with an AGI between $52,000 and $62,000; $83,000 and $103,000 for joint filers if both spouses are active par­ticipants. If only one spouse is an active participant, the deduction is phased out between $156,000 and $166,000 of AGI.

moving expenses: If you make a job­related move, you can deduct moving expenses under two conditions: (1) The new workplace must be 50 miles

farther from your old home than your old workplace was from your old home. (2) You generally must stay at the new job for at least 39 weeks of the next 12 months. Assuming you qualify, you can deduct the cost of transporting household goods and personal effects plus related travel and lodging expenses (but not meals).

Self-employment taxes: If you are a self­employed individual, you may claim several tax types of deductions above­the­line. This includes 50 percent of the required annual self­employment tax and 100 percent of health insurance coverage. Similarly, you can deduct your annual contributions to a qualified retire­ment plan—such as a Simplified Employee Pension (SEP), Savings Incentive Match Plan for Employees (SIMPLE) or Keogh—within generous limits.

Student loan interest: A taxpay­er who is paying off a student loan for higher education may deduct up to $2,500 of the interest on

his or her tax return. This deduc­tion is phased out for a single filer with an AGI between $55,000 and $70,000; $110,000 and $140,000 for joint filers. Note: Your child can deduct the interest on any portion of the loan you repay as long as he or she cannot be claimed as your dependent.

This is not a complete list by any means. For more details about above­the­line deductions avail­able on your return, contact your Henry & Horne professional tax return preparer. e

Jeremy Smith, CPA, is a Partner in the Tempe office of Henry & Horne. His areas of expertise include tax and consult-ing work for businesses and

individuals. Contact Jeremy at (480) 839–4900 or JeremyS@hhcpa.com.

These deductions go ‘above’ the usualby jeremy smith, CPA

ThE LEadIng EdgE 13

Briefs

Powerfeedback, a Pennsylvania-based market research firm, gives a 60-minute promise.

If a client leaves a voice message, an employee will get back within an hour.“It is one of the five big reasons we give to people to do business with us,” says CEO Scott R. Gingold. “People are spending considerable sums of money on market research, they want to work with firms that value their business and time.”

In a world of handheld e-mail devices, texting and cell phones, customers have new expectations about how quickly a vendor, co-worker, customer or anyone else should respond to their messages.

How many times have you left a voice mail or e-mail and the person didn’t respond within a couple hours? Your thoughts wander—maybe this person didn’t care about what I had to say, maybe they don’t like the service we provide, maybe we did something wrong, maybe they don’t like me.

With new time expectations on the message senders’ end, receivers are taking additional steps to meet those needs and still have a real-istic, productive working environment.

Gingold says six months ago Powerfeedback took steps to significantly reduce the num-ber of voice mails its employees received. It changed its phone system so that during nor-mal working hours calls can be routed right to the appropriate person’s cell phone, which is paid for by the company.

“There was some apprehension when we first deployed this. It quickly evaporated. A big rea-son is productivity,” Gingold explains. “There is some ‘stress’ built into traditional voice mail. With a regular voice mail, you need to take down the message, try to meet the caller’s ‘best time’ to call back, and more often than not, leave another voice mail. Let the phone mail message ping-pong match begin.”

He says that phone costs have gone down and productivity has increased because employees don’t have to waste time listening to, then responding to messages.

Powerfeedback employees have total con-trol of the phone system—the phones are not

automatically forwarded and they can route their calls to voice mail during non-traditional work hours. If they opt for the latter, callers are given an extension to dial for urgent needs so the 60-minute promise can be fulfilled.

YouMail CEO Alex Quilici says everybody tends to want to respond quickly to their mes-sages, but many are worried the recipient will answer the phone.

“They’re concerned if they respond to the call with a call they can get stuck in a long conversation that’s not related to the original topic,” he says. Or they do not want to return a phone call and bother the person with the interruption.

YouMail created a business to handle those worries and concerns. It customizes consumer voice mail for mobile phones—users can go online and see all their voice mails then respond with a text message or e-mail. “It gives people a lot of choices on how and when to respond,” Quilici says.

In addition, users can create an Internet-accessible library of personalized voice mail greet-ings—for example, instead of having to re-record a greeting every Monday to tell callers you will respond after the weekly staff meeting, you record it once then select weekly from the library.

YouMail users also can sync their cell phone address books so they can personalize greet-ings to the callers. So, for example, if Joe in accounting is supposed to call and his num-ber is in your address book, you can create a greeting that says, “Hi Joe. I need to know if Customer Z paid last month’s invoice.” That way Joe knows what you want and can respond appropriately and efficiently.

Marjorie Brody, author of “Professional Impressions … Etiquette for Everyone, Every Day,” says technology can be a wonderful communication tool. But when it is abused or misused, she cautions, it can be a hindrance to getting things done.

She recommends changing a voice mail greeting when you will be gone at least one day so callers know they will not hear from you that day. She says greetings also should provide an alternative contact whenever possible, such as:

“I’m out of the office today with no access to e-mail or voice mail. I will be back on (give the date). If this is urgent, please call (Name) or e-mail (Name). Otherwise I will respond when I return.”

And of course, when you do return, change your voice mail greeting so callers know you’re back in the office. e

instant-response world leads to new expectations for voice mailBy ann M. gynn

14 VOLUME 8 n ISSUE 4 n SUMMEr 2008

Briefs

FUTUrE In US, WOrLd FOr ManUFaCTUrErSWhile North American manufacturers face an uphill battle at times, 44 percent still intend to expand production in the United States over the next three years, the National Association for Manufacturers reported in June.

The “Made in North America” survey was conducted on behalf of NAM, The Manufacturing Institute, the Canadian Manufacturers and Exporters, and Deloitte Touche Tohmatsu. It surveyed 321 top-tier executives in manufacturing companies of all sizes. Of the respon-dents, 45 percent were based in the United States.

About 57 percent of U.S. manufacturers say they plan to become more globally competitive in the next five years across the supply chain, from sales and marketing to engineering and information technology.

However, growth will not come easily. Structural, non-production costs such as corporate taxes, employee benefits, legal costs, natural gas prices and pollution abate-ment for U.S. manufacturers are now almost 32 percent more than the average simi-lar costs for major trading partners, says Emily DeRocco, NAM senior vice president and president of The Manufacturing Institute.

SMaLL BUSInESS LOanS rISELending institutions issued more loans to small businesses in 2007 than in 2006, according to a report released this summer by the Office of Advocacy of the U.S. Small Business Administration.

According to the “Small Business and Micro Business Lending in the United States” report, between June 2006 and June 2007 the number of loans for:

• Less than $1 million increased by 15 percent.• Between $100,000 and $1 million grew almost 32 percent.• Less than $100,000 (which includes many business credit card loans) jumped

about 8 percent.The total value of the loans increased by 9.4 percent. All the rates of growth

were greater than the previous year.“Small business survival depends on access to adequate capital for startup and

expansion,” said Chad Moutray, chief economist for the SBA’s Office of Advocacy.The report uses both Consolidated Reports of Condition and Income from June

2007 and Community Reinvestment Act reports for 2006 to review small business lending activities by financial institutions.

The report also ranks lenders in each state and territory by their small business lending activities (not just under SBA programs) as well as large national financial institutions. A complete ranking and the study can be found at www.sba.gov/advoc/research/lending.html.

rESPOnSE TO COMPETITOr’S MOVEForget theory. Executives from around the globe and a variety of sectors say when a competitor introduces a new product or slashes pricing, they generally assess a few options and look forward two years at the most.

That’s the finding of a recent McKinsey Global Survey of more than 1,800 business executives.

McKinsey says that the findings contradict the textbook concept of management theory, which says companies reacting to a competitor’s move should immediately conduct a complex analyses of possible steps and countersteps across the compet-itive field, assess those moves with sophisticated financial metrics and quickly mount a response.

However, most executives say they review three or fewer options and think only in the short term (no more than two years). About half said they only examine one round of countermoves and a significant number rely on intuition to respond, The McKinsey Quarterly reported.

“Companies most frequently respond with whatever counteraction is most obvious at the moment—answering a price cut, for example, with a cut of their own, which often doesn’t hit the market until at least one or two sales cycles after the competitor’s move,” the article noted. However, most managers are satisfied with the results of the less-active approach.

Given most executives’ satisfaction with the status quo of their responses, McKinsey says other businesses may be able to take advantage of that thinking.

“Knowing that responses to competitive moves are generally straightforward and relatively slow—and that companies are unlikely to change in this respect—gives managers new ways to think about how they might gain a competitive advantage from their own moves,” McKinsey stated.

For more on the survey, visit www.mckinseyquarterly.com

ThE LEadIng EdgE 15

gIVE ME an ‘r’Congress should strongly consider the impact of the Research Experimentation Credit (or R Credit) that expired in 2007 and act now to restore and strengthen it, the R Credit Coalition announced in June.

The R Credit, which expired on Dec. 31, 2007, spurred more than $6 billion in innovation-producing investments. That money has funded wages for highly skilled employees at more than 17,700 small and large companies in all 50 states, according to a report by Ernst & Young and released by the R Credit Coalition.

“The fact is that 70 percent of the benefit of this credit goes directly to pay American workers developing the products and markets of tomorrow,” says Monica McGuire, executive secretary of the R Credit Coalition. “Simply put, without this important incentive, our nation risks exporting high-skilled jobs to a wide range of countries all too willing to make up for our lack of R investment incentives.”

The report found that California accounted for the largest gross volume of R credit expenditures. California, Texas, Massachusetts, Florida, Pennsylvania, New York and Michigan had the most compa-nies reporting R Credit activity. On a per-capita basis, Connecticut, Delaware, Massachusetts, Washington and New Jersey reported the most R Credit activity.

Among the other findings detailed in the report based on 2005 use of the R Credit:

• 30 percent of claims went to companies with fewer than 1,000 employees

• 16 percent more companies claimed the R Credit in 2005 than in 2003

• R Credit claims increased 34 percent between 2003 and 2005To view the complete study, visit

www.investinamericasfuture.org/2008_study/.

COngrESS TaLKS FLEX WOrKElected officials in Washington, D.C., are discussing flexible work arrangements in a movement that may lead to legislation in the next few months, according to a recent article in Workforce Management.

Both Democrats and Republicans have introduced bills on the issue in the past year and some experts say they expect some type of family-time legislation to pass after the presidential election no matter who wins, according to Workforce Management.

A Democrat-introduced bill, the Family Flexibility Act, would grant employees the right to request reduced hours or an alterna-tive work schedule.

A Republican-introduced bill, the Family-Friendly Workplace Act, would allow private-sector workers to work overtime and apply that to paid time off or “family time.”

The Institute for Women’s Policy Research believes flex time leg-islation is a must for the United States to compete successfully in a global economy. According to a study it conducted in conjunction with the Center for WorkLife Law at the University of California Hastings College of Law, the United States ranks last of 21 high-income countries when it comes to having laws allowing for flex-ible work arrangements.

“Statutory Routes to Workplace Flexibility in Cross-National Perspective” reviewed statutory employment rights in 21 countries that aimed to increase workers’ ability to change their working hours and arrangements to balance work and family, and facilitate lifelong learning and gradual retirement.

The results argue that given the U.S. demographic and economic changes, an explicit right to request flexible work could play an important role in the U.S. economy’s future, the authors said.

“Most flexible work statutes try to find solutions that are work-able for both employer and employee. While employers might have protested before the laws were introduced, once implemented most found them workable,” says Ariane Hegewisch, a scholar in residence at the Institute for Women’s Policy Research and co-author of the report.

Fellow co-author, Janet Gornick, professor of political science and sociology at City University of New York, concurs. “There is a big incentive for policymakers to support flexible work. When more people work, more people contribute to taxes and social insurance and thus provide for those who can no longer work,” she says.

To read the full report, visit www.iwpr.org.

rEad a gOOd BOOK LaTELy?the leading edge alliance wants to know what books you are recommending these days for people interested in operating and growing a successful business. tell us the book title and why you think it’s worth reading. e-mail your ideas to editor ann m. gynn at ann@wisegroup.com or call her at (216) 523-1212 ext. 17.

16 VOLUME 8 n ISSUE 4 n SUMMEr 2008

gloBal

Working globally: Top 10 misconceptions Working globally: Top 10 misconceptions of doing business in ... of doing business in ... CyprusBy Stavros Strouzas nicosia dasons Business Services Ltd.

1Cyprus is a tax heaven. Cyprus is a low-tax jurisdiction. Its economic and regulatory regimes

follow the Code of Conduct for Business Taxation, comply with the requirements of the OECD and adopt EU directives.

2Cyprus companies are offshore companies and tax free. After the accession in the European Union

in May 2004, Cyprus companies are not considered to be offshore. The tax rate is 10 percent, the lowest in the European Union, benefiting from various advantageous EU directives.

3distinction and discrimination between international and national companies. The old distinction

between local and international companies was abolished in 2003 and the corporate tax rate is now uniform (10 percent).

4limited ownership of foreign investors in a Cyprus company. Foreign investors no longer need

approval from the Central Bank of Cyprus to invest and do business in Cyprus. This means that foreign investors are on equal terms with local investors. One of the

ThE LEadIng EdgE 17

gloBal

Working globally: Top 10 misconceptions Working globally: Top 10 misconceptions of doing business in ... of doing business in ... CyprusBy Stavros Strouzas nicosia dasons Business Services Ltd.

practical aspects of the liberalization is that foreigners register companies in Cyprus and automatically enter the EU market of more than 500 million consumers.

5it is complicated to register a company in Cyprus. Someone could have the registration of a private

limited company within a few days or even a few hours as the “shelf company” concept is readily available everywhere.

6Cyprus companies are considered “treaty shopping.” Companies in Cyprus have substance and are

companies like all other companies in the European Union.

7Cyprus is a very expensive country in which to operate a business. The cost in Cyprus is minimum comparable

to the other low-tax jurisdictions in Europe and more importantly comparable to the tax advantages an investor can derive out of Cyprus.

8The political problem affects the country and the operation of a business. While the geopolitical

Cyprus debate continues, it does not have any direct effect on businesses. Cyprus continues, to experience significant growth especially in the business sector thanks to its domestic political stability and economic policy.

9The election of a communist president means Cyprus will be a communist form of government.

Although the recently elected president belongs to a communist-oriented party this does not affect the business in Cyprus and the government pledged its word to continue the liberal policy of all the previous governments.

10 Cyprus is a middle east country. Cyprus lies in the middle of three continents: Asia, Africa,

and Europe. Historically, politically and culturally Cyprus is closely aligned with Europe, a member of the European Union, and enjoys business advantages because of its geographical position and excellent relations with its neighbors.

Author Stavros Strouzas of Nicosia Dasons Business Services Ltd., a Leading Edge Alliance firm, can be reached at +357.22.452.229 or stavros.strouzas@dasons.eu.

someone could have the registration oF a private limited company within a Few days or even a Few hours

18 VOLUME 8 n ISSUE 4 n SUMMEr 2008

Q&a

in a nutshell by Chris de Santisin a nutshell by Chris de Santislead by example to Foster leadership among employees

Q: i want to foster leadership among our employees—not necessarily for them to become managers within the company but so they take better ownership of their own work and exhibit leadership skills to our customers. What should i do?

a: First, let me compliment you for your senti-ment. It’s not every manager who thinks about fostering leadership within the organization. That alone will go a long way in accomplishing what you wish to achieve. I say this because leadership begins with you as you are a role

model to the employees. Granted there are those exceptional individuals who can and will become dynamic leaders in spite of their bosses, but typically, they become that leader elsewhere, not while they are reporting to a person who is not a good or decent leader/manager.

Back to your question. Having done some reading on the topic recently, the literature suggests that the popular construct for a leader today is the “neo-charismatic transformational leader.” It’s quite a mouthful. Writer Joseph Nye coined the term to describe a leader that wields what he describes as a blend of both hard and soft power that he terms “smart power.” Hard power is what a leader/manager controls such as rewards and punishment. Soft power is the emotional intelligence skills of dealing well with others in an interpersonal arena. Together, these skills make you, as a leader, a force with which to reckon.

The difficulty with the use of smart power is that there is not formulaic approach to its

application, meaning that it all depends on who you are as a person, the temperament of the people who you lead and the context or situation you find yourself in. All of this requires that you are not only aware of these ever-changing variables, but more importantly you need to be adaptive. You as a leader need to be willing to change your style and approach as appropriate if you wish to succeed in a variety of situations. This isn’t as difficult as it may sound as long as you have the hearts and minds of your followers on your side. As a follower, if my boss has my best interests in mind and he or she has shown me evidence of it, I’m going to give him or her benefit of the doubt when he or she isn’t living up to my ideal of a leader. After all, we all have bad days.

The other part of your inquiry was about your desire for them to exhibit lead-ership both in their work and with custom-ers. There is another interesting concept, by Richard Hass, called a “leadership compass.” If you think in terms of leading relative to a compass you will see that each of us leads in some circumstance. Like the four directions of a compass, north would lead those to whom you report. South would lead those who report to you. West would lead customers and east would lead your peers. Each of us is good at certain things that cause others to gravitate to us for advice and/or direction. Your job as their leader is that when you see them “leading” regardless of direction, reinforce and encourage those behaviors by word or written comment. It’s the best way to get a behavior to take root and repeat itself when you are not around.

Having said this you can create a virtuous cycle. The more you comment on their posi-tive behaviors, the more likely they will want to engage in behaviors like this thus feeding an upward spiral. I liken this to “My Fair Lady” or the concept, The Pygmalion Effect. “I believe you will become something then I will treat you in a way that will in turn be self-fulfilling.” Now Professor Higgins, go out there and cre-ate your own self-fulfilling prophecies. Best of luck. e

Chris DeSantis uses his 20 years’ experience in training and development as an independent consultant. He specializes in the design and delivery of management and organization development interventions. A presenter at Leading Edge Alliance seminars, DeSantis focuses his work on assisting individuals or groups in identifying obstacles to effectiveness and subsequently works with them to create user friendly solutions aligned with the company’s strategic initiatives. He earned his undergraduate degree from the University of Notre Dame, an MBA from the University of Denver and an MA in organizational development from Loyola University.

The leading edge offers:• AccesstothebestandbrightestCPAsandbusinessadvisors—apeer-to-peer

connection that provides the right solutions for clients.

• Innovative,practice-provenstrategiesforimprovingperformanceinmanagement, business processes, finance, operations, information technology and marketing.

• Aleadingknowledgeresourceformulti-disciplinaryinformationand industry-specific expertise responsive to clients’ unique needs.

• Thestrengthandreputationtoattractthehighestqualityteammembers.

• TheAllianceoffersaccountingandconsultingservicesthroughaglobalnetworkof firms with more than 7,500 professional staff in more than 300 cities.

• TheLeadingEdgeAllianceoffersworld-classbusinessadvisoryexpertiseandexperience with innovation, progressiveness and quality.

To find out more about The Leading Edge alliance, visit www.LeadingEdgealliance.com or contact Karen Kehl-rose, president, at (630) 513-9814 or kkr@The-LEa.com.

The leading edge alliance is an international professional association of independently owned accounting and consulting firms. The alliance enables member firms to access the resources of a multibillion-dollar global professional services organization, providing business development, professional training and education, and peer-to-peer networking opportunities nationally and globally, around the corner and around the world.

Members are top quality firms who are very successful, have deep client relationships, and strong ties to the community. The alliance provides members with an unbeatable combination: the comprehensive size and scope of a large multinational company while offering their clients the continuity, consistency and quality of service of a local firm. Member firms have access to thebestandbrightestteamofbusinessadvisors—apeer-to-peerconnectionthat provides the right business solutions for clients.

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The members of the Leading Edge alliance are leaders in many key markets, including:

Visit LeadingEdgeAlliance.com for a detailed listing of member firms.

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