The document provides 7 steps for creating a 4-hour workweek based on Timothy Ferriss' book. It discusses how today's corporate tax departments face challenges like tight deadlines and limited resources that result in long hours and stress for tax professionals. While a true 4-hour workweek may not be possible, the document examines questions for each of the 4 areas (data, technology, process, people) critical to improving tax functions based on Ferriss' steps, such as identifying incorrect assumptions, streamlining processes, and acting on innovative solutions. The goal is helping tax professionals work smarter instead of just harder.

1. “7 Steps to Creating Your
4-Hour Workweek”
7 Steps to Creating Your 4-Hour Workweek

2. 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

3. For the corporate tax professional, this
translates into:
• Long hours
• High stress
• Rework
• Inefficiencies
• Decreased job satisfaction
Corporate Tax Professionals -
Overwhelmed

4. Who wouldn’t want to work a
4-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!!”

5. Who wouldn’t want to work a
4-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.

6. 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 Ferriss’ 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.

7. Step #1:
“Each path begins with the same
first 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?

8. Step #2:
“Less is not laziness.
Focus on being
productive instead of
busy.”
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?

9. 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?

10. Step #4:
Inaction is the
greatest
risk 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?

11. Step #5:
“Do not work harder
when the solution is
working 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?

12. Step #6:
Practice the art of
nonfinishing. Stopping
something is often 10 times
better 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?

13. 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?

14. Thank you for reading!
For more information, contact me at:
Traci Wheeler
traci.wheeler@redmoonsolutions.com
941-379-7106
www.redmoonsolutions.com
blog.redmoonsolutions.com
www.twitter.com/redmoonsolution

15. Image Credits (in order of use):
Abi Skipp
Sasha W
@boetter
Motiqua
Orcmid
Cameraworx
Sacks08
The Cleveland Kid
Dawnzy
Laszlo-photo