Kenneth Boyd's Blog, page 16

Non-Conventional Homes You Can Afford

There’s no question that the cost of housing has been on the rise in recent years, making it increasingly difficult for people to afford a traditional home. So if you’re looking for an affordable alternative, consider one of these non-conventional homes! These unique and affordable options will help you save money while still providing a comfortable place to live.

 

Tiny Homes:

A tiny home is exactly what it sounds like – a small home that usually falls somewhere between 100 and 400 square feet. Tiny houses are becoming increasingly popular to save money on housing costs. You can often find tiny homes for sale online or at specialty stores. Tiny homes are becoming very popular; many tv shows are not created around this concept.

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Container Homes:

Container homes are another unique and affordable option for those looking for an alternative to traditional housing. These homes are made out of shipping containers and converted into living spaces. Container homes can be found in various sizes and styles, so you’re sure to find one that fits your needs. You can often find container homes for sale online or at specialty stores.

 

RV Living:

RV living is a great way to save money on housing costs while still living comfortably. RVs come in various sizes and styles, so you’re sure to find one that fits your needs. In addition, you can often find RVs for sale online or at specialty stores.

 

Yurt Living:

Yurts are a type of tent-like structure that has been used for centuries by nomadic people. Today, yurts are becoming increasingly popular to save money on housing costs. Yurts can be found in various sizes and styles, so you’re sure to find one that fits your needs. In addition, you can often find yurts for sale online or at specialty stores.

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Houseboats:

Floating on the water may not be for everyone, but it has its perks. For starters, houseboats are often way cheaper than regular homes on land. You can find old converted boats for as little as $5,000 and newer models for around $100,000. And since you’re living on the water, your mortgage will be considerably lower than a traditional home. Plus, you’ll have access to some of the most beautiful views in the world right from your living room.

 

Mobile Homes:

A mobile home is a prefabricated home built in a factory and then transported to a site (most commonly a trailer park). Mobile homes are much cheaper than traditional houses, and they can be an excellent option for people who want to own their own home but can’t afford a conventional one. Mobile homes dealerships are easy to find in most cities and towns.

 

Modular Homes:

A modular home is a home that is built in a factory, but it is not mobile. Instead, modular homes are transported to the site, where they will be assembled and placed on a foundation. Modular homes are usually more expensive than mobile ones, but they are still cheaper than traditional ones.

 

In conclusion, there are many non-conventional affordable homes that you can afford. Do your research and find the one that best suits your needs. You may be surprised at how much home you can get for your money.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

 

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How to Calculate Diluted Earnings Per Share (8 Video Links)

Analysts, CFOs, and other professionals need to know how to calculate diluted earnings per share. To understand diluted earnings per share, start with the basic earnings per share formula. From there, this article reviews the dilutive transactions that are used in the diluted earnings per share formula and weighted average shares outstanding.

 

Earnings Per Share Formula

 

The basic calculation for earnings per share (EPS) is:

 

(Earnings per common share) / (Weighted average common stock shares outstanding)

 

The dilutive EPS formula is different, because dilutive securities change the weighted average common stock shares outstanding.

 

Here are three components of the calculation:

 

Net income: Earnings refer to net income generated in the income statement and posted as an increase to equity in the balance sheet.

 

Common shares: Basic EPS applies to company earnings that are available for common stock shareholders. Shareholders can benefit by receiving a portion of earnings as a cash dividend, and higher earnings may also result in a higher stock price per share. EPS focuses on common shareholders only.

 

Weighted average common stock shares outstanding: The average is computed as [(beginning balance) + (ending balance)] / 2, and the average is typically computed on annual basis.

 

EPS is a frequently used metric to determine the value of a company’s stock.

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Adjusting Earnings for Preferred Stock

Some earnings may not be available to common shareholders. If your firm has preferred stock outstanding, you may have to pay dividends to preferred shareholders before earnings are available to common stock owners.

Say, for example, that total earnings are $1.2 million, and that $200,000 must be allocated to preferred stock dividends. Also assume that the weighted average common shares outstanding total 100,000 shares.

EPS for common stock is ($1 million earnings) / (100,000 shares), or $10 per share.

Several types of securities can be converted into common stock, which impacts the diluted earnings per share calculator.

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Diluted Earnings Per Share Formula

Fully diluted earnings per share assumes that any security that can be converted into common stock is converted, and dilution increases the number of shares outstanding. A diluted earnings per share example problem, assumes that weighted average shares outstanding account includes securities that are dilutive.

As the term implies, “dilutive” means that the impact is spread out, just like putting chocolate powder into a glass of milk. In this case, dilution means more common stock shares outstanding. Here are some securities that are dilutive, and impact the diluted earnings per share example:

Stock optionsRights and warrantsConvertible bondsConvertible preferred stockConvertible bonds

 

Convertible bonds have a provision in the bond indenture (written agreement) that allows a bondholder to convert the bond into a specific number of common stock shares.

 

Assume, for example, that IBM issues a $1,000 corporate bond that is convertible into 20 shares of IBM common stock, and that the market value of the bond is $1,050. If the stock price of IBM common stock is $60 per share, the bondholder can convert the bonds and receive 20 shares of common stock worth (20 share X $60 per share), or $1,200.

 

Converting into common stock changes the investment from a bond (debt) instrument into equity, and the $1,200 market value of the stock is more than the bond’s $1,050 market value. So, converting into stock results in more market value for the investor.

 

Convertible preferred stock

 

Preferred stock differs from common stock. If a company generates earnings and decides to pay a dividend, preferred shareholders receive their dividends before common shareholders.

 

As mentioned above, a diluted earnings per share example only include earnings available to common shareholders. As a result, earnings paid as dividends to preferred stockholders are excluded from the diluted EPS calculation.

 

Some preferred stock is issued with the option of converting to common stock, and a conversion would increase common stock shares outstanding.

 

Stock options

 

Many companies offer stock options as a form of additional compensation to employees.

 

As an example, Sally is the CFO of a company, and she is granted the right to buy 500 shares of company stock at a price of $50 per share. If the market price of the stock moves to $65 a share, Sally can profit by exercising her right and buying the stock at $50. She can sell at $65, or hold the stock and try to recognize a larger profit later.

 

Stock options are dilutive for EPS.

 

Rights and warrants

 

Rights and warrants also give an investor the means to purchase common stock, and a warrant may be attached as a “sweetener” to another investment, such as a corporate bond.

 

To compute diluted EPS, add up the total number of common stock shares that can be obtained by conversion, and add that total to the existing common shares outstanding (held by the public).

Now that you know about EPS, let’s consider the weighted average shares of stock outstanding.

Calculating Weighted Average Shares Outstanding

The weighted average shares outstanding calculation is the number of common stock shares outstanding, adjusted for stock splits, stock dividends and the transactions explained above. An increase in weighted average shares outstanding reduces earnings per share.

Good luck!

Ken

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Personal Finance Habits For A Brighter Future

Your money habits play a significant role in you being able to live a comfortable lifestyle instead of paycheck to paycheck. It’s all about what you do now and today that will impact your tomorrow and the days ahead.

If you’re ready to make a positive change in your life then you’re in the right place to learn where to begin trying to achieve this goal. Here are some personal finance habits for a brighter future so you can improve your situation and be happy.

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Follow A Budget & Continue to Tweak it

One personal finance habit that will help you create a brighter future is to follow a budget. A budget is your guideline and roadmap to knowing what money you have available to you and to spend. It’s a wise idea to always pay yourself first and pay your bills and expenses before you spend your money on other items. Not only set and follow a budget but then revisit it and tweak it as your circumstances change.

Consult with a financial advisor regarding your personal finances.

Know When to Get Help from the Experts

Sometimes life throws you curveballs or you find yourself in a sticky situation financially. It may require you to get answers to your questions that you can’t find elsewhere. Consider when you may need a professional opinion and advice and know when to get help from the experts. For example, if you and your spouse are going separate ways then think about finding a divorce financial advisor near me who can help advise you on the next steps and how to best navigate your finances during this difficult time in your life.

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Save Your Money

Another personal finance habit for a brighter future is to commit to saving your money and putting it away for a rainy day. You never know when you might have unexpected expenses pop up or need access to cash fast. If you save your money now then you’ll feel less stressed out and anxious when you have a big expense that you need to cover that came as a surprise.

Saving your money is a good habit to get into because it helps take some worry off of you in the present and ensures that you can remain financially stable when an issue does arise. Properly managing your savings is also a step to financial freedom.

Separate Needs from Wants

You may spend money without thinking much about it or are living outside of your means. If this is the case then it might be time to make a change. One personal finance habit for a brighter future is to separate your needs from your wants. Think through your purchases before you make them and confirm you have the funds readily available.

You don’t want to have to always be putting expenses on your credit card or losing sleep because you have regrets over an item you bought. Make a list of what you need and then once you have some money saved up for the wants category you can go out and buy them for yourself without feeling any guilt.

Ken Boyd

St. Louis Test Preparation

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

 

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When Coach K Nearly Got Fired: Management Mistakes

In 1984, Mike Krzyzewski thought Duke was going to fire him.

 

The Athletic Director, Tom Butters, called Coach K into his office. As the Wall Street Journal explains:

 

“Butters wanted to see Krzyzewski for exactly the reason that he feared: He wanted to rip up his contract. Except he wasn’t firing him. He was giving the coach an extension.”

 

Tom Butters faced tremendous pressure to fire Coach K from alumni and fans.

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An unpopular decision

 

“It was hard for anyone to imagine his success during Krzyzewski’s early years at Duke, which started rocky and cratered with the most lopsided loss in school history to end 1983. After two years with 10-17 and 11-17 records, Duke started the next season 14-1, until three straight losses to ranked conference teams, including one to rival North Carolina and another by 33 points, plunged Krzyzewski’s team back into the familiar tumult.”

Butter’s response?

He told Coach K that people (fans and the media) simply didn’t know how good a coach he was. The coach signed a 5-year contract on the day another loss dropped his record at Duke to 52-52.

Was it the right call?

 

Coach K produced “1,000 wins, 60 NBA players and five national championships” at Duke.

 

When Bill Belichick Coached the Cleveland Browns

 

Belichick is in his 22nd season as head coach of the New England Patriots, and is the only head coach in NFL history to win six Super Bowl titles. His current career record is 311-148 (.678), the second-best winning percentage for coaches with at least 150 wins.

 

So it makes perfect sense that the Cleveland Browns fired him.

 

Google: “From 1991 until 1995, Belichick was the head coach of the Cleveland Browns. During his tenure in Cleveland, he compiled a 36–44 record, leading the team to the playoffs in 1994, his only winning year with the team.”

 

What happened in Cleveland?

 

Cleveland drafted poorly at times, and Belichick fought with- and eventually cut- quarterback Bernie Kosar, who was well liked in Cleveland. Perhaps the biggest issue was when Cleveland announced a move to Baltimore in 1995, which impacted both the team’s performance and the Cleveland fans.

 

OK, fault on all sides- Belichick, management (for the draft), and Art Modell (who moved the team).

 

Short coaching tenures are the norm for pro sports.

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Pro Sports: Head Coaching Tenures

 

Here are the average tenures for head coaches in the top three sports:

 

NFL Football: 3.2 years

MLB Baseball: 3.7 years

NBA Basketball: 3.7 years

 

The MLB and NBA offer a large amount of guaranteed money to players- less so for the NFL. If you’re an owner and your team is struggling, getting rid of a player can be difficult, if a great deal of the money is locked in.

So, fire the head coach instead.

 

After all, it has to be someone’s fault, right?

I see similarly bizarre decisions in business, particularly when it comes to salespeople. In my 35-plus years since college, I’ve seen a number of friends and business contacts get mismanaged (or screwed, to put it more bluntly). I have a few theories.

 

Shouldn’t the Revenue Driver Earn the Most Money?

 

In sports, there are huge differences in the compensation from one player to another. In business and in sports, compensation is based on what the employer believes the individual can contribute to the organization. How much value is there?

 

Michael Lewis, the author of Moneyball, explains in this podcast that his original idea for the book came when he was watching a baseball game. He wondered if the low-salary players resented the highly paid players.

 

The same goes for business.

 

Sure, the person in the mailroom probably resents the guy or gal in the corner office- I sure did. With one expection.

 

If you’re skilled at bringing in sales, there should be no limit to your compensation. Sky’s the limit.

 

“Wait, that’s not fair!”

 

I think it is, because generating revenue is the most important thing- and salespeople are largely driven by compensation. If a salesperson sells 300% more in a year, triple the compensation.

 

Some companies get this, but many don’t. Why?

 

Jealousy Gets in the Way

 

If you’re really, really good at sales, you may not need to work the same hours that the accountant and the attorney work. You’re dialed in: you know who to contact, what to say, and how to overcome objections. If you can get it done in 30 hours a week and go play golf, so much the better.

 

But people get jealous- including CEOs and others in senior management.

 

So they make life harder for the successful salesperson. Management cuts their territory (great idea- let’s give some of the prospects to someone less skilled). Even worse, management asks top salespeople to train lower performers.

 

They’re in sales because they hate managing people.

 

The Lesson

 

If you manage a business, give people a reasonable amount of time to either succeed or fail- and support them along the way. When you give salespeople incentives and leave them alone to sell, you’ll have far less turnover and higher overall revenue.

 

Food for thought.

 

 

Ken

Image: Acid Pix, Red Basketball Hoop

 

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Simple Ways To Improve Your Hiring Process

Hiring new staff or sourcing new talent is essential if you are looking to grow your business. After all, while it may have begun as a solo venture, growing consumer/client demands dictate that your team grows alongside your brand in order to keep up.

 

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However, it’s no longer just as simple as posting a job advertisement and hoping for the best. For example, the great resignation has made it harder for companies to draw in top talent, and employee retention rates are dropping in just about every industry – meaning that many companies are trying to fill empty desks continuously.

 

Having a strong hiring and recruitment process in place will benefit your brand and your ever-growing team. This is because it will help manage the expectations of potential employees while assisting you in finding the right fit for your team.

 

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With that in mind, here are some simple ways to improve your hiring process.

 

Have a clear idea of what you are looking for. When trying to hire a new employee, you need to have a clear idea in mind of precisely what you are looking for beyond the job title. For example, you should consider whether or not you are looking for a leader, someone who will slot nicely into the team, someone with great attention to detail, or a lot of market knowledge. The more specific you can be, the better, as this will also make it easier for applicants to see if they are the right fit before sending in an application.

 

Remember they’re interviewing you, too. During the interview process, it’s important to remember that a potential employee will also be observing your behaviors and responses to see if they’d actually want to work alongside you. As a result, you should use some time during the interview to ‘sell’ the company. For example, you could discuss the steps you are taking to keep employees content in the workplace.

 

Find fun ways to welcome them to the team. According to a recent study, a growing number of new hires leave their position within six months. This proves that while many businesses have no issue in finding talent, they struggle to pin it down due to a poorly constructed onboarding process. Thankfully, there are various ways to combat this. To begin with, you should ensure that your training program is insightful and engaging, giving new hires a chance to further develop their skills. You might also want to include preboarding activities in your hiring process so that new hires can get a feel for the team before they begin. For example, this could include connecting new hires with team members ahead of time so that they can ask any burning questions they might have or get to know their peers. You can find out more about the benefits and practicalities associated with onboarding here: https://www.learningbank.io/blog/onboarding/preboarding-from-yes-to-day-1/. This is a great way to facilitate team bonding and help new hires feel as though they are ready to join your company.

 

Good luck!

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

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Guidelines for Selling a House: Everything You Need to Know

Selling a house can be a daunting task. From preparing your home for sale to negotiating with buyers, there are many things to consider. Therefore, you need to be prepared for the process. This way, you can avoid any stressful surprises.

 

Things To Remember When Selling A House

 

Selling a house is a big decision. Here are some things to keep in mind during the process:

 

Get your home appraised

 

Before selling your house, you’ll need to get an accurate estimate of its worth. This will help you determine the asking price. When you are getting your house appraised, be sure to ask for a comparative market analysis (CMA). This will help you understand your home’s value in relation to other properties in the area.

 

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Choose the right real estate agent

 

If you’re selling your house, you’ll need to find a reputable real estate agent. They will be able to help you price your home correctly, market it effectively, and negotiate with buyers. Plus, they will also be able to help you navigate the selling process.

 

Get your home in tip-top shape

 

Once you’ve chosen a real estate agent, it’s time to get your house ready for sale. This means decluttering, deep cleaning, and making any necessary repairs or updates. You want your house to be in the best possible shape before putting it on the market.

 

Pricing your home correctly

 

One of the most important aspects of selling your house is pricing it correctly. You don’t want to price it too high and risk having it sit on the market for months, but you also don’t want to price it too low and leave money on the table. Work with your real estate agent to come up with a fair asking price.

 

Prepare for showings and open houses

 

Once your house is on the market, you’ll need to be prepared for showings and open houses. This means keeping the house clean and tidy at all times and being flexible with showings. You may also want to consider hiring a professional cleaning service to help you keep the house in tip-top shape.

 

Get your paperwork in order

 

When selling a house, there’s a lot of paperwork involved. You’ll need to provide things like a seller’s disclosure form, lead paint disclosure form (if applicable), an EPC, and more. Your real estate agent will be able to help you with all of the necessary paperwork.

 

Update your home’s systems and appliances

 

If you want to get top dollar for your home, it’s important to make sure that all of the systems and appliances are up to date. This includes things like the heating and cooling system, the water heater, the electrical system, and more.

 

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Hire a professional home inspector

 

A professional home inspector can help you identify any issues with your home that need to be addressed before you put it on the market. This can save you a lot of time and money in the long run.

These are just some of the things to keep in mind when selling a house. For more information, be sure to talk to your real estate agent. They will be able to give you all the information you need to make the process as smooth and stress-free as possible.

 

How Can You Make Sure That Your Home Sells Quickly?

 

Of course, you also have to make sure that your home is in good condition before selling it. This means repairing any damage, painting the walls, and decluttering the space. This way, potential buyers will be able to see the potential in your home and imagine themselves living there.

 

Homebuyers will be more attracted to a home that looks move-in ready. You should also pay attention to your home’s curb appeal. This is the first thing potential buyers will see when they pull up to your house. Be sure to mow the lawn, trim the hedges, and plant some flowers. You want to make a good first impression!

 

Most of the time, the efforts you put in to selling your home will pay off. But there are always exceptions to the rule. If you’re selling your home in a buyer’s market, it may take longer to find a buyer. And if your home is in need of major repairs, you may have to lower your asking price.

 

Ultimately, it’s up to you to decide how much time and money you’re willing to spend on selling your home. But as long as you keep these guidelines in mind, you should be able to sell your house without any problems.

Just always remember to be patient, be flexible, and be prepared to put in some work! Selling a house can be a lot of effort, but it’s definitely worth it in the end.

 

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

 

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Seven Different Businesses You Can Start Abroad as an American

According to the U.S. Department of State, 9 million Americans live overseas. This number has been growing in recent years as more and more people take advantage of opportunities to work and live abroad.

 

There are many reasons why Americans choose to move overseas. For some, it is an opportunity to experience a different culture or learn a new language. For others, it’s because of family. However, the most common reason is to start a new business elsewhere.

 

The United States is not the only country with a thriving economy. Many countries around the world offer a great environment for businesses. So if you’re planning to start a new business in another country, you’ve come to the right place for information. Here are some of the best companies you can start abroad.

 

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Restaurant

 

The full-service restaurant industry might have taken a hit during the pandemic, but it is still thriving, not just in the United States but also in other countries. It’s estimated that this industry is worth a trillion dollars and is expected to grow even larger in the coming years.

 

The restaurant business is always in demand. People need to eat no matter where they are in the world. So if you have a passion for cooking, starting a restaurant is an excellent option.

 

When starting a restaurant, there are many things to consider, such as location, menu, and staffing. But if you do your research and plan carefully, you can be successful.

 

Fast Food Franchise

 

Americans are known for their fast food. The fast-food industry in the United States is worth over $200 billion. So, it’s no surprise that many Americans choose to start a fast-food franchise when they move abroad.

 

The great thing about starting a fast-food franchise is that you have a built-in customer base. People love the convenience, always looking for new and delicious options. If you can provide that, then you’ll be successful.

 

Retail Store

 

Another excellent option for starting a business abroad is to open a retail store. This is a good option if you’re looking for a brick-and-mortar business. Retail stores offer many products and services that people need daily.

 

There are many different retail stores, such as grocery stores, clothing stores, and home improvement stores. If you have a particular interest or expertise in a specific type of product, opening a retail store in that industry is a great way to start your own business.

 

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Contractor

 

If you have experience in the construction industry, starting your own contracting business is a great way. Contractors are always in demand as new buildings and homes are always built.

 

When starting your own contracting business, there are many things to consider, such as insurance, licensing, and bonding. But the most important is to take the necessary contractor’s exam in that country. For example, in the United Kingdom, you’ll have to take the certified strength and conditioning specialist exam to be a contractor. So do your research and take the right exam for you.

 

Freelance Writing

 

If you have a knack for writing, freelance writing is a great option for starting a business abroad. There are many businesses and individuals who need content written for their websites, blogs, and marketing materials.

 

As a freelance writer, you can work from anywhere in the world. All you need is a laptop and an internet connection. You can also set your own hours and rates. If you’re looking for a flexible and location-independent business, then freelance writing is a great option for you.

 

Virtual Assistant

 

If you’re good at administrative tasks and have experience with customer service, then starting a virtual assistant business is a great option for you. Virtual assistants are in high demand as more and more businesses require assistance with tasks such as scheduling appointments, managing social media accounts, and dealing with customer inquiries.

 

Starting a virtual assistant business is a great way to be your own boss and work from anywhere in the world. You can give your own rates, and all you need is a good internet connection.

 

Tutoring

 

If you’re good at a certain subject, then starting a tutoring business is a great way to make some extra money. You can tutor students in person or online. And you can set your hours and rates.

 

There are many things to consider when starting a tutoring business, such as what subjects you’ll tutor, how much you’ll charge, and how to market your services. But if you do your research and plan carefully, you can be successful.

 

There are many other businesses you can start abroad. These are just a few of the most popular options. If you have an entrepreneurial spirit and are willing to do the research, then starting a business in another country is a great way to get started. Just remember to take into account the different laws and regulations in that country so that you can be sure to comply with them.

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

 

 

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Netflix’s Stock Price, Yo-Yos, and The Preppy Handbook

Netflix’s stock price got hammered.

 

On 4/20/22, the stock price declined by 35% (that’s in one day), wiping out more than $50 billion of the market cap. “At least nine Wall Street firms downgraded the stock on the disappointing report.”

Here’s what happened:

 

The streaming company lost subscribers for the first time in more than 10 years

 

“In recent months people have been spending less time on digital platforms as vaccines rolled out and mandates eased”

 

Netflix faces growing competition. At my house, we watch Netflix, HBO, Hulu, Amazon Prime, and a number of other streaming services

 

The company “estimates that 100 million households are sharing their subscription passwords with family or friends

 

Hey, don’t look at me…

 

In fairness, the Netflix declines impacted other streaming firm stock prices, because increased competition makes it more difficult for everybody.

 

Frankly, I’m surprised, because Netflix has been aggressive about testing customer preferences- and making changes.

 

Find other humorous stories here.

 

How Netflix Learns What Viewers Want

 

Ever notice how the home page on Netflix is always changing- in small ways? The latest feature is displaying the top-viewed shows in ranked order, which gets my attention.

 

How do they make these decisions?

 

Netflix is relentless about using A/B testing (split testing), which is “a way to compare two versions of something to figure out which performs better.”

 

“Netflix’s A/B testing philosophy is about building incrementally, using data to drive decisions, and failing fast.”

 

Here are some examples:

 

They know that they need to capture your attention in less than 90 seconds, or you’ll move onto something else

 

Netflix knows that you look at the images first- then read the details about a show

 

Images with facial expressions draw more clicks, and villains (surprisingly) drive more viewer engagement

 

Viewers prefer images with three of fewer characters

 

Well, that’s impressive. So why the loss of subscribers?

 

The answer can be explained by yo-yos.

 

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Becoming a Cool Kid

 

Seth Godin tells a story on this Tim Ferriss podcast about being popular in school and yo-yos. You know where this is headed: popular kids bring a yo-yo to school, and suddenly every kid is playing with yo-yos. To prevent anarchy, the principal outlaws yo-yos.

 

Then, a few years later, it happens all over again.

 

In the 70s, Duncan yo-yos starting showing up at my grade school. Two brothers- one in my class, one a year older- was pros at yo-yos. So, of course I got one, too.

 

Now, here’s the key point: during the yo-yo craze, competitors tried to copy yo-yos. I tried the copycats- but the quality wasn’t as good. The string was thinner, and the string would get tangled easily.

 

So, I stuck with my Duncan yo-yo.

 

The competition did not make a better product.

 

Which leads us to the second example: The Preppy Handbook.

 

 

How to Capture a Fashion Trend

 

The Preppy Handbook came out in September of 1980. Amazon describes the book as: “A facetious guide to emulating the look, speech patterns, thinking, and lifestyle of those who attend prep schools and are a part of high society.”

 

This book commented on the preppy fashion style that grew in early 1980s- think Princess Diana and polo shirts. In fact, the style is making a comeback in the 2020s. I was in college from ’81 to ’85, and the preppy look was everywhere. (We had cars then, by the way).

 

So, you won’t be shocked to learn that dozens of imitators went after the preppy clothing market in the 80s. The difference between yo-yos and preppy clothes?

 

Some of the competitors were able to gain market share.

 

Where does that leave Netflix?

 

Every Great Product Gets Copied

 

Netflix may need more than the one-trick streaming pony to survive.

 

Peep Laja, who I highly recommend as a marketing expert, often says that businesses can’t survive by simply having a better product. He works in the B2B SaaS market, a space with massive competition. Eventually, people copy product innovations.

 

Great companies survive by innovating to stay ahead of the copycats, and by focusing on their brand, their story, and the customer’s story.

 

Don’t sit still for long.

 

Food for thought

 

Ken

 

Image: Geek_love13

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8 Tips for Organizing Outdoor Company Events

There are many types of company events, but they all have in common the potential to bring people together and create a sense of community. Outdoor events tend to be some of the most popular. There are many reasons for this, but chief among them is that holding an event outdoors provides employees with a unique opportunity to get away from the office and experience something new.

 

Additionally, research has shown that spending time outdoors has many benefits for mental and physical health. So if you’re looking for ways to boost morale and encourage team building, consider organizing an outdoor company event. Here are some tips to make it a success.

 

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Organizing Your Outdoor Company Event

 

Choose the right location.

When it comes to outdoor events, location is everything. You’ll want to find a spot that is easily accessible for all employees and provides plenty of space for activities. If you’re planning on having any sports or games, make sure there is enough room. And if you’re expecting a large crowd, be sure to consider logistics like parking.

 

Have a backup plan.

Unpredictable weather is one of the most significant variables for outdoor events. There’s always a chance that the weather changes. It might be hotter or colder than expected, or there might be more bugs than anticipated.

That’s why it’s crucial to have a backup plan in place. For example, if your event is in the summer, you might want to have a spot indoors where people can take shelter if it starts to rain.

 

If it becomes too hot, have some shady spots where people can take a break from the sun. And if you’re expecting mosquitoes, have bug spray on hand.

 

You can still have an outdoor event in a tent in cold weather. Ensure that you get heater hire services to keep the interiors warm and comfortable.

 

Choose the right activities.

There are endless possibilities for activities in outdoor company events, but not all activities are created equal. When choosing what to do, consider your audience and what will appeal to them.

 

If you’re planning an event for a group of young people, you might want to consider something active like a scavenger hunt or a game of frisbee. On the other hand, older employees might prefer something more low-key like a picnic or a nature hike.

 

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Have plenty of food and drink.

No matter what kind of event you’re planning, food and drink will always be an essential part of the equation. When choosing what to serve, consider both quantity and quality.

 

You’ll want to have enough for everyone, but you also don’t want to skimp on taste. Outdoor events tend to be more casual, so finger foods and buffet-style meals are usually a good bet.

 

Keep it safe.

Safety should always be a top priority. If you’re doing any activity that could potentially be dangerous, be sure to take the necessary precautions.

 

Ensure there is plenty of water on hand if anyone gets dehydrated. And if you’re doing something like hiking or kayaking, be sure everyone is aware of the risks and knows what to do in an emergency.

 

Make it eco-friendly.

If you want your outdoor event to be truly successful, you’ll need to make it eco-friendly. That means choosing environmentally friendly products and taking steps to reduce your impact on the environment.

 

Start by using recycled or reusable materials whenever possible. And if you’re serving food, try to use locally sourced ingredients. You should also encourage guests to carpool or take public transportation and leave the event place clean.

 

Keep it organized.

One of the most important things to remember when planning an outdoor event is that organization is vital. There will be many moving parts, so you’ll need to ensure everything is running smoothly.

 

Create a detailed plan and timeline for the event and list all the different tasks that need to be done. Assign specific tasks to specific people. That will help ensure that everyone knows what they’re supposed to be doing and when they should be doing it.

 

Be sure to choose responsible and organized people you can trust to get the job done. Ensure that no one feels overloaded.

 

Have a contingency plan

No matter how well you plan, there’s always a chance something could go wrong. That’s why it’s crucial to have a contingency plan in place for your outdoor event.

 

Think about what you would do if someone got injured during the event. By having a plan in place, you can rest assured that you’ll be able to handle anything that comes up.

 

Enjoy the Event

Planning an outdoor event can be a lot of work, but it’s also a lot of fun. Use the tips provided here to ensure that all preparations are in place. With that, you can take the time to enjoy yourself and make some great memories.

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

 

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Clean Workspaces: The Importance Office Maintenance

Office maintenance can sometimes get overlooked, especially since more pressing matters need your attention. However, it’s important to remember that a clean and organized office provides a more pleasant workplace and helps employees stay productive and focused.

 

When your office is clean and free of clutter, fewer distractions are present that can hinder your employees from being 100 percent focused. It can lead to an increase in productivity and efficiency in the workplace. Additionally, a clean office can also help to improve employee morale.

 

There are a few simple things that you can do regularly to help keep your office clean and tidy. Here are some of the many ways to do it:

 

Set A Schedule

 

It’s essential to set a schedule for office maintenance tasks so that they don’t pile up and become overwhelming. By selecting a regular day for office cleaning, you can ensure that everything gets done and that it doesn’t take up too much of your time.

 

There are a few things you can do to make office maintenance easier on yourself. For example, try to do tasks that require the most time and effort on the same day each week. These could include dusting, vacuuming, and cleaning the windows. You could also break down office cleaning into smaller tasks that you can complete throughout the week.

 

If you don’t have enough time to complete all of the tasks on your schedule, consider asking someone else on your team to help out. And if they’re not available, there are always professional cleaners that can help you get your whole office tidied up.

 

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Regular Cleaning

A few areas of the office need regular cleaning to maintain a healthy and productive work environment. The surfaces of desks and tables, for example, should be wiped down regularly to remove dust and other particles as well as germs and viruses. Additionally, chairs and desks need routine dusting and vacuuming, and sometimes you might need to wash the fabrics. This will help to keep the surfaces free of allergens and other contaminants.

 

Another vital part of office cleaning is keeping the floors clean. These include sweeping and mopping as needed. It’s also essential to clean up any spills or accidents as soon as they happen.

 

By taking care of these small tasks regularly, you can help avoid bigger messes later on. Additionally, regular cleaning can also extend the lifespan of your office furniture, flooring, and other equipment.

 

Appliance Inspections

 

Appliances in the office can help to keep you comfortable and productive. However, over time they can start to wear down and need repairs. By having regular inspections of your office appliances, you can catch any problems early on and prevent them from becoming more significant inconveniences.

Repairing an appliance early on will always be cheaper and less time-consuming than waiting until it breaks down completely. When your appliances break down, there will always be some downtime, and it can hinder the flow of your office. So make sure to have them inspected regularly. Additionally, by keeping your devices in good condition, you can help to extend their lifespan.

 

Having well-maintained appliances helps keep your office running without a hitch, and it can also save you money in the long run.

 

Furniture & Flooring Maintenance

 

Office furniture can be one of the most expensive investments a business makes. And as such, it’s essential to make sure that you maintain them properly so they last as long as they should.

 

When it comes to office tables, check the edges and seams and see if they’re showing signs of splitting. Doing so will help you prepare better if you need a replacement or a temporary desk in case it needs servicing.

 

Office chairs require the most attention when it comes to maintenance. Because of its many parts, having it checked regularly will help prevent any inconvenience, accidents, and potential downtime. Make sure to check for broken or missing parts and any fraying in the upholstery.

 

It would also help if you routinely inspected your office drawers and cabinets. Look for loose screws and knobs and ensure that the doors are correctly aligned. By maintaining your office furniture, you can avoid costly repairs or replacements down the road.

 

Regular dusting and vacuuming of furniture can help to keep them looking new and clean. And the same can be said for the flooring of your office. Depending on what kind of floor you have, you may need professional assistance to maintain and clean them. Carpets are one type of office flooring that are tedious to clean. So make sure you get help from professional carpet cleaners to avoid ruining your carpet floors. If you have just plain tiles, then vacuuming and mopping it is enough.

 

If you notice any damage or wear on your office furniture or flooring, it’s essential to have it repaired as soon as possible. A small tear or rip can become a bigger problem if it’s not fixed right away. By taking care of your furniture, you can ensure that it lasts for years to come.

 

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Keeping Things Tidy

 

Encouraging your employees to practice cleaning as they go can help to keep the office cleaner for longer. That means putting away any materials they’re not currently using, picking up any messes as they happen, and not leaving anything out on the desk.

 

It can be a difficult task to enforce, but by setting some ground rules and providing guidelines for how to clean up, you can help your employees develop good work habits. Additionally, having a culture of tidying up after yourself in your employees will help to keep the office clean overall.

 

It’s important to stress that everyone in the office should be taking part in keeping things tidy. These will help avoid any conflict and make the process easier for everyone.

 

You can keep your office clean and tidy and running smoothly by following these tips. Implementing these simple tricks can help make a big difference in the appearance and atmosphere of your workplace.

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

 

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