“7 Steps to Creating Your

4-Hour Workweek”

Corporate Tax Departments - Stretched Thin

Today’s corporate tax departments face many challenges:

o Timely information

o Tighter deadlines

o More transparency

o Increased scrutiny

o Limited resources

For the corporate tax professional, this translates into:

• Long hours

• High stress

• Rework

• Inefficiencies

• Decreased job satisfaction

Corporate Tax Professionals - Overwhelmed

Who wouldn’t want to work a4-Hour Workweek?

What corporate tax professional today wouldn’t love to work a 4-hour workweek?

In 2007, Timothy Ferriss wrote his #1 New York Times bestseller, The 4-Hour Workweek, claiming to provide a blueprint for “escaping the 9-5, living anywhere and joining the new rich”.

As busy tax professionals in a dynamic and constantly changing environment, I know what you are thinking right now:

“Is she crazy? There is no way any tax professional today could work a 4-hour workweek!!”

Who wouldn’t want to work a4-Hour Workweek?

Having read this book several years ago, I agree that I don’t think it is possible for any tax professional to work a 4-hour workweek. In fact, I think most tax professionals today would jump at the chance to work from 9-5.

There are, however, some takeaways from this book that tax departments can apply to everyday work.

Data & Information Technology & Systems Process & Policy People &

Organization

The four primary enablers that are critical to a high-performing tax function.

Source: Tax Management Consulting: Building the tax department of the future, Deloitte, 2010.

The following 7 quotes are from Ferris’ book and include my questions for today’s tax department.

Focus on using the questions to look at each of the four primary areas critical to a high-performing tax function as preparation for 2011 tax season begins.

Create Your Own 4 Hour Workweek.

Step #1:“Each path begins with the

samefirst step: replacing

assumptions.”

How do I get there?

What assumptions did you make about the work, about your colleagues, about the process, about the software that were incorrect?

Did they hinder your ability to be successful?

Step #2:“Less is not laziness.Focus on beingproductive instead ofbusy.”

How do I get there?

Is there a way to streamline the work that you did?

Can you change a process or implement a new solution to make you more efficient next time?

Step #3:“Ask for forgiveness, not

permission.”

How do I get there?

Were there things you wanted to try but didn’t?

How would things have been different if you had forged ahead?

Step #4:Inaction is thegreatestrisk of all.”

How do I get there?

Are there things you know you should have done but didn’t?

What stopped you?

What was the impact of inaction?

Is there something you can start today?

Step #5:“Do not work harderwhen the solution isworking smarter.”

How do I get there?

What can you and your team do to work smarter next year?

What would make a difference? Training for your team? New software? A different process?

Step #6:Practice the art of nonfinishing. Stoppingsomething is often 10

timesbetter than finishing it.”

How do I get there?

What are the things that you and your team should stop doing?

Are there things that have been done for years that just don’t make sense anymore?

Is there work you should not have taken on?

Step #7:“It isn’t enough to think outside the box. Thinking is passive. Get used to acting outside the box.”

How do I get there?

What are the innovative solutions you and your team have that have never been tried?

How can you get started on acting on one or more of those today?

What was the impact of doing nothing?

Thank you for reading!For more information, contact me at:

Traci Wheelertraci.wheeler@redmoonsolutions.com

941-379-7106

www.redmoonsolutions.comblog.redmoonsolutions.com

www.twitter.com/redmoonsolution

Image Credits (in order of use):Abi Skipp

Sasha W

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